Companies: 11,396     total market cap: $150.712 T
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First Busey
BUSE
#4633
Rank
$2.32 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$28.94
Share price
-0.58%
Change (1 day)
26.27%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. First Busey
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2026 Q3

First Busey - 10-Q quarterly report FY2026 Q3


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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
☑Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Quarterly Period Ended September 30, 2026
or
☐Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Commission File No. 001-42677
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: (913) 312-6800
N/A
(Former name, former address, and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each 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 5, 2026
Common Stock, $0.001 par value
80,256,870

FIRST BUSEY CORPORATION
FORM 10-Q
SEPTEMBER 30, 2026
Table Of Contents
GLOSSARY
1
PART I—FINANCIAL INFORMATION
3
ITEM 1. FINANCIAL STATEMENTS
3
CONSOLIDATED BALANCE SHEETS (Unaudited)
4
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
5
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited)
6
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited)
7
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
9
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
11
Note 1. Significant Accounting Policies
11
Note 2. Business Combinations
15
Note 3. Debt Securities
20
Note 4. Portfolio Loans
25
Note 5. Leases
36
Note 6. Deposits
39
Note 7. Borrowings
40
Note 8. Regulatory Capital
42
Note 9. Tax Credit Investments and Other Investments in Unconsolidated Entities
43
Note 10. Stock-Based Compensation
44
Note 11. Outstanding Commitments And Contingent Liabilities
46
Note 12. Derivative Financial Instruments
47
Note 13. Fair Value Measurements
53
Note 14. Earnings Per Common Share
59
Note 15. Accumulated Other Comprehensive Income (Loss)
59
Note 16. Operating Segments And Related Information
61
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (UNAUDITED)
66
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
101
ITEM 4. CONTROLS AND PROCEDURES
102
PART II—OTHER INFORMATION
102
ITEM 1. LEGAL PROCEEDINGS
102
ITEM 1A. RISK FACTORS
102
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS, AND ISSUER PURCHASES OF EQUITY SECURITIES
102
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
103
ITEM 4. MINE SAFETY DISCLOSURES
103
ITEM 5. OTHER INFORMATION
103
ITEM 6. EXHIBITS
104
SIGNATURES
105
First Busey Corporation (BUSE) | 2026 Q3
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 2020 Equity Incentive Plan, as amended and restated on May 24, 2023, and May 20, 2026
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 Office of the Comptroller of the Currency, the Federal Reserve, and the FDIC—to both enforce implementation of certain aspects of the Basel III capital reforms and effect certain changes required by the Dodd-Frank Wall Street Reform and Consumer Protection Act
bpsbasis points
Busey
First Busey Corporation, together with its wholly-owned consolidated subsidiaries
Busey Series A Preferred Stock
Series A Non-Cumulative Perpetual Preferred Stock, $0.001 par value
Busey Series B Preferred 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
CRECommercial real estate
Credit Agreement
Second Amended and Restated Credit Agreement dated as of May 28, 2021, by and between First Busey and USB, as amended, restated, supplemented or otherwise modified from time to time
CrossFirst
CrossFirst Bankshares, Inc.
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
First Busey
First Busey Corporation
FirsTechFirsTech, Inc.
GAAPU.S. Generally Accepted Accounting Principles
First Busey Corporation (BUSE) | 2026 Q3 — 1
TermDefinition
LOCOMLower of Cost or Market, an accounting approach under which assets are carried at amortized historical cost less write-offs and downward fair value adjustments, as may be applicable
MD&A
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (Unaudited), included in this Quarterly Report
M&M
Merchants and Manufacturers Bank Corporation
MSA
Metropolitan Statistical Area
NasdaqNational Association of Securities Dealers Automated Quotations
N/ANot applicable
OCIOther comprehensive income (loss)
OREOOther real estate owned
PCAOB
Public Company Accounting Oversight Board
PCDPurchased credit deteriorated
PSUPerformance stock unit
pts
percentage points
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
USBU.S. Bank National Association
First Busey Corporation (BUSE) | 2026 Q3 — 2
PART I—FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS

