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First Busey
BUSE
#4524
Rank
โ‚ฌ1.96 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
22,74ย โ‚ฌ
Share price
-1.04%
Change (1 day)
34.90%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. First Busey
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2025 Q3

First Busey - 10-Q quarterly report FY2025 Q3


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Table of Contents
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
☑Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Quarterly Period Ended September 30, 2025
or
☐Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Commission File No. 0-15950
Busey_Blue.jpg
FIRST BUSEY CORPORATION
(Exact name of registrant as specified in its charter)
Nevada37-1078406
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
11440 Tomahawk Creek Parkway
Leawood, Kansas
66211
(Address of principal executive offices)(Zip code)
Registrant’s telephone number, including area code: (217) 365-4544
N/A
(Former name, former address, and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol (s)Name of each exchange on which registered
Common Stock, $0.001 par valueBUSE
The Nasdaq Stock Market LLC
Depositary Shares, each representing a 1/40th interest in a share of 8.25% Fixed-Rate Series B Non-Cumulative Perpetual Preferred Stock, $0.001 par value
BUSEP
The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ  No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ  No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☑
Accelerated filer ☐Non-accelerated filer ☐
Smaller reporting company ☐
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o  No þ
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class
Outstanding at November 6, 2025
Common Stock, $0.001 par value
88,409,043

FIRST BUSEY CORPORATION
FORM 10-Q
SEPTEMBER 30, 2025
Table of Contents
4
6
ITEM 1. FINANCIAL STATEMENTS
6
CONSOLIDATED BALANCE SHEETS (Unaudited)
7
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
8
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
9
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited)
11
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
13
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
15
Note 1. Significant Accounting Policies
15
Note 2. Mergers and Acquisitions
20
Note 3. Debt Securities
26
Note 4. Portfolio Loans
32
Note 5. Leases
43
Note 6. Deposits
46
Note 7. Borrowings
47
Note 8. Regulatory Capital
48
Note 9. Tax Credit Investments and Other Investments in Unconsolidated Entities
51
Note 10. Stock-Based Compensation
51
Note 11. Outstanding Commitments and Contingent Liabilities
58
Note 12. Derivative Financial Instruments
59
Note 13. Fair Value Measurements
64
Note 14. Earnings Per Common Share
70
Note 15. Accumulated Other Comprehensive Income (Loss)
72
Note 16. Operating Segments and Related Information
72
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Unaudited)
78
SCOPE OF DISCUSSION
78
BUSINESS
78
Banking Center Markets
78
Busey’s Conservative Banking Strategy
80
Mergers and Acquisitions
81
RESULTS OF OPERATIONS — THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025
81
Net Income
81
Non-GAAP Adjusting Items and Non-GAAP Measures
82
Operating Performance Metrics
83
Net Interest Income
83
Noninterest Income
89
Noninterest Expense
92
First Busey Corporation (BUSE) | 2

Table of Contents (continued)
FINANCIAL CONDITION
96
Balance Sheet
96
Portfolio Loans
96
Deposits
102
Liquidity
103
Off-Balance-Sheet Arrangements
104
Capital Resources
105
NON-GAAP FINANCIAL INFORMATION
106
FORWARD-LOOKING STATEMENTS
112
CRITICAL ACCOUNTING ESTIMATES
112
Fair Value of Assets Acquired and Liabilities Assumed in Business Combinations
113
Goodwill
113
Income Taxes
113
Allowance for Credit Losses
114
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
114
ITEM 4. CONTROLS AND PROCEDURES
115
115
ITEM 1. LEGAL PROCEEDINGS
115
ITEM 1A. RISK FACTORS
116
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS, AND ISSUER PURCHASES OF EQUITY SECURITIES
116
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
116
ITEM 4. MINE SAFETY DISCLOSURES
116
ITEM 5. OTHER INFORMATION
116
ITEM 6. EXHIBITS
117
118
First Busey Corporation (BUSE) | 3
Table of Contents
GLOSSARY
Busey uses acronyms, abbreviations, and other terms throughout this Quarterly Report, as defined in the glossary below:
TermDefinition
2020 Equity Plan
First Busey Corporation Amended 2020 Equity Incentive Plan
ACLAllowance for credit losses
Annual ReportAnnual report filed with the SEC on Form 10-K pursuant to Section 13 or 15(d) of the Exchange Act
AOCIAccumulated other comprehensive income (loss)
ASCAccounting Standards Codification
ASUAccounting Standards Update
Basel III2010 capital accord adopted by the international Basel Committee on Banking Supervision
Basel III Rule
Regulations promulgated by U.S. federal banking agencies—the OCC, the Federal Reserve, and the FDIC—to both enforce implementation of certain aspects of the Basel III capital reforms and effect certain changes required by the Dodd-Frank Wall Street Reform and Consumer Protection Act
bpsbasis points
Busey
First Busey Corporation, together with its wholly-owned consolidated subsidiaries; also, “First Busey,” and the “Company”
Busey Series A Preferred Stock
Series A Non-Cumulative Perpetual Preferred Stock, $0.001 par value
Busey Series B Preferred Stock8.25% Fixed-Rate Series B Non-Cumulative Perpetual Preferred Stock, $0.001 par value
C&I
Commercial and industrial
CECL
ASC Topic 326 “Financial Instruments-Credit Losses,” which established the Current Expected Credit Losses methodology for measuring credit losses on financial instruments
CrossFirst
CrossFirst Bankshares, Inc.
DSUDeferred stock unit
ESPP
First Busey Corporation Employee Stock Purchase Plan
Exchange ActSecurities Exchange Act of 1934, as amended
Fair valueThe price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date, as defined in ASC Topic 820 “Fair Value Measurement”
FASBFinancial Accounting Standards Board
FDICFederal Deposit Insurance Corporation
Federal ReserveBoard of Governors of the Federal Reserve System
FHLBFederal Home Loan Bank
FirsTechFirsTech, Inc.
GAAPU.S. Generally Accepted Accounting Principles
M&M
Merchants and Manufacturers Bank Corporation
M&M Bank
Merchants and Manufacturers Bank
MSA
Metropolitan Statistical Area
NasdaqNational Association of Securities Dealers Automated Quotations
N/ANot applicable
First Busey Corporation (BUSE) | 4
Table of Contents
TermDefinition
OCIOther comprehensive income (loss)
OREOOther real estate owned
PCDPurchased credit deteriorated
PSUPerformance stock unit
Quarterly ReportQuarterly report filed with the SEC on Form 10-Q pursuant to Section 13 or 15(d) of the Exchange Act
RSURestricted stock unit
SBAU.S. Small Business Administration
SECU.S. Securities and Exchange Commission
SOFRSecured Overnight Financing Rate published by the Federal Reserve
SSAR
Stock-settled stock appreciation right
U.S.United States of America
U.S. TreasuryU.S. Department of the Treasury
First Busey Corporation (BUSE) | 5
Table of Contents
PART I—FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
First Busey Corporation (BUSE) | 6
Table of Contents
FIRST BUSEY CORPORATION
CONSOLIDATED BALANCE SHEETS (Unaudited)
As of
(dollars in thousands, except per share amounts)September 30,
2025		December 31,
2024
Assets
Cash and cash equivalents:
Cash and due from banks$193,273 $129,444 
Interest-bearing deposits192,201 568,215 
Total cash and cash equivalents385,474 697,659 
Debt securities available for sale2,099,259 1,810,221 
Debt securities held to maturity784,821 826,630 
Equity securities15,931 15,862 
Loans held for sale8,943 3,657 
Portfolio loans (net of ACL of $174,181 at September 30, 2025, and $83,404 at December 31, 2024)
13,424,085 7,613,683 
Restricted bank stock77,006 49,930 
Premises and equipment, net190,721 118,820 
Goodwill383,323 333,695 
Other intangible assets, net101,880 32,280 
Cash surrender value of bank owned life insurance258,771 185,087 
Other assets458,414 359,198 
Total assets$18,188,628 $12,046,722 
Liabilities and stockholders’ equity
Liabilities
Deposits:
Noninterest-bearing$3,554,936 $2,719,907 
Interest-bearing11,515,226 7,262,583 
Total deposits15,070,162 9,982,490 
Securities sold under agreements to repurchase147,152 155,610 
Long-term borrowings92,431 — 
Subordinated notes, net of unamortized issuance costs103,283 227,723 
Junior subordinated debt owed to unconsolidated trusts77,257 74,815 
Other liabilities249,508 222,815 
Total liabilities15,739,793 10,663,453 
Outstanding commitments and contingent liabilities (see Notes 5 and 11)
Stockholders’ equity
Preferred stock, $0.001 par value, liquidation preference $222,750 at September 30, 2025 and zero at December 31, 2024
— — 
Common stock, $0.001 par value
93 60 
Additional paid-in capital2,373,500 1,360,530 
Retained earnings303,077 294,054 
AOCI(136,801)(207,039)
Total stockholders’ equity before treasury stock2,539,869 1,447,605 
Treasury stock at cost(91,034)(64,336)
Total stockholders’ equity2,448,835 1,383,269 
Total liabilities and stockholders’ equity$18,188,628 $12,046,722 
Shares
Preferred shares issued and outstanding (1,000,000 shares authorized)
222,750—
Common shares (200,000,000 authorized at September 30, 2025 and 100,000,000 authorized at December 31, 2024):
Issued92,694,54159,546,273
Less: Treasury3,905,4982,650,292
Outstanding88,789,04356,895,981
See accompanying Notes to Consolidated Financial Statements (Unaudited).
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FIRST BUSEY CORPORATION
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands, except per share amounts)2025202420252024
Interest income
Interest and fees on loans$214,357 $111,336 $568,299 $320,302 
Taxable interest income22,146 17,789 63,836 56,264 
Non-taxable interest income1,644 283 3,926 918 
Dividend income on bank stock871 106 2,173 291 
Other interest income5,487 5,092 20,532 14,590 
Total interest income244,505 134,606 658,766 392,365 
Interest expense
Deposits84,611 46,634 230,070 134,311 
Federal funds purchased and securities sold under agreements to repurchase976 981 2,738 3,393 
Short-term borrowings26 26 589 676 
Long-term borrowings937 — 1,967 300 
Subordinated notes1,417 3,181 7,203 9,467 
Junior subordinated debt owed to unconsolidated trusts1,401 1,137 4,148 3,185 
Total interest expense89,368 51,959 246,715 151,332 
Net interest income155,137 82,647 412,051 241,033 
Provision for credit losses(985)409 50,308 6,677 
Net interest income after provision for credit losses156,122 82,238 361,743 234,356 
Noninterest income
Wealth management fees17,184 15,378 51,325 46,844 
Payment technology solutions5,092 5,265 15,121 16,889 
Treasury management services4,598 2,201 12,596 6,247 
Card services and ATM fees4,799 3,557 13,388 9,947 
Other service charges on deposit accounts1,617 2,390 4,663 7,059 
Mortgage revenue657 355 1,762 1,579 
Income on bank owned life insurance1,623 1,189 4,814 4,050 
Realized net gains (losses) on the sale of mortgage servicing rights— (18)— 7,724 
Realized net gains (losses) on securities(13)(11)(15,549)(6,817)
Unrealized net gains (losses) recognized on equity securities(275)833 5,490 911 
Other noninterest income5,916 4,706 13,674 10,028 
Total noninterest income41,198 35,845 107,284 104,461 
Noninterest expense
Salaries, wages, and employee benefits74,145 44,593 220,068 130,161 
Data processing9,714 6,910 33,310 20,560 
Net occupancy expense of premises7,982 4,633 21,613 13,943 
Furniture and equipment expenses2,143 1,647 6,296 5,155 
Professional fees2,931 3,118 15,316 7,866 
Amortization of intangible assets4,507 2,548 12,182 7,586 
Interchange expense1,336 1,352 3,976 4,696 
FDIC insurance3,151 1,413 7,742 4,273 
Other noninterest expense14,109 9,305 39,378 28,632 
Total noninterest expense120,018 75,519 359,881 222,872 
Income before income taxes77,302 42,564 109,146 115,945 
Income taxes20,204 10,560 34,634 30,359 
Net income$57,098 $32,004 $74,512 $85,586 
Dividends on preferred stock5,131 — 5,286 — 
Net income available to common stockholders$51,967 $32,004 $69,226 $85,586 
Weighted average number of common shares outstanding
Basic89,136,898 57,033,359 82,508,723 56,458,430 
Diluted90,218,382 57,967,848 83,609,999 57,411,299 
Basic earnings per common share$0.58 $0.56 $0.84 $1.52 
Diluted earnings per common share$0.58 $0.55 $0.83 $1.49 
See accompanying Notes to Consolidated Financial Statements (Unaudited).
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FIRST BUSEY CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2025202420252024
Net income$57,098 $32,004 $74,512 $85,586 
OCI:
Unrealized/Unrecognized gains (losses) on debt securities:
Net unrealized holding gains (losses) on debt securities available for sale24,391 54,950 61,710 48,688 
Reclassification adjustment for realized (gains) losses on debt securities available for sale included in net income13 11 15,549 6,817 
Amortization of unrecognized losses on securities transferred to held to maturity1,104 1,384 3,369 4,194 
Tax effect(8,356)(16,061)(22,185)(17,016)
Net change in unrealized/unrecognized gains (losses) on debt securities17,152 40,284 58,443 42,683 
Unrealized gains (losses) on cash flow hedges:
Net unrealized holding gains (losses) on cash flow hedges(486)10,404 9,075 295 
Reclassification adjustment for realized (gains) losses on cash flow hedges included in net income2,304 2,364 6,629 6,988 
Tax effect(460)(3,639)(3,909)(2,076)
Net change in unrealized gains (losses) on cash flow hedges1,358 9,129 11,795 5,207 
OCI18,510 49,413 70,238 47,890 
Total comprehensive income$75,608 $81,417 $144,750 $133,476 
See accompanying Notes to Consolidated Financial Statements (Unaudited).
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FIRST BUSEY CORPORATION
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited)
Three Months Ended September 30, 2025
Number of SharesStockAdditional
Paid-in
Capital		Retained
Earnings		AOCITreasury
Stock		Total
Stockholders'
Equity
(dollars in thousands)PreferredCommonPreferredCommon
Balance, June 30, 2025222,750 89,104,678 $— $93 $2,377,560 $273,799 $(155,311)$(83,595)$2,412,546 
Net income— — — — — 57,098 — — 57,098 
OCI, net of tax— — — — — — 18,510 — 18,510 
Repurchase of stock— (580,000)— — — — — (13,547)(13,547)
Issuance of treasury stock for ESPP— 23,232 — — (79)— — 537 458 
Net issuance of treasury stock for RSU/PSU/DSU vesting and related tax— 234,401 — — (8,418)— — 5,416 (3,002)
Net issuance of treasury stock for SSARs exercised and related tax6,732 (243)155 (88)
Cash dividends on preferred stock— — — — — (5,131)— — (5,131)
Cash dividends on common stock at $0.25 per share
— — — — — (22,307)— — (22,307)
Dividend equivalents on RSUs/PSUs/DSUs— — — — 382 (382)— — — 
Stock-based compensation— — — — 4,298 — — — 4,298 
Balance, September 30, 2025222,750 88,789,043 $— $93 $2,373,500 $303,077 $(136,801)$(91,034)$2,448,835 
Three Months Ended September 30, 2024
Number of SharesStockAdditional
Paid-in
Capital		Retained
Earnings		AOCITreasury
Stock		Total
Stockholders'
Equity
(dollars in thousands)PreferredCommonPreferredCommon
Balance, June 30, 2024— 56,746,937 $— $60 $1,360,430 $261,820 $(220,326)$(68,174)$1,333,810 
Net income— — — — — 32,004 — — 32,004 
OCI, net of tax— — — — — — 49,413 — 49,413 
Issuance of treasury stock for ESPP— 13,109 — — (73)— — 338 265 
Net issuance of treasury stock for RSU/PSU/DSU vesting and related tax— 112,143 — — (4,142)— — 2,888 (1,254)
Issuance of treasury stock for options exercised, net of shares redeemed and related tax— 52 — — (1)— — 1 — 
Cash dividends on common stock at $0.24 per share
— — — — — (13,645)— — (13,645)
Dividend equivalents on RSUs/PSUs/DSUs— — — — 311 (311)— — — 
Stock-based compensation— — — — 2,291 — — — 2,291 
Balance, September 30, 2024— 56,872,241 $— $60 $1,358,816 $279,868 $(170,913)$(64,947)$1,402,884 
(continued)
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FIRST BUSEY CORPORATION
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited) (Continued)
Nine Months Ended September 30, 2025
Number of SharesStockAdditional
Paid-in
Capital		Retained
Earnings		AOCITreasury
Stock		Total
Stockholders'
Equity
(dollars in thousands)PreferredCommonPreferredCommon
Balance, December 31, 2024— 56,895,981 $— $60 $1,360,530 $294,054 $(207,039)$(64,336)$1,383,269 
Net income— — — — — 74,512 — — 74,512 
OCI, net of tax— — — — — — 70,238 — 70,238 
Stock issued in acquisition, net of stock issuance costs7,750 33,148,268 — 33 808,022 — — — 808,055 
Issuance of preferred stock, net of issuance costs215,000 — — — 207,447 — — — 207,447 
Repurchase of stock— (1,812,000)— — — — — (40,038)(40,038)
Issuance of treasury stock for ESPP— 79,333 — — (424)— — 1,911 1,487 
Net issuance of treasury stock for RSU/PSU/DSU vesting and related tax— 446,555 — — (15,256)— — 10,707 (4,549)
Net issuance of treasury stock for SSARs exercised and related tax— 30,906 — — (1,174)— — 722 (452)
Cash dividends on preferred stock— — — — — (5,286)— — (5,286)
Cash dividends on common stock at $0.75 per share
— — — — — (58,973)— — (58,973)
Dividend equivalents on RSUs/PSUs/DSUs— — — — 1,230 (1,230)— — — 
Stock-based compensation— — — — 13,125 — — — 13,125 
Balance, September 30, 2025222,750 88,789,043 $— $93 $2,373,500 $303,077 $(136,801)$(91,034)$2,448,835 
(continued)
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FIRST BUSEY CORPORATION
Nine Months Ended September 30, 2024
Number of SharesStockAdditional
Paid-in
Capital		Retained
Earnings		AOCITreasury
Stock		Total
Stockholders'
Equity
(dollars in thousands)PreferredCommonPreferredCommon
Balance, December 31, 2023— 55,244,119 $— $58 $1,323,595 $237,197 $(218,803)$(70,066)$1,271,981 
Cumulative effect of change in accounting principal (ASU 2023-02)— — — — — (1,391)— — (1,391)
Net income— — — — — 85,586 — — 85,586 
OCI, net of tax— — — — — — 47,890 — 47,890 
Stock issued in acquisition, net of stock issuance costs— 1,429,304 — 2 34,232 — — — 34,234 
Issuance of treasury stock for ESPP— 45,679 — — (250)— — 1,176 926 
Net issuance of treasury stock for RSU/DSU vesting and related tax— 153,087 — — (5,592)— — 3,942 (1,650)
Issuance of treasury stock for options exercised, net of shares redeemed and related tax— 52 — — (1)— — 1 — 
Cash dividends on common stock at $0.72 per share
— — — — — (40,520)— — (40,520)
Dividend equivalents on RSUs/PSUs/DSUs— — — — 1,004 (1,004)— — — 
Stock-based compensation— — — — 5,828 — — — 5,828 
Balance, September 30, 2024— 56,872,241 $— $60 $1,358,816 $279,868 $(170,913)$(64,947)$1,402,884 
See accompanying Notes to Consolidated Financial Statements (Unaudited).
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FIRST BUSEY CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Nine Months Ended September 30,
(dollars in thousands)20252024
Cash flows provided by (used in) operating activities
Net income$74,512 $85,586 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for credit losses50,308 6,677 
Amortization of intangible assets12,182 7,586 
Amortization of mortgage servicing rights486 826 
Depreciation and amortization of premises and equipment9,505 7,186 
Net amortization (accretion) on portfolio loans(12,046)3,602 
Net amortization (accretion) of premium (discount) on investment securities1,405 6,848 
Net amortization (accretion) of premium (discount) on time deposits(1,715)87 
Net amortization (accretion) of premium (discount) on FHLB advances and other borrowings1,470 856 
Impairment of OREO and other repossessed assets270 — 
Impairment of fixed assets held for sale188 369 
Impairment of mortgage servicing rights35 233 
Impairment of leases28 — 
Unrealized (gains) losses recognized on equity securities, net(5,490)(911)
(Gain) loss on sales of debt securities, net15,549 6,817 
(Gain) loss on sales of mortgage servicing rights— (7,724)
(Gain) loss on sales of loans, net(1,140)(1,307)
(Gain) loss on sales of OREO and other repossessed assets96 (549)
(Gain) loss on sales of premises and equipment27 (32)
(Gain) loss on life insurance proceeds(357)(895)
(Increase) decrease in cash surrender value of bank owned life insurance(4,457)(3,155)
Provision for deferred income taxes3,132 1,905 
Stock-based compensation13,125 5,828 
Proceeds from the sale of mortgage servicing rights— 9,796 
Mortgage loans originated for sale(77,210)(85,741)
Proceeds from sales of mortgage loans73,098 78,006 
(Increase) decrease in other assets(1,337)10,082 
Increase (decrease) in other liabilities(31,284)(6,015)
Net cash provided by (used in) operating activities120,380 125,961 
Cash flows provided by (used in) investing activities
Purchases of equity securities(919)(647)
Purchases of debt securities available for sale(385,411)(31,149)
Proceeds from sales of equity securities6,444 1,055 
Proceeds from sales of debt securities available for sale529,760 101,361 
Proceeds from paydowns and maturities of debt securities held to maturity43,409 35,932 
Proceeds from paydowns and maturities of debt securities available for sale354,041 251,175 
Purchases of restricted bank stock(35,278)(24)
Proceeds from the redemption of restricted bank stock11,905 884 
Net (increase) decrease in loans161,275 241,463 
Net cash received in (paid for) acquisitions (see Note 2)
385,804 18,377 
Cash paid for premiums on bank-owned life insurance(46)(74)
Proceeds from life insurance4,334 3,092 
Purchases of premises and equipment(13,179)(4,504)
Proceeds from disposition of premises and equipment710 1,341 
Capitalized expenditures on foreclosed real estate(316)— 
Proceeds from sales of OREO and other repossessed assets, including cash payments collected16,576 636 
Net cash provided by (used in) investing activities1,079,109 618,918 
(continued)
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FIRST BUSEY CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Continued)
Nine Months Ended September 30,
(dollars in thousands)20252024
Cash flows provided by (used in) financing activities
Net increase (decrease) in deposits$(1,482,312)$(740,840)
Net increase (decrease) in federal funds purchased and securities sold under agreements to repurchase(8,458)(60,150)
Repayment of short-term borrowings(11,158)(36,000)
Proceeds from other borrowings, net of debt issuance costs16,667 — 
Repayment of other borrowings(125,129)(31,450)
Cash dividends paid(64,259)(40,520)
Purchase of treasury stock(40,038)— 
Cash paid for withholding taxes on stock-based payments(4,549)(1,650)
Cash paid for the exercise of stock options, warrants, and SSARs(452)— 
Issuance of treasury stock for the ESPP1,487 — 
Issuance of preferred stock, net of stock issuance costs207,447 — 
Common stock issuance costs(920)(141)
Net cash provided by (used in) financing activities(1,511,674)(910,751)
Net increase (decrease) in cash and cash equivalents(312,185)(165,872)
Cash and cash equivalents, beginning of period697,659 719,581 
Cash and cash equivalents, ending of period$385,474 $553,709 
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash payments for:
Interest$243,489 $146,302 
Income taxes16,167 12,388 
Non-cash investing and financing activities:
OREO and other repossessed assets acquired in settlement of loans22,528 26 
See accompanying Notes to Consolidated Financial Statements (Unaudited).
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FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
NOTE 1. SIGNIFICANT ACCOUNTING POLICIES
Nature of Operations
First Busey Corporation, a Nevada corporation organized in 1980, is an $18.19 billion financial holding company headquartered in Leawood, Kansas. Busey’s common stock is traded on The Nasdaq Global Select Market under the symbol “BUSE” and Busey’s depositary shares, each representing a 1/40th interest in a share of Busey Series B Preferred Stock, are traded under the symbol “BUSEP.”
Busey operates and reports its business in three segments: Banking, Wealth Management, and FirsTech.
•The Banking operating segment provides a full range of banking services to individual and corporate customers through its banking center network in Arizona, Colorado, Florida, Illinois, Indiana, Kansas, Missouri, New Mexico, Oklahoma, and Texas.
•The Wealth Management operating segment provides a full range of asset management, investment, brokerage, fiduciary, philanthropic advisory, tax preparation, and farm management services to individuals, businesses, and foundations.
•The FirsTech operating segment provides comprehensive and innovative payment technology solutions including online, mobile, and voice-recognition bill payments; money management and credit card networks; direct debit services; lockbox remittance processing for payments made by mail; and walk-in payments. FirsTech also provides additional tools to help clients with billing, reconciliation, bill reminders, and treasury services.
For additional information about Busey's operating segments, see “Note 16. Operating Segments and Related Information.”
Busey conducts its Banking and Wealth Management services through Busey Bank, and provides payment technology solutions through Busey Bank’s wholly owned subsidiary, FirsTech. Busey also has various other subsidiaries that are not significant to the consolidated entity.
Basis of Financial Statement Presentation
These unaudited consolidated financial statements and related notes should be read together with the audited consolidated financial statements included in Busey's 2024 Annual Report. These interim unaudited consolidated financial statements serve to update Busey’s 2024 Annual Report and may not include all information and notes necessary to constitute a complete set of financial statements.
Busey’s unaudited consolidated financial statements are prepared in conformity with GAAP, and reflect the elimination of intercompany accounts and transactions. Certain prior year amounts have been reclassified to conform to the current period presentation. These reclassifications did not have a material impact on Busey’s consolidated financial condition or results of operations.
In the opinion of Busey’s management, the unaudited consolidated financial statements reflect all normal, recurring adjustments needed to present fairly Busey’s results for the interim periods. The results of operations for interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period.
Use of Estimates
In preparing the accompanying unaudited consolidated financial statements in conformity with GAAP, Busey’s management is required to make estimates and assumptions that affect the amounts reported in the financial statements and the disclosures provided. Actual results could differ from those estimates. Critical accounting estimates which are particularly susceptible to significant change in the near term relate to the fair value of assets acquired and liabilities assumed in business combinations, goodwill, income taxes, and the determination of the ACL.
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FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Cash and Cash Equivalents
Cash and cash equivalents include cash on hand, cash items in process of collection, amounts due from other banks, and interest-bearing deposits held with other financial institutions. The carrying amount of these instruments is considered a reasonable estimate of fair value. At September 30, 2025, cash and cash equivalents included $13.6 million contractually restricted by a third-party service provider, $14.4 million pledged to secure obligations under derivative contracts, and $68.1 million of reserved cash subject to call by the Federal Reserve Bank, as a member of the Federal Reserve System.
Leases
A determination is made at inception if an arrangement contains a lease. For arrangements containing leases, Busey classifies the lease as either operating, finance, or short-term. Busey recognizes operating and finance leases as right of use assets and corresponding lease liabilities. Right of use assets are recognized on the lease commencement date at amounts equal to the respective lease liabilities, adjusted for prepaid lease payments, initial direct costs, and lease incentives received. Lease liabilities are recognized at the present value of the remaining contractual fixed lease payments, discounted using the rate implicit in the lease or Busey’s incremental borrowing rate.
ASC Topic 842 “Leases” requires the use of the rate implicit in the lease whenever this rate is readily determinable. If not readily determinable, Busey uses its incremental borrowing rate at lease inception, on a collateralized basis, over a similar term. For operating leases existing prior to Busey’s adoption of ASC Topic 842 on January 1, 2019, Busey used a borrowing rate that corresponded to the lease term remaining as of the date of adoption of ASC Topic 842.
Busey’s lease agreements often include one or more options to renew at Busey’s discretion. When Busey considers the exercise of a renewal option to be reasonably certain, contractual fixed lease payments for the renewal term are included in the calculation of the right of use asset and lease liability.
Right of use assets are reviewed for impairment in accordance with Busey’s policies regarding long-lived assets.
Operating Leases
Right of use assets for operating leases are included in other assets on the Consolidated Balance Sheets (Unaudited). Lease liabilities for operating leases are included in other liabilities on the Consolidated Balance Sheets (Unaudited).
Lease costs for operating leases are recognized on a straight-line basis over the lease term. Lease costs are reflected as noninterest expense for net occupancy of premises or for furniture and equipment expenses, as appropriate, on the Consolidated Statements of Income (Unaudited). Variable lease payments are expensed as incurred.
Finance Leases
Right of use assets for finance leases and the related accumulated amortization are included in premises and equipment, net, on the Consolidated Balance Sheets (Unaudited). Lease liabilities for finance leases are included in long-term borrowings on the Consolidated Balance Sheets (Unaudited). Repayments of the principal portion of finance lease liabilities are reflected as financing activities on the Consolidated Statements of Cash Flows (Unaudited).
Lease costs for finance leases are composed of interest expense and amortization expense. Interest expense on finance leases is reflected as interest expense on long-term borrowings on the Consolidated Statements of Income (Unaudited). Amortization expense on finance leases is reflected as noninterest expense for net occupancy of premises on the Consolidated Statements of Income (Unaudited).
Busey had one finance lease as of September 30, 2025, which was acquired through its acquisition of CrossFirst.
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FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Short-term Leases
Leases with terms of twelve months or less are classified as short-term leases. Busey made an accounting policy election to not recognize short-term leases on the balance sheet. Lease costs for short-term leases are reflected as noninterest expense for net occupancy of premises or for furniture and equipment expenses, as appropriate, on the Consolidated Statements of Income (Unaudited).
For additional information about Busey’s leases, see “Note 5. Leases.”
Income Taxes
Busey is subject to income taxes in U.S. federal and various state jurisdictions. First Busey Corporation and its subsidiaries file consolidated federal and state income tax returns with each subsidiary computing its taxes on a separate entity basis. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations, which requires significant judgment.
On July 4, 2025, new federal tax legislation commonly referred to as the “One Big Beautiful Bill Act” (the “OBBBA”) was enacted, which made permanent many of the tax provisions of the 2017 Tax Cuts and Jobs Act that were set to expire in 2025 and introduced several significant amendments to federal tax legislation. Key provisions of the OBBBA include the restoration of immediate expensing of domestic research and development expenditures, reinstatement of 100% bonus depreciation, more favorable rules for determining the limitation on business interest expense, and incentives for financial institutions to increase lending in rural and agricultural communities. The effects of the legislation were reflected in the unaudited consolidated financial statements for the period ending September 30, 2025, and did not have a material impact on our results of operations. Busey will continue evaluating the impact of this legislation for future reporting periods.
As of September 30, 2025, Busey Bank was under examination by the Florida Department of Revenue for its 2020 to 2022 corporate income tax filings. Busey Bank accrued $0.1 million related to potential assessment adjustments and interest. Busey had no accruals for payments of interest and penalties related to uncertain tax positions at September 30, 2025 or 2024.
As of September 30, 2025, Busey was also under examination by the Illinois Department of Revenue for M&M’s tax filings for the tax years ended December 31, 2022 and 2023.
Preferred Stock
On March 1, 2025, in connection with the CrossFirst acquisition, Busey issued 7,750 shares of Busey Series A Preferred Stock, which were issued to holders of shares of CrossFirst Series A Non-Cumulative Perpetual Preferred Stock. The Busey Series A Preferred Stock bears a dividend rate of 8.00% per annum on the liquidation preference of $1,000 per share. Dividend payments commenced on June 13, 2025. The Busey Series A Preferred Stock is not subject to any mandatory redemption, sinking fund, or similar provision. Busey may redeem the Busey Series A Preferred Stock, in whole or in part, on or after March 1, 2030, subject to the approval of the appropriate federal banking agency, at a redemption price of $1,000 per share, plus any declared and unpaid dividends, without accumulation of any undeclared dividends, to, but excluding, the date of redemption. Additional information about the Busey Series A Preferred Stock can be found in Busey’s Form 8-K filed with the SEC on August 27, 2024, and the Agreement and Plan of Merger, dated August 26, 2024, by and between First Busey Corporation and CrossFirst Bankshares, Inc. filed therewith.
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FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

On May 20, 2025, Busey issued 8,600,000 depositary shares (the “Depositary Shares,”), which are traded on The Nasdaq Global Select Market under the symbol “BUSEP.” Each Depositary Share represents a 1/40th interest in a share of Busey Series B Preferred Stock. The Series B Preferred Stock has a liquidation preference of $1,000 per share (equivalent to $25 per Depositary Share). Dividend payments for the Series B Preferred Stock commenced on September 1, 2025. The Series B Preferred Stock is not subject to any mandatory redemption, sinking fund, or similar provision. Busey may redeem the Series B Preferred Stock, in whole or in part, at its option, on any dividend payment date on or after June 1, 2030, subject to the approval of the appropriate federal banking agency, at a redemption price of $1,000 per share (equivalent to $25 per Depositary Share) plus any declared and unpaid dividends to, but excluding, the date of redemption. Additional information about the Depositary Shares and the Series B Preferred Stock can be found in Busey’s Form 8-K filed with the SEC on May 20, 2025, and the exhibits filed therewith.
The following tables summarize Busey’s preferred stock issuances:
September 30, 2025
Title of Eash IssueShares AuthorizedShares IssuedShares OutstandingBalancePer Share Preference in LiquidationAggregate Liquidation Preference
($ in 000's)
Preferred stock, $0.001 par value:
1,000,000 
Series A Non-Cumulative Perpetual Preferred Stock7,750 7,750 7,750 $7.75 $1,000.00 $7,750 
8.25% Fixed-Rate Series B Non-Cumulative Perpetual Preferred Stock
230,000 215,000 215,000 $215.00 $1,000.00 $215,000 
Changes in preferred stock issued are presented in the following table:
Three Months Ended September 30,Nine Months Ended September 30,
Title of Eash Issue2025202420252024
Series A Non-Cumulative Perpetual Preferred Stock$— $— $7.75 $— 
8.25% Fixed-Rate Series B Non-Cumulative Perpetual Preferred Stock
— — 215.00 — 
Impact of Recently Adopted Accounting Standards
In March 2024, the FASB issued ASU 2024-01 “Compensation-Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards” to clarify that certain “profits interests” are within the scope of Topic 718 by amending the language and providing illustrative examples on how the scope guidance in paragraph 718-10-15-3 should be applied. This update is intended to improve clarity of the accounting standards codification, not to change the guidance. This update was adopted on a prospective basis for annual and interim reporting periods beginning January 1, 2025. Busey does not currently have any Profit Interest and Similar Awards, so adoption of this ASU did not have any impact on its financial position or results of operations.
In November 2023, the FASB issued ASU 2023‑07 “Segment Reporting (Topic 820): Improvements to Reportable Segment Disclosures” requiring enhanced disclosures related to significant segment expenses. This standard was adopted on a retrospective basis beginning with the annual reporting period ending December 31, 2024, and for interim reporting periods within fiscal years starting January 1, 2025. Adoption of this standard did not have a material impact on Busey’s financial position or results of operations, but resulted in enhanced disclosures.
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FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Recently Issued Accounting Standards Not Yet Adopted
In September 2025, the FASB issued ASU 2025-07 “Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract,” to reduce diversity in the application of derivative accounting practices. This update provides a scope limitation on the definition of a derivative subject to derivative accounting under ASC Topic 815, Derivatives and Hedging, to exclude certain non-exchange-traded contracts with contingencies based on operations or activities specific to one of the parties to the contract. In addition, this update clarifies that share-based noncash consideration from a customer that is contingent on the satisfaction of performance obligations should not be recognized at contract inception as a derivative asset or an equity security, but rather should be accounted for under the guidance in ASC Topic 606, Revenue from Contracts with Customers, and that guidance in other topics does not apply to share-based noncash consideration from a customer for the transfer of goods or services unless or until the entity’s right to receive or retain the share-based noncash consideration is unconditional under ASC Topic 606. The amendments in this update may be applied on either a prospective or modified retrospective basis, and will be effective for Busey for annual and interim reporting periods beginning January 1, 2027. Early adoption is permitted. Busey is currently evaluating the effect this ASU may have on its financial position and results of operations.
In September 2025, the FASB issued ASU 2025-06 “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software,” changing the criteria for capitalizing software costs to the following: (1) a commitment has been made to fund the software project, and (2) it is probable the project will be competed and used to perform its intended function. Under this update, software development stages are no longer a consideration in the determination of which costs are capitalized. The amendments in this update may be adopted on a prospective, modified transition, or retrospective basis, and will be effective for Busey for annual and interim reporting periods beginning January 1, 2028. Early adoption is permitted. Busey is currently evaluating the effect this ASU may have on its financial position and results of operations.
In July 2025, the FASB issued ASU 2025-05 “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets,” providing a practical expedient which, if elected, permits an entity to assume that current conditions as of the balance sheet date will remain static for the remaining life of the assets, removing the requirement to consider reasonable, supportable forecasts. The amendments in this update are to be applied prospectively, and will be effective for Busey for annual and interim reporting periods beginning January 1, 2026. Early adoption is permitted. Busey is currently evaluating the effect this ASU may have on its financial position and results of operations.
In November 2024, the FASB issued ASU 2024-04 “Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments” to clarify when certain settlements of convertible debt instruments should be accounted for as an induced conversion. The amendments in this update may be applied on either a prospective or retrospective basis and will be effective for Busey for annual and interim reporting periods beginning January 1, 2026. Because Busey does not currently have any convertible debt, the Company does not expect adoption of this ASU to have any impact on its financial position or results of operations.
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FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

In November 2024, the FASB issued ASU 2024-03 “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” to require additional disclosures within the notes to the financial statements about certain expense items. Specifically, disaggregation of income statement captions that contain expenses within the following five categories is required: (1) purchases of inventory, (2) employee compensation, (3) depreciation, (4) intangible asset amortization, and (5) depreciation, depletion, and amortization (“DD&A”) costs recognized as part of oil- and gas-producing activities or other amounts of depletion expense. Further, this update requires disclosure of the total amount of selling expenses and the entity’s definition of selling expenses. This update provides a practical expedient for banks and bank holding companies to continue presenting salaries and employee benefits in conformity with SEC Rule 210.9-04 instead of requiring those entities to apply the employee compensation definition included in Subtopic 220-40. The amendments in this update may be applied on either a prospective or retrospective basis and will be effective for Busey beginning with the annual reporting period ending December 31, 2027, and interim reporting periods beginning January 1, 2028. Early adoption is permitted. Because this update relates only to disclosure, Busey does not expect adoption of this ASU to have any impact on its financial position or results of operations.
In December 2023, the FASB issued ASU 2023‑09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires more detailed disclosures of income taxes paid net of refunds received, income from continuing operations before income tax expense or benefit, and income tax expense from continuing operations. This standard is to be applied on a prospective basis, with retrospective application permitted, and will be effective for Busey for annual reporting periods beginning with the fiscal year ending December 31, 2025. Busey does not expect adoption of this ASU to have a material impact on its financial position or results of operations.
In October 2023, the FASB issued ASU 2023‑06 “Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative” which aligns certain GAAP disclosure requirements with the SEC’s disclosure requirements, in order to better facilitate comparisons between entities that are subject to the SEC’s existing disclosures with entities that were not previously subject to the SEC’s requirements. Amendments in this update should be applied prospectively, and the effective date for Busey for each amendment in this ASU will be the date on which the SEC removes the related disclosure from Regulation S‑X or Regulation S‑K. Early adoption is prohibited. If the SEC has not removed the related disclosures from Regulation S‑X or Regulation S‑K by June 30, 2027, the pending content of this update will be removed from the ASC and will not become effective for any entity. Busey does not expect adoption of this ASU to have a material impact on its financial position or results of operations.
Subsequent Events
Busey has evaluated subsequent events for potential recognition and/or disclosure through the date the unaudited consolidated financial statements included in this Quarterly Report were issued. Subsequent to quarter end, on October 24, 2025, Busey issued a conditional notice of full redemption of its $4.0 million 5.25% Subordinated Note maturing December 4, 2030, which was acquired on April 1, 2024, in connection with the acquisition of M&M. The redemption of the Subordinated Note is subject to and conditioned upon regulatory approval from the Federal Reserve. Assuming the requisite approvals are obtained, the Subordinated Note will be redeemed on its optional redemption date of December 4, 2025. Other than this event, there were no significant events subsequent to the quarter ended September 30, 2025, through the filing date of these unaudited consolidated financial statements.
NOTE 2. MERGERS AND ACQUISITIONS
CrossFirst Bankshares, Inc.
On March 1, 2025, Busey completed its acquisition of CrossFirst (NASDAQ: CFB), the holding company for CrossFirst Bank, pursuant to an Agreement and Plan of Merger, dated August 26, 2024, by and between Busey and CrossFirst (the “CrossFirst Merger Agreement”). This partnership creates a premier commercial bank in the Midwest, Southwest, and Florida, with 79 full-service locations across 10 states—Arizona, Colorado, Florida, Illinois, Indiana, Kansas, Missouri, New Mexico, Oklahoma, and Texas. The combined holding company continues to operate under the First Busey Corporation name. Busey’s common stock continues to trade on the Nasdaq under the “BUSE” stock ticker symbol.
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FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Merger of CrossFirst Bank into Busey Bank
CrossFirst Bank’s results of operations were included in Busey’s consolidated results of operations beginning March 1, 2025. Busey operated CrossFirst Bank as a separate banking subsidiary until it was merged with and into Busey Bank on June 20, 2025. At the time of the bank merger, CrossFirst Bank’s banking centers became banking centers of Busey Bank.
CrossFirst Merger Consideration
Upon completion of the acquisition, each share of CrossFirst common stock converted into the right to receive 0.6675 of a share of Busey’s common stock. Cash was paid in lieu of fractional shares. The fair value of common shares issued in consideration of the CrossFirst acquisition was based on the closing price of Busey’s common stock on February 28, 2025.
Further, upon completion of the acquisition, each share of CrossFirst Series A Non-Cumulative Perpetual Preferred Stock converted to the right to receive one share of Busey Series A Preferred Stock. The fair value of Busey Series A Preferred Stock was based on the redemption price of $1,000 per share.
The total consideration paid also included the fair value of replacement equity awards related to past service totaling $6.0 million. Busey used a Monte Carlo simulation to estimate the fair value of SSARs and market-based awards. Other awards were valued based on Busey’s closing stock price on February 28, 2025.
Acquisition Accounting
The CrossFirst acquisition was accounted for using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed, and consideration exchanged were recorded at estimated fair values as of March 1, 2025, the date of acquisition. Subsequent to the acquisition, fair value adjustments of $1.8 million have been recorded, as additional information and valuations became available. Estimated fair values are considered provisional until final fair values are determined or the measurement period has passed, but no later than one year from the acquisition date. Review of all valuations and taxes are still being performed by management. Therefore, amounts are subject to change from the provisional amounts disclosed below.
As the total consideration paid for CrossFirst exceeded the estimated fair value of net assets acquired, goodwill of $49.6 million was recorded as a result of the acquisition. Goodwill recorded for this transaction reflects synergies expected from the acquisition and the greater revenue opportunities from Busey’s broader service capabilities in attractive new markets. Goodwill recorded for this transaction is not tax deductible and was assigned to the Banking operating segment.
Merchants and Manufacturers Bank Corporation
On April 1, 2024, Busey completed its acquisition of M&M and its wholly-owned subsidiary, M&M Bank, through a merger transaction. This partnership added M&M’s Life Equity Loan® products to Busey’s existing suite of services and expanded Busey’s presence in the suburban Chicago market.
Merger of M&M Bank into Busey Bank
M&M Bank’s results of operations were included in Busey’s results of operation beginning April 1, 2024. Busey operated M&M Bank as a separate banking subsidiary of Busey until it was merged with Busey Bank on June 21, 2024. At the time of the bank merger, M&M Bank’s banking centers became banking centers of Busey Bank, except for M&M’s banking center located at 990 Essington Rd., Joliet, Illinois, which was closed in connection with the bank merger.
M&M Merger Consideration
At the effective time of the M&M acquisition, each share of M&M common stock converted to the right to receive, at the election of each stockholder and subject to proration and adjustment as provided in the M&M merger agreement, either (1) $117.74 in cash (“Cash Election”), (2) 5.7294 shares of Busey common stock (“Share Election”), or (3) mixed consideration of $34.55 in cash and 4.0481 shares of Busey common stock (“Mixed Election”).
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FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Most of the M&M common stockholders who submitted an election form by the election deadline made the Share Election to receive their merger consideration solely in the form of shares of Busey common stock. As a result of the elections of M&M common stockholders, and in accordance with the proration and adjustment provisions of the M&M merger agreement, the merger consideration paid to M&M common stockholders was comprised of an aggregate of 1,429,304 shares of Busey common stock and an aggregate of $12.2 million in cash, allocated as follows for each share of M&M stock: (1) $117.74 in cash for the Cash Election, (2) $5.3966 in cash and 5.4668 shares of Busey common stock for the Share Election, and (3) $34.55 in cash and 4.0481 shares of Busey common stock for the Mixed Election. Pursuant to the terms of the M&M merger agreement, M&M common stockholders that did not make an election or submit a properly completed election form by the election deadline of March 29, 2024, received cash consideration of $117.74 for each share of M&M common stock held. No fractional shares of Busey common stock were issued in the M&M acquisition. Fractional shares were paid in cash at the rate of $23.32 per share.
Additional merger consideration of $3.0 million was paid to redeem 300 shares of M&M preferred stock.
Acquisition Accounting
The M&M acquisition was accounted for using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed, and consideration exchanged were recorded at estimated fair values on April 1, 2024, the date of acquisition. A final fair value adjustment of $0.1 million for deferred taxes was recorded during the three months ended March 31, 2025, in connection with the M&M acquisition. Fair values, including initial accounting for deferred taxes, were subject to refinement for up to one year after the closing date as additional information regarding the closing date fair values became available. Fair values were final as of March 31, 2025.
As the total consideration paid for M&M exceeded the estimated fair value of net assets acquired, goodwill of $15.9 million was recorded as a result of the acquisition. Goodwill recorded for this transaction reflects synergies expected from the acquisition and expansion within the Chicago metropolitan market. Goodwill recorded for this transaction is not tax deductible and was assigned to the Banking operating segment.
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FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Acquisition Date Fair Values
Acquisition-date fair values of the assets acquired and liabilities assumed, as well as the fair value of consideration transferred, were estimated as follows:
As of
March 1, 2025April 1, 2024
(dollars in thousands)
CrossFirst
(provisional)
M&M
(final)
Assets acquired
Cash and cash equivalents$385,808 $33,577 
Securities725,622 8,086 
Portfolio loans, net of ACL6,023,063 417,230 
Premises and equipment69,673 2,045 
Other intangible assets81,783 6,346 
Other assets212,832 10,461 
Total assets acquired7,498,781 477,745 
Liabilities assumed
Deposits6,571,699 392,838 
Short-term borrowings11,148 35,932 
Long-term borrowings68,922 1,450 
Subordinated notes, net of unamortized issuance costs— 3,911 
Junior subordinated debt owed to unconsolidated trusts2,238 2,594 
Other liabilities85,347 7,342 
Total liabilities assumed6,739,354 444,067 
Net assets acquired$759,427 $33,678 
Consideration paid
Cash $4 $15,200 
Common stock795,227 34,375 
Preferred stock7,750 — 
Replacement awards1
5,999 — 
Total consideration paid$808,980 $49,575 
Goodwill$49,553 $15,897 
___________________________________________
1.Represents the fair value of replacement equity awards issued to CrossFirst associates attributable to pre-combination service.
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FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Valuations of Loans
Estimated fair values for the loan portfolio acquired in the CrossFirst acquisition includes adjustments to certain receivables that were not considered PCD as of the acquisition date. These fair value adjustments were determined using a discounted cash flow model that applies various assumptions about coupon rates, remaining maturities, prepayment speeds, projected default probabilities, losses given defaults, and estimates of prevailing discount rates. These loans did not show signs of deterioration since origination, and therefore, at the acquisition date, were not subject to the guidance related to PCD loans. Receivables acquired in the CrossFirst acquisition that were not subject to these requirements include non-PCD loans with a fair value of $4.70 billion and gross contractual amounts receivable of $4.79 billion.
A portion of acquired loans were PCD. The following table provides a reconciliation between the purchase price and the fair value of these loans:
As of
March 1, 2025April 1, 2024
(dollars in thousands)
CrossFirst
M&M
PCD Financial Assets
Gross contractual receivable for PCD financial assets
$1,539,718 $29,290 
ACL recorded for estimated uncollectible contractual cash flows specific to PCD financial assets(100,783)(1,243)
Interest premium (discount) specific to PCD financial assets(3,063)(1,773)
Loans previously charged-off by CrossFirst(110,740)— 
Fair value of PCD financial assets
$1,325,132 $26,274 
Pro Forma Results
The following unaudited pro forma information has been prepared as if the CrossFirst acquisition had occurred on January 1, 2024, and as if the M&M acquisition had occurred January 1, 2023. The pro forma results combine the historical results of CrossFirst and M&M into Busey’s Consolidated Statements of Income (Unaudited), including the impact of purchase accounting adjustments such as loan discount accretion, intangible assets amortization, and deposit accretion, net of taxes. The pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the results that would have been obtained had the acquisitions actually occurred on January 1, 2024, or on January 1, 2023, as applicable. Further, pro forma information does not purport to be indicative of future financial operating results. No assumptions have been applied to the pro forma results of operations regarding possible revenue enhancements, expense efficiencies, or asset dispositions. Only the merger related expenses that have been recognized are included in net income in the table below:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2025202420252024
Revenue (net interest income plus noninterest income)$191,142 $186,276 $562,462 $564,177 
Net income55,120 54,853 123,822 120,093 
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FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Other Acquisition Costs
Busey incurred acquisition related expenses as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2025202420252024
Pre-tax acquisition expenses
M&M$— $597 $108 $2,947 
CrossFirst1
7,251 1,338 95,341 1,485 
Pre-tax acquisition expenses1
$7,251 $1,935 $95,449 $4,432 
___________________________________________
1.In addition to the acquisition costs presented in the table above, during the nine months ended September 30, 2025, Busey recorded a $4.0 million adjustment to the initial provision for unfunded commitments for CrossFirst acquisition-date balances based on revised estimates resulting from implementation of a new CECL model.
Acquisition related expenses for CrossFirst were comprised primarily of an initial provision to establish an ACL on non-PCD loans (recorded as provision expense), and multiple components of noninterest expense including an initial provision for unfunded commitments; salaries, wages and employee benefits (including equity compensation); data processing; and legal, professional, and consulting costs. Acquisition related expenses for M&M were comprised primarily of professional fees and data processing costs.
Of the total acquisition related expenses, the following legal, professional, and consulting costs were incurred to consummate the mergers:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2025202420252024
Pre-tax costs to consummate the merger
M&M$— $(3)$— $147 
CrossFirst301 1,180 7,531 1,316 
Pre-tax costs to consummate the merger$301 $1,177 $7,531 $1,463 
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FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

NOTE 3. DEBT SECURITIES
Busey's portfolio of debt securities includes both available for sale and held to maturity securities. The tables below provide the amortized cost, unrealized or unrecognized gains and losses, and fair values of debt securities summarized by major category:
As of September 30, 2025
(dollars in thousands)
Amortized
Cost
Unrealized
Fair
Value
Gross Gains
Gross Losses
Debt securities available for sale1
Obligations of U.S. government corporations and agencies
$113,676 $124 $(195)$113,605 
Obligations of states and political subdivisions
259,470 655 (12,581)247,544 
Asset-backed securities
285,052 510 — 285,562 
Commercial mortgage-backed securities
147,183 541 (11,743)135,981 
Residential mortgage-backed securities
1,395,849 7,513 (135,786)1,267,576 
Corporate debt securities
50,501 410 (1,920)48,991 
Total debt securities available for sale$2,251,731 $9,753 $(162,225)$2,099,259 
Amortized
Cost
Unrecognized
Fair
Value
Gross Gains
Gross Losses
Debt securities held to maturity
Commercial mortgage-backed securities
$398,375 $— $(68,743)$329,632 
Residential mortgage-backed securities
386,446 — (56,607)329,839 
Total debt securities held to maturity$784,821 $— $(125,350)$659,471 
___________________________________________
1.This table includes debt securities marked at par, with no gain or loss.

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FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

As of December 31, 2024
(dollars in thousands)
Amortized
Cost
Unrealized
Fair
Value
Gross Gains
Gross Losses
Debt securities available for sale1
Obligations of U.S. government corporations and agencies
$1,408 $— $(8)$1,400 
Obligations of states and political subdivisions
156,534 31 (16,736)139,829 
Asset-backed securities
336,379 181 (3)336,557 
Commercial mortgage-backed securities
107,305 — (15,131)92,174 
Residential mortgage-backed securities
1,279,090 19 (191,899)1,087,210 
Corporate debt securities
159,236 363 (6,548)153,051 
Total debt securities available for sale
$2,039,952 $594 $(230,325)$1,810,221 
Amortized
Cost
Unrecognized
Fair
Value
Gross Gains
Gross Losses
Debt securities held to maturity
Commercial mortgage-backed securities
$415,530 $— $(77,242)$338,288 
Residential mortgage-backed securities
411,100 — (74,335)336,765 
Total debt securities held to maturity
$826,630 $— $(151,577)$675,053 
___________________________________________
1.This table includes debt securities marked at par, with no gain or loss.
Maturities of Debt Securities
Amortized cost and fair value of debt securities, by contractual maturity or pre-refunded date, are shown below. Mortgages underlying mortgage-backed securities and asset-backed securities may be called or prepaid; therefore, actual maturities could differ from the contractual maturities. All mortgage-backed securities were issued by U.S. government corporations and agencies.
As of September 30, 2025
(dollars in thousands)Amortized
Cost		Fair
Value
Debt securities available for sale
Due in one year or less$13,055 $12,989 
Due after one year through five years59,849 57,288 
Due after five years through ten years373,230 359,557 
Due after ten years1,805,597 1,669,425 
Debt securities available for sale$2,251,731 $2,099,259 
 
Debt securities held to maturity
Due in one year or less$31,564 $31,320 
Due after one year through five years38,433 36,972 
Due after five years through ten years14,719 13,268 
Due after ten years700,105 577,911 
Debt securities held to maturity$784,821 $659,471 
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FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Gains and Losses on Debt Securities Available for Sale
Realized gains and losses related to sales and calls of debt securities available for sale are summarized as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2025202420252024
Realized gains and losses on debt securities
Gross gains on debt securities
$— $— $9 $1 
Gross (losses) on debt securities1
(13)(11)(15,558)(6,818)
Realized net gains (losses) on debt securities$(13)$(11)$(15,549)$(6,817)
___________________________________________
1.During the first quarter of 2025, Busey sold available for sale debt securities with a book value of approximately $205.6 million for a pre-tax loss of $15.5 million and related estimated tax benefit of $4.1 million, as part of a balance sheet repositioning strategy. During the first quarter of 2024, Busey sold available for sale debt securities with a book value of approximately $108.2 million for a pre-tax loss of $6.8 million and related estimated tax benefit of $1.8 million, as part of a balance sheet repositioning strategy.
Debt securities with carrying amounts of $741.8 million on September 30, 2025, and $871.4 million on December 31, 2024, were pledged as collateral for public deposits, securities sold under agreements to repurchase, and for other purposes as required.
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Debt Securities in an Unrealized or Unrecognized Loss Position
The following information pertains to debt securities with gross unrealized or unrecognized losses, aggregated by investment category and the length of time that individual securities have been in a continuous loss position:
As of September 30, 2025
Less than 12 months12 months or moreTotal
(dollars in thousands)Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
Debt securities available for sale
Obligations of U.S. government corporations and agencies
$69,984 $(195)$— $— $69,984 $(195)
Obligations of states and political subdivisions99,487 (2,375)95,200 (10,206)194,687 (12,581)
Commercial mortgage-backed securities5,813 (61)72,141 (11,682)77,954 (11,743)
Residential mortgage-backed securities1,427 (1)782,258 (135,785)783,685 (135,786)
Corporate debt securities5,967 (18)30,956 (1,902)36,923 (1,920)
Debt securities available for sale with gross unrealized losses$182,678 $(2,650)$980,555 $(159,575)$1,163,233 $(162,225)
Fair
Value		Unrecognized
Losses		Fair
Value		Unrecognized
Losses
Debt securities held to maturity
Commercial mortgage-backed securities$329,632 $(68,743)$329,632 $(68,743)
Residential mortgage-backed securities329,839 (56,607)329,839 (56,607)
Debt securities held to maturity with gross unrecognized losses$659,471 $(125,350)$659,471 $(125,350)

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As of December 31, 2024
Less than 12 months12 months or moreTotal
(dollars in thousands)Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
Debt securities available for sale
Obligations of U.S. government corporations and agencies
$— $— $1,328 $(8)$1,328 $(8)
Obligations of states and political subdivisions
11,234 (209)119,723 (16,527)130,957 (16,736)
Asset-backed securities
14,997 (3)— — 14,997 (3)
Commercial mortgage-backed securities
6,238 (42)85,936 (15,089)92,174 (15,131)
Residential mortgage-backed securities
152,081 (640)930,642 (191,259)1,082,723 (191,899)
Corporate debt securities
598 (1)143,966 (6,547)144,564 (6,548)
Debt securities available for sale with gross unrealized losses$185,148 $(895)$1,281,595 $(229,430)$1,466,743 $(230,325)
Fair
Value		Unrecognized
Losses		Fair
Value		Unrecognized
Losses
Debt securities held to maturity
Commercial mortgage-backed securities
$338,288 $(77,242)$338,288 $(77,242)
Residential mortgage-backed securities
336,765 (74,335)336,765 (74,335)
Debt securities held to maturity with gross unrecognized losses$675,053 $(151,577)$675,053 $(151,577)

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Additional information about debt securities in an unrealized or unrecognized loss position is presented in the tables below:
As of September 30, 2025
(dollars in thousands)Available for Sale Held to Maturity Total
Debt securities with gross unrealized or unrecognized losses, fair value$1,163,233 $659,471 $1,822,704 
Gross unrealized or unrecognized losses on debt securities162,225 125,350 287,575 
Ratio of gross unrealized or unrecognized losses to debt securities with gross unrealized or unrecognized losses13.9 %19.0 %15.8 %
 
Count of debt securities632 55 687 
Count of debt securities in an unrealized or unrecognized loss position428 55 483 
As of December 31, 2024
(dollars in thousands)Available for Sale Held to MaturityTotal
Debt securities with gross unrealized or unrecognized losses, fair value$1,466,743 $675,053 $2,141,796 
Gross unrealized or unrecognized losses on debt securities230,325 151,577 381,902 
Ratio of gross unrealized or unrecognized losses to debt securities with gross unrealized or unrecognized losses15.7 %22.5 %17.8 %
 