First Busey Corporation (BUSE) | 2026 Q3 — 3

FIRST BUSEY CORPORATION
CONSOLIDATED BALANCE SHEETS (Unaudited)
As of
(dollars in thousands, except per share amounts)September 30,
2026		December 31,
2025
Assets
Cash and cash equivalents:
Cash and due from banks$173,136 $181,041 
Interest-bearing deposits709,917 99,186 
Total cash and cash equivalents883,053 280,227 
Interest-bearing time deposits in other banks
24,450 13,825 
Debt securities available for sale2,669,937 2,162,548 
Debt securities held to maturity685,134 746,385 
Equity securities15,557 14,916 
Loans held for sale68,081 5,752 
Portfolio loans (net of ACL of $164,280 at September 30, 2026, and $174,023 at December 31, 2025)
12,658,209 13,393,776 
Restricted bank stock77,067 77,006 
Premises and equipment, net190,257 193,444 
Goodwill382,363 383,280 
Other intangible assets, net84,774 97,449 
Cash surrender value of bank owned life insurance265,357 260,402 
Other assets554,367 475,726 
Total assets$18,558,606 $18,104,736 
Liabilities and stockholders’ equity
Liabilities
Deposits:
Noninterest-bearing$3,439,061 $3,659,421 
Interest-bearing12,098,505 11,246,537 
Total deposits15,537,566 14,905,958 
Securities sold under agreements to repurchase154,693 166,929 
Short-term borrowings41,793 — 
Long-term borrowings98,165 113,806 
Subordinated notes, net of unamortized issuance costs99,710 99,395 
Junior subordinated debt owed to unconsolidated trusts62,546 77,328 
Other liabilities307,854 272,338 
Total liabilities16,302,327 15,635,754 
Outstanding commitments and contingent liabilities (see Notes 5 and 11)
Stockholders’ equity
Preferred stock, $0.001 par value, liquidation preference $222,750 at September 30, 2026, and December 31, 2025
— — 
Common stock, $0.001 par value
93 93 
Additional paid-in capital2,367,703 2,375,511 
Retained earnings424,880 336,707 
AOCI(241,880)(124,473)
Total stockholders’ equity before treasury stock2,550,796 2,587,838 
Treasury stock at cost(294,517)(118,856)
Total stockholders’ equity2,256,279 2,468,982 
Total liabilities and stockholders’ equity$18,558,606 $18,104,736 
Shares
Preferred shares issued and outstanding (1,000,000 shares authorized)
222,750222,750
Common shares (200,000,000 authorized at September 30, 2026, and December 31, 2025):
Issued92,694,54192,694,541
Less: Treasury11,417,8875,070,111
Outstanding81,276,65487,624,430
See accompanying Notes to Consolidated Financial Statements (Unaudited).
First Busey Corporation (BUSE) | 2026 Q3 — 4