Count of debt securities677 55 732 
Count of debt securities in an unrealized or unrecognized loss position586 55 641 
Unrealized and unrecognized losses are related to changes in market interest rates and market conditions that do not represent credit-related impairments. Unless part of a corporate strategy or repositioning plan, Busey does not intend to sell securities that are in an unrealized or unrecognized loss position, and it is more likely than not that Busey will recover the amortized cost prior to being required to sell the debt securities. Full collection of the amounts due according to the contractual terms of the debt securities is expected; therefore, no ACL has been recorded in relation to debt securities, and the impairment related to noncredit factors on debt securities available for sale is recognized in AOCI, net of applicable taxes. As of September 30, 2025, Busey did not hold general obligation bonds of any single issuer that exceeded, in aggregate, 10% of Busey’s stockholders’ equity.
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NOTE 4. PORTFOLIO LOANS
Loan Categories
Busey’s lending can be summarized in two primary categories: commercial and retail. Loans within these categories are further classified by lending activity: C&I and other commercial, commercial real estate, real estate construction, retail real estate, and retail other. Distributions of the loan portfolio by loan category and lending activity is presented in the following table:
As of
(dollars in thousands)September 30,
2025		December 31,
2024
Commercial loans
C&I and other commercial$4,395,871 $1,904,515 
CRE5,424,095 3,269,564 
Real estate construction1,099,524 378,209 
Total commercial loans10,919,490 5,552,288 
Retail loans
Retail real estate2,196,246 1,696,457 
Retail other482,530 448,342 
Total retail loans2,678,776 2,144,799 
Total portfolio loans13,598,266 7,697,087 
ACL(174,181)(83,404)
Portfolio loans, net$13,424,085 $7,613,683 
Net deferred loan origination costs included in the balances above were $8.8 million as of September 30, 2025, compared to $12.5 million as of December 31, 2024. Net accretable purchase accounting adjustments included in the balances above reduced loans by $92.0 million as of September 30, 2025, and $8.8 million as of December 31, 2024.
Other than loans acquired through acquisition activities, Busey did not purchase any retail real estate loans during the three and nine months ended September 30, 2025. Busey did not purchase any retail real estate loans during the three months ended September 30, 2024, and elected to purchase $6.9 million of retail real estate loans during the nine months ended September 30, 2024.
Pledged Loans
Busey has executed a blanket lien with the FHLB. The principal balance of loans Busey has pledged as collateral with the FHLB and Federal Reserve Bank for liquidity, which Busey is able to borrow against, is set forth in the table below:
As of
(dollars in thousands)September 30,
2025		December 31,
2024
Pledged loans
FHLB$5,018,506 $4,813,600 
Federal Reserve Bank1,973,933 765,824 
Total pledged loans$6,992,439 $5,579,424 
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Risk Grading
Busey utilizes a loan grading scale to assign a risk grade to all of its loans. A description of the general characteristics of each grade is as follows:
•Pass – This category includes loans that are all considered acceptable credits, ranging from investment or near investment grade, to loans made to borrowers who exhibit credit fundamentals that meet or exceed industry standards.
•Watch – This category includes loans that warrant a higher-than-average level of monitoring to ensure that weaknesses do not cause the inability of the credit to perform as expected. These loans are not necessarily a problem due to other inherent strengths of the credit, such as guarantor strength, but have above average concern and monitoring.
•Special mention – This category is for “Other Assets Specially Mentioned” loans that have potential weaknesses, which may, if not checked or corrected, weaken the asset or inadequately protect Busey’s credit position at some future date.
•Substandard – This category includes “Substandard” loans, determined in accordance with regulatory guidelines, for which the accrual of interest has not been stopped. Assets so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that Busey will sustain some loss if the deficiencies are not corrected.
•Substandard non-accrual – This category includes loans that have all the characteristics of a “Substandard” loan with additional factors that make collection in full highly questionable and improbable. Such loans are placed on non-accrual status and may be dependent on collateral with a value that is difficult to determine.
All loans are graded at their inception. Commercial lending relationships that are $2.0 million or less are usually processed through an expedited underwriting process. Most commercial loans greater than $2.0 million are included in a portfolio review at least annually. Commercial loans greater than $0.35 million that have a grading of special mention or worse are typically reviewed on a quarterly basis. Interim reviews may take place if circumstances of the borrower warrant a more frequent review.
The following table is a summary of Busey’s portfolio loans by risk grade, segregated by loan category:
As of September 30, 2025
(dollars in thousands)PassWatchSpecial
Mention		SubstandardSubstandard
Non-accrual		Total
Commercial loans
C&I and other commercial$3,707,153 $433,278 $152,267 $74,109 $29,064 $4,395,871 
CRE4,453,517 794,313 147,237 21,228 7,800 5,424,095 
Real estate construction1,011,685 56,664 25,653 5,227 295 1,099,524 
Total commercial loans9,172,355 1,284,255 325,157 100,564 37,159 10,919,490 
Retail loans
Retail real estate2,170,254 7,320 7,608 2,759 8,305 2,196,246 
Retail other481,892 — — 6 632 482,530 
Total retail loans2,652,146 7,320 7,608 2,765 8,937 2,678,776 
Total portfolio loans$11,824,501 $1,291,575 $332,765 $103,329 $46,096 $13,598,266 
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As of December 31, 2024
(dollars in thousands)PassWatchSpecial
Mention		SubstandardSubstandard
Non-accrual		Total
Commercial loans
C&I and other commercial$1,545,338 $281,424 $36,152 $37,749 $3,852 $1,904,515 
CRE2,744,018 438,945 55,041 16,507 15,053 3,269,564 
Real estate construction345,908 26,833 221 5,224 23 378,209 
Total commercial loans4,635,264 747,202 91,414 59,480 18,928 5,552,288 
Retail loans
Retail real estate1,680,640 9,408 882 2,543 2,984 1,696,457 
Retail other448,166 — — — 176 448,342 
Total retail loans2,128,806 9,408 882 2,543 3,160 2,144,799 
Total portfolio loans$6,764,070 $756,610 $92,296 $62,023 $22,088 $7,697,087 
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Risk grades of portfolio loans and gross charge-offs are presented in the tables below by lending activity, further sorted by origination year:
As of and For The Nine Months Ended September 30, 2025
Risk Grade RatingsTerm Loans Amortized Cost Basis by Origination YearRevolving
Loans		Total
(dollars in thousands)20252024202320222021Prior
C&I and other commercial
Pass$659,612 $722,192 $425,370 $238,755 $192,946 $151,925 $1,316,353 $3,707,153 
Watch26,374 79,588 66,467 46,942 55,238 18,233 140,436 433,278 
Special Mention17,388 17,339 25,541 43,362 4,974 2,913 40,750 152,267 
Substandard10,422 1,965 16,543 4,216 10,159 3,771 27,033 74,109 
Substandard non-accrual4,601 2,343 644 1,318 640 5,048 14,470 29,064 
Total C&I and other commercial718,397 823,427 534,565 334,593 263,957 181,890 1,539,042 4,395,871 
Gross charge-offs$1,246 $2,626 $4,347 $1,440 $13,591 $11,254 $4,550 $39,054 
CRE
Pass631,171 487,489 703,228 1,216,265 776,293 600,081 38,990 4,453,517 
Watch169,711 56,362 139,202 156,277 186,841 83,665 2,255 794,313 
Special Mention50,239 23,098 5,093 14,139 37,467 16,067 1,134 147,237 
Substandard1,714 708 914 9,046 — 8,628 218 21,228 
Substandard non-accrual82 — 4,548 — 1 3,169 — 7,800 
Total CRE852,917 567,657 852,985 1,395,727 1,000,602 711,610 42,597 5,424,095 
Gross charge-offs1,297 11,057 — — 253 — — 12,607 
Real estate construction
Pass240,725 328,610 125,079 215,814 25,158 3,632 72,667 1,011,685 
Watch1,221 43,492 3,588 — 177 — 8,186 56,664 
Special Mention18,233 — — — 7,420 — — 25,653 
Substandard5,165 — — — 62 — — 5,227 
Substandard non-accrual— 274 — — 21 — — 295 
Total real estate construction265,344 372,376 128,667 215,814 32,838 3,632 80,853 1,099,524 
Gross charge-offs— — — — — — — — 
Retail real estate
Pass111,695 138,069 304,874 457,128 379,646 533,444 245,398 2,170,254 
Watch2,696 606 489 1,520 280 1,160 569 7,320 
Special Mention69 84 4,052 1,479 1,705 — 219 7,608 
Substandard1,000 — 111 447 489 712 — 2,759 
Substandard non-accrual212 307 39 319 85 3,205 4,138 8,305 
Total retail real estate115,672 139,066 309,565 460,893 382,205 538,521 250,324 2,196,246 
Gross charge-offs85 — — — — 51 36 172 
Retail other
Pass6,415 6,769 37,741 36,632 6,150 703 387,482 481,892 
Watch— — — — — — — — 
Special Mention— — — — — — — — 
Substandard— — — — — 6 — 6 
Substandard non-accrual35 — 93 99 — — 405 632 
Total retail other6,450 6,769 37,834 36,731 6,150 709 387,887 482,530 
Gross charge-offs318 147 253 41 — 74 — 833 
Total portfolio loans$1,958,780 $1,909,295 $1,863,616 $2,443,758 $1,685,752 $1,436,362 $2,300,703 $13,598,266 
Total gross charge-offs$2,946 $13,830 $4,600 $1,481 $13,844 $11,379 $4,586 $52,666 
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As of and For The Year Ended December 31, 2024
Risk Grade RatingsTerm Loans Amortized Cost Basis by Origination YearRevolving
Loans		Total
(dollars in thousands)20242023202220212020Prior
C&I and other commercial
Pass$320,831 $147,909 $163,870 $125,053 $74,146 $117,234 $596,295 $1,545,338 
Watch38,734 49,394 44,709 16,393 2,175 20,964 109,055 281,424 
Special Mention1,718 2,293 5,658 2,634 106 2,540 21,203 36,152 
Substandard15,186 6,545 788 591 320 2,424 11,895 37,749 
Substandard non-accrual65 141 464 — 42 852 2,288 3,852 
Total C&I and other commercial376,534 206,282 215,489 144,671 76,789 144,014 740,736 1,904,515 
Gross charge-offs$— $14,980 $148 $22 $— $303 $— $15,453 
 
CRE
Pass291,503 354,591 755,266 645,994 356,867 314,340 25,457 2,744,018 
Watch115,078 132,900 60,611 62,408 28,320 38,733 895 438,945 
Special Mention39,252 643 8,020 1,395 4,165 1,517 49 55,041 
Substandard6,983 355 4,628 50 95 4,346 50 16,507 
Substandard non-accrual15,000 39 — — 14 — — 15,053 
Total CRE467,816 488,528 828,525 709,847 389,461 358,936 26,451 3,269,564 
Gross charge-offs— — — 2,999 — 315 — 3,314 
 
Real estate construction
Pass159,825 134,450 12,205 24,781 2,213 1,124 11,310 345,908 
Watch20,170 6,455 — 208 — — — 26,833 
Special Mention— — — 221 — — — 221 
Substandard5,224 — — — — — — 5,224 
Substandard non-accrual— — — 23 — — — 23 
Total real estate construction185,219 140,905 12,205 25,233 2,213 1,124 11,310 378,209 
Gross charge-offs— — — — — — — — 
 
Retail real estate
Pass101,582 237,306 366,820 354,380 147,236 267,431 205,885 1,680,640 
Watch1,255 550 2,733 3,377 872 124 497 9,408 
Special Mention151 — 344 — — 372 15 882 
Substandard— 243 1,018 503 — 776 3 2,543 
Substandard non-accrual— — 344 91 152 1,526 871 2,984 
Total retail real estate102,988 238,099 371,259 358,351 148,260 270,229 207,271 1,696,457 
Gross charge-offs— — — — — 168 — 168 
 
Retail other
Pass4,996 55,665 57,944 12,207 2,304 589 314,461 448,166 
Substandard non-accrual— 94 67 4 — 11 — 176 
Total retail other4,996 55,759 58,011 12,211 2,304 600 314,461 448,342 
Gross charge-offs9 31 106 78 4 403 — 631 
 
Total portfolio loans$1,137,553 $1,129,573 $1,485,489 $1,250,313 $619,027 $774,903 $1,300,229 $7,697,087 
Total gross charge-offs$9 $15,011 $254 $3,099 $4 $1,189 $— $19,566 
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Past Due and Non-accrual Loans
An analysis of portfolio loans that were past due and still accruing, or on a non-accrual status, is presented in the table below:
As of September 30, 2025
Loans past due, still accruingNon-accrual
Loans		Non-accrual Loans with No Allowance for Credit Losses
(dollars in thousands)30-59 Days60-89 Days90+Days
Commercial loans
C&I and other commercial$996 $1,450 $861 $29,064 $6,685 
CRE2,815 6,289 78 7,800 1,543 
Real estate construction— 3,233 347 295 157 
Past due and non-accrual commercial loans3,811 10,972 1,286 37,159 8,385 
Retail loans
Retail real estate2,626 448 102 8,305 348 
Retail other929 128 30 632 — 
Past due and non-accrual retail loans3,555 576 132 8,937 348 
Total past due and non-accrual loans$7,366 $11,548 $1,418 $46,096 $8,733 
As of December 31, 2024
Loans past due, still accruingNon-accrual
Loans		Non-accrual Loans with No Allowance for Credit Losses
(dollars in thousands)30-59 Days60-89 Days90+Days
Commercial loans
C&I and other commercial$95 $— $— $3,852 $1,224 
CRE42 2,759 — 15,053 15,000 
Real estate construction41 — — 23 — 
Past due and non-accrual commercial loans178 2,759 — 18,928 16,224 
Retail loans
Retail real estate3,280 683 1,115 2,984 194 
Retail other1,094 130 34 176 — 
Past due and non-accrual retail loans4,374 813 1,149 3,160 194 
Total past due and non-accrual loans$4,552 $3,572 $1,149 $22,088 $16,418 
Gross interest income recorded on 90+ days past due loans, and that would have been recorded on non-accrual loans if they had been accruing interest in accordance with their original terms, was $0.9 million and $2.1 million for the three and nine months ended September 30, 2025, respectively, and was $0.1 million and $0.6 million for the three and nine months ended September 30, 2024, respectively. The amount of interest collected on those loans and recognized on a cash basis that was included in interest income was immaterial for the three and nine months ended September 30, 2025 and 2024.
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Loan Modifications for Borrowers Experiencing Financial Difficulty
The following tables present the amortized cost basis of loans that were modified—specifically in the form of (1) principal forgiveness, (2) an interest rate reduction, (3) an other-than-insignificant payment deferral, and/or (4) a term extension—for borrowers experiencing financial difficulty during the periods indicated, disaggregated by lending activity and the type of modification:

Three Months Ended September 30, 2025
(dollars in thousands)
Interest Rate Reduction
% of Total Class of Financing Receivable1
Payment Deferral
% of Total Class of Financing Receivable2
Term Extension
% of Total Class of Financing Receivable3
Modified Loans
C&I and other commercial
$263 — %$2,444 0.1 %$10,417 0.2 %
CRE
— — %1,944 — %461 — %
Total of loans modified during the period4
$263 — %$4,388 — %$10,878 0.1 %
___________________________________________
1.Modified loans represented an insignificant portion of C&I and other commercial loans, and an insignificant portion of total loans, in both cases rounding to zero percent.
2.Modified loans represented an insignificant portion of CRE loans, and an insignificant portion of total loans, in both cases rounding to zero percent.
3.Modified loans represented an insignificant portion of CRE loans, rounding to zero percent.
4.All modifications were for loans classified as substandard.
Three Months Ended September 30, 2024
(dollars in thousands)
Payment Deferral
% of Total Class of Financing Receivable1
Term Extension2
% of Total Class of Financing Receivable
Modified Loans
C&I and other commercial
$325 — %$14,537 0.8 %
CRE
— — %18,448 0.5 %
Real estate construction
— — %5,250 1.3 %
Total of loans modified during the period3
$325 — %$38,235 0.5 %
___________________________________________
1.Modified loans represented an insignificant portion of C&I and other commercial loans, and an insignificant portion of total loans, in both cases rounding to zero percent.
2.Modifications to extend loan terms also included, in some cases, interest rate increases during the extension period.
3.All modifications were for loans classified as substandard.
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Nine Months Ended September 30, 2025
(dollars in thousands)
Interest Rate Reduction
% of Total Class of Financing Receivable1
Payment Deferral
% of Total Class of Financing Receivable2
Term Extension
% of Total Class of Financing Receivable2
Modified Loans
C&I and other commercial
$263 — %$13,005 0.3 %$22,314 0.5 %
CRE
— — %1,944 — %823 — %
Real estate construction
— — %— — %5,165 0.5 %
Total of loans modified during the period3
$263 — %$14,949 0.1 %$28,302 0.2 %
___________________________________________
1.Modified loans represented an insignificant portion of C&I and other commercial loans, and an insignificant portion of total loans, in both cases rounding to zero percent.
2.Modified loans represented an insignificant portion of CRE loans, rounding to zero percent.
3.With the exception of two loans that were transferred to non-accrual status during the nine months ended September 30, 2025, all modifications were for loans classified as substandard.
Nine Months Ended September 30, 2024
(dollars in thousands)
Payment Deferral1
% of Total Class of Financing Receivable2
Term Extension1
% of Total Class of Financing Receivable
Modified Loans
C&I and other commercial
$325 — %$28,073 1.5 %
CRE
— — %19,782 0.6 %
Real estate construction
— — %5,250 1.3 %
Total of loans modified during the period3
$325 — %$53,105 0.7 %
___________________________________________
1.Modifications to extend loan terms also included, in some cases, interest rate increases during the extension period.
2.Modified loans represented an insignificant portion of C&I and other commercial loans, rounding to zero percent.
3.All modifications were for loans classified as substandard.
The following table provides, by lending activity, the weighted average interest rate reductions and term extensions for loan modifications made during the periods indicated for borrowers experiencing financial difficulty:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Weighted Average Interest Rate ReductionWeighted Average Term ExtensionWeighted Average Term ExtensionWeighted Average Interest Rate ReductionWeighted Average Term ExtensionWeighted Average Term Extension
C&I and other commercial5.00 %6 months6 months5.00 %10 months1.2 years
CRE— %8 months4 months— %1.3 years4 months
Real estate construction— %—6 months— %1.3 years6 months
Aggregate effect5.00 %6 months5 months5.00 %11 months10 months
Payment deferrals for borrowers experiencing financial difficulty can include deferrals of 3 or more payments to the end of the loan, accommodations to restructure the payment terms of the loan, or accommodations to allow for an interest-only period on the loan.
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FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Performance of Modified Loans
Busey closely monitors the performance of the loans that are modified for borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table depicts the payment performance of loans modified during the last twelve months:
As of September 30, 2025
(dollars in thousands)Current30-89 Days90+ DaysNon-accrual
Modified Loans
C&I and other commercial$32,062 $— $— $4,038 
CRE4,147 — — — 
Real estate construction5,165 — — — 
Loans modified during the last twelve months$41,374 $— $— $4,038 
Busey had commitments of $0.4 million as of September 30, 2025, to lend additional funds to debtors experiencing financial difficulty for whom Busey modified a loan within the past twelve months. Busey did not have any commitments as of December 31, 2024, to lend additional funds to debtors experiencing financial difficulty for whom Busey had modified a loan within the past twelve months.
A default occurs when a loan is 90 days or more past due or transferred to non-accrual status. The following table presents loans that defaulted after having been modified during the twelve months before the default.
Three Months Ended September 30,Nine Months Ended September 30,
20252025
(dollars in thousands)Term ExtensionPayment DeferralTerm Extension
Loans with Subsequent Defaults
C&I and other commercial$3,571 $467 $3,571 
Modified loans with subsequent defaults$3,571 $467 $3,571 
No loans had a default during the three or nine months ended September 30, 2024, after having been modified during the twelve months before that default for borrowers experiencing financial difficulty.
Collateral Dependent Loans
Management's evaluation as to the ultimate collectability of loans includes estimates regarding future cash flows from operations and the value of property, real and personal, pledged as collateral. These estimates are affected by changing economic conditions and the economic prospects of borrowers. Collateral dependent loans are loans in which repayment is expected to be provided solely by the operation or sale of the underlying collateral and there are no other available and reliable sources of repayment. Loans are written down to the lower of cost or fair value of the underlying collateral, less estimated costs to sell. Busey had $39.0 million and $19.3 million of collateral dependent loans secured by real estate or business assets as of September 30, 2025, and December 31, 2024, respectively.
Foreclosures
Busey’s recorded investment in residential real estate loans that were in the process of foreclosure was $6.1 million as of September 30, 2025. Busey follows Federal Housing Finance Agency guidelines on single-family foreclosures and real estate owned evictions on portfolio loans.
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FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Allowance for Credit Losses
The ACL is a valuation account that is deducted from the portfolio loans’ amortized cost bases to present the net amount expected to be collected on the portfolio loans. The ACL is established through the provision for credit losses charged to income. Portfolio loans are charged off against the ACL when management believes the uncollectibility of a loan balance is confirmed. Recoveries are recognized up to the aggregate amount of previously charged-off balances.
Management estimates the ACL balance using relevant available information from internal and external sources relating to past events, current conditions, and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. The ACL consists of three components: (i) specific allocations/individual reserves; (ii) quantitative reserves; and (iii) qualitative reserves.
•Specific allocations/individual reserves – When a loan no longer exhibits risk characteristics that are similar to other loans, that loan is individually evaluated. Individual reserves are calculated for loans that are on a non-accrual status that are greater than a defined dollar threshold or loans that have disparate risk characteristics. Reserves may be based on collateral, for collateral-dependent loans, or on quantitative and qualitative factors, including expected cash flow, market sentiment, and guarantor support.
•Quantitative reserves – Busey implemented a new non-discounted cash flow model in the second quarter of 2025 that used combined historical loan data from Busey Bank beginning in 2004 and CrossFirst Bank since its inception in 2007. The model incorporates various baseline forecast scenarios and national unemployment rates with either national gross domestic product, the national home price index, or the national commercial real estate price index. Further, prepayment and curtailment expectations are factored into the model. Due to the continued economic uncertainty in the markets in which the Company operates, Busey will continue to utilize a forecast period of 12 months with an immediate reversion to historical loss rates beyond this forecast period in its ACL estimate.
•Qualitative reserves – Busey uses qualitative factors to adjust the historical loss factors for current and forecasted conditions. Busey considers the ten qualitative factors identified in the Interagency Guidance and ASC Topic 326 at each reporting date.
The following tables summarize activity in the ACL attributable to each lending activity. Allocation of a portion of the ACL to one lending activity does not preclude its availability to absorb losses from other lending activities:
Three Months Ended September 30, 2025
(dollars in thousands)C&I and Other CommercialCREReal Estate
Construction		Retail
Real Estate		Retail OtherTotal
ACL balance, June 30, 2025$68,578 $70,935 $13,072 $29,042 $1,707 $183,334 
Provision for loan losses(4,768)1,323 (880)739 281 (3,305)
Charged-off(5,753)(1,438)— (53)(204)(7,448)
Recoveries1,379 24 1 115 81 1,600 
ACL balance, September 30, 2025$59,436 $70,844 $12,193 $29,843 $1,865 $174,181 

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Three Months Ended September 30, 2024
(dollars in thousands)C&I and Other CommercialCREReal Estate
Construction		Retail
Real Estate		Retail OtherTotal
ACL balance, June 30, 2024$20,286 $35,104 $3,722 $23,729 $2,385 $85,226 
Provision for loan losses715 (1,158)39 120 286 2 
Charged-off(202)(215)— (32)(225)(674)
Recoveries210 4 10 162 41 427 
ACL balance, September 30, 2024$21,009 $33,735 $3,771 $23,979 $2,487 $84,981 
Nine Months Ended September 30, 2025
(dollars in thousands)C&I and Other CommercialCREReal Estate
Construction		Retail
Real Estate		Retail OtherTotal
ACL balance, December 31, 2024$21,589 $32,301 $3,345 $23,711 $2,458 $83,404 
Day 1 PCD1
75,569 21,588 2,112 1,430 84 100,783 
Day 2 Provision for loan losses2
22,648 15,104 2,911 1,628 142 42,433 
Provision for loan losses(23,008)14,300 3,731 2,833 (137)(2,281)
Charged-off(39,054)(12,607)— (172)(833)(52,666)
Recoveries1,692 158 94 413 151 2,508 
ACL balance, September 30, 2025$59,436 $70,844 $12,193 $29,843 $1,865 $174,181 
___________________________________________
1.The Day 1 PCD is attributable to the CrossFirst acquisition (see “Note 2. Mergers and Acquisitions”), and represents the initial adjustment to the fair value of the PCD loans.
2.The Day 2 provision for loan losses is attributable to the CrossFirst acquisition (see “Note 2. Mergers and Acquisitions”), and represents the initial provision for non-PCD loans.
Nine Months Ended September 30, 2024
(dollars in thousands)C&I and Other CommercialCREReal Estate
Construction		Retail
Real Estate		Retail OtherTotal
ACL balance, December 31, 2023$21,256 $35,465 $5,163 $26,298 $3,558 $91,740 
Day 1 PCD1
824 322 — 96 1 1,243 
Provision for loan losses13,958 (1,882)(1,449)(2,624)(686)7,317 
Charged-off(15,433)(315)— (159)(503)(16,410)
Recoveries404 145 57 368 117 1,091 
ACL balance, September 30, 2024$21,009 $33,735 $3,771 $23,979 $2,487 $84,981 
___________________________________________
1.The Day 1 PCD is attributable to the M&M acquisition (see “Note 2. Mergers and Acquisitions.”)
Net charge-offs during the nine months ended September 30, 2025, included $35.5 million related to PCD loans acquired from CrossFirst Bank, which were fully reserved at acquisition and did not require recording additional provision expense.
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FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

NOTE 5. LEASES
Busey as the Lessee
Busey’s leases consisting primarily of real estate leases for banking centers, ATM locations, and office space, as well as equipment leases. The following table summarizes lease-related balances that Busey reported on its Consolidated Balance Sheets (Unaudited):
As of
(dollars in thousands)LocationSeptember 30,
2025		December 31,
2024
Lease balances
Right of use assets:
Operating leases
Other assets
$29,236 $10,608 
Finance leases
Premises and equipment, net
5,235 — 
Total right of use assets
$34,471 $10,608 
Lease liabilities:
Operating leases
Other liabilities
$31,592 $11,040 
Finance leases
Long-term borrowings
6,266 — 
Total lease liabilities
$37,858 $11,040 
Lease terms are summarized as follows:
As of
September 30,
2025		December 31,
2024
Lease terms
Weighted average remaining lease terms
Operating leases
7.28 years7.55 years
Finance leases
16.51 yearsN/A
Weighted average discount rates
Operating leases
4.22 %3.77 %
Finance leases
5.10 %N/A
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

The following table presents lease costs that Busey reported on its Consolidated Statements of Income (Unaudited):
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)Location2025202420252024
Lease costs
Operating lease costs:
Premises rent expense
Net occupancy expense of premises$1,483 $604 $4,221 $1,692 
Equipment rent expense
Furniture and equipment expenses8 4 22 10 
Finance lease costs:
Amortization expense
Net occupancy expense of premises190 — 190 — 
Interest expense
Long-term borrowings187 — 187 — 
Variable lease costs
Net occupancy expense of premises15 15 45 43 
Short-term lease costs
Net occupancy expense of premises14 12 44 70 
Total lease cost
$1,897 $635 $4,709 $1,815 
Cash paid for amounts included in the measurement of lease liabilities was as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2025202420252024
Cash flows related to leases
Operating cash flows from operating leases
$2,657 $1,034 $7,212 $2,915 
Operating cash flows from finance leases
187 — 187 — 
Financing cash flows from finance leases
99 — 99 — 
Right of use assets obtained in exchange for operating lease liabilities1
(6,331)469 23,287 1,478 
Right of use assets obtained in exchange for finance lease liabilities1
6,365 — 6,365 — 
___________________________________________
1.The nine months ended September 30, 2025, included $23.2 million for operating and $6.4 million for financing right of use assets recognized in connection with the acquisition of CrossFirst. One finance lease was initially classified as operating, and was moved to a financing classification in the third quarter of 2025. The nine months ended September 30, 2024, included $0.1 million right of use assets recognized in connection with the acquisition of M&M, and an additional $0.7 million recognized in connection with a lease amendment that was executed subsequent to the M&M acquisition for a lease that was obtained in that acquisition. Additional information about assets and liabilities obtained in business combinations can be found in “Note 2. Mergers and Acquisitions.”
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Future undiscounted payments for leases with initial terms of one year or more, were as follows:
As of
September 30, 2025
(dollars in thousands)Operating LeasesFinance Leases
Rent commitments
Remainder of 2025$1,618 $123 
20266,107 490 
20275,623 527 
20285,107 540 
20294,110 540 
20303,227 540 
Thereafter11,121 6,625 
Total undiscounted cash flows36,913 9,385 
Less: Amounts representing interest5,321 3,119 
Present value of net future minimum lease payments$31,592 $6,266 
As of September 30, 2025, Busey had commitments totaling $6.0 million for two lease contracts with future accounting commencement dates.
Busey as the Lessor
Busey leases office and parking spaces to outside parties. Revenues recorded in connection with these leases, reported in other income on Busey’s Consolidated Statements of Income (Unaudited), are summarized as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2025202420252024
Rental income$214 $206 $647 $612 
Noncancellable terms for these leases, all of which are operating leases, extend through 2030. Under the terms of these lease agreements, Busey is entitled to receive aggregate future lease payments as shown in the table below:
(dollars in thousands)As of
September 30, 2025
Rents to be received
Remainder of 2025$211 
2026738 
2027515 
2028377 
2029197 
2030117 
Total lease payments from operating leases$2,155 
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

NOTE 6. DEPOSITS
The composition of Busey’s deposits is presented in the table below:
As of
(dollars in thousands)September 30,
2025		December 31,
2024
Deposits
Noninterest-bearing demand deposits$3,554,936 $2,719,907 
Interest-bearing transaction deposits3,171,255 2,423,237 
Saving deposits and money market deposits5,910,183 3,348,711 
Time deposits2,433,788 1,490,635 
Total deposits$15,070,162 $9,982,490 
Additional information about Busey’s deposits is presented in the table below:
As of
(dollars in thousands)September 30,
2025		December 31,
2024
Brokered interest-bearing transaction deposits$50,240 $— 
Brokered savings deposits and money market deposits10,000 6,002 
Brokered time deposits65,192 7,088 
Aggregate amount of time deposits with a minimum denomination of $100,000
1,621,232 860,193 
Aggregate amount of time deposits with a minimum denomination that meets or exceeds the FDIC insurance limit of $250,000
807,378 334,503 
Scheduled maturities of time deposits are presented in the table below:
(dollars in thousands)As of
September 30, 2025
Time deposits by schedule of maturities
Remainder of 2025$860,688 
20261,531,369 
202723,194 
202810,487 
20295,218 
20302,409 
Thereafter423 
Time deposits$2,433,788 
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FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

NOTE 7. BORROWINGS
Securities Sold Under Agreements to Repurchase
Securities sold under agreements to repurchase, which are classified as secured borrowings, generally mature daily. Securities sold under agreements to repurchase are reflected at the amount of cash received in connection with the transaction. The underlying securities are held by Busey’s safekeeping agent. Busey may be required to provide additional collateral based on fluctuations in the fair value of the underlying securities. Securities sold under agreements to repurchase were as follows:
As of
(dollars in thousands)September 30,
2025		December 31,
2024
Securities sold under agreements to repurchase$147,152 $155,610 
Weighted average rate for securities sold under agreements to repurchase2.50 %2.63 %
Revolving Line of Credit
On May 28, 2021, Busey entered into a Second Amended and Restated Credit Agreement, pursuant to which Busey has access to a $40.0 million revolving line of credit bearing an interest rate of 1.80% plus the one-month forward-looking term rate based on SOFR. After executing subsequent amendments, the current termination date for the revolving line of credit is April 30, 2026. As of September 30, 2025, there was no balance outstanding on the revolving line of credit. The revolving line of credit incurs an insignificant non-usage fee based on any undrawn amounts.
Short-term Borrowings
Busey had no short term borrowings as of either September 30, 2025, or December 31, 2024. When applicable, Busey’s short-term borrowings include loans maturing within one year of the loan origination date, the current portion of long-term debt that is due within 12 months, and federal funds purchased. Federal funds purchased are short-term borrowings that generally mature between one day and 90 days. During the second quarter of 2025, Busey purchased federal funds to test operational availability to access funds if needed.
Long-term Borrowings
Busey’s long-term borrowings consist of borrowings maturing more than one year from the loan origination date, excluding the current portion that is due within 12 months, and finance lease liabilities. Long-term borrowings are presented in the table below:
As of
(dollars in thousands)September 30,
2025		December 31,
2024
Long-term borrowings
FHLB borrowings
$79,174 $— 
Secured borrowings
6,991 — 
Finance lease liabilities
6,266 — 
Total long-term borrowings$92,431 $— 
Funds borrowed from the FHLB, listed above, consisted of twelve notes with a weighted average interest rate of 2.22% and a weighted average maturity period of 2.30 years as of September 30, 2025. Maturity dates for the long-term FHLB borrowings range from August 2027 through October 2028.
Acquired SBA loans that did not qualify for sale accounting treatment are presented as secured borrowings. Secured borrowings consisted of nine notes with a weighted average maturity period of 17.49 years as of September 30, 2025. Maturity dates for the secured borrowings range from September 2030 to March 2046.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)


Subordinated Notes
On June 1, 2020, Busey issued $125.0 million of fixed-to-floating rate subordinated notes scheduled to mature on June 1, 2030. The subordinated notes, which qualified as Tier 2 capital for regulatory purposes, bore interest at an annual rate of 5.25% for the first five years after issuance. Thereafter, the notes were to bear interest at a floating rate equal to a three-month benchmark rate plus a spread of 5.11%, as calculated on each applicable determination date. The subordinated notes, which were unsecured obligations of the Company, had an optional redemption, in whole or in part, on any interest payment date on or after June 1, 2025. On June 1, 2025, Busey redeemed the entire $125.0 million outstanding principal amount of the subordinated notes.
On June 2, 2022, Busey issued $100.0 million aggregate principal amount of 5.000% fixed-to-floating rate subordinated notes maturing June 15, 2032, which qualify as Tier 2 capital for regulatory purposes. The price to the public for the subordinated notes was 100% of the principal amount of the subordinated notes. Interest on the subordinated notes accrues at a rate equal to (1) 5.000% per annum from the original issue date to, but excluding, June 15, 2027, payable semiannually in arrears, and (2) a floating rate per annum equal to a benchmark rate, which is the Three-Month Term SOFR (as defined in the subordinated notes), plus a spread of 252 bps from and including June 15, 2027, payable quarterly in arrears. The subordinated notes have an optional redemption, in whole or in part, on any interest payment date on or after June 15, 2027.
Associated with the M&M acquisition completed on April 1, 2024 (see “Note 2. Mergers and Acquisitions”), Busey acquired a $4.0 million 5.25% fixed-to-floating rate subordinated note maturing December 4, 2030, which qualified as Tier 2 capital for regulatory purposes. Interest on the subordinated note accrues at a rate equal to (1) 5.25% per annum from the original issue date to December 4, 2025, and (2) a floating rate per annum equal to a benchmark rate, which is the Three-Month Term SOFR (as defined in the subordinated notes), plus a spread of 497 bps from December 4, 2025. At September 30, 2025, there was an immaterial amount of fair value discount outstanding, to be accreted through the earliest optional redemption date. The subordinated note has an optional redemption, in whole or in part, on or after December 4, 2025. Subsequent to quarter end, on October 24, 2025, Busey issued a conditional notice of full redemption of this subordinated note. The redemption of the subordinated note is subject to and conditioned upon regulatory approval from the Federal Reserve. Assuming the requisite approvals are obtained, the subordinated note will be redeemed on its optional redemption date of December 4, 2025.
Unamortized debt issuance costs related to Busey’s subordinated notes are presented in the following table:
As of
(dollars in thousands)September 30,
2025		December 31,
2024
Unamortized debt issuance costs
Subordinated notes issued in 2020$— $222 
Subordinated notes issued in 2022707 1,004 
Total unamortized debt issuance costs$707 $1,226 
NOTE 8. REGULATORY CAPITAL
First Busey and its subsidiary bank are subject to various regulatory capital requirements administered by federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory—and possibly additional discretionary—actions by regulators that, if undertaken, could have a direct material effect on First Busey's consolidated financial statements. Capital amounts and classification also are subject to qualitative judgments by regulators about components, risk weightings, and other factors.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Banking regulations identify five capital categories for insured depository institutions: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized. As of September 30, 2025 and 2024, all capital ratios of First Busey and its subsidiary bank exceeded well capitalized levels under the applicable regulatory capital adequacy guidelines. Management believes that no events or changes have occurred subsequent to September 30, 2025, that would change this designation.
Capital Amounts and Ratios
The following tables summarize regulatory capital requirements applicable to First Busey and its subsidiary bank:
As of September 30, 2025
ActualMinimum
Capital Requirement		Minimum
To Be Well
Capitalized
(dollars in thousands)AmountRatio AmountRatio AmountRatio
Common equity Tier 1 capital to risk weighted assets
First Busey$1,907,982 12.33 %$696,419 4.50 %$1,005,938 6.50 %
Busey Bank$2,118,059 13.73 %$694,126 4.50 %$1,002,626 6.50 %
Tier 1 capital to risk weighted assets
First Busey$2,130,732 13.77 %$928,558 6.00 %$1,238,078 8.00 %
Busey Bank$2,118,059 13.73 %$925,501 6.00 %$1,234,002 8.00 %
Total capital to risk weighted assets
First Busey$2,458,553 15.89 %$1,238,078 8.00 %$1,547,597 10.00 %
Busey Bank$2,262,302 14.67 %$1,234,002 8.00 %$1,542,502 10.00 %
Leverage ratio of Tier 1 capital to average assets
First Busey$2,130,732 11.62 %$733,327 4.00 %N/AN/A
Busey Bank$2,118,059 11.59 %$731,219 4.00 %$914,024 5.00 %
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As of December 31, 2024
ActualMinimum
Capital Requirement		Minimum
To Be Well
Capitalized
(dollars in thousands)AmountRatio AmountRatio AmountRatio
Common equity Tier 1 capital to risk weighted assets
First Busey$1,237,301 14.10 %$394,840 4.50 %$570,325 6.50 %
Busey Bank$1,438,296 16.46 %$393,277 4.50 %$568,067 6.50 %
Tier 1 capital to risk weighted assets
First Busey$1,314,301 14.98 %$526,453 6.00 %$701,938 8.00 %
Busey Bank$1,438,296 16.46 %$524,369 6.00 %$699,159 8.00 %
Total capital to risk weighted assets
First Busey$1,625,943 18.53 %$701,938 8.00 %$877,422 10.00 %
Busey Bank$1,520,938 17.40 %$699,159 8.00 %$873,949 10.00 %
Leverage ratio of Tier 1 capital to average assets
First Busey$1,314,301 11.06 %$475,348 4.00 %N/AN/A
Busey Bank$1,438,296 12.14 %$473,878 4.00 %$592,347 5.00 %
Capital Conservation Buffer
In July 2013, U.S. federal banking authorities approved the Basel III Rule for strengthening international capital standards. The Basel III Rule introduced a capital conservation buffer, composed entirely of common equity Tier 1 capital, which is added to the minimum risk-weighted asset ratios. The capital conservation buffer is not a minimum capital requirement; however, banking institutions with a ratio of common equity Tier 1 capital to risk-weighted assets below the capital conservation buffer will face constraints on dividends, equity repurchases, and discretionary bonus payments based on the amount of the shortfall. In order to refrain from restrictions on dividends, equity repurchases, and discretionary bonus payments, banking institutions must maintain minimum ratios of (1) common equity Tier 1 capital to risk-weighted assets of at least 7.0%, which First Busey exceeded by 533 bps as of September 30, 2025, (2) Tier 1 capital to risk-weighted assets of at least 8.5%, which First Busey exceeded by 527 bps as of September 30, 2025, and (3) total capital to risk-weighted assets of at least 10.5%, which First Busey exceeded by 539 bps as of September 30, 2025.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

NOTE 9. TAX CREDIT INVESTMENTS AND OTHER INVESTMENTS IN UNCONSOLIDATED ENTITIES
Busey’s investments in unconsolidated entities and related unfunded investment obligations are reflected in other assets and other liabilities on the Consolidated Balance Sheets (Unaudited), and are summarized in the table below for the periods indicated:
As of
(dollars in thousands)LocationSeptember 30,
2025		December 31,
2024
Investments in unconsolidated entities
Funded investmentsOther assets$90,776 $70,796 
Unfunded investmentsOther assets47,659 61,210 
Investments in unconsolidated entities$138,435 $132,006 
Unfunded investment obligationsOther liabilities$47,659 $61,210 
Upon adoption of ASU 2023-02 on January 1, 2024, Busey elected to apply the proportional amortization method in accounting for investments in tax-advantaged projects. Income tax credits and other tax benefits related to these investments, net of investment amortization, are included as a component of Busey’s estimated annual effective tax rate used for the calculation of income taxes presented on the Consolidated Statements of Income (Unaudited). Actual amounts of income tax credits and other benefits, along with the investment amortization, are presented in the table below:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2025202420252024
Income tax credits and other tax benefits$4,446 $4,040 $13,354 $11,941 
Amortization of investments in tax-advantaged projects3,968 3,575 11,905 10,593 
NOTE 10. STOCK-BASED COMPENSATION
CrossFirst Acquisition
The CrossFirst acquisition impacted Busey and CrossFirst equity awards:
Treatment of Busey’s Equity Awards
Following the closing of the CrossFirst acquisition, except as otherwise provided in the CrossFirst Merger Agreement, Busey equity awards generally remain outstanding and subject to the same terms and conditions as applied immediately prior to the time at which the CrossFirst acquisition became effective (the “effective time”). Notable changes to Busey’s equity awards are as follows:
•ROATCE PSUs — Each PSU issued by Busey that is earned based on Core Return on Average Tangible Common Equity (the “ROATCE PSUs”) and was outstanding immediately prior to the effective time was deemed earned with the achievement of the applicable performance goals based on actual performance through December 31, 2024, the latest practicable date prior to the effective time, and otherwise remains subject to the same terms and conditions (including service-based vesting terms) as applied to such ROATCE PSUs immediately prior to the effective time. The ROATCE PSUs have been deemed earned (i) at 100% of the target level of performance, for the ROATCE PSUs granted in 2023 and (ii) at 75% of the target level of performance, for the ROATCE PSUs granted in 2024.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

•TSR PSUs — Each Busey PSU previously granted that is tied to total stockholder return (“TSR”, and such PSUs, the “TSR PSUs”) with a performance period that ended December 31, 2024, (excluding TSR PSUs previously held by retirees) was replaced, and each TSR PSU outstanding immediately prior to the effective time with performance periods ending December 31, 2025, and December 31, 2026, (including existing TSR PSUs held by retirees) was modified, each effective March 1, 2025, such that the resulting new or modified PSUs (collectively, the “Merger PSUs”) will be earned based on Busey’s relative TSR rank as compared to the KBW Regional Banking Index, measured at the end of a performance period commencing January 1, 2025, and ending December 31, 2026. The Merger PSUs are subject to the terms and conditions of Busey’s Amended 2020 Equity Incentive Plan and the applicable award agreements. The target number of PSUs subject to each such Merger PSU was determined based on the number of PSUs that would have been earned in respect of the corresponding TSR PSU had performance for such corresponding TSR PSU been determined based on actual performance as of August 26, 2024, the day immediately prior to the announcement of the Merger, which is (i) in the case of the 2022 TSR PSUs, 94.5% of the original target level of performance, (ii) in the case of the 2023 TSR PSUs, 96.2% of the original target level of performance, and (iii) in the case of the 2024 TSR PSUs, 76.9% of the original target level of performance. Such target number also reflects the number of dividend equivalents accrued in respect of the corresponding existing TSR PSU that would have been earned based on the same actual TSR performance.
•Busey RSUs — Each outstanding Busey time-based restricted stock unit award (the “Busey RSUs”) will vest in equal annual installments over three (3) years following the effective time; provided that if any Busey RSU would otherwise vest by its terms on an earlier date, any then-unvested portion as of such date shall vest on such original vesting date.
Each Busey equity award will be subject to double-trigger vesting upon an involuntary termination within twelve (12) months following the effective time (at target performance, in the case of Merger PSUs).
Treatment of CrossFirst’s Equity Awards
Equity awards based on CrossFirst Common Stock that were outstanding immediately prior to the effective time were converted, at the effective time, either to Busey Common Stock or to equity awards based on Busey Common Stock, as follows:
•Director equity awards — Each CrossFirst restricted stock award held by a CrossFirst non-employee director and each deferred share of CrossFirst Common Stock that was credited to a director participant’s account under the CrossFirst 2018 Directors’ Deferred Fee Plan was converted into the right to receive 0.6675 shares of Busey Common Stock (the “Exchange Ratio”).
•CrossFirst RSUs — Each CrossFirst time-based restricted stock unit award (“CrossFirst RSU”) was converted into a restricted stock unit in respect of Busey Common Stock (a “Busey RSU”) based on the Exchange Ratio, rounded to the nearest whole share, subject to the same terms and conditions as were applicable to the CrossFirst RSUs prior to the effective time.
•CrossFirst PSUs — Each CrossFirst performance-based restricted stock unit award (“CrossFirst PSU”) was converted into a time-based Busey RSU based on the Exchange Ratio, subject to the same terms and conditions as were applicable to the CrossFirst PSUs prior to the effective time, assuming the achievement of the applicable performance goals based on, for the CrossFirst PSUs granted in 2023, actual performance through December 31, 2024, and, for the CrossFirst PSUs granted in 2024, target performance, rounded to the nearest whole share.
•CrossFirst SSARs — Each CrossFirst SSAR was converted into a stock appreciation right in respect of Busey Common Stock based on the Exchange Ratio, rounded down to the nearest whole share (and exercise price rounded up to the nearest cent), generally subject to the same terms and conditions as were applicable to the CrossFirst SSAR prior to the effective time.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Stock Options
Busey has outstanding stock options assumed from a 2017 acquisition. A summary of the status of, and changes in, Busey's stock option awards for the nine months ended September 30, 2025, follows:
OptionsSharesWeighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Term		Intrinsic
Value ($000's)
Outstanding at December 31, 202415,106$23.53 1.87 years$1 
Outstanding at September 30, 202515,10623.53 1.13 years— 
Exercisable at September 30, 202515,10623.53 1.13 years— 
Stock Settled Appreciation Rights
Busey issued replacement awards in the form of SSARs as part of the acquisition of CrossFirst. These awards were issued under the CrossFirst Bankshares 2018 Omnibus Equity Incentive Plan with exercise prices equal to the closing price of CrossFirst’s common shares on the original date for each award adjusted by the Exchange Ratio of 0.6675, rounded up to the nearest cent. At grant, SSARs typically vested ratably over seven years of continuous service with a ten-year or fifteen-year contractual term. At grant, replacement SSARs had a weighted average remaining contractual term of 5.4 years, and unvested replacement SSARs had a weighted average remaining vesting period of 3.2 years. The fair value of each SSAR was estimated at acquisition date using a Monte Carlo simulation since the awards were all in-the-money. The fair value of SSARs that have vested during 2025 was $3.6 million.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

A summary of SSAR activity during 2025 is presented below:
SSARsSharesWeighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Term		Intrinsic
Value ($000's)
Outstanding at December 31, 2024— $— — $— 
Replacement of CrossFirst SSARs424,390 15.78 
Exercised1
(119,842)13.31 
Forfeited(4,005)16.00 
Expired(30,145)23.23 
Outstanding at September 30, 2025270,398 16.04 5.23 years1,922 
Exercisable at September 30, 2025249,747 15.62 5.17 years1,881 
___________________________________________
1. The aggregate intrinsic value of SSARs exercised during 2025 was $1.1 million.
The following table provides the range of assumptions used in the Monte Carlo simulations to value CrossFirst awards that were replaced at acquisition, the weighted average grant date fair value, and information related to SSARs exercised for the indicated periods, as well as the remaining compensation cost to be recognized and the period over which the amount will be recognized as of the dates indicated:
(dollars in thousands, except per share amounts)
Nine Months Ended September 30, 2025
Assumptions
Expected volatility1
29.10% – 36.70%
Expected dividends2
4.17%
Simulation term3, 4, 5
4.20 years – 5.69 years
Risk-free rate6
3.97% – 4.03%
Weighted average grant date fair value per share
$8.94 
___________________________________________
1.Expected volatility was calculated using a historical volatility of Busey’s stock price over a period commensurate with the simulation term of the SSARs.
2.The dividend yield was calculated using Busey’s annual dividend and closing stock price on the date of acquisition.
3.The simulation term was commensurate with the midpoint of the longest expected term across all SSARs and was impacted by expected exercise behavior and termination rate.
4.As a component of determining the simulation term, exercise was assumed to occur at the earlier of the midpoint of i) the greater of the weighted average time to vest or the time the options are in the money, and the time the SSARs expire, ii) 90 days following the occurrence of a termination, or iii) the end of the contractual term.
5.As a component of determining the simulation term, termination rate was assumed to be between 25% and 50% in the first year following the acquisition and 5% for every year thereafter.
6.The risk-free rate for the simulation term of the SSARs was based on the continuously compounded semi-annual zero-coupon U.S. Treasury rates.
2020 Equity Plan
Busey has granted RSU, PSU, and DSU awards under the terms of its 2020 Equity Plan. Upon vesting and delivery, shares are expected, though not required, to be issued from treasury stock. There were 685,515 shares available for issuance under the 2020 Equity Plan as of September 30, 2025.
A description of RSU, PSU, and DSU awards granted in 2025 under the terms of the 2020 Equity Plan is provided below. Further information related to awards granted in prior years has been presented in the Annual Reports previously filed with the SEC corresponding to the year of each award grant.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

RSU Awards
Busey grants RSU awards to members of management periodically throughout the year. RSU awards are stock-based awards for which vesting is conditional upon meeting established service criteria. Each RSU represents the future right to receive one share of Busey’s common stock. Recipients earn quarterly dividend equivalents on their respective RSUs, which entitle the recipients to additional units. Therefore, dividends earned each quarter compound based upon the updated unit balances.
On March 26, 2025, under the terms of the 2020 Equity Plan, Busey granted 348,269 RSUs to members of management. The grant date fair value of the award was $7.7 million, which will be recognized as compensation expense over the requisite service period. These awards will vest in equal installments on each of the first three anniversaries of the grant date. The terms of these awards included an accelerated vesting provision upon eligible retirement from Busey, after a one-year minimum requisite service period.
On May 29, 2025, under the terms of the 2020 Equity Plan, Busey granted 4,494 RSUs to members of management. The grant date fair value of the award was $0.1 million, which will be recognized as compensation expense over the requisite service period. These awards will vest in equal installments on each of the first three anniversaries of the grant date.
On July 23, 2025, under the terms of the 2020 Equity Plan, Busey granted 13,724 RSUs to members of management. The grant date fair value of the award was $0.3 million, which will be recognized as compensation expense over the requisite service period. These awards will vest on July 23, 2028.
A summary of changes in Busey’s RSU awards for the nine months ended September 30, 2025, is as follows:
RSU AwardsSharesWeighted-
Average
Grant Date
Fair Value
Nonvested at December 31, 20241,066,772$21.80 
Conversion of Busey ROATCE PSUs to RSUs157,094 23.99 
Replacement of CrossFirst RSUs and PSUs341,048 23.99 
Granted 366,48722.22 
Dividend equivalents earned 48,06022.30 
Vested (451,041)20.03 
Forfeited (133,212)22.38 
Nonvested at September 30, 20251,395,20823.23 
PSU Awards
Busey grants PSU awards to members of management periodically throughout the year. PSU awards are stock-based awards for which vesting is conditional upon meeting established performance criteria for the applicable performance period and providing continuous service through the end of such performance period. Each PSU represents the future right to receive one share of Busey’s common stock. The number of PSUs that ultimately vest will be determined based on the extent to which the established performance criteria are achieved. Busey’s PSUs are subject to accelerated service-based vesting conditions upon eligible retirement from Busey. After performance determination, dividend equivalents are compounded based upon the updated PSU balances at each dividend date during the performance period.
On March 1, 2025, under the terms of the 2020 Equity Plan, in connection with the CrossFirst acquisition, Busey granted a target of 59,471 Merger PSUs to replace the 2022 TSR PSUs with a maximum award of 95,154 units. The actual number of units issued at the vesting date could range from 0% to 160% of the initial grant, depending on attaining a relative total stockholder return performance goal. The grant date fair value of the award, calculated using the Geometric Brownian Motion Model, is $1.3 million, which will be recognized in compensation expense over the performance period ending December 31, 2026.
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On March 26, 2025, under the terms of the 2020 Equity Plan, Busey granted a target of 174,126 PSUs with a maximum award of 278,602 units. The actual number of units issued at the vesting date could range from 0% to 160% of the initial grant, depending on attaining a relative total stockholder return performance goal. The grant date fair value of the award, calculated using the Geometric Brownian Motion Model, is $3.4 million, which will be recognized in compensation expense over the performance period ending December 31, 2027.
On March 26, 2025, under the terms of the 2020 Equity Plan, Busey granted a target of 174,126 PSUs with a maximum award of 278,602 units. The actual number of units issued at the vesting date could range from 0% to 160% of the initial grant, depending on attaining an adjusted return on average tangible common equity performance goal. The grant date fair value of the award was $3.9 million, which will be recognized in compensation expense over the performance period ending December 31, 2027. The actual amount of compensation expense recognized for these awards is subject to adjustment based on the extent to which performance goals are expected to be achieved.
A summary of changes in Busey’s PSU awards for the nine months ended September 30, 2025, is as follows:
PSU Awards
Shares1
Weighted-
Average
Grant Date
Fair Value
Nonvested at December 31, 2024
372,042 $21.15 
Modifications based on CrossFirst acquisition2
(181,828)20.43 
Granted
407,723 20.99 
Dividend equivalents earned
125 20.83 
Vested
(6,131)20.87 
Forfeited
(45,878)20.95 
Nonvested at September 30, 2025
546,053 21.29 
___________________________________________
1.Shares for PSU awards represent target shares at the grant date.
2.Modifications include PSUs that were converted to RSUs as well as balance adjustments related to the 2023 TSR PSUs and the 2024 TSR PSUs.
DSU Awards
Busey grants DSU awards to its non-employee directors. DSU awards are stock-based awards with a deferred settlement date. Each DSU represents the future right to receive one share of Busey’s common stock. DSUs vest over a one-year period following the grant date. Under the 2020 Equity Plan, DSUs are generally subject to the same terms as RSUs, except that following vesting of DSUs, settlement occurs within 30 days following the earlier of separation from the board or a change in control of the Company. After vesting and prior to delivery, DSUs will continue to earn dividend equivalents.
On March 26, 2025, under the terms of the 2020 Equity Plan, Busey granted 39,846 DSUs to non-employee directors. The grant date fair value of the award totaled $0.9 million and will be recognized as compensation expense over the requisite service period of one year. Subsequent to the requisite service period, the awards will become 100% vested.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

A summary of changes in Busey’s DSU awards for the nine months ended September 30, 2025, is as follows:
DSU AwardsSharesWeighted-
Average
Grant Date
Fair Value
Nonvested at December 31, 202436,893 $23.40 
Granted 39,846 22.16 
Dividend equivalents earned 6,447 22.73 
Vested (42,424)23.33 
Nonvested at September 30, 202540,762 22.15 
 
Vested and outstanding at September 30, 2025144,461 23.01 
Employee Stock Purchase Plan
The ESPP initially reserved for issuance and purchase an aggregate of 600,000 shares of Busey’s common stock. The first offering under the ESPP began on July 1, 2021. There were 314,203 shares available for issuance under the ESPP as of September 30, 2025.
Stock-based Compensation Expense
Busey recognized compensation expense related to non-vested equity awards as summarized in the table below:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)Location2025202420252024
Stock-based compensation expense
SSARsSalaries, wages, and employee benefits$14 $— $121 $— 
RSU awardsSalaries, wages, and employee benefits2,600 1,057 8,296 3,012 
PSU awards1
Salaries, wages, and employee benefits1,381 976 3,826 2,037 
DSU awardsOther expense223 211 620 615 
ESPPSalaries, wages, and employee benefits80 47 262 164 
Total stock-based compensation expense$4,298 $2,291 $13,125 $5,828 
___________________________________________
1.Expense for PSU awards with a relative total stockholder return performance goal represents amounts based on target shares at the grant date. Expense for PSU awards with return on average tangible common equity and compounded annual revenue growth rate performance goals represents amounts based on target shares at the grant date, adjusted for performance expectations as of the date indicated.
As all outstanding stock options were fully vested, no compensation expense was recorded for stock options for the three or nine months ended September 30, 2025, or 2024, and no unrecognized compensation expense remains for Busey’s stock option awards as of September 30, 2025.
Unamortized compensation expense related to non-vested equity awards is summarized in the table below:
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As of
(dollars in thousands)September 30,
2025		December 31,
2024
Unamortized stock-based compensation
SSARs$114 $— 
RSU awards11,402 7,093 
PSU awards1
7,146 3,043 
DSU awards428 181 
Total unamortized stock-based compensation$19,090 $10,317 
 
Weighted average period over which expense is to be recognized on awards issued under Busey's 2020 Equity Plan
1.9 years
2.5 years
Weighted average period over which expense is to be recognized on CrossFirst replacement awards
1.3 years
— 
___________________________________________
1.Unamortized expense for PSU awards with a market-based total stockholder return performance goal represents amounts based on target shares at grant date. Unamortized expense for PSU awards with return on average tangible common equity and compounded annual revenue growth rate performance goals represents amounts based on target shares at grant date, adjusted for performance expectations as of the date indicated.
NOTE 11. OUTSTANDING COMMITMENTS AND CONTINGENT LIABILITIES
Commitments and Credit Risk
A summary of the contractual amount of Busey’s exposure to off-balance sheet risk relating to the Company’s commitments follows:
As of
(dollars in thousands)September 30,
2025		December 31,
2024
Off-Balance Sheet Commitments
Commitments to extend credit$4,766,360 $2,512,714 
Standby letters of credit132,385 35,464 
Total commitments$4,898,745 $2,548,178 
Legal Matters
Busey is a party to legal actions which arise in the normal course of its business activities. Legal and administrative proceedings are subject to inherent uncertainties, and while unfavorable outcomes could occur, Busey does not believe at this time that any potential liabilities relating to pending or potential legal matters are likely to have a material impact on Busey's results of operations or financial position.
Franchise Tax Matter
In 2021, Busey received an inquiry from the Illinois Secretary of State, pursuant to which the Illinois Secretary of State asked for additional information regarding certain of Busey’s franchise tax filings and the calculation of amounts due thereunder. The franchise tax is established by the Illinois Business Corporation Act (“BCA”) 805 ILCS 5/1 et seq., and is a tax imposed on foreign and domestic corporations for the privilege of conducting business in Illinois. Busey has been cooperating with the inquiry and has delivered additional BCA forms requested by the Illinois Secretary of State, with a full reservation of rights by Busey, including seeking judicial relief, if necessary, with respect to any potential dispute regarding Busey’s preparation of the BCA forms and the calculation of the franchise taxes due.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

On March 20, 2025, the Illinois Secretary of State requested that Busey resubmit the requested forms using a proposed methodology for paid-in capital that Busey views as inconsistent with the Illinois Secretary of State’s past practice, and existing statutory and case law. Accordingly, on May 14, 2025, within the Illinois Secretary of State’s requested timeframe, Busey informed the Illinois Secretary of State that it would not resubmit the requested forms with the methodology that Busey disputes and requested that the parties instead continue good faith discussions. On July 2, 2025, Busey received a notice of hearing from the Illinois Secretary of State indicating that an administrative hearing has been scheduled to “ascertain” the required amount of franchise taxes, penalties, interest, fees, and charges purportedly due from Busey to the Illinois Secretary of State. In the notice, the Illinois Secretary of State requested a determination of an amount due that the Illinois Secretary of State preliminarily estimated to be in excess of $28 million, including in excess of $17.4 million in interest and in excess of $0.3 million in penalties. Busey disagrees with the Illinois Secretary of State’s preliminary estimate and believes that the Illinois Secretary of State’s request is contrary not only to the Illinois Secretary of State’s past practice, but also existing statutory and case law. Busey intends to vigorously defend itself against the Illinois Secretary of State’s notice, including through appropriate judicial relief, if necessary. On July 31, 2025, First Busey filed a special appearance with the Illinois Secretary of State’s Department of Administrative Hearings solely for the limited purpose of contesting the jurisdiction of the Illinois Secretary of State to initiate and conduct the administrative hearing.
Where a loss is believed to be reasonably possible, but not probable, or the loss cannot be reasonably estimated, no accrual is required. Given the underlying disagreement between Busey and the Illinois Secretary of State on the proper methodology for calculating any franchise tax owed, the loss cannot be reasonably estimated. It is reasonably possible that this matter could require Busey to pay additional taxes, including potential penalties and interest, or make other expenditures or accrue liabilities in amounts that could not be reasonably estimated as of September 30, 2025. If the likelihood of potential liabilities elevates and Busey becomes able to reasonably estimate the loss, requiring an accrual, the potential future liabilities could be material in the period(s) in which they are recorded.
NOTE 12. DERIVATIVE FINANCIAL INSTRUMENTS
Busey utilizes interest rate swap agreements as part of its asset liability management strategy to help manage its interest rate risk position. Additionally, Busey enters into derivative financial instruments, including interest rate lock commitments issued to residential loan customers for loans that will be held for sale; forward sales commitments to sell residential mortgage loans to investors; and interest rate swaps and risk participation agreements with customers and other third parties. See “Note 13: Fair Value Measurements” for further discussion of the fair value measurement of such derivatives.
To secure its obligations under derivative contracts, Busey pledged cash and held collateral as follows:
As of
(dollars in thousands)September 30,
2025		December 31,
2024
Cash pledged to secure obligations under derivative contracts$14,400 $21,900 
Collateral held to secure obligations under derivative contracts8,140 20,260 
Derivative Instruments Designated as Hedges
Busey entered into derivative instruments designated as cash flow hedges. For a derivative instrument that is designated and qualifies as a cash flow hedge, the change in fair value of the derivative instrument is reported as a component of OCI and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Changes in fair value of components excluded from the assessment of effectiveness are recognized in current earnings.
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Interest Rate Swaps Designated as Cash Flow Hedges
Interest rate swaps with notional amounts totaling $500.0 million as of both September 30, 2025, and December 31, 2024, were designated as cash flow hedges. Busey entered into a $300.0 million receive-fixed, pay-floating interest rate swap to reduce Busey’s asset sensitivity (Prime Loan Swap). Duration was added to Busey’s loan portfolio by fixing a portion of floating prime-based loans. Interest rates had risen above their historical lows allowing Busey to lock in a portion of its loan portfolio to reduce asset sensitivity while creating a more stable margin in a volatile rate market. These hedges were determined to be highly effective during the period, and Busey expects its hedges to remain highly effective during the remaining terms of the swaps. Further, Busey entered into forward-starting SOFR-based receive-fixed pay-floating interest rate swaps totaling $200.0 million to reduce Busey’s asset sensitivity (SOFR Loan Swaps). These hedges were determined to be highly effective during the period, and Busey expects its hedges to remain highly effective during the remaining terms of the swaps. Changes in the fair value of these interest rate swaps were recorded net of tax in OCI.
A summary of the interest-rate swaps designated as cash flow hedges is presented below:
As of
(dollars in thousands)LocationSeptember 30,
2025		December 31,
2024
Prime Loan Swap
Notional amount$300,000 $300,000 
Weighted average rate: receive-fixed4.81 %4.81 %
Weighted average variable Prime pay rates7.37 %7.62 %
Weighted average maturity
3.35 years
4.10 years
 