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)2026202520262025
Interest income
Interest and fees on loans$196,747 $214,357 $595,521 $568,299 
Taxable interest income26,449 22,146 69,833 63,836 
Non-taxable interest income1,751 1,644 5,217 3,926 
Dividend income on bank stock1,237 871 3,244 2,173 
Other interest income6,387 5,487 8,666 20,532 
Total interest income232,571 244,505 682,481 658,766 
Interest expense
Deposits74,923 84,611 206,710 230,070 
Federal funds purchased and securities sold under agreements to repurchase928 976 2,922 2,738 
Short-term borrowings315 26 2,711 589 
Long-term borrowings869 937 3,030 1,967 
Subordinated notes1,356 1,417 4,064 7,203 
Junior subordinated debt owed to unconsolidated trusts1,035 1,401 3,528 4,148 
Total interest expense79,426 89,368 222,965 246,715 
Net interest income153,145 155,137 459,516 412,051 
Provision for credit losses9,642 (985)14,889 50,308 
Net interest income after provision for credit losses143,503 156,122 444,627 361,743 
Noninterest income
Wealth management fees19,846 17,184 59,197 51,325 
Payment technology solutions5,108 5,092 15,153 15,121 
Treasury management services4,824 4,228 14,069 11,634 
Capital markets income1,472 1,936 5,714 4,515 
Card services and ATM fees4,733 4,799 14,192 13,388 
Other service charges on deposit accounts1,361 1,617 4,274 4,663 
Income on bank owned life insurance1,659 1,623 4,912 4,814 
Realized net gains (losses) on securities137 (13)160 (15,549)
Unrealized net gains (losses) recognized on equity securities(840)(275)642 5,490 
Other noninterest income2,102 5,007 8,665 11,883 
Total noninterest income40,402 41,198 126,978 107,284 
Noninterest expense
Salaries and employee benefits66,432 74,145 219,339 220,068 
Data processing9,436 9,714 28,168 33,310 
Net occupancy expense of premises7,977 7,982 23,479 21,613 
Furniture and equipment expenses2,530 2,143 7,043 6,296 
Professional fees2,507 2,931 8,787 15,316 
Amortization of intangible assets4,151 4,507 12,674 12,182 
Interchange expense1,156 1,336 3,368 3,976 
FDIC insurance1,293 3,151 6,093 7,742 
Other noninterest expense15,916 14,109 44,601 39,378 
Total noninterest expense111,398 120,018 353,552 359,881 
Income before income taxes72,507 77,302 218,053 109,146 
Income taxes16,662 20,204 49,051 34,634 
Net income$55,845 $57,098 $169,002 $74,512 
Dividends on preferred stock4,589 5,131 13,768 5,286 
Net income available to common stockholders$51,256 $51,967 $155,234 $69,226 
Weighted average number of common shares outstanding, basic82,478,537 89,136,898 84,540,756 82,508,723 
Weighted average number of common shares outstanding, diluted83,733,110 90,218,382 85,634,496 83,609,999 
Basic earnings per common share$0.62 $0.58 $1.84 $0.84 
Diluted earnings per common share$0.61 $0.58 $1.81 $0.83 
See accompanying Notes to Consolidated Financial Statements (Unaudited).
First Busey Corporation (BUSE) | 2026 Q3 — 5

FIRST BUSEY CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2026202520262025
Net income$55,845 $57,098 $169,002 $74,512 
OCI:
Unrealized/Unrecognized gains (losses) on debt securities:
Net unrealized holding gains (losses) on debt securities available for sale(115,214)24,391 (130,750)61,710 
Reclassification adjustment for realized (gains) losses on debt securities available for sale included in net income(137)13 (160)15,549 
Amortization of unrecognized losses on securities transferred to held to maturity901 1,104 2,784 3,369 
Tax effect28,649 (8,356)32,074 (22,185)
Net change in unrealized/unrecognized gains (losses) on debt securities(85,801)17,152 (96,052)58,443 
Unrealized gains (losses) on cash flow hedges:
Net unrealized holding gains (losses) on cash flow hedges(21,482)(486)(32,748)9,075 
Reclassification adjustment for realized (gains) losses on cash flow hedges included in net income1,466 2,304 4,256 6,629 
Tax effect5,017 (460)7,137 (3,909)
Net change in unrealized gains (losses) on cash flow hedges(14,999)1,358 (21,355)11,795 
OCI(100,800)18,510 (117,407)70,238 
Total comprehensive income (loss)$(44,955)$75,608 $51,595 $144,750 
See accompanying Notes to Consolidated Financial Statements (Unaudited).
First Busey Corporation (BUSE) | 2026 Q3 — 6
FIRST BUSEY CORPORATION
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited)
Three Months Ended September 30, 2026
Number of SharesStockAdditional
Paid-in
Capital		Retained
Earnings		AOCITreasury
Stock		Total
Stockholders'
Equity
(dollars in thousands)PreferredCommonPreferredCommon
Balance, June 30, 2026222,750 83,189,501 $— $93 $2,364,585 $395,409 $(141,080)$(235,837)$2,383,170 
Net income— — — — — 55,845 — — 55,845 
OCI, net of tax— — — — — — (100,800)— (100,800)
Repurchase of stock, including excise tax— (1,972,900)— — — — — (60,180)(60,180)
Net issuance of treasury stock for stock-based compensation plans— 60,053 — — (1,158)— — 1,500 342 
Cash dividends on preferred stock— — — — — (4,589)— — (4,589)
Cash dividends on common stock— — — — — (21,504)— — (21,504)
Dividend equivalents on RSUs/PSUs/DSUs— — — — 281 (281)— — — 
Stock-based compensation expense— — — — 3,995 — — — 3,995 
Balance, September 30, 2026222,750 81,276,654 $— $93 $2,367,703 $424,880 $(241,880)$(294,517)$2,256,279 
Three Months Ended September 30, 2025
Number of 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, including excise tax— (580,000)— — — — — (13,547)(13,547)
Net issuance of treasury stock for stock-based compensation plans— 264,365 — — (8,740)— — 6,108 (2,632)
Cash dividends on preferred stock— — — — — (5,131)— — (5,131)
Cash dividends on common stock— — — — — (22,307)— — (22,307)
Dividend equivalents on RSUs/PSUs/DSUs— — — — 382 (382)— — — 
Stock-based compensation expense— — — — 4,298 — — — 4,298 
Balance, September 30, 2025222,750 88,789,043 $— $93 $2,373,500 $303,077 $(136,801)$(91,034)$2,448,835 