SOFR Loan Swaps
Notional amount$200,000 $200,000 
Weighted average rate: receive-fixed3.78 %3.78 %
Weighted average variable 1-month CME Term SOFR pay rates4.25 %— 
Weighted average maturity4.01 years4.76 years
 
Gross aggregate fair value of the swaps
Gross aggregate fair value of swap assetsOther assets$3,617 $— 
Gross aggregate fair value of swap liabilitiesOther liabilities15,670 27,770 
 
Balances carried in AOCI
Unrealized gains (losses) on cash flow hedges, net of taxAOCI$(8,010)$(19,805)
During the next 12 months, Busey expects to reclassify unrealized gains and losses from OCI to interest income as shown in the following table. Amounts actually recognized could differ from these expectations due to changes in interest rates, hedge de-designations, and the addition of other hedges subsequent to September 30, 2025.
(dollars in thousands)As of
September 30, 2025
Unrealized gains (losses) expected to be reclassified from OCI to interest income$(716)
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Interest income and interest expense recorded on these swap transactions is presented in the following table:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2025202420252024
Interest on swap transactions
Increase (decrease) in interest income on swap transactions$(2,304)$(2,776)$(6,629)$(8,366)
(Increase) decrease in interest expense on swap transactions— 412 — 1,378 
Net increase (decrease) in net interest income on swap transactions$(2,304)$(2,364)$(6,629)$(6,988)
Net gains (losses) relating to cash flow derivative instruments that were recorded in OCI on the Consolidated Statements of Income (Unaudited) are presented in the table below:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2025202420252024
Unrealized gains (losses) on cash flow hedges
Net gain (loss) recognized in OCI, net of tax$(363)$7,439 $6,876 $211 
(Gain) loss reclassified from OCI to interest income, net of tax1,721 1,984 4,919 5,981 
(Gain) loss reclassified from OCI to interest expense, net of tax— (294)— (985)
Net change in unrealized gains (losses) on cash flow hedges, net of tax$1,358 $9,129 $11,795 $5,207 
Derivative Instruments Not Designated as Hedges
Interest Rate Swaps Not Designated as Hedges
Busey may offer derivative contracts to its customers in connection with their risk management needs. Busey manages the risk associated with these contracts by entering into equal and offsetting derivative agreements with third-party dealers. These contracts supported variable rate, commercial loan relationships totaling $1.01 billion as of September 30, 2025, and $719.2 million as of December 31, 2024. These derivatives generally worked together as an economic interest rate hedge, but Busey did not designate them for hedge accounting treatment. Consequently, changes in fair value of the corresponding derivative financial asset or liability were recorded as either a charge or credit to current earnings during the period in which the changes occurred.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Amounts and fair values of derivative assets and derivative liabilities related to customer interest rate swaps recorded on the Consolidated Balance Sheets (Unaudited) are summarized as follows:
As of September 30, 2025As of December 31, 2024
(dollars in thousands)LocationNotional
Amount		Fair
Value		Notional
Amount		Fair
Value
Derivative assets not designated as hedging instruments
Interest rate swaps: receive-fixed, pay-floatingOther assets$521,477 $10,746 $156,539 $1,465 
Interest rate swaps: receive-floating, pay-fixedOther assets487,107 19,420 562,697 28,854 
Derivative assets not designated as hedging instruments$1,008,584 $30,166 $719,236 $30,319 
Derivative liabilities not designated as hedging instruments
Interest rate swaps: receive-fixed, pay-floatingOther liabilities$487,107 $19,420 $562,697 $28,854 
Interest rate swaps: receive-floating, pay-fixedOther liabilities521,477 10,746 156,539 1,465 
Derivative liabilities not designated as hedging instruments$1,008,584 $30,166 $719,236 $30,319 
Changes in fair value of these derivative assets and liabilities are included in the Consolidated Statements of Income (Unaudited) and are summarized as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)Location2025202420252024
Interest rate swaps
Receive-fixed, pay-floatingNoninterest expense$(1,083)$(9,224)$(21)$(3,050)
Receive-floating, pay-fixedNoninterest expense1,083 9,224 21 3,050 
Net change in fair value of interest rate swaps$— $— $— $— 
Risk Participation Agreements
To manage the credit risk exposure related to customer-facing swaps, Busey entered into risk participation agreements in conjunction with loan participation arrangements with other financial institutions. Under these risk participation agreements, Busey purchased credit risk participation, paying an up-front fee to a counterparty to accept a portion of its credit exposure, and will receive a payment from the counterparty if the swap customer defaults on its obligations. Busey also assumed additional risk participation agreements entered into by CrossFirst, in which CrossFirst purchased credit risk participation, and Busey will receive a payment from the counterparty if the swap customer defaults on its obligations.
In connection with the CrossFirst acquisition, Busey assumed risk participation agreements entered into by CrossFirst, under which CrossFirst sold credit risk participation, receiving an up-front fee from a counterparty in exchange for accepting a portion of the counterparty’s credit exposure. Under these agreements, Busey will be required to make a payment to the counterparty if the swap customer defaults on its obligations.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Notional amounts of the risk participation agreements reflect the participating banks’ pro-rata shares of the derivative instruments, consistent with their shares of the related participated loans. The risk participation agreements mature between October 2025 and August 2030, and are summarized as follows:
As of
(dollars in thousands)September 30,
2025		December 31,
2024
Risk participation agreements purchased
Number of risk participation agreements12 5 
Notional amount$73,919 $40,092 
Fair value39 5 
 
Risk participation agreements sold
Number of risk participation agreements12 — 
Notional amount$106,453 $— 
Fair value59 — 
Mortgage Banking Derivatives
Interest Rate Lock Commitments
Interest rate lock commitments that meet the definition of derivative financial instruments under ASC Topic 815 “Derivatives and Hedging” are carried at their fair values in other assets or other liabilities on the Consolidated Balance Sheets (Unaudited), with changes in the fair values of the corresponding derivative financial assets or liabilities recorded as either a charge or credit to current earnings during the period in which the changes occurred.
Forward Sales Commitments
Busey economically hedges mortgage loans held for sale and interest rate lock commitments issued to its residential loan customers related to loans that will be held for sale by obtaining corresponding forward sales commitments with an investor to sell the loans at an agreed-upon price at the time the interest rate locks are issued to the customers. Forward sales commitments that meet the definition of derivative financial instruments under ASC Topic 815 “Derivatives and Hedging” are carried at their fair values in other assets or other liabilities on the Consolidated Balance Sheets (Unaudited). While such forward sales commitments generally served as an economic hedge to mortgage loans held for sale and interest rate lock commitments, Busey did not designate them for hedge accounting treatment. Changes in fair value of the corresponding derivative financial asset or liability were recorded as either a charge or credit to current earnings during the period in which the changes occurred.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Amounts and fair values of mortgage banking derivatives included on the Consolidated Balance Sheets (Unaudited) are summarized as follows:
As of September 30, 2025As of December 31, 2024
(dollars in thousands)LocationNotional
Amount		Fair
Value		Notional
Amount		Fair
Value
Mortgage banking derivative assets
Interest rate lock commitmentsOther assets$6,515 $132 $2,430 $28 
Forward sales commitmentsOther assets4,679 19 3,457 21 
Mortgage banking derivative assets$11,194 $151 $5,887 $49 
 
Mortgage banking derivative liabilities
Interest rate lock commitmentsOther liabilities$— $— $436 $4 
Forward sales commitmentsOther liabilities9,290 78 1,955 6 
Mortgage banking derivative liabilities$9,290 $78 $2,391 $10 
Gains and losses relating to these derivative instruments are reported in noninterest income, and are summarized as follows for the periods presented:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)Location2025 20242025 2024
Net gains (losses) on mortgage banking derivatives
Gains (losses) on interest rate lock commitmentsMortgage revenue$177 $121 $658 $569 
Gains (losses) on forward sales commitmentsMortgage revenue(14)(91)(75)(165)
Net gains (losses) on mortgage banking derivatives$163 $30 $583 $404 
NOTE 13. FAIR VALUE MEASUREMENTS
The fair value of an asset or liability is the price that would be received by selling that asset or paid in transferring that liability (exit price) in an orderly transaction occurring in the principal market (or most advantageous market in the absence of a principal market) for such asset or liability. ASC Topic 820 “Fair Value Measurement” establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows:
•Level 1 Inputs—Unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.
•Level 2 Inputs—Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatility, prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated by market data by correlation or other means.
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•Level 3 Inputs—Unobservable inputs for estimating the fair values of assets or liabilities that reflect the Company’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities.
A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. These valuation methodologies were applied to Busey’s assets and liabilities that are carried at fair value.
In general, fair value estimates are based upon quoted market prices, when available. If such quoted market prices are not available, fair values are estimated utilizing independent valuation techniques that consider identical or similar securities for which significant assumptions are derived primarily from or corroborated by observable data. Valuation adjustments may be made to ensure that financial instruments are recorded at their estimated fair values. These adjustments may include amounts to reflect, among other things, counterparty credit quality and the company's creditworthiness as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. While management believes Busey's valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to estimate the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.
Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis
Debt Securities Available for Sale
Debt securities classified as available for sale are reported at fair value, which is estimated using Level 2 inputs. Busey obtains fair value measurements from an independent pricing service. The independent pricing service utilizes evaluated pricing models that vary by asset class and incorporate available trade, bid, and other market information. Because many fixed income securities do not trade on a daily basis, the independent pricing service applies available information to prepare evaluations, with a focus on observable market data such as benchmark curves, benchmarking of like securities, sector groupings, and matrix pricing.
The independent pricing service uses model processes, such as the Option Adjusted Spread model, to assess interest rate impact and develop prepayment scenarios. Models and processes take into account market conventions. For each asset class, a team of evaluators gathers information from market sources and integrates relevant credit information, perceived market movements, and sector news into the evaluated pricing applications and models.
Market inputs that the independent pricing service normally seeks for evaluations of securities, listed in approximate order of priority, include: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data including market research publications. The independent pricing service also monitors market indicators, industry, and economic events. For certain security types, additional inputs may be used or some of the market inputs may not be applicable. Evaluators may prioritize inputs differently on any given day for any security based on market conditions, and not all inputs listed are available for use in the evaluation process for each security evaluation on a given day. Because the data utilized was observable, the securities have been classified as Level 2.
Equity Securities
Equity securities are reported at fair value, which is estimated using Level 1 or Level 2 inputs. Fair value measurements of mutual funds or stock in active markets are estimated using unadjusted quoted prices for identical assets at the measurement date and are classified as Level 1. Fair value measurements of stock that are not active use quoted prices for identical or similar assets in markets and are classified as Level 2.
Derivative Assets and Derivative Liabilities
Busey’s derivative assets and derivative liabilities are reported at fair value, which is measured using Level 2 or Level 3 inputs. Fair values of derivative assets and liabilities are estimated based on prices that are obtained from a third-party which uses observable market inputs and, with the exception of risk participation agreements, are classified as Level 2. Due to the significance of unobservable inputs, derivative assets and liabilities related to risk participation agreements are classified as Level 3.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

The following tables summarize financial assets and financial liabilities measured at estimated fair value on a recurring basis:
As of September 30, 2025
(dollars in thousands)Level 1
Inputs		Level 2
Inputs		Level 3
Inputs		Total
Fair Value
Debt securities available for sale:
Obligations of U.S. government corporations and agencies$— $113,605 $— $113,605 
Obligations of states and political subdivisions— 247,544 — 247,544 
Asset-backed securities— 285,562 — 285,562 
Commercial mortgage-backed securities— 135,981 — 135,981 
Residential mortgage-backed securities— 1,267,576 — 1,267,576 
Corporate debt securities— 48,991 — 48,991 
Equity securities190 15,741 — 15,931 
Derivative assets— 33,934 39 33,973 
Derivative liabilities— 45,914 59 45,973 
As of December 31, 2024
(dollars in thousands)Level 1
Inputs		Level 2
Inputs		Level 3
Inputs		Total
Fair Value
Debt securities available for sale:
Obligations of U.S. government corporations and agencies$— $1,400 $— $1,400 
Obligations of states and political subdivisions— 139,829 — 139,829 
Asset-backed securities— 336,557 — 336,557 
Commercial mortgage-backed securities— 92,174 — 92,174 
Residential mortgage-backed securities— 1,087,210 — 1,087,210 
Corporate debt securities— 153,051 — 153,051 
Equity securities5,567 10,295 — 15,862 
Derivative assets— 30,368 5 30,373 
Derivative liabilities— 58,099 — 58,099 
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Activity for risk participation agreements, which are financial assets measured at estimated fair value on a recurring basis using Level 3, is summarized in the table below:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)Location2025202420252024
Beginning Balance$(45)$8 $5 $15 
Gains (losses) recognized in earningsOther expense170 (5)163 (15)
Purchases(145)13 (171)16 
Sales— — 24 — 
Assumed in acquisition— — (41)— 
Ending Balance$(20)$16 $(20)$16 
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Certain financial assets and financial liabilities are measured at estimated fair value on a non-recurring basis; that is, the instruments are not measured at estimated fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment).
Loans Evaluated Individually
Busey does not record portfolio loans at estimated fair value on a recurring basis. However, periodically, a loan is evaluated individually and is reported at the estimated fair value of the underlying collateral, less estimated costs to sell, if repayment is expected solely from the collateral. If the estimated collateral value is not sufficient, a specific reserve is recorded. Collateral values are estimated using a combination of observable inputs, including recent appraisals, and unobservable inputs based on customized discounting criteria. Due to the significance of unobservable inputs, fair values of individually evaluated collateral dependent loans have been classified as Level 3.
OREO and Other Repossessed Assets
Non-financial assets measured at fair value, upon initial recognition or subsequent impairment, include OREO and other repossessed assets. OREO properties and other repossessed assets are measured using a combination of observable inputs, including recent appraisals, and unobservable inputs. Due to the significance of unobservable inputs, the estimated fair values of all OREO and other repossessed assets have been classified as Level 3.
Bank Property Held for Sale
Bank property held for sale represents certain banking center office buildings which Busey has closed and consolidated with other existing banking centers. Bank property held for sale is measured at the lower of amortized cost or estimated fair value less estimated costs to sell. Fair value estimates were based upon discounted appraisals or real estate listing prices. Due to the significance of unobservable inputs, estimated fair values of all bank property held for sale have been classified as Level 3. Bank property held for sale is included in premises and equipment, net on Busey’s Consolidated Balance Sheets (Unaudited).
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

The following tables summarize financial assets and financial liabilities measured at estimated fair value on a non-recurring basis:
As of September 30, 2025
(dollars in thousands)Level 1
Inputs		Level 2
Inputs		Level 3
Inputs		Total
Fair Value
Loans evaluated individually, net of related allowance$— $— $19,056 $19,056 
OREO and other repossessed assets with subsequent impairment— — 2,628 2,628 
Bank property held for sale with impairment— — 2,099 2,099 
As of December 31, 2024
(dollars in thousands)Level 1
Inputs		Level 2
Inputs		Level 3
Inputs		Total
Fair Value
Loans evaluated individually, net of related allowance$— $— $616 $616 
Bank property held for sale with impairment— — 2,841 2,841 
The following table presents additional quantitative information about assets measured at estimated fair value on a non-recurring basis using Level 3 inputs:
As of September 30, 2025
(dollars in thousands)Fair ValueValuation
Techniques		Unobservable
Input		Range
(Weighted Average)
Loans evaluated individually, net of related allowance$19,056 Appraisal of collateralAppraisal adjustments
-1.6% to -100.0%
(-32.2)%
OREO and other repossessed assets with subsequent impairment2,628 Appraisal of collateralAppraisal adjustments
-6.6% to -24.1%
(-7.0)%
Bank property held for sale with impairment2,099 Appraisal of collateral or real estate listing priceAppraisal adjustments
-9.0% to -86.8%
(-57.3)%
As of December 31, 2024
(dollars in thousands)Fair ValueValuation
Techniques		Unobservable
Input		Range
(Weighted Average)
Loans evaluated individually, net of related allowance$616 Appraisal of collateralAppraisal adjustments
-25.0% to -100.0%
(-74.9)%
Bank property held for sale with impairment2,841 Appraisal of collateral or real estate listing priceAppraisal adjustments
-9.0% to -76.7%
(-51.8)%
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Financial Assets and Financial Liabilities That Are Not Carried at Fair Value
Fair values of financial instruments that are not carried at fair value on Busey’s Consolidated Balance Sheets (Unaudited) were estimated as follows:
As of September 30, 2025As of December 31, 2024
(dollars in thousands)Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Financial assets
Level 1 inputs:
Cash and cash equivalents$385,474 $385,474 $697,659 $697,659 
Level 2 inputs:
Debt securities held to maturity784,821 659,471 826,630 675,053 
Loans held for sale8,943 8,993 3,657 3,726 
Restricted bank stock77,006 77,006 49,930 49,930 
Accrued interest receivable79,578 79,578 45,141 45,141 
Level 3 inputs:
Portfolio loans, net13,424,085 13,505,193 7,613,683 7,426,158 
Mortgage servicing rights1,441 5,260 1,304 5,627 
Other servicing rights2,274 2,315 1,482 1,591 
 
Financial liabilities
Level 2 inputs:
Time deposits$2,433,788 $2,428,428 $1,490,635 $1,481,591 
Securities sold under agreements to repurchase147,152 147,152 155,610 155,610 
Long-term borrowings92,431 92,452 — — 
Junior subordinated debt owed to unconsolidated trusts 77,257 71,478 74,815 67,314 
Accrued interest payable24,355 24,355 21,129 21,129 
Level 3 inputs:
Subordinated notes, net of unamortized issuance costs103,283 98,490 227,723 219,043 
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

NOTE 14. EARNINGS PER COMMON SHARE
Basic earnings per common share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding, which include DSUs that are vested but not delivered. Net income available to common stockholders is net income less dividends that have been declared on Busey’s preferred stock (all of which is non-cumulative). Diluted earnings per common share is computed using the treasury stock method and reflects the potential dilution that could occur if Busey’s outstanding stock options and SSARs were exercised, stock units were vested, and ESPP shares were issued.
Earnings per common share have been computed as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands, except per share amounts)20252024
2025
2024
Net income$57,098 $32,004 $74,512 $85,586 
Dividends on preferred stock(5,131)— (5,286)— 
Net income available to common stockholders$51,967 $32,004 $69,226 $85,586 
 
Weighted average number of common shares outstanding, basic89,136,89857,033,35982,508,72356,458,430
Dilutive effect of common stock equivalents:
Options1871,71463572
SSARs204,106—191,460—
RSU awards815,829655,224817,169662,609
PSU awards32,510254,36565,031264,451
DSU awards17,20416,76615,65618,390
ESPP11,6486,42011,8976,847
Weighted average number of common shares outstanding, diluted90,218,38257,967,84883,609,99957,411,299
 
Basic earnings per common share$0.58 $0.56 $0.84 $1.52 
Diluted earnings per common share$0.58 $0.55 $0.83 $1.49 
Shares that were excluded from the computation of diluted earnings per common share because their effect would have been anti-dilutive are summarized in the table below for the periods presented:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Anti-dilutive common stock equivalents
Options——10,07112,784
RSU awards——1,4984,288
PSU awards298,211107,065238,099103,001
Total anti-dilutive common stock equivalents298,211107,065249,668120,073
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

NOTE 15. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The following tables present changes in AOCI by component, net of tax, for the periods indicated:
Three Months Ended September 30, 2025
(dollars in thousands)Unrealized Gains (Losses) on Debt Securities Available For SaleUnrecognized Gains (Losses) on Debt Securities Held to MaturityUnrealized Gains (Losses) on Cash Flow HedgesTotal
Balance, June 30, 2025$(125,745)$(20,198)$(9,368)$(155,311)
Unrealized holding gains (losses), net16,326 — (363)15,963 
Amounts reclassified from AOCI, net1 — 1,721 1,722 
Amortization of unrecognized losses on securities transferred to held to maturity— 825 — 825 
Balance, September 30, 2025$(109,418)$(19,373)$(8,010)$(136,801)
Three Months Ended September 30, 2024
(dollars in thousands)Unrealized Gains (Losses) on Debt Securities Available For SaleUnrecognized Gains (Losses) on Debt Securities Held to MaturityUnrealized Gains (Losses) on Cash Flow HedgesTotal
Balance, June 30, 2024$(176,246)$(23,464)$(20,616)$(220,326)
Unrealized holding gains (losses), net39,286 — 7,439 46,725 
Amounts reclassified from AOCI, net8 — 1,690 1,698 
Amortization of unrecognized losses on securities transferred to held to maturity— 990 — 990 
Balance, September 30, 2024$(136,952)$(22,474)$(11,487)$(170,913)
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Nine Months Ended September 30, 2025
(dollars in thousands)Unrealized Gains (Losses) on Debt Securities Available For SaleUnrecognized Gains (Losses) on Debt Securities Held to MaturityUnrealized Gains (Losses) on Cash Flow HedgesTotal
Balance, December 31, 2024$(165,680)$(21,554)$(19,805)$(207,039)
Unrealized holding gains (losses), net44,895 — 6,876 51,771 
Amounts reclassified from AOCI, net11,367 — 4,919 16,286 
Amortization of unrecognized losses on securities transferred to held to maturity— 2,181 — 2,181 
Balance, September 30, 2025$(109,418)$(19,373)$(8,010)$(136,801)
Nine Months Ended September 30, 2024
(dollars in thousands)Unrealized Gains (Losses) on Debt Securities Available For SaleUnrecognized Gains (Losses) on Debt Securities Held to MaturityUnrealized Gains (Losses) on Cash Flow HedgesTotal
Balance, December 31, 2023$(176,636)$(25,473)$(16,694)$(218,803)
Unrealized holding gains (losses), net34,810 — 211 35,021 
Amounts reclassified from AOCI, net4,874 — 4,996 9,870 
Amortization of unrecognized losses on securities transferred to held to maturity— 2,999 — 2,999 
Balance, September 30, 2024$(136,952)$(22,474)$(11,487)$(170,913)
NOTE 16. OPERATING SEGMENTS AND RELATED INFORMATION
Busey’s reportable segments are determined by its chief executive officer, who is the designated chief operating decision maker. Busey is organized into three reportable operating segments: Banking, Wealth Management, and FirsTech. These operating segments are strategic business units that are separately managed, as they offer different products and services and have different marketing strategies.
Banking
The Banking operating segment provides a full range of banking services to individual and corporate customers through First Busey Corporation’s wholly-owned bank subsidiary, Busey Bank.
Busey Bank has 79 banking centers located throughout Illinois; the St. Louis, Missouri MSA; southwest Florida; Indianapolis, Indiana; the Dallas-Fort Worth MSA; the Kansas City MSA; Wichita Kansas; Oklahoma City and Tulsa Oklahoma; Phoenix and Tucson, Arizona; Denver and Colorado Springs, Colorado; and Clayton, New Mexico.
Banking services offered to individual customers include customary types of demand and savings deposits, money transfers, safe deposit services, individual retirement accounts and other fiduciary services, automated teller machines, and technology-based networks, as well as a variety of loan products including residential real estate, home equity lines of credit, and consumer loans. Banking services offered to corporate customers include commercial, CRE, real estate construction, and agricultural loans, as well as commercial depository services such as cash management.
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Wealth Management
The Wealth Management operating segment provides a full range of asset management, investment, brokerage, fiduciary, philanthropic advisory, tax preparation, and farm management services to individuals, businesses, and foundations. Services are provided through Busey Capital Management, Inc., a wholly-owned subsidiary of Busey Bank, and Busey Wealth Management, a division of Busey Bank.
Wealth management services tailored to individuals include trust and estate advisory services and financial planning. Business services include business succession planning and employee retirement plan services. Services for foundations include investment strategy consulting and fiduciary services.
FirsTech
The FirsTech operating segment provides comprehensive and innovative payment technology solutions through Busey Bank’s wholly-owned subsidiary, FirsTech. FirsTech's multi-channel payment platform allows businesses to collect payments from their customers in a variety of ways to enable fast, frictionless payments. Payment method vehicles include, but are not limited to, text-based mobile bill pay; interactive voice response; electronic payment concentration delivered to Automated Clearing House networks, money management, and credit card networks; walk-in payment processing for customers at retail pay agents; customer service payments made over a telephone; direct debit services; merchant services referral solutions serving partner Financial Institutions and their business customers; and lockbox remittance processing for customers to make payments by mail. FirsTech also provides additional tools to help clients with billing, reconciliation, bill reminders, and treasury services.
FirsTech's client base represents a diverse set of industries, with a higher concentration in highly regulated industries, such as financial institutions, utility, insurance, and telecommunications industries.
Segment Financial Information
The segment financial information provided below has been derived from information used by management to monitor and manage Busey’s financial performance. The accounting policies of Busey’s operating segments are the same as those described in the summary of significant accounting policies in “Note 1. Significant Accounting Policies” of Busey’s 2024 Annual Report. Busey accounts for intersegment revenue and transfers at current market prices.
Goodwill and total assets are summarized below by operating segment. The “other” category included in the tables below consists of the parent company and the elimination of intercompany transactions:
As of September 30, 2025
(dollars in thousands)BankingWealth ManagementFirsTechOtherTotal
Goodwill$360,223 $14,108 $8,992 $— $383,323 
Total assets17,972,441 144,882 45,909 25,396 18,188,628 
As of December 31, 2024
(dollars in thousands)BankingWealth ManagementFirsTechOtherTotal
Goodwill$310,595 $14,108 $8,992 $— $333,695 
Total assets11,856,651 126,180 57,737 6,154 12,046,722 
Financial results by operating segment, including significant expense categories provided to the chief operating decision maker, are summarized below:
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FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Three Months Ended September 30, 2025
(dollars in thousands)BankingWealth ManagementFirsTechOtherTotal
Interest income$244,504 $— $— $1 $244,505 
Intersegment interest income— — 16 (16)— 
Interest expense86,524 — — 2,844 89,368 
Intersegment interest expense951 — — (951)— 
Net interest income157,029 — 16 (1,908)155,137 
Provision for credit losses(985)— — — (985)
Net interest income after provision for credit losses158,014 — 16 (1,908)156,122 
Noninterest income
Wealth management fees— 17,184 — — 17,184 
Payment technology solutions— — 5,092 — 5,092 
Treasury management services4,598 — — — 4,598 
Card services and ATM fees4,799 — — — 4,799 
Other service charges on deposit accounts1,617 — — — 1,617 
All other noninterest income5,957 183 (4)1,772 7,908 
Intersegment noninterest income564 — 443 (1,007)— 
Noninterest income17,535 17,367 5,531 765 41,198 
Revenue174,564 17,367 5,547 (1,143)196,335 
Noninterest expense
Salaries, wages, and employee benefits53,264 7,576 2,620 10,685 74,145 
Data processing8,062 658 931 63 9,714 
Amortization of intangible assets4,292 215 — — 4,507 
Interchange expense— — 1,336 — 1,336 
All other noninterest expense26,706 562 674 2,374 30,316 
Intersegment noninterest expense4,346 885 404 (5,635)— 
Noninterest expense96,670 9,896 5,965 7,487 120,018 
Income (loss) before income taxes78,879 7,471 (418)(8,630)77,302 
Income taxes21,283 1,793 (112)(2,760)20,204 
Net income$57,596 $5,678 $(306)$(5,870)$57,098 
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FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Three Months Ended September 30, 2024
(dollars in thousands)BankingWealth ManagementFirsTechOtherTotal
Interest income$134,598 $— $— $8 $134,606 
Intersegment interest income— — 12 (12)— 
Interest expense47,611 — — 4,348 51,959 
Intersegment interest expense457 — — (457)— 
Net interest income86,530 — 12 (3,895)82,647 
Provision for credit losses409 — — — 409 
Net interest income after provision for credit losses86,121 — 12 (3,895)82,238 
Noninterest income
Wealth management fees— 15,378 — — 15,378 
Payment technology solutions— — 5,265 — 5,265 
Treasury management services2,201 — — — 2,201 
Card services and ATM fees3,557 — — — 3,557 
Other service charges on deposit accounts2,390 — — — 2,390 
All other noninterest income5,431 791 (1)833 7,054 
Intersegment noninterest income372 — 286 (658)— 
Noninterest income13,951 16,169 5,550 175 35,845 
Revenue100,481 16,169 5,562 (3,720)118,492 
Noninterest expense
Salaries, wages, and employee benefits29,615 6,606 2,357 6,015 44,593 
Data processing5,298 544 938 130 6,910 
Amortization of intangible assets2,268 280 — — 2,548 
Interchange expense— — 1,352 — 1,352 
All other noninterest expense16,273 573 639 2,631 20,116 
Intersegment noninterest expense2,879 774 361 (4,014)— 
Noninterest expense56,333 8,777 5,647 4,762 75,519 
Income (loss) before income taxes43,739 7,392 (85)(8,482)42,564 
Income taxes10,518 1,774 (24)(1,708)10,560 
Net income$33,221 $5,618 $(61)$(6,774)$32,004 
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FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Nine Months Ended September 30, 2025
(dollars in thousands)BankingWealth ManagementFirsTechOtherTotal
Interest income$658,760 $— $— $6 $658,766 
Intersegment interest income— — 46 (46)— 
Interest expense235,288 — — 11,427 246,715 
Intersegment interest expense2,308 — — (2,308)— 
Net interest income421,164 — 46 (9,159)412,051 
Provision for credit losses50,308 — — — 50,308 
Net interest income after provision for credit losses370,856 — 46 (9,159)361,743 
Noninterest income
Wealth management fees— 51,325 — — 51,325 
Payment technology solutions— — 15,121 — 15,121 
Treasury management services12,596 — — — 12,596 
Card services and ATM fees13,388 — — — 13,388 
Other service charges on deposit accounts4,663 — — — 4,663 
All other noninterest income2,134 594 (6)7,469 10,191 
Intersegment noninterest income1,232 — 1,217 (2,449)— 
Noninterest income34,013 51,919 16,332 5,020 107,284 
Revenue455,177 51,919 16,378 (4,139)519,335 
Noninterest expense
Salaries, wages, and employee benefits157,237 21,713 7,952 33,166 220,068 
Data processing28,392 1,873 2,790 255 33,310 
Amortization of intangible assets11,497 685 — — 12,182 
Interchange expense— — 3,976 — 3,976 
All other noninterest expense72,693 1,889 2,009 13,754 90,345 
Intersegment noninterest expense14,167 2,443 1,133 (17,743)— 
Noninterest expense283,986 28,603 17,860 29,432 359,881 
Income (loss) before income taxes120,883 23,316 (1,482)(33,571)109,146 
Income taxes37,142 5,596 (393)(7,711)34,634 
Net income$83,741 $17,720 $(1,089)$(25,860)$74,512 

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FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Nine Months Ended September 30, 2024
(dollars in thousands)BankingWealth ManagementFirsTechOtherTotal
Interest income$392,336 $— $— $29 $392,365 
Intersegment interest income324 — 37 (361)— 
Interest expense138,060 — — 13,272 151,332 
Intersegment interest expense2,109 — — (2,109)— 
Net interest income252,491 — 37 (11,495)241,033 
Provision for credit losses6,677 — — — 6,677 
Net interest income after provision for credit losses245,814 — 37 (11,495)234,356 
Noninterest income
Wealth management fees— 46,844 — — 46,844 
Payment technology solutions— — 16,889 — 16,889 
Treasury management services6,247 — — — 6,247 
Card services and ATM fees9,947 — — — 9,947 
Other service charges on deposit accounts7,059 — — — 7,059 
All other noninterest income15,414 1,145 (1)917 17,475 
Intersegment noninterest income1,004 — 812 (1,816)— 
Noninterest income39,671 47,989 17,700 (899)104,461 
Revenue292,162 47,989 17,737 (12,394)345,494 
Noninterest expense
Salaries, wages, and employee benefits87,358 19,831 7,277 15,695 130,161 
Data processing15,742 1,591 2,790 437 20,560 
Amortization of intangible assets6,705 881 — — 7,586 
Interchange expense— — 4,696 — 4,696 
All other noninterest expense49,954 2,079 1,822 6,014 59,869 
Intersegment noninterest expense8,605 2,322 1,081 (12,008)— 
Noninterest expense168,364 26,704 17,666 10,138 222,872 
Income (loss) before income taxes117,121 21,285 71 (22,532)115,945 
Income taxes30,711 5,108 18 (5,478)30,359 
Net income$86,410 $16,177 $53 $(17,054)$85,586 
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FIRST BUSEY CORPORATION
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (UNAUDITED)
SCOPE OF DISCUSSION
The following discussion and analysis are intended to assist readers in understanding Busey’s financial condition and results of operations during the three and nine months ended September 30, 2025, and should be read in conjunction with Busey’s Consolidated Financial Statements (Unaudited) and the related Notes to the Consolidated Financial Statements (Unaudited) included in this Quarterly Report, as well as Busey’s 2024 Annual Report.
BUSINESS
First Busey Corporation is an $18.19 billion financial holding company headquartered in Leawood, Kansas. First Busey Corporation’s common stock is traded on The Nasdaq Global Select Market under the symbol “BUSE,” and its preferred stock is traded on The Nasdaq Global Select Market under the symbol “BUSEP.”
Busey provides a full range of banking, wealth management, and payment technology solutions to individuals and corporate clients through its subsidiaries, Busey Bank and FirsTech.
Banking Center Markets
Busey Bank, headquartered in Champaign, Illinois, serves the banking needs of its customers through 79 banking centers located across six regions spanning 10 states.
Regions.jpg
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FIRST BUSEY CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Unaudited)
Busey’s East Region
Busey Bank serves the suburban Chicago market with 17 banking centers, offering a full spectrum of financial services to individuals and businesses. The Chicago area is home to several Fortune 500 companies, featuring a diverse economic mix that includes manufacturing, logistics, information technology, and financial services. With a regionalized approach and a legacy of service excellence, Busey remains a trusted financial partner to the vibrant communities of northeastern Illinois.
Busey Bank operates 20 banking centers in the St. Louis MSA, including eight banking centers in eastern Missouri and 12 banking centers in western Illinois. St. Louis has a diverse economy and major employment sectors that include healthcare, financial services, professional and business services, and retail. Busey continues to build on its legacy of serving dynamic urban and suburban markets in the region.
Busey Bank serves the southwest Florida banking market with three banking centers located in and around Fort Myers, an area which has experienced strong population growth, job expansion, and a vibrant housing market, as well as the benefits of a robust tourism and winter resort economy. These factors have contributed to a thriving environment for consumer banking and small business services.
Busey’s Midwest Region
Busey Bank serves the central Illinois banking market with 21 banking centers. The economy of central Illinois is agriculture-based, with a prominent presence of manufacturing and services industries. These industries, coupled with large healthcare and higher education sectors, anchor the communities in which they are located and have provided a comparatively stable foundation for housing, employment, and small business.
Busey Bank has one banking center in the Indianapolis, Indiana, area, which is the most populous city of Indiana with a diverse economy, due in part to it serving as the headquarters of many large corporations. Its strategic location and infrastructure have fostered steady economic performance, positioning Busey to meet the financial needs of both retail and commercial clients.
Busey’s Central Region
Busey Bank serves the Kansas City MSA with three banking centers, including two locations in Leawood, Kansas and one in Kansas City, Missouri. The Kansas City MSA is a diverse and economically vibrant region, supported by industries such as healthcare, financial services, manufacturing, and transportation. Leawood is known for its desirable residential communities and concentration of corporate offices and financial institutions, while the Missouri location provides connectivity to the area’s broader commercial and industrial base. Together, these banking centers position Busey to serve a wide range of consumer and business clients across one of the Midwest’s most dynamic metropolitan regions.
Busey Bank operates one banking center in Wichita, Kansas, the state’s largest city and a key regional economic hub. Wichita’s economy is anchored by its leadership in aviation, aerospace engineering, and manufacturing, along with growing healthcare and education footprints that contribute to a stable employment base and expanding residential development. Busey’s presence in Wichita enables Busey Bank to serve a diverse mix of consumer and commercial clients in a market known for its industrial strength and community resilience.
Busey Bank serves the Oklahoma banking market with three banking centers, including two in Oklahoma City and one in Tulsa. These cities anchor the state’s economy, with leading sectors including aerospace, energy, healthcare, and higher education. Both Oklahoma City and Tulsa have benefited from economic diversification efforts and urban revitalization, fostering resilience in employment and housing markets and providing opportunities for Busey to support local business and community needs.
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FIRST BUSEY CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Unaudited)
Busey’s Texas Region
Busey Bank operates four banking centers across the Dallas-Fort Worth MSA, including locations in Dallas, Frisco, and Fort Worth, Texas. The Dallas-Fort Worth MSA is the most populous metropolitan area in the southern United States, and serves as a key business and financial hub with a diverse economy spanning technology, healthcare, telecommunications, and logistics. The region’s rapid population growth, entrepreneurial energy, and deep talent pool have created strong demand for housing and commercial expansion, aligning well with Busey’s financial services model.
Busey’s West Region
Busey Bank has two banking centers in Arizona, located in Phoenix and Tucson. Phoenix, a fast-growing metropolitan area, features a broad-based economy with key sectors in advanced manufacturing, fintech, and education. Tucson, supported by a strong university presence and a vibrant tourism sector, has seen steady growth in small business development and residential communities. Busey’s presence supports a range of financial needs in both urban and suburban settings.
Busey Bank has three banking centers in Colorado, located in Denver and Colorado Springs. Denver stands out as a major economic center with thriving industries in technology, energy, and financial services, while Colorado Springs offers a more suburban environment anchored by defense, aerospace, and healthcare sectors. Both cities have experienced consistent population growth and infrastructure investment, creating opportunities for Busey to serve a dynamic customer base.
Busey Bank operates one banking center in Clayton, New Mexico. Located in northeastern New Mexico, Clayton’s economy is primarily driven by agricultural, cattle ranching, and small-scale retail, with steady contributions from transportation services due to its proximity to major highways. The community also benefits from local tourism linked to nearby parks and attractions. Busey’s presence supports essential financial needs in this rural market, reinforcing its commitment to serving both metropolitan and underserved areas with tailored banking solutions.
Busey’s Verticals
Transcending geographical boundaries, Busey operates in several industry verticals, including Life Equity Lending, Sponsor Finance, Energy Lending, and SBA Lending.
Busey's Conservative Banking Strategy
Busey’s financial strength is built on a long-term conservative operating approach. The quality of Busey’s core deposit franchise is a critical value driver of the institution. Busey remains substantially core deposit1 funded, with robust liquidity and significant market share in the communities it serves. As of September 30, 2025, Busey’s loan to deposit ratio was 90.2% and core deposits represented 93.8% of total deposits. Furthermore, Busey has sufficient on- and off-balance sheet liquidity to manage deposit fluctuations and the liquidity needs of its customers.
Busey’s credit performance reflects its highly diversified, conservatively underwritten loan portfolio, which has been originated predominantly to established customers with tenured relationships with Busey. Busey’s approach to lending and its underwriting standards are designed to emphasize relationship banking rather than transactional banking. In addition, as a matter of both policy and practice, Busey limits concentration exposures in any particular loan segment.
Busey’s conservative banking strategy is reflected in the strength of its capital base. Busey strives to consistently maintain capital ratios well in excess of thresholds required to be designated as well capitalized by applicable regulatory guidelines, thereby ensuring financial strength and flexibility across economic and operating cycles. As of September 30, 2025, Busey’s leverage ratio of Tier 1 capital to average assets was 11.6%, its common equity Tier 1 capital to risk weighted assets ratio was 12.3%, and its total capital to risk weighted assets ratio was 15.9%.
1 Core deposits is a non-GAAP financial measure. For a reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures, see “Item 2. Management’s Discussion and Analysis—Non-GAAP Financial Information” included in this Quarterly Report.
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FIRST BUSEY CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Unaudited)
Mergers and Acquisitions
CrossFirst Bankshares, Inc.
On March 1, 2025, Busey completed its acquisition of CrossFirst and its wholly-owned subsidiary, CrossFirst Bank. This partnership creates a premier commercial bank with 79 full-service locations across 10 states.
CrossFirst Bank’s results of operations were included in Busey’s results of operations beginning March 1, 2025. Busey operated CrossFirst Bank as a separate banking subsidiary until it was merged with and into Busey Bank on June 20, 2025. At the time of the bank merger, CrossFirst Bank’s banking centers became banking centers of Busey Bank.
Further information regarding Busey’s acquisitions is provided in Note 2. Mergers and Acquisitions in the Notes to the Consolidated Financial Statements (Unaudited).
RESULTS OF OPERATIONS — THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025
Net Income
Results of Busey’s operations, by operating segment, are presented below:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2025202420252024
Net income
Banking
$57,596 $33,221 $83,741 $86,410 
Wealth Management
5,678 5,618 17,720 16,177 
FirsTech
(306)(61)(1,089)53 
Other
(5,870)(6,774)(25,860)(17,054)
Net income
$57,098 $32,004 $74,512 $85,586 
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FIRST BUSEY CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Unaudited)
Non-GAAP Adjusting Items and Non-GAAP Measures
Busey views certain non-operating items, including acquisition-related expenses, restructuring charges, and nonrecurring strategic events, as adjustments to net income reported under GAAP. 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:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2025202420252024
Pre-tax non-GAAP adjusting items by income/expense category
Realized net (gains) losses on the sale of mortgage servicing rights
$— $18 $— $(7,724)
Net securities (gains) losses
288 (822)10,059 5,906 
Other noninterest income
44 — 44 — 
Provision for credit losses
— — 49,602 — 
Salaries, wages, and employee benefits
5,610 73 33,045 1,333 
Data processing
424 90 6,690 534 
Net occupancy expense of premises
9 — 9 5 
Furniture and equipment expenses
66 27 67 88 
Professional fees
358 1,371 7,969 1,908 
Other noninterest expense
740 374 2,053 687 
Total pre-tax non-GAAP adjustments
$7,539 $1,131 $109,538 $2,737 
Non-GAAP adjusting items by business objective
Balance sheet repositioning1
$— $18 $— $(7,724)
Net securities (gains) losses1
288 (822)$10,059 5,906 
Initial provision for credit losses2
— — $49,602 — 
Other acquisition (income) expenses3
7,251 1,935 49,877 4,432 
Restructuring expenses4
— — — 123 
Total pre-tax non-GAAP adjustments$7,539 $1,131 $109,538 $2,737 
___________________________________________
1.During the nine months ended September 30, 2024, Busey executed a two-part balance sheet repositioning strategy in which it sold mortgage servicing rights on approximately $923.5 million of one-to-four family mortgage loans for a pre-tax gain of $7.7 million and sold available-for-sale debt securities with a book value of approximately $108.2 million for a pre-tax loss of $6.8 million.
2.During the nine months ended September 30, 2025, in connection with the CrossFirst acquisition, Busey’s recorded expense for the initial provision for credit losses consisting of a Day 2 provision for loan losses of $42.4 million, a Day 2 provision for unfunded commitments of $3.1 million, and an adjustment to the initial provision for unfunded commitments of $4.0 million that was recorded based on revised estimates resulting from implementation of a new CECL model.
3.Other acquisition expenses related to the acquisition of CrossFirst, which was completed on March 1, 2025, and the acquisition of M&M, which was completed on April 1, 2024.
4.Restructuring expenses were related to previously disclosed restructuring and efficiency plans.
A reconciliation of non-GAAP measures, which Busey believes facilitates the assessment of its financial results and peer comparability, is included in tabular form in this Quarterly Report. See “Item 2. Management’s Discussion and Analysis—Non-GAAP Financial Information.”
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FIRST BUSEY CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Unaudited)
Operating Performance Metrics
Operating performance metrics presented in the table below have been derived from information used by management to monitor and manage Busey’s financial performance:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands, except per share amounts)
2025202420252024
Net income (GAAP)
$57,098 $32,004 $74,512 $85,586 
Adjusted net income (Non-GAAP)1, 2
$62,496 $32,928 $159,788 $89,161 
Net income available to common stockholders (GAAP)
$51,967 $32,004 $69,226 $85,586 
Adjusted net income available to common stockholders (Non-GAAP)1
$57,365 $32,928 $154,502 $89,161 
 
Diluted earnings per common share (GAAP)
$0.58 $0.55 $0.83 $1.49 
Adjusted diluted earnings per common share (Non-GAAP)1, 2
$0.64 $0.57 $1.85 $1.55 
 
Return on average assets (Non-GAAP)1, 3
1.21 %1.06 %0.57 %0.95 %
Adjusted return on average assets (Non-GAAP)1, 2, 3
1.33 %1.09 %1.22 %0.99 %
 
Return on average tangible common equity (Non-GAAP)1, 3
11.96 %12.80 %5.63 %11.94 %
Adjusted return on average tangible common equity (Non-GAAP)1, 2, 3
13.20 %13.17 %12.56 %12.43 %
 
Pre-provision net revenue (Non-GAAP)1, 4
$76,605 $42,151 $169,513 $128,528 
Adjusted pre-provision net revenue (Non-GAAP)1, 4
$83,856 $44,104 $219,390 $125,359 
 
Pre-provision net revenue to average total assets (Non-GAAP)1, 3, 4
1.63 %1.40 %1.29 %1.43 %
Adjusted pre-provision net revenue to average total assets (Non-GAAP)1, 3, 4
1.78 %1.46 %1.67 %1.39 %
___________________________________________
1.For a reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures, see “Item 2. Management’s Discussion and Analysis—Non-GAAP Financial Information” included in this Quarterly Report.
2.Beginning in 2025, Busey revised its calculation of adjusted net income for all periods presented to include, as applicable, adjustments for net securities gains and losses, realized net gains and losses on the sale of mortgage servicing rights, and non-recurring deferred tax adjustments.
3.Annualized measure.
4.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, affecting the calculation of pre-provision net revenue and related measures and ratios.
Net Interest Income
Net interest income is the difference between interest income and fees earned on loans and investments (“interest-earning assets”) and interest expense incurred on deposits and borrowings (“interest-bearing liabilities”). Interest rate levels and volume fluctuations within interest-earning assets and interest-bearing liabilities impact net interest income. Net interest margin is tax-equivalent net interest income as a percent of average interest-earning assets.
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FIRST BUSEY CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Unaudited)
Certain assets with tax favorable treatment are evaluated on a tax-equivalent basis, assuming a federal income tax rate of 21.0%. Tax favorable assets generally have lower contractual pre-tax yields than fully taxable assets. A tax-equivalent analysis is performed by adding the tax savings to the earnings on tax favorable assets. After factoring in the tax favorable effects of these assets, the yields may be more appropriately evaluated against alternative earning assets. In addition to yield, various other risks are factored into the evaluation process.
Consolidated Average Balance Sheets and Interest Rates
The table below presents Busey’s Consolidated Average Balance Sheets, summarizing average balances for each major category of assets and liabilities, the interest income earned on interest-earning assets, the interest expense paid for interest-bearing liabilities, and the related interest yields for the periods indicated. Average information is provided on a daily average basis:
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Unaudited)
Three Months Ended September 30,
20252024
(dollars in thousands)Average
Balance		Income/
Expense
Yield/
Rate5
Average
Balance		Income/
Expense
Yield/
Rate5
Assets
Interest-bearing bank deposits and federal funds sold
$489,730 $5,487 4.45 %$389,005 $5,092 5.21 %
Investment securities:
U.S. Government obligations
113,825 1,434 5.00 %2,053 24 4.65 %
Obligations of states and political subdivisions1
241,561 2,697 4.43 %151,586 1,077 2.83 %
Other securities
2,608,081 20,097 3.06 %2,512,630 17,045 2.70 %
Restricted bank stock
77,041 871 4.49 %6,134 106 6.87 %
Loans held for sale
9,895 155 6.21 %11,539 187 6.45 %
Portfolio loans1, 2
13,732,229 214,552 6.20 %7,869,798 111,471 5.63 %
Total interest-earning assets1, 3
17,272,362 $245,293 5.63 %10,942,745 $135,002 4.91 %
Cash and due from banks
173,921 113,122 
Premises and equipment
184,113 121,296 
ACL
(184,680)(86,213)
Other assets
1,216,733 916,752 
Total assets
$18,662,449 $12,007,702 
Liabilities and stockholders’ equity
Interest-bearing transaction deposits
$3,256,326 $16,208 1.97 %$2,485,443 $11,734 1.88 %
Savings and money market deposits
6,199,404 44,361 2.84 %3,294,396 20,198 2.44 %
Time deposits
2,545,749 24,042 3.75 %1,517,082 14,702 3.86 %
Federal funds purchased and repurchase agreements
150,260 976 2.58 %132,688 981 2.94 %
Borrowings4
189,432 2,380 4.98 %227,136 3,207 5.62 %
Junior subordinated debt issued to unconsolidated trusts
77,211 1,401 7.20 %74,714 1,137 6.05 %
Total interest-bearing liabilities
12,418,382 $89,368 2.86 %7,731,459 $51,959 2.67 %
Net interest spread1
2.77 %2.24 %
Noninterest-bearing deposits
3,578,164 2,706,858 
Other liabilities
239,995 205,008 
Stockholders’ equity
2,425,908 1,364,377 
Total liabilities and stockholders’ equity
$18,662,449 $12,007,702 
Interest income / earning assets1, 3
$17,272,362 $245,293 5.63 %$10,942,745 $135,002 4.91 %
Interest expense / earning assets
17,272,362 89,368 2.05 %10,942,745 51,959 1.89 %
Net interest margin1
$155,925 3.58 %$83,043 3.02 %
___________________________________________
1.On a tax-equivalent basis and assuming a federal income tax rate of 21.0%. For a reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures, see “Item 2. Management’s Discussion and Analysis—Non-GAAP Financial Information” included in this Quarterly Report.
2.Non-accrual loans have been included in average portfolio loans.
3.Interest income includes tax-equivalent adjustments of $0.8 million and $0.4 million for the three months ended September 30, 2025 and 2024, respectively.
4.Includes short-term and long-term borrowings. Interest expense includes non-usage fees on a revolving loan.
5.Annualized.
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Nine Months Ended September 30,
20252024
(dollars in thousands)
Average
Balance
Income/
Expense
Yield/
Rate5
Average
Balance
Income/
Expense
Yield/
Rate5
Assets
Interest-bearing bank deposits and federal funds sold
$629,137 $20,532 4.36 %$371,472 $14,590 5.25 %
Investment securities:
U.S. Government obligations
90,768 3,383 4.98 %6,805 139 2.73 %
Obligations of states and political subdivisions1
225,549 6,919 4.10 %155,213 3,292 2.83 %
Other securities
2,627,408 58,504 2.98 %2,607,844 53,994 2.77 %
Restricted bank stock
62,275 2,173 4.67 %6,337 291 6.13 %
Loans held for sale
6,770 312 6.16 %8,585 417 6.49 %
Portfolio loans1, 2
12,484,515 569,059 6.09 %7,826,741 320,889 5.48 %
Total interest-earning assets1, 3
16,126,422 $660,882 5.48 %10,982,997 $393,612 4.79 %
Cash and due from banks
167,752 109,507 
Premises and equipment
169,085 122,178 
ACL
(170,863)(90,497)
Other assets
1,242,248 916,229 
Total assets
$17,534,644 $12,040,414 
Liabilities and stockholders’ equity
Interest-bearing transaction deposits
$3,032,978 $42,424 1.87 %$2,467,803 $32,550 1.76 %
Savings and money market deposits
5,681,287 117,735 2.77 %3,213,521 55,332 2.30 %
Time deposits
2,494,470 69,911 3.75 %1,611,560 46,429 3.85 %
Federal funds purchased and repurchase agreements
145,711 2,738 2.51 %151,835 3,393 2.98 %
Borrowings4
256,196 9,759 5.09 %244,359 10,443 5.71 %
Junior subordinated debt issued to unconsolidated trusts
76,659 4,148 7.23 %73,789 3,185 5.77 %
Total interest-bearing liabilities
11,687,301 $246,715 2.82 %7,762,867 $151,332 2.60 %
Net interest spread1
2.66 %2.19 %
Noninterest-bearing deposits
3,387,621 2,743,777 
Other liabilities
242,735 209,651 
Stockholders’ equity
2,216,987 1,324,119 
Total liabilities and stockholders’ equity
$17,534,644 $12,040,414 
Interest income / earning assets1, 3
$16,126,422 $660,882 5.48 %$10,982,997 $393,612 4.79 %
Interest expense / earning assets
16,126,422 246,715 2.05 %10,982,997 151,332 1.84 %
Net interest margin1
$414,167 3.43 %$242,280 2.95 %
___________________________________________
1.On a tax-equivalent basis and assuming a federal income tax rate of 21.0%. For a reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures, see “Item 2. Management’s Discussion and Analysis—Non-GAAP Financial Information” included in this Quarterly Report.
2.Non-accrual loans have been included in average portfolio loans.
3.Interest income includes tax-equivalent adjustments of $2.1 million and $1.2 million for the nine months ended September 30, 2025 and 2024, respectively.
4.Includes short-term and long-term borrowings. Interest expense includes non-usage fees on a revolving loan.
5.Annualized.
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Notable changes in average assets and average liabilities are summarized as follows:
Three Months Ended September 30,
(dollars in thousands)20252024Change% Change
Average interest-earning assets$17,272,362 $10,942,745 $6,329,617 57.8 %
Average interest-bearing liabilities12,418,382 7,731,459 4,686,923 60.6 %
Average noninterest-bearing deposits3,578,164 2,706,858 871,306 32.2 %
 
Total average deposits15,579,643 10,003,779 5,575,864 55.7 %
Total average liabilities16,236,541 10,643,325 5,593,216 52.6 %
 
Average noninterest-bearing deposits as a percent of total average deposits23.0 %27.1 %(410) bps
Total average deposits as a percent of total average liabilities96.0 %94.0 %200 bps
Nine Months Ended September 30,
(dollars in thousands)20252024Change% Change
Average interest-earning assets$16,126,422 $10,982,997 $5,143,425 46.8 %
Average interest-bearing liabilities11,687,301 7,762,867 3,924,434 50.6 %
Average noninterest-bearing deposits3,387,621 2,743,777 643,844 23.5 %
 
Total average deposits14,596,356 10,036,661 4,559,695 45.4 %
Total average liabilities15,317,657 10,716,295 4,601,362 42.9 %
 
Average noninterest-bearing deposits as a percent of total average deposits23.2 %27.3 %(410) bps
Total average deposits as a percent of total average liabilities95.3 %93.7 %160 bps
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Changes in net interest income and net interest margin are summarized as follows:
Three Months Ended September 30,
(dollars in thousands)20252024Change% Change
Net interest income
Interest income, on a tax-equivalent basis1
$245,293 $135,002 $110,291 81.7 %
Interest expense(89,368)(51,959)(37,409)(72.0)%
Net interest income, on a tax-equivalent basis1
$155,925 $83,043 $72,882 87.8 %
 
Net interest margin1, 2
3.58 %3.02 %56 bps
Nine Months Ended September 30,
(dollars in thousands)20252024Change% Change
Net interest income
Interest income, on a tax-equivalent basis1
$660,882 $393,612 $267,270 67.9 %
Interest expense(246,715)(151,332)(95,383)(63.0)%
Net interest income, on a tax-equivalent basis1
$414,167 $242,280 $171,887 70.9 %
 
Net interest margin1, 2
3.43 %2.95 %48 bps
___________________________________________
1.Assuming a federal income tax rate of 21.0%. For a reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures, see “Item 2. Management’s Discussion and Analysis—Non-GAAP Financial Information” included in this Quarterly Report.
2.Net interest income expressed as a percentage of average earning assets, stated on a tax-equivalent basis.
Busey continues to evaluate and execute off-balance sheet hedging and balance sheet strategies as well as embedding rate protection in our asset originations to provide stabilization to net interest income in lower rate environments. Stability in core deposit balances, as well as retail time deposit and savings specials, have continued to provide sufficient funding flows to allow intentional runoff of brokered and high-cost, non-relationship funding. During the three months ended September 30, 2025, Busey executed a strategic targeted reduction of $794.6 million high-cost, non-relationship deposits bearing a weighted average cost of 4.45%, including $228.2 million of brokered deposits.
Net interest spread represents the difference between the average rate earned on earning assets and the average rate paid on interest-bearing liabilities, and is presented in the table below:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Net interest spread1
2.77 %2.24 %2.66 %2.19 %
___________________________________________
1.Net interest spread is calculated on a tax-equivalent basis.
Annualized net interest margins for the quarterly periods indicated were as follows:
20252024
First Quarter3.16 %2.79 %
Second Quarter3.49 %3.03 %
Third Quarter3.58 %3.02 %
Fourth Quarter2.95 %
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Management attempts to mitigate the effects of an unpredictable interest-rate environment through effective portfolio management, prudent loan underwriting and pricing discipline, and operational efficiencies. For a description of accounting policies underlying the recognition of interest income and expense, refer to the Notes to Consolidated Financial Statements in Busey’s 2024 Annual Report.
Noninterest Income
Changes in noninterest income are summarized as follows:
Three Months Ended September 30,
(dollars in thousands)20252024Change% Change
Noninterest income
Wealth management and payment technology income:
Wealth management fees$17,184 $15,378 $1,806 11.7 %
Payment technology solutions5,092 5,265 (173)(3.3)%
Combined, wealth management fees and payment technology solutions22,276 20,643 1,633 7.9 %
 
Treasury management services4,598 2,201 2,397 108.9 %
Card services and ATM fees4,799 3,557 1,242 34.9 %
Other service charges on deposit accounts1,617 2,390 (773)(32.3)%
Mortgage revenue657 355 302 85.1 %
Income on bank owned life insurance1,623 1,189 434 36.5 %
Realized net gains (losses) on the sale of mortgage servicing rights— (18)18 100.0 %
 
Securities income:
Realized net gains (losses) on securities(13)(11)(2)(18.2)%
Unrealized net gains (losses) recognized on equity securities(275)833 (1,108)(133.0)%
Net securities gains (losses)(288)822 (1,110)(135.0)%
 
Other noninterest income5,916 4,706 1,210 25.7 %
Total noninterest income$41,198 $35,845 $5,353 14.9 %
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Nine Months Ended September 30,
(dollars in thousands)20252024Change% Change
Noninterest income
Wealth management and payment technology solutions income:
Wealth management fees$51,325 $46,844 $4,481 9.6 %
Payment technology solutions15,121 16,889 (1,768)(10.5)%
Combined, wealth management fees and payment technology solutions66,446 63,733 2,713 4.3 %
 
Treasury management services12,596 6,247 $6,349 101.6 %
Card services and ATM fees13,388 9,947 $3,441 34.6 %
Other service charges on deposit accounts4,663 7,059 $(2,396)(33.9)%
Mortgage revenue1,762 1,579 183 11.6 %
Income on bank owned life insurance4,814 4,050 764 18.9 %
Realized net gains (losses) on the sale of mortgage servicing rights— 7,724 (7,724)(100.0)%
 
Securities income:
Realized net gains (losses) on securities(15,549)(6,817)(8,732)(128.1)%
Unrealized net gains (losses) recognized on equity securities5,490 911 4,579 502.6 %
Net securities gains (losses)(10,059)(5,906)(4,153)(70.3)%
 
Other noninterest income13,674 10,028 3,646 36.4 %
Total noninterest income$107,284 $104,461 $2,823 2.7 %
 
Assets under care as of period end$14,959,317 $13,690,374 $1,268,943 9.3 %
Total noninterest income was $41.2 million for the three months ended September 30, 2025, an increase of 14.9% from the comparable period in 2024, as we benefit from the CrossFirst acquisition and extend services into new markets. Total noninterest income was $107.3 million for the nine months ended September 30, 2025, an increase of 2.7% from the comparable period in 2024. The nine months ended September 30, 2025, includes seven months of income from the CrossFirst acquisition, offset by net securities losses that were recorded in the first quarter of 2025 in connection with a strategic balance sheet repositioning. Additionally, the prior year included $7.7 million of realized net gains on the sale of mortgage servicing rights, which was not repeated in the current year.
Wealth management fees were $17.2 million for the three months ended September 30, 2025, an 11.7% increase from the comparable period in 2024, and were $51.3 million for the nine months ended September 30, 2025, a 9.6% increase from the comparable period for 2024, primarily due to increases in trust fee income. On a segment basis, Busey’s Wealth Management division contributed $17.4 million, or 42.2%, of Busey’s noninterest income for the three months ended September 30, 2025, which included approximately $0.2 million reported as other noninterest income, and contributed $51.9 million, or 48.4%, of Busey’s noninterest income for the nine months ended September 30, 2025, which included approximately $0.6 million reported as other noninterest income. Busey’s Wealth Management division ended the third quarter of 2025 with $14.96 billion in assets under care, an increase of 9.3% compared to the balance on September 30, 2024. Busey’s portfolio management team continues to focus on long-term returns and managing risk in the face of volatile markets.
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Payment technology solutions relates to Busey’s payment processing company, FirsTech. Income from payment technology solutions was $5.1 million for the three months ended September 30, 2025, a 3.3% decrease from the comparable period in 2024, and was $15.1 million for the nine months ended September 30, 2025, a 10.5% decrease from the comparable period in 2024, primarily due to decreases in income from online bill payments. On a segment basis, FirsTech contributed $5.5 million, or 13.4%, of Busey’s noninterest income for the three months ended September 30, 2025, and $16.3 million, or 15.2%, of Busey’s noninterest income for the nine months ended September 30, 2025.
Combined, noninterest income from wealth management fees and payment technology solutions represented 54.1% and 61.9% of Busey’s noninterest income for the three and nine months ended September 30, 2025, respectively, providing a complement to spread-based revenue from traditional banking activities.
Treasury management services consist primarily of business analysis charges and wire transfer fees on commercial accounts. Income from treasury management services increased by 108.9% and 101.6% compared to the three and nine months ended September 30, 2024, respectively, due to the addition of CrossFirst commercial services.
Card services and ATM fees, which include both commercial and consumer accounts, increased by 34.9% and 34.6% compared to the three and nine months ended September 30, 2024, respectively, primarily due to addition of CrossFirst corporate card services.
Other service charges on deposit accounts were $1.6 million for the three months ended September 30, 2025, a 32.3% decline from the comparable period in 2024, and were $4.7 million for the nine months ended September 30, 2025, a decline of 33.9% from the comparable period in 2024. Declines were largely related to lower non-sufficient fund charges, reflecting changes Busey made to its fee structure in 2025.
Mortgage revenue was $0.7 million for the three months ended September 30, 2025, an 85.1% increase from the comparable period in 2024, and was $1.8 million for the nine months ended September 30, 2025, an 11.6% increase from the comparable period in 2024. General economic conditions and interest rate volatility may impact future mortgage revenue.
Income on bank owned life insurance was $1.6 million for the three months ended September 30, 2025, a 36.5% increase from the comparable period in 2024, as a result of a $0.5 million increase in the cash surrender value of the policies, partially offset by a $0.1 million decrease in earnings on death proceeds. Income on bank owned life insurance was $4.8 million for the nine months ended September 30, 2025, an 18.9% increase from the comparable period in 2024, as a result of a $1.3 million increase in the cash surrender value of the policies, partially offset by a $0.5 million decrease in earnings on death proceeds.
During the nine months ended September 30, 2025, Busey did not record any realized gains on the sale of mortgage servicing rights. In comparison, during the nine months ended September 30, 2024, Busey recognized a $7.7 million gain on the sale of mortgage servicing rights in connection with a strategic two-part balance sheet repositioning. For more information, see “Busey executed a two-part balance sheet repositioning strategy” in the Management Discussion and Analysis included in Busey’s Quarterly Report for the first quarter of 2024, filed with the SEC on May 7, 2024.
Net securities losses were $0.3 million for the three months ended September 30, 2025, a decrease from the net securities gains from the comparable period in 2024. Net securities losses of $10.1 million during the nine months ended September 30, 2025, were greater than the net securities losses realized during the comparable period in 2024. Losses for the nine months ended September 30, 2025, were comprised of $15.5 million of realized net losses on securities associated with a strategic balance sheet repositioning in the first quarter of 2025, partially offset by second quarter unrealized net gains on Busey’s approximately 3% equity ownership of a financial institution that was the target of an announced acquisition at a significant market premium.
Other noninterest income was $5.9 million for the three months ended September 30, 2025, a 25.7% increase from the comparable period in 2024, and was $13.7 million for the nine months ended September 30, 2025, a 36.4% increase from the comparable period in 2024. Increases were primarily attributable to fluctuations in income recognized on private equity investments, commercial loan servicing income, swap origination fees, and syndication fees.
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Noninterest Expense
Changes in noninterest expense are summarized as follows:
Three Months Ended September 30,
(dollars in thousands)20252024Change% Change
Noninterest expense
Salaries, wages, and employee benefits$74,145 $44,593 $29,552 66.3 %
Data processing9,714 6,910 2,804 40.6 %
 
Premises expenses:
Net occupancy expense of premises7,982 4,633 3,349 72.3 %
Furniture and equipment expenses2,143 1,647 496 30.1 %
Combined, net occupancy expense of premises and furniture and equipment expenses10,125 6,280 3,845 61.2 %
 
Professional fees2,931 3,118 (187)(6.0)%
Amortization of intangible assets4,507 2,548 1,959 76.9 %
Interchange expense1,336 1,352 (16)(1.2)%
FDIC insurance3,151 1,413 1,738 123.0 %
Other noninterest expense14,109 9,305 4,804 51.6 %
Total noninterest expense$120,018 $75,519 $44,499 58.9 %
 
Income taxes$20,204 $10,560 $9,644 91.3 %
Effective income tax rate26.1 %24.8 %130 bps
 
Efficiency ratio (Non-GAAP)1
58.5 %61.8 %(330) bps
Adjusted efficiency ratio (Non-GAAP)1
54.9 %60.2 %(530) bps
___________________________________________
1.The efficiency ratio and adjusted efficiency ratio are non-GAAP financial measures. For a reconciliation of non-GAAP measures to the most directly comparable financial GAAP measures, see “Item 2. Management’s Discussion and Analysis—Non-GAAP Financial Information” included in this Quarterly Report.
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Nine Months Ended September 30,
(dollars in thousands)20252024Change% Change
Noninterest expense
Salaries, wages, and employee benefits$220,068 $130,161 $89,907 69.1 %
Data processing33,310 20,560 12,750 62.0 %
 
Premises expenses:
Net occupancy expense of premises21,613 13,943 7,670 55.0 %
Furniture and equipment expenses6,296 5,155 1,141 22.1 %
Combined, net occupancy expense of premises and furniture and equipment expenses27,909 19,098 8,811 46.1 %
 
Professional fees15,316 7,866 7,450 94.7 %
Amortization of intangible assets12,182 7,586 4,596 60.6 %
Interchange expense3,976 4,696 (720)(15.3)%
FDIC insurance7,742 4,273 3,469 81.2 %
Other noninterest expense39,378 28,632 10,746 37.5 %
Total noninterest expense$359,881 $222,872 $137,009 61.5 %
 
Income taxes$34,634 $30,359 $4,275 14.1 %
Effective income tax rate31.7 %26.2 %550 bps
 
Efficiency ratio (Non-GAAP)1
65.4 %61.1 %430 bps
Adjusted efficiency ratio (Non-GAAP)1
56.0 %61.1 %(510) bps
 
Full-time equivalent associates as of period-end1,9221,51041227.3 %
___________________________________________
1.The efficiency ratio and adjusted efficiency ratio are non-GAAP financial measures. For a reconciliation of non-GAAP measures to the most directly comparable financial GAAP measures, see “Item 2. Management’s Discussion and Analysis—Non-GAAP Financial Information” included in this Quarterly Report.
Total noninterest expense was $120.0 million for the three months ended September 30, 2025, a 58.9% increase from the comparable period in 2024. Total noninterest expense was $359.9 million for the nine months ended September 30, 2025, a 61.5% increase from the comparable period in 2024. Growth in noninterest expense was primarily attributable to acquisition and restructuring expenses related to the CrossFirst acquisition, added costs for operating expenses for two banks from March 1, 2025, until the banks were merged on June 20, 2025, and increased expenses associated with Busey’s larger organization and expanded branch network. Acquisition and restructuring expenses contributed $7.2 million to total noninterest expense for the three months ended September 30, 2025, compared to $1.9 million for the comparable period in 2024. Acquisition and restructuring expenses contributed $49.8 million to total noninterest expense for the nine months ended September 30, 2025, compared to $4.6 million for the comparable period in 2024.
Annual pre-tax expense synergy estimates resulting from the CrossFirst acquisition remain on track at $25.0 million. Busey anticipates a 50% rate of synergy realization in 2025 and 100% in 2026.
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Salaries, wages, and employee benefits were $74.1 million for the three months ended September 30, 2025, a 66.3% increase from the comparable period in 2024 and were $220.1 million for the nine months ended September 30, 2025, a 69.1% increase from the comparable period in 2024. Acquisition and restructuring expenses were $5.6 million and $33.0 million for the three and nine months ended September 30, 2025, respectively, with additional severance, retention, and stock-based compensation expenses related to the CrossFirst acquisition. Further, in connection with the CrossFirst acquisition in March and the addition of 16 banking centers, Busey’s workforce expanded, with a net addition of 412 full-time equivalent associates over the past year.
Data processing expense was $9.7 million for the three months ended September 30, 2025, a 40.6% increase from the comparable period in 2024. Excluding acquisition and restructuring expenses, data processing expense was $9.3 million for the three months ended September 30, 2025, a 36.2% increase from the comparable period in 2024. Data processing expense was $33.3 million for the nine months ended September 30, 2025, a 62.0% increase from the comparable period in 2024. Excluding acquisition and restructuring expenses, data processing expense was $26.6 million for the nine months ended September 30, 2025, a 32.9% increase from the comparable period in 2024. Busey has continued to make investments in technology and has also experienced inflation-driven price increases.
Combined, net occupancy expense of premises and furniture and equipment expense totaled $10.1 million for the three months ended September 30, 2025, a 61.2% increase from the comparable period in 2024, and $27.9 million for the nine months ended September 30, 2025, a 46.1% increase from the comparable period in 2024. The CrossFirst acquisition added 16 banking centers. Further, on August 18, 2025, Busey opened its second Denver service center, located in the Cherry Creek North neighborhood. Primary cost drivers in these expense categories include lease costs, repairs and maintenance, depreciation expense, real estate taxes, and utilities.
Professional fees were $2.9 million for the three months ended September 30, 2025, a 6.0% decrease from the comparable period in 2024. Excluding acquisition and restructuring expenses of $0.4 million and $1.4 million for the three months ended September 30, 2025 and 2024, respectively, professional fees for the three months ended September 30, 2025, were 47.3% higher than the comparable period in 2024. Professional fees were $15.3 million for the nine months ended September 30, 2025, a 94.7% increase from the comparable period in 2024. Excluding acquisition and restructuring expenses of $8.0 million and $1.9 million for the nine months ended September 30, 2025 and 2024, respectively, professional fees for the nine months ended September 30, 2025, were 23.3%, higher than the comparable period in 2024. Changes in professional fees were primarily related to legal, audit and accounting, and consulting expenses.
Amortization of intangible assets was $4.5 million for the three months ended September 30, 2025, a 76.9% increase from the comparable period in 2024, and $12.2 million for the nine months ended September 30, 2025, a 60.6% increase from the comparable period for 2024. The CrossFirst acquisition added an estimated $81.8 million of finite-lived intangible assets with amortization of $2.3 million and $5.5 million during the three and nine months ended September 30, 2025, respectively. Busey uses an accelerated amortization methodology.
Interchange expense was $1.3 million for the three months ended September 30, 2025, a 1.2% decrease from the comparable period in 2024, and was $4.0 million for the nine months ended September 30, 2025, a 15.3% decrease from the comparable period in 2024. Fluctuations in interchange expense relate to payment and volume activity at FirsTech.
FDIC insurance expense was $3.2 million for the three months ended September 30, 2025, a 123.0% increase from the comparable period in 2024, and $7.7 million for the nine months ended September 30, 2025, an 81.2% increase from the comparable period in 2024. Additional FDIC insurance assessments were the result of Busey’s growth in average assets in connection with the CrossFirst acquisition.
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Unaudited)
Other noninterest expense was $14.1 million for the three months ended September 30, 2025, a 51.6% increase from the comparable period in 2024, and was $39.4 million for the nine months ended September 30, 2025, a 37.5% increase from the comparable period in 2024. Increases in other noninterest expense are attributable to multiple items, including marketing, business development, and supplies, as well as increases in acquisition and restructuring expenses of $0.4 million and $1.4 million compared to the three and nine months ended September 30, 2024, respectively.
Efficiency Ratio
The efficiency ratio2, which is a measure commonly used by management and the banking industry, measures the amount of expense incurred to generate a dollar of revenue. Busey’s efficiency ratio was 58.5% for the three months ended September 30, 2025, compared to 61.8% for the same period in 2024, and was 65.4% for the nine months ended September 30, 2025, compared to 61.1% for the same period in 2024.
Busey’s adjusted efficiency ratio2 was 54.9% for the three months ended September 30, 2025, compared to 60.2% for the same period in 2024, and was 56.0% for the nine months ended September 30, 2025, compared to 61.1% for the same period in 2024.
Taxes
Busey’s effective income tax rate of 26.1% for the three months ended September 30, 2025, aligning with a combined federal and state statutory rate of approximately 26%. Busey’s effective income tax rate of 31.7% for the nine months ended September 30, 2025, was impacted by the remeasurement of deferred tax assets acquired in the CrossFirst acquisition, discrete adjustments related to equity award vestings, and other non-recurring adjustments.
Busey continues to monitor evolving federal and state tax legislation and its potential impact on operations on an ongoing basis. As of September 30, 2025, Busey Bank was under examination by the Florida Department of Revenue for its 2020 to 2022 corporate income tax filings and by the Illinois Department of Revenue for M&M’s tax filings for the tax years 2022 and 2023.
2 The efficiency ratio and adjusted efficiency ratio are non-GAAP financial measures. For a reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures, see “Item 2. Management’s Discussion and Analysis—Non-GAAP Financial Information” included in this Quarterly Report.
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FIRST BUSEY CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Unaudited)
FINANCIAL CONDITION
Balance Sheet
Changes in significant items on Busey’s Consolidated Balance Sheets (Unaudited) are summarized as follows:
As of
(dollars in thousands)September 30,
2025		December 31,
2024		Change% Change
Assets
Debt securities available for sale$2,099,259 $1,810,221 $289,038 16.0 %
Debt securities held to maturity784,821 826,630 (41,809)(5.1)%
Portfolio loans, net of ACL13,424,085 7,613,683 5,810,402 76.3 %
Total assets18,188,628 12,046,722 6,141,906 51.0 %
 
Liabilities
Deposits:
Noninterest-bearing3,554,936 2,719,907 835,029 30.7 %
Interest-bearing11,515,226 7,262,583 4,252,643 58.6 %
Total deposits15,070,162 9,982,490 5,087,672 51.0 %
Securities sold under agreements to repurchase147,152 155,610 (8,458)(5.4)%
Long-term borrowings92,431 — 92,431 100.0 %
Subordinated notes, net of unamortized issuance costs103,283 227,723 (124,440)(54.6)%
Junior subordinated debt owed to unconsolidated trusts77,257 74,815 2,442 3.3 %
Total liabilities15,739,793 10,663,453 5,076,340 47.6 %
 
Stockholders’ equity2,448,835 1,383,269 1,065,566 77.0 %
Portfolio Loans
Busey believes that making sound and profitable loans is a necessary and desirable means of employing funds available for investment. Busey maintains lending policies and procedures designed to focus lending efforts on the types, locations, and duration of loans most appropriate for its business model and markets. While not specifically limited, Busey attempts to focus its lending on short to intermediate-term loans (0-10 years) in geographic areas within 125 miles of its lending offices. Busey seeks to utilize government-assisted lending programs, such as the SBA and U.S. Department of Agriculture lending programs, when prudent. Generally, loans are collateralized by assets, primarily real estate, and guaranteed by individuals. Loans are expected to be repaid primarily from cash flows of the borrowers or from proceeds from the sale of selected assets of the borrowers.
Management reviews and approves Busey Bank’s lending policies and procedures on a regular basis. Management routinely—at least quarterly—reviews the ACL in conjunction with reports related to loan production, loan quality, concentrations of credit, loan delinquencies, non-performing loans, and potential problem loans. Busey’s underwriting standards are designed to encourage relationship banking rather than transactional banking. Relationship banking implies a primary banking relationship with the borrower that includes, at a minimum, an active deposit banking relationship in addition to the lending relationship. Significant underwriting factors in addition to location, duration, a sound and profitable cash flow basis, and the borrower’s character, include the quality of the borrower’s financial history, the liquidity of the underlying collateral, and the reliability of the valuation of the underlying collateral.
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Unaudited)
At no time is a borrower’s total borrowing relationship permitted to exceed Busey Bank’s regulatory lending limit. Busey generally limits such relationships to amounts substantially less than the regulatory limit. Loans to related parties, including executive officers and directors of First Busey Corporation and its subsidiaries, are reviewed for compliance with regulatory guidelines.
Busey maintains an independent loan review department that reviews loans for compliance with Busey’s loan policy on a periodic basis. In addition, the loan review department reviews risk assessments made by Busey’s credit department, lenders, and loan committees. Results of these reviews are presented to management and the audit committee at least quarterly.
Busey Bank’s lending can be summarized into five primary lending activities, which can be further categorized as either commercial or retail lending. Commercial lending activities consist of C&I and other commercial loans, CRE loans, and real estate construction loans while retail lending activities consist of retail real estate loans and retail other loans. A description of each of the five primary areas can be found in “Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations—Portfolio Loans” of Busey’s 2024 Annual Report.
Portfolio Composition
The composition of Busey’s loan portfolio as of the dates indicated, as well as changes in portfolio loan balances, were as follows:
As of
(dollars in thousands)September 30,
2025		December 31,
2024		Change% Change
Commercial loans
C&I and other commercial$4,395,871 $1,904,515 $2,491,356 130.8 %
CRE5,424,095 3,269,564 2,154,531 65.9 %
Real estate construction1,099,524 378,209 721,315 190.7 %
Total commercial loans10,919,490 5,552,288 5,367,202 96.7 %
Retail loans
Retail real estate2,196,246 1,696,457 499,789 29.5 %
Retail other482,530 448,342 34,188 7.6 %
Total retail loans2,678,776 2,144,799 533,977 24.9 %
Total portfolio loans13,598,266 7,697,087 5,901,179 76.7 %
ACL(174,181)(83,404)(90,777)108.8 %
Portfolio loans, net$13,424,085 $7,613,683 $5,810,402 76.3 %
Total portfolio loans were $13.60 billion at September 30, 2025, compared to $7.70 billion at December 31, 2024. The $5.90 billion growth in the loan portfolio during the first nine months of 2025 was primarily attributable to the CrossFirst acquisition. Busey remains steadfast in its conservative approach to underwriting and disciplined approach to pricing. During the third quarter of 2025, the Company experienced elevated payoffs that outpaced new production momentum. Busey expects continued pressure, particularly from commercial real estate payoffs through the remainder of 2025.
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FIRST BUSEY CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Unaudited)
Concentration of Credit Risk
As a matter of policy and practice, Busey limits the level of concentration exposure in any particular loan segment with the goal of maintaining a well-diversified loan portfolio. The following table presents the percentage of total portfolio loans for each lending activity:
As of
September 30,
2025		December 31,
2024
Commercial loans
C&I and other commercial32.3 %24.8 %
CRE39.9 %42.5 %
Real estate construction8.1 %4.9 %
Total commercial loans80.3 %72.2 %
Retail loans
Retail real estate16.2 %22.0 %
Retail other3.5 %5.8 %
Total retail loans19.7 %27.8 %
Total portfolio loans100.0 %100.0 %
Busey Bank originates loans across its regional operating model. Busey’s regions are defined as follows:
•East – Suburban Chicago markets, the St. Louis MSA, and southwest Florida
•Midwest – Central Illinois and Indianapolis, Indiana
•Central – The Kansas City MSA, central Kansas, and Oklahoma
•Texas – The Dallas-Fort Worth MSA
•West – Colorado, New Mexico, and Arizona
•Verticals – Busey’s Life Equity Lending, Sponsor Finance, Energy Lending, and SBA Lending products
The geographic distribution of Busey Bank loans outstanding as of September 30, 2025, that were originated in each of these markets is presented in the table below:
As of September 30, 2025
(dollars in thousands)C&I and other commercialCREReal estate constructionRetail real estateRetail otherTotal
Loans by region of origination
East
$1,036,092 $1,786,562 $137,163 $886,591 $94,292 $3,940,700 
Midwest
852,013 1,413,169 242,903 737,094 8,835 3,254,014 
Central
573,345 761,303 190,846 364,424 14,196 1,904,114 
Texas
679,132 803,124 352,970 118,944 3,361 1,957,531 
West
252,146 501,911 155,627 76,958 689 987,331 
Verticals
1,003,143 158,026 20,015 12,235 361,157 1,554,576 
Total portfolio loans
$4,395,871 $5,424,095 $1,099,524 $2,196,246 $482,530 13,598,266 
ACL
(174,181)
Portfolio loans, net of ACL
$13,424,085 
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Unaudited)
Prior to the CrossFirst acquisition on March 1, 2025, Busey Bank’s loan origination occurred in the Illinois, Missouri, Florida, and Indiana markets. The geographic distribution of Busey Bank loans outstanding as of December 31, 2024, that were originated in each of these markets is presented in the table below:
As of December 31, 2024
(dollars in thousands)C&I and other commercialCREReal estate constructionRetail real estateRetail otherTotal
Loans by state of origination
Illinois$1,493,670 $2,285,915 $232,898 $1,275,834 $443,164 $5,731,481 
Missouri276,140 560,337 40,816 211,878 3,731 1,092,902 
Florida58,277 245,918 30,826 128,352 683 464,056 
Indiana76,428 177,394 73,669 80,393 764 408,648 
Total portfolio loans$1,904,515 $3,269,564 $378,209 $1,696,457 $448,342 7,697,087 
ACL(83,404)
Portfolio loans, net of ACL$7,613,683 
CRE loans comprised 39.9% of Busey’s total loan portfolio as of September 30, 2025, and were 25.7% owner occupied. CRE loans are made across a variety of industries, as depicted in the table below. Balances reflected in the table below do not include loan origination fees or costs, purchase accounting adjustments, SBA discounts, or negative escrow amounts.
As of September 30, 2025
CRE LoansOwned By% of CRE Loans That Are Owner Occupied
(dollars in thousands)InvestorOccupant
Industry
Industrial and warehousing$1,137,865 $683,616 $454,249 39.9 %
Retail855,603 739,356 116,247 13.6 %
Apartments815,381 815,381 — — %
Traditional office712,179 500,734 211,445 29.7 %
Specialty501,528 179,895 321,633 64.1 %
Hotel333,794 327,911 5,883 1.8 %
Medical office281,428 149,751 131,677 46.8 %
Student housing213,288 213,173 115 0.1 %
Restaurant149,578 35,585 113,993 76.2 %
Self-Storage148,232 143,723 4,509 3.0 %
Senior housing143,400 140,761 2,639 1.8 %
Nursing homes92,811 91,235 1,576 1.7 %
Healthcare20,350 20,000 350 1.7 %
Group homes3,592 3,592 — — %
Continuing Care Facilities2,976 2,976 — — %
Land acquisition and development91 — 91 100.0 %
Other50,306 11,622 38,684 76.9 %
Total$5,462,402 $4,059,311 $1,403,091 25.7 %
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FIRST BUSEY CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Unaudited)
Allowance for Credit Losses and Provision for Loan Losses
The ACL is a significant estimate on Busey’s unaudited consolidated financial statements, affecting both earnings and capital. The methodology adopted influences, and is influenced by, Busey’s overall credit risk management processes. The ACL is recorded in accordance with GAAP to provide an adequate reserve for expected credit losses that is reflective of management’s best estimate of what is expected to be collected. Estimates of credit losses are based on a careful consideration of all significant factors affecting the collectability as of the evaluation date. The ACL is established through the provision for credit loss expense charged to income. Provision for loan losses expenses were recorded as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)Location2025202420252024
Provision for loan losses1
Provision for credit losses$(3,305)$2 $40,152 $7,317 
___________________________________________
1.The nine months ended September 30, 2025, included $42.4 million to establish an initial allowance for loan losses in connection with the CrossFirst acquisition.
The $3.3 million provision reversal for loan losses recorded during the three months ended September 30, 2025, included a provision release of $7.1 million for PCD loans due to payoffs/paydowns and provision expense of $3.8 million for non-PCD loans to support charge-offs and qualitative factor adjustments. The provision for loan losses for the nine months ended September 30, 2025, included $42.4 million of provision expense recorded to establish an initial allowance for non-PCD loans immediately following the close of the CrossFirst acquisition in accordance with ASC 326-20-30-15.
The ACL and the ratio of ACL to portfolio loan balances is presented below by lending activity:
As of September 30, 2025As of December 31, 2024
(dollars in thousands)Portfolio LoansACLRatio of ACL to
Portfolio Loans		Portfolio LoansACLRatio of ACL to
Portfolio Loans
Commercial
C&I and other commercial$4,395,871 $59,436 1.35 %$1,904,515 $21,589 1.13 %
CRE5,424,095 70,844 1.31 %3,269,564 32,301 0.99 %
Real estate construction1,099,524 12,193 1.11 %378,209 3,345 0.88 %
Total commercial10,919,490 142,473 1.30 %5,552,288 57,235 1.03 %
Retail
Retail real estate2,196,246 29,843 1.36 %1,696,457 23,711 1.40 %
Retail other482,530 1,865 0.39 %448,342 2,458 0.55 %
Total retail2,678,776 31,708 1.18 %2,144,799 26,169 1.22 %
Total$13,598,266 $174,181 1.28 %$7,697,087 $83,404 1.08 %
As of September 30, 2025, management believed the level of the ACL to be appropriate based upon the information available. However, additional losses may be identified in the loan portfolio as new information is obtained. Factors that influence Busey’s calculation of its ACL include changes in economic conditions and forecasts, originated and acquired loan portfolio composition, credit performance trends, portfolio duration, and other factors.
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FIRST BUSEY CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Unaudited)
Non-Performing Loans and Non-Performing Assets
Loans are considered past due if the required principal or interest payments have not been received as of the date such payments were due. Loans are placed on non-accrual status when, in management’s opinion, the borrower may be unable to meet payment obligations as they become due, as well as when required by regulatory guidelines. Loans may be placed on non-accrual status regardless of whether or not such loans are considered past due. Loans are returned to accrual status when all principal and interest amounts contractually due are brought current and future payments are reasonably assured.
Typically, loans are secured by collateral. When a loan is classified as non-accrual and determined to be collateral dependent, it is appropriately reserved or charged down through the ACL to the fair value of Busey’s interest in the underlying collateral less estimated costs to sell. Busey’s loan portfolio is collateralized primarily by real estate.
The following table sets forth information concerning non-performing assets and asset quality ratios:
As of
(dollars in thousands)September 30,
2025		December 31,
2024		Change% Change
Portfolio loans$13,598,266 $7,697,087 $5,901,179 76.7 %
Loans 30 – 89 days past due18,914 8,124 10,790 132.8 %
Total assets18,188,628 12,046,722 6,141,906 51.0 %
 
Non-performing assets
Non-performing loans:
Non-accrual loans$46,096 $22,088 $24,008 108.7 %
Loans 90+ days past due and still accruing1,418 1,149 269 23.4 %
Total non-performing loans47,514 23,237 24,277 104.5 %
OREO and other repossessed assets10,210 63 10,147 16,106.3 %
Total non-performing assets57,724 23,300 34,424 147.7 %
Substandard (excludes 90+ days past due)103,329 62,023 41,306 66.6 %
Classified assets$161,053 $85,323 $75,730 88.8 %
 
ACL$174,181 $83,404 $90,777 108.8 %
Bank Tier 1 Capital2,118,059 1,438,296 679,763 47.3 %
 
Ratios
ACL to portfolio loans1.28 %1.08 %20 bps
ACL to non-accrual loans3.78 x3.78 x27 bps
ACL to non-performing loans3.67 x3.59 x766 bps
ACL to non-performing assets3.02 x3.58 x(5,621) bps
Non-accrual loans to portfolio loans0.34 %0.29 %5 bps
Non-performing loans to portfolio loans0.35 %0.30 %5 bps
Non-performing assets to total assets0.32 %0.19 %13 bps
Non-performing assets to portfolio loans and OREO and other repossessed assets0.42 %0.30 %12 bps
Classified assets to Bank Tier 1 Capital and ACL7.03 %5.61 %142 bps
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FIRST BUSEY CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Unaudited)
Busey’s total assets grew by 51.0% to $18.19 billion as of September 30, 2025, compared to $12.05 billion as of December 31, 2024, largely in connection with the CrossFirst acquisition. Further, Busey’s loan portfolio grew by 76.7% to $13.60 billion as of September 30, 2025, compared to $7.70 billion as of December 31, 2024.
Asset quality continues to be strong. Following the CrossFirst Bank Merger in June, Busey is operating as one bank, with a singular credit policy, concentration limits, and monitoring that will continue to align with Busey’s pillars of credit quality. Busey’s operating mandate and focus remain on emphasizing credit quality over asset growth.
Non-performing loan balances increased to $47.5 million as of September 30, 2025, compared to $23.2 million as of December 31, 2024, primarily due to PCD loans assumed in the CrossFirst acquisition. Non-performing loans represented 0.35% of portfolio loans as of September 30, 2025, compared to 0.30% as of December 31, 2024. Busey’s allowance for credit losses provided coverage of 3.67 times non-performing loans at September 30, 2025, compared to 3.59 times at December 31, 2024.
Non-performing assets, which include non-performing loans, OREO, and other repossessed assets, increased to $57.7 million as of September 30, 2025, compared to $23.3 million as of December 31, 2024, primarily due to PCD loans assumed in the CrossFirst acquisition. Non-performing assets represented 0.32% of total assets as of September 30, 2025, compared to 0.19% as of December 31, 2024. Busey’s allowance for credit losses provided coverage of 3.02 times non-performing assets at September 30, 2025, compared to 3.58 times at December 31, 2024.
Classified assets, which include non-performing assets and substandard loans, increased to $161.1 million as of September 30, 2025, compared to $85.3 million as of December 31, 2024, primarily due to PCD loans assumed in the CrossFirst acquisition. Classified assets represented 7.03% of the Bank’s Tier 1 capital and ACL at September 30, 2025, compared to 5.61% at December 31, 2024.
Net charge-offs totaled $5.8 million and $50.2 million for the three and nine months ended September 30, 2025, respectively, compared to $0.2 million and $15.3 million for the comparable periods in 2024. Net charge-offs for the nine months ended September 30, 2025, include $35.5 million related to PCD loans acquired from CrossFirst Bank, which were fully reserved at acquisition and did not require recording additional provision expense.
Asset quality metrics remain dependent upon market-specific economic conditions, and specific measures may fluctuate from period to period. If economic conditions were to deteriorate, Busey would expect the credit quality of its loan portfolio to decline and loan defaults to increase.
Potential Problem Loans
Potential problem loans are loans classified as substandard which are not individually evaluated, non-accrual, or 90+ days past due, but where current information indicates that the borrower may not be able to comply with loan repayment terms. Management assesses the potential for loss on such loans and considers the effect of any potential loss in determining its provision for expected credit losses. Potential problem loans increased to $103.3 million as of September 30, 2025, compared to $62.0 million as of December 31, 2024. Management continues to monitor these loans and work with the borrowers on restructurings, guarantees, additional collateral, or other planned actions. As of September 30, 2025, management identified no other loans that represent or result from trends or uncertainties that would be expected to materially impact future operating results, liquidity, or capital resources.
Deposits
Total deposits increased by 51.0% to $15.07 billion as of September 30, 2025, compared to $9.98 billion as of December 31, 2024, in connection with the CrossFirst acquisition. Busey focuses on deepening its customer relationships to maintain and protect its strong core deposit3 franchise. Core deposits include non-brokered transaction accounts, money market and savings deposit accounts, and time deposits of $250,000 or less. Core deposits represented 93.8% of total deposits as of September 30, 2025.
3 Core deposits is a non-GAAP financial measure. For a reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures, see “Item 2. Management’s Discussion and Analysis—Non-GAAP Financial Information” included in this Quarterly Report.
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FIRST BUSEY CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Unaudited)
Deposits are federally insured up to the FDIC insurance limit of $250,000. When a portion of a deposit account exceeds the FDIC insurance limit, that portion is uninsured. Estimated uninsured deposits were $6.45 billion, or 43% of total deposits, as of September 30, 2025, compared to $3.78 billion, or 38% of total deposits, as of December 31, 2024. Excluding intercompany accounts, fully collateralized accounts (including preferred deposits), and pass-through accounts where clients have deposit insurance at the correspondent financial institution, the portion of Busey’s deposit base that was uninsured and not otherwise collateralized was $5.31 billion, or 35% of total deposits, as of September 30, 2025, compared to $2.96 billion, or 30% of total deposits, as of December 31, 2024.
Liquidity
Liquidity management is the process by which Busey ensures that adequate liquid funds are available to meet the present and future cash flow obligations arising in the daily operations of its business. These financial obligations consist of needs for funds to meet commitments to borrowers for extensions of credit, fund capital expenditures, honor withdrawals by customers, pay dividends to stockholders, and pay operating expenses. Busey’s most liquid assets are cash and due from banks, interest-bearing bank deposits, and federal funds sold. Balances of these assets are dependent on Busey’s operating, investing, lending, and financing activities during any given period.
Average liquid assets are summarized in the table below:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2025202420252024
Average liquid assets
Cash and due from banks$173,921 $113,122 $167,752 $109,507 
Interest-bearing bank deposits489,730 389,005 629,137 371,472 
Less: Restricted and pledged cash and bank deposits(101,400)$(31,469)(83,724)(33,290)
Total average liquid assets$562,251 $470,658 $713,165 $447,689 
 
Average liquid assets as a percent of average total assets3.0 %3.9 %4.1 %3.7 %
Unencumbered cash and securities on Busey’s Consolidated Balance Sheets (Unaudited) are summarized as follows:
As of
(dollars in thousands)September 30,
2025		December 31,
2024
Unencumbered cash and securities
Total cash and cash equivalents$385,474 $697,659 
Restricted and pledged cash and bank deposits(96,102)(65,830)
Debt securities available for sale2,099,259 1,810,221 
Debt securities available for sale pledged as collateral(565,071)(653,454)
Cash and unencumbered securities$1,823,560 $1,788,596 
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FIRST BUSEY CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Unaudited)
Busey’s primary sources of funds consist of deposits, investment maturities and sales, loan principal repayments, and capital funds. Additional liquidity is provided by the ability to borrow from the FHLB, the Federal Reserve Bank, and Busey’s revolving credit facility, as summarized in the table below:
As of
(dollars in thousands)September 30,
2025		December 31,
2024
Additional available borrowing capacity
FHLB$1,833,493 $1,679,463 
Federal Reserve Bank1,684,331 664,083 
Federal funds purchased485,000 477,500 
Revolving credit facility40,000 40,000 
Additional borrowing capacity$4,042,824 $2,861,046 
Further, Busey could utilize brokered deposits as additional sources of liquidity, as needed.
As of September 30, 2025, management believed that adequate liquidity existed to meet all projected cash flow obligations. Busey seeks to achieve a satisfactory degree of liquidity by actively managing both assets and liabilities. Asset management guides the proportion of liquid assets to total assets, while liability management monitors future funding requirements and prices liabilities accordingly.
Off-Balance-Sheet Arrangements
Busey Bank routinely enters into commitments to extend credit and standby letters of credit in the normal course of business to meet the financing needs of its customers. The balance of commitments to extend credit represents future cash requirements and some of these commitments may expire without being drawn upon.
The following table summarizes Busey’s outstanding commitments and reserves for unfunded commitments:
As of
(dollars in thousands)September 30,
2025		December 31,
2024
Outstanding loan commitments and standby letters of credit$4,898,745 $2,548,178 
Reserve for unfunded commitments16,123 5,967 
The following table summarizes Busey’s provision for unfunded commitments expenses (releases):
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)Location2025202420252024
Provision for unfunded commitments expense (release)1
Provision for credit losses$2,320 $407 $10,156 $(640)
___________________________________________
1.The nine months ended September 30, 2025, included $7.2 million to establish an initial allowance for unfunded commitments in connection with the CrossFirst acquisition.
Busey anticipates that it will have sufficient funds available to meet current loan commitments, including loan applications received and in process prior to the issuance of firm commitments.
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FIRST BUSEY CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Unaudited)
Capital Resources
Busey’s capital ratios are in excess of those required to be considered “well-capitalized” pursuant to applicable regulatory guidelines. The Federal Reserve uses capital adequacy guidelines in its examination and regulation of bank holding companies and their subsidiary banks. Risk-based capital ratios are established by allocating assets and certain off-balance-sheet commitments into risk-weighted categories. These balances are then multiplied by the factor appropriate for that risk-weighted category. In order to refrain from restrictions on dividends, equity repurchases, and discretionary bonus payments, banking institutions must maintain capital in excess of regulatory minimum capital requirements. The table below presents minimum capital ratios that include the capital conservation buffer in comparison to the capital ratios for First Busey and its subsidiary bank as of September 30, 2025:
Minimum Capital Requirements with
Capital Buffer		As of September 30, 2025
First
Busey		Busey
Bank
Common equity Tier 1 capital to risk weighted assets7.00 %12.33 %13.73 %
Tier 1 capital to risk weighted assets8.50 %13.77 %13.73 %
Total capital to risk weighted assets10.50 %15.89 %14.67 %
Leverage ratio of Tier 1 capital to average assets6.50 %11.62 %11.59 %
For further discussion of capital resources and requirements, see “Note 8: Regulatory Capital.”
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FIRST BUSEY CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Unaudited)
NON-GAAP FINANCIAL INFORMATION
This Quarterly Report contains certain financial information determined by methods other than in accordance with GAAP. Management uses these non-GAAP financial measures and non-GAAP ratios, together with the related GAAP financial measures, in analysis of Busey’s performance and in making business decisions, as well as for comparison to Busey’s peers. Busey believes the adjusted measures are useful for investors and management to understand the effects of certain non-core and non-recurring noninterest items and provide additional perspective on Busey’s performance over time.
Non-GAAP disclosures have inherent limitations and are not audited. They should not be considered in isolation or as a substitute for the results reported in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Tax effected numbers included in these non-GAAP disclosures are based on estimated federal income tax rates or effective tax rates as noted with the tables below.
The following tables present reconciliations between these non-GAAP measures and what management believes to be the most directly comparable GAAP financial measures.
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RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)
Pre-Provision Net Revenue and Related Measures
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2025202420252024
Net interest income (GAAP)
$155,137 $82,647 $412,051 $241,033 
Total noninterest income (GAAP)
41,198 35,845 107,284 104,461 
Net security (gains) losses (GAAP)
288 (822)10,059 5,906 
Total noninterest expense (GAAP)1
(120,018)(75,519)(359,881)(222,872)
Pre-provision net revenue (Non-GAAP)
[a]76,605 42,151 169,513 128,528 
Acquisition and restructuring (income) expenses, excluding initial provision expenses
7,251 1,935 49,877 4,555 
Realized net (gains) losses on the sale of mortgage service rights
— 18 — (7,724)
Realized net (gains) losses on the sale of mortgage service rights
[b]$83,856 $44,104 $219,390 $125,359 
Average total assets
[c]$18,662,449 $12,007,702 $17,534,644 $12,040,414 
Pre-provision net revenue to average total assets (Non-GAAP)2
[a÷c]1.63 %1.40 %1.29 %1.43 %
Adjusted pre-provision net revenue to average total assets (Non-GAAP)2
[b÷c]1.78 %1.46 %1.67 %1.39 %
___________________________________________
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.Annualized measure.
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RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)
Adjusted Net Income, Average Tangible Common Equity, and Related Ratios
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands, except per share amounts)2025202420252024
Net income (GAAP)
[a]$57,098 $32,004 $74,512 $85,586 
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
7,251 1,935 49,877 4,432 
Restructuring expenses
— — — 123 
Net securities (gains) losses
288 (822)10,059 5,906 
Realized net (gains) losses on the sale of mortgage servicing rights
— 18 — (7,724)
Related tax (benefit) expense3
(2,141)(207)(29,181)(608)
Non-recurring deferred tax adjustment4
— — 4,919 1,446 
Adjusted net income (Non-GAAP)5
[b]62,496 32,928 159,788 89,161 
Preferred dividends
[c]5,131 — 5,286 — 
Adjusted net income available to common stockholders (Non-GAAP)
[d]$57,365 $32,928 $154,502 $89,161 
Weighted average number of common shares outstanding, diluted (GAAP)
[e]90,218,382 57,967,848 83,609,999 57,411,299 
Diluted earnings per common share (GAAP)
[(a-c)÷e]$0.58 $0.55 $0.83 $1.49 
Adjusted diluted earnings per common share (Non-GAAP)6
[d÷e]$0.64 $0.57 $1.85 $1.55 
Average total assets
[f]$18,662,449 $12,007,702 $17,534,644 $12,040,414 
Return on average assets (Non-GAAP)6
[a÷f]1.21 %1.06 %0.57 %0.95 %
Adjusted return on average assets (Non-GAAP)5, 6
[b÷f]1.33 %1.09 %1.22 %0.99 %
Average common equity
$2,210,711 $1,364,377 $2,109,046 $1,324,119 
Average goodwill and other intangible assets, net
(486,625)(369,720)(464,316)(366,331)
Average tangible common equity (Non-GAAP)
[g]$1,724,086 $994,657 $1,644,730 $957,788 
Return on average tangible common equity (Non-GAAP)6
[(a-c)÷g]11.96 %12.80 %5.63 %11.94 %
Adjusted return on average tangible common equity (Non-GAAP)6
[d÷g]13.20 %13.17 %12.56 %12.43 %
___________________________________________
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 26.64% and 22.21% for the nine months ended September 30, 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 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.
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 presented as further adjustments to adjusted net income.
6.Annualized measure.
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RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)
Tax-Equivalent Net Interest Income, Adjusted Net Interest Income, Net Interest Margin, and Adjusted Net Interest Margin
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2025202420252024
Net interest income (GAAP)
$155,137 $82,647 $412,051 $241,033 
Tax-equivalent adjustment1
788 396 2,116 1,247 
Tax-equivalent net interest income (Non-GAAP)
[a]155,925 83,043 414,167 242,280 
Purchase accounting accretion related to business combinations
(5,854)(1,338)(15,701)(2,354)
Adjusted net interest income (Non-GAAP)
[b]$150,071 $81,705 $398,466 $239,926 
Average interest-earning assets (Non-GAAP)
[c]$17,272,362 $10,942,745 $16,126,422 $10,982,997 
Net interest margin (Non-GAAP)2
[a÷c]3.58 %3.02 %3.43 %2.95 %
Adjusted net interest margin (Non-GAAP)2
[b÷c]3.45 %2.97 %3.30 %2.92 %
___________________________________________
1.Tax-equivalent adjustments were calculated using an estimated federal income tax rate of 21.0%, applied to non-taxable interest income on investments and loans.
2.Annualized measure.
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RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)
Adjusted Noninterest Income, Revenue Measures, Adjusted Noninterest Expense, and Efficiency Ratios
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2025202420252024
Net interest income (GAAP)
[a]$155,137 $82,647 $412,051 $241,033 
Tax-equivalent adjustment1
788 396 2,116 1,247 
Tax-equivalent net interest income (Non-GAAP)
[b]155,925 83,043 414,167 242,280 
Total noninterest income (GAAP)
41,198 35,845 107,284 104,461 
Net security (gains) losses
288 (822)10,059 5,906 
Noninterest income excluding net securities gains and losses (Non-GAAP)
[c]41,486 35,023 117,343 110,367 
Acquisition and restructuring (gain) loss
44 — 44 — 
Realized net (gains) losses on the sale of mortgage service rights
— 18 — (7,724)
Adjusted noninterest income (Non-GAAP)
[d]$41,530 $35,041 $117,387 $102,643 
Tax-equivalent revenue (Non-GAAP)
[e = b+c]$197,411 $118,066 $531,510 $352,647 
Adjusted tax-equivalent revenue (Non-GAAP)
[f = b+d]$197,455 $118,084 $531,554 $344,923 
Operating revenue (Non-GAAP)
[g = a+d]$196,667 $117,688 $529,438 $343,676 
Adjusted noninterest income to operating revenue (Non-GAAP)
[d÷g]21.12 %29.77 %22.17 %29.87 %
Total noninterest expense (GAAP)2
$120,018 $75,519 $359,881 $222,872 
Amortization of intangible assets
(4,507)(2,548)(12,182)(7,586)
Noninterest expense excluding amortization of intangible assets (Non-GAAP)2
[h]115,511 72,971 347,699 215,286 
Acquisition and restructuring (income) expenses, excluding initial provision expenses
(7,207)(1,935)(49,833)(4,555)
Adjusted noninterest expense (Non-GAAP)2
[i]$108,304 $71,036 $297,866 $210,731 
Efficiency ratio (Non-GAAP)2
[h÷e]58.51 %61.81 %65.42 %61.05 %
Adjusted efficiency ratio (Non-GAAP)2
[i÷f]54.85 %60.16 %56.04 %61.10 %
___________________________________________
1.Tax-equivalent adjustments were calculated using an estimated federal income tax rate of 21.0%, applied to non-taxable interest income on investments and loans.
2.Beginning in 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.
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RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)
Tangible Assets, Tangible Common Equity, and Related Measures and Ratio
As of
(dollars in thousands, except per share amounts)September 30,
2025		December 31,
2024
Total assets (GAAP)
$18,188,628 $12,046,722 
Goodwill and other intangible assets, net
(485,203)(365,975)
Tangible assets (Non-GAAP)1
[a]$17,703,425 $11,680,747 
Total stockholders' equity (GAAP)
$2,448,835 $1,383,269 
Preferred stock and additional paid in capital on preferred stock
(215,197)— 
Common equity
[b]2,233,638 1,383,269 
Goodwill and other intangible assets, net
(485,203)(365,975)
Tangible common equity (Non-GAAP)1
[c]$1,748,435 $1,017,294 
Tangible common equity to tangible assets (Non-GAAP)1
[c÷a]9.88 %8.71 %
Ending number of common shares outstanding (GAAP)
[d]88,789,04356,895,981
Book value per common share (Non-GAAP)
[b÷d]$25.16 $24.31 
Tangible book value per common share (Non-GAAP)
[c÷d]$19.69 $17.88 
___________________________________________
1.Beginning in 2025, Busey revised its calculation of tangible assets and tangible common equity for all periods presented to exclude any tax adjustment.
Core Deposits and Related Ratio
As of
(dollars in thousands)September 30,
2025		December 31,
2024
Total deposits (GAAP)
[a]$15,070,162 $9,982,490 
Brokered deposits, excluding brokered time deposits of $250,000 or more
(125,432)(13,090)
Time deposits of $250,000 or more
(807,378)(334,503)
Core deposits (Non-GAAP)
[b]$14,137,352 $9,634,897 
Core deposits to total deposits (Non-GAAP)
[b÷a]93.81 %96.52 %
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FORWARD-LOOKING STATEMENTS
This Quarterly Report 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 a prolonged government shut-down, 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, or other adverse external events that could cause economic deterioration or instability in credit markets (including Russia’s invasion of Ukraine and the conflict in the Middle East); (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 including Busey’s 2024 Annual Report.
CRITICAL ACCOUNTING ESTIMATES
Busey has established various accounting policies that govern the application of GAAP in the preparation of its unaudited consolidated financial statements. Significant accounting policies are described in “Note 1. Significant Accounting Policies” of Busey’s 2024 Annual Report.
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Critical accounting estimates are those that are critical to the portrayal and understanding of Busey’s financial condition and results of operations and require management to make assumptions that are subjective or complex. These estimates involve judgments, assumptions, and uncertainties that are susceptible to change. In the event that different assumptions or conditions were to prevail, and depending on the severity of such changes, the possibility of a materially different financial condition or materially different results of operations is a reasonable likelihood. Further, changes in accounting standards could impact Busey’s critical accounting estimates. Management has reviewed these critical accounting estimates and related disclosures with Busey’s Audit Committee. The following estimates could be deemed critical:
Fair Value of Assets Acquired and Liabilities Assumed in Business Combinations
Business combinations are accounted for using the acquisition method of accounting. Under the acquisition method of accounting, assets acquired and liabilities assumed are recorded at their estimated fair value on the date of acquisition. Fair values are determined based on the definition of “fair value” defined in ASC Topic 820 “Fair Value Measurement” as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” The determination of fair values is based on valuations using management’s assumptions of future growth rates, future attrition, discount rates, multiples of earnings, or other relevant factors. In addition, Busey engages third party specialists to assist in the development of fair values.
The fair value of a loan portfolio acquired in a business combination generally requires greater levels of management estimates and judgment than other assets acquired or liabilities assumed. Acquired loans are within the scope of ASC Topic 326 “Financial Instruments-Credit Losses.” However, the offset to record the allowance on acquired loans at the date of acquisition depends on whether or not the loan is classified as PCD. The allowance for PCD loans is recorded through a gross-up effect, while the allowance for acquired non-PCD loans is recorded through provision expense, consistent with originated loans. Thus, the determination of which loans are PCD and non-PCD can have a significant effect on the accounting for these loans.
Goodwill
Goodwill represents the excess of purchase price over the fair value of net assets acquired using the acquisition method of accounting. Goodwill is not amortized; instead, Busey assesses the potential for impairment on an annual basis or more frequently if events and circumstances indicate that goodwill might be impaired. Management applies significant judgment when testing goodwill for impairment, such as the valuation approach chosen, market multiples for competitors used in the calculation, and forecasts of business outlook.
Income Taxes
Busey is subject to the income tax laws of U.S., as well as the tax laws of the individual states and municipalities in which the Company conducts its operations. These laws are often complex and subject to nuanced interpretations.
Income taxes are estimated for the tax effects of the transactions reported on Busey’s unaudited consolidated financial statements and consist of an expense for taxes currently due plus assets and/or liabilities for deferred taxes. Deferred taxes represent the future tax consequences of differences between the tax basis and accounting basis of certain assets and liabilities, which will either be taxable or deductible when the assets and liabilities are recovered or settled. Deferred tax assets and liabilities are estimates that are reflected at income tax rates applicable to the period in which the deferred tax assets or liabilities are expected to be realized or settled. Deferred taxes are reported in other assets or other liabilities on the Consolidated Balance Sheets (Unaudited). Estimated income tax expense is reported on the Consolidated Statements of Income (Unaudited).
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In establishing its provision for income taxes and its estimates of deferred tax assets and liabilities, Busey must make judgments and interpretations about the application of inherently complex tax laws. Busey must also make estimates about when in the future certain items will affect taxable income. Disputes over interpretations of the tax laws may be subject to review and adjudication by the court systems of the various tax jurisdictions or may be settled with the taxing authority upon examination or audit. Although Busey’s management believes that its judgments are sound and its tax estimates are reasonable, interpretations of tax law applied by the taxing jurisdictions could differ. As such, Busey may be exposed to losses or gains, which could be material. An unfavorable tax settlement would result in an increase in Busey’s effective income tax rate in the period of resolution. A favorable tax settlement would result in a reduction in Busey’s effective income tax rate in the period of resolution.
Allowance for Credit Losses
Busey calculates the ACL at each reporting date. Busey recognizes an allowance for the lifetime expected credit losses for the amount it does not expect to collect. Measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported book value. The calculation also contemplates that Busey may not be able to make or obtain such forecasts for the entire life of the financial assets and requires a reversion to historical credit loss information.
In determining the ACL, management relies predominantly on a disciplined credit review and approval process that extends to the full range of Busey’s credit exposure. The ACL must be determined on a collective (pool) basis when similar risk characteristics exist. On a case-by-case basis, Busey may conclude that a loan should be evaluated on an individual basis based on disparate risk characteristics.
Loans deemed uncollectible are charged against and reduce the ACL. A provision for credit losses is charged to current expense and acts to replenish the ACL in order to maintain the ACL at a level that management deems adequate.
Determining the ACL involves significant judgments and assumptions. Macroeconomic forecasts provided by a third party and the economic indices sourced are significant judgments used in determining the allowance. Changes in these economic forecasts could significantly affect the ACL and lead to materially different amounts from one period to the next. Additionally, prepayment assumptions impact model output. Further, Busey completes a quarterly evaluation of several qualitative factors to determine if there should be adjustments made to the ACL. These factors include economic conditions, collateral, concentrations, delinquency trends, portfolio composition, underwriting, and certain other risks. Significant downturns relating to loan quality and economic conditions could result in a requirement for an additional allowance. Likewise, an upturn in loan quality and improved economic conditions may allow for a reduction in the required allowance. Because of the nature of the judgments and assumptions made by management, actual results may differ from these judgments and assumptions.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Market risk is the risk of changes in asset values due to movements in underlying market rates and prices. Interest rate risk is a type of market risk to earnings and capital arising from movements in interest rates. Interest rate risk is the most significant market risk affecting Busey as other types of market risk, such as foreign currency exchange rate risk and commodity price risk, have a minimal impact or do not arise in the normal course of Busey’s business activities.
Busey has an asset-liability committee, whose policy is to meet at least quarterly, to review current market conditions and to structure the Consolidated Balance Sheets (Unaudited) to optimize stability in net interest income in consideration of projected future changes in interest rates.
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As interest rate changes do not impact all categories of assets and liabilities equally or simultaneously, the asset-liability committee primarily relies on balance sheet and income simulation analysis to determine the potential impact of changes in market interest rates on net interest income. In these standard simulation models, the balance sheet is projected over a one-year and a two-year time horizon and net interest income is calculated under current market rates and assuming permanent instantaneous shifts of +/-100 and +/-200 bps. The model assumes immediate and sustained shifts in the federal funds rate and other market rate indices and corresponding shifts in other non-market rate indices based on their historical changes relative to changes in the federal funds rate and other market indices. Assets and liabilities are assumed to remain constant as of the measurement date; variable-rate assets and liabilities are repriced based on repricing frequency; and prepayment speeds on loans are projected for both declining and rising rate environments.
Busey’s interest rate risk resulting from immediate and sustained changes in interest rates, expressed as a change in net interest income as a percentage of the net interest income calculated in the constant base model, was as follows:
Year-One: Basis Point ChangesYear-Two: Basis Point Changes
September 30,
2025		December 31,
2024		September 30,
2025		December 31,
2024
+2002.30 %4.05 %3.20 %5.24 %
+1002.03 %1.96 %2.61 %2.59 %
-100(1.31)%(1.81)%(2.53)%(3.35)%
-200(1.57)%(3.39)%(4.42)%(6.65)%
Interest rate risk is monitored and managed within approved policy limits and any temporary exceptions to policy in periods of rapid rate movement are approved and documented. The calculation of potential effects of hypothetical interest rate changes is based on numerous assumptions and should not be relied upon as indicative of actual results. Actual results would likely differ from simulated results due to the timing, magnitude, and frequency of interest rate changes as well as changes in market conditions and management strategies.
ITEM 4. CONTROLS AND PROCEDURES
EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES
An evaluation of Busey’s disclosure controls and procedures, as defined in Rule 13a-15(e) under the Exchange Act, was carried out as of September 30, 2025, under the supervision and with the participation of its Chief Executive Officer, Chief Financial Officer, and several other members of senior management. Based on this evaluation, Busey’s Chief Executive Officer and Chief Financial Officer concluded that, as of September 30, 2025, Busey’s disclosure controls and procedures were effective in ensuring that the information Busey is required to disclose in the reports Busey files or submits under the Exchange Act was (1) accumulated and communicated to Busey’s management (including the Chief Executive Officer and Chief Financial Officer) to allow timely decisions regarding required disclosure, and (2) recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms.
CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING
During the three months ended September 30, 2025, no change occurred in Busey’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, Busey’s internal control over financial reporting.
PART II—OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
As part of the ordinary course of business, First Busey Corporation and its subsidiaries are parties to litigation that is incidental to their regular business activities.
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There is no material pending litigation, other than ordinary routine litigation incidental to its business, in which First Busey Corporation or any of its subsidiaries is involved or of which any of their property is the subject. Furthermore, there is no pending legal proceeding that is adverse to Busey in which any director, officer, or affiliate of Busey, or any associate of any such director or officer, is a party, or has a material interest.
ITEM 1A. RISK FACTORS
There have been no material changes to the factors discussed in Part II—Item 1A of Busey’s 2024 Annual Report.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS, AND ISSUER PURCHASES OF EQUITY SECURITIES
UNREGISTERED SALES OF EQUITY SECURITIES
None.
ISSUER PURCHASES OF EQUITY SECURITIES
On February 3, 2015, Busey's board of directors approved the Stock Repurchase Plan authorizing, but not obligating, Busey to repurchase shares of its common stock. The Stock Repurchase Plan may be terminated, or the number of shares authorized for repurchase may be increased or decreased by Busey's board of directors at its discretion at any time.
The following table summarizes share repurchase activity during the third quarter of 2025.
PeriodTotal Number of Common Shares PurchasedWeighted Average Price Paid per Common ShareNumber of Common Shares Purchased as Part of Publicly Announced Plans or Programs
Maximum Number of Common Shares That May Yet Be Purchased Under the Plans or Programs
July 1-31, 2025185,000$23.66 185,0002,502,275
August 1-31, 2025285,00022.73 285,0002,217,275
September 1-30, 2025110,00024.49 110,0002,107,275
Three months ended September 30, 2025580,000$23.36 580,000
 
Nine Months ended September 30, 20251,812,000$22.10 1,812,000
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURES
Not Applicable.
ITEM 5. OTHER INFORMATION
On August 15, 2025, Michael David Cassens, a member of Busey’s Board of Directors, adopted a Rule 10b5‑1 trading arrangement that is intended to satisfy the affirmative defense conditions of Rule 10b5‑1(c) of the Exchange Act (the “Cassens Trading Plan”). The Cassens Trading Plan provides for the sale of up to 31,702 shares of Busey common stock in several transactions pursuant to one or more market or limit orders. The plan will cease upon the earlier of August 15, 2027, or the sale of all shares subject to the Cassens Trading Plan.
There were no other Rule 10b5‑1 or non-Rule 10b5‑1 trading arrangements adopted, modified, or terminated by any director or officer of Busey during the three months ended September 30, 2025.
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ITEM 6. EXHIBITS
Incorporated herein by reference
Exhibit
Number		Description of ExhibitFiling Entity1
(File No.)		FormExhibitFiling DateFiled
Herewith
10.1
BUSE
(001-42677)
8-K
10.1
09/26/2025
10.2
BUSE
(001-42677)
8-K
10.2
09/26/2025
31.1X
31.2X
32.1X
32.2X
101.INSiXBRL Instance Document
101.SCHiXBRL Taxonomy Extension Schema
101.CALiXBRL Taxonomy Extension Calculation Linkbase
101.LABiXBRL Taxonomy Extension Label Linkbase
101.PREiXBRL Taxonomy Extension Presentation Linkbase
101.DEFiXBRL Taxonomy Extension Definition Linkbase
104Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101)

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SIGNATURES
Pursuant to the requirements of the Exchange Act, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, as of November 6, 2025.
FIRST BUSEY CORPORATION
(Registrant)
By:/s/ VAN A. DUKEMAN
Van A. Dukeman
Chairman and Chief Executive Officer
(Principal Executive Officer)
By:/s/ CHRISTOPHER H.M. CHAN
Christopher H.M. Chan
Chief Financial Officer
(Principal Financial Officer)
By:/s/ SCOTT A. PHILLIPS
Scott A. Phillips
Chief Accounting Officer
(Principal Accounting Officer)
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