(continued)
First Busey Corporation (BUSE) | 2026 Q3 — 7
FIRST BUSEY CORPORATION
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited) (Continued)

Nine Months Ended September 30, 2026
Number of SharesStockAdditional
Paid-in
Capital		Retained
Earnings		AOCITreasury
Stock		Total
Stockholders'
Equity
(dollars in thousands)PreferredCommonPreferredCommon
Balance, December 31, 2025222,750 87,624,430 $— $93 $2,375,511 $336,707 $(124,473)$(118,856)$2,468,982 
Net income— — — — — 169,002 — — 169,002 
OCI, net of tax— — — — — — (117,407)— (117,407)
Repurchase of stock, including excise tax— (6,930,300)— — — — — (190,085)(190,085)
Net issuance of treasury stock for stock-based compensation plans— 582,524 — — (19,369)— — 14,424 (4,945)
Cash dividends on preferred stock— — — — — (13,768)— — (13,768)
Cash dividends on common stock— — — — — (66,195)— — (66,195)
Dividend equivalents on RSUs/PSUs/DSUs— — — — 866 (866)— — — 
Stock-based compensation expense— — — — 10,695 — — — 10,695 
Balance, September 30, 2026222,750 81,276,654 $— $93 $2,367,703 $424,880 $(241,880)$(294,517)$2,256,279 
Nine Months Ended September 30, 2025
Number of 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, including excise tax— (1,812,000)— — — — — (40,038)(40,038)
Net issuance of treasury stock for stock-based compensation plans— 556,794 — — (16,854)— — 13,340 (3,514)
Cash dividends on preferred stock— — — — — (5,286)— — (5,286)
Cash dividends on common stock— — — — — (58,973)— — (58,973)
Dividend equivalents on RSUs/PSUs/DSUs— — — — 1,230 (1,230)— — — 
Stock-based compensation expense— — — — 13,125 — — — 13,125 
Balance, September 30, 2025222,750 88,789,043 $— $93 $2,373,500 $303,077 $(136,801)$(91,034)$2,448,835 
See accompanying Notes to Consolidated Financial Statements (Unaudited).
First Busey Corporation (BUSE) | 2026 Q3 — 8
FIRST BUSEY CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Nine Months Ended September 30,
(dollars in thousands)20262025
Cash flows provided by (used in) operating activities
Net income$169,002 $74,512 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for credit losses14,889 50,308 
Amortization of intangible assets12,674 12,182 
Amortization of mortgage servicing rights536 486 
Depreciation and amortization of premises and equipment10,689 9,505 
Net amortization (accretion) on portfolio loans(16,003)(12,046)
Net amortization (accretion) of premium (discount) on investment securities(2,002)1,405 
Net amortization (accretion) of premium (discount) on time deposits21 (1,715)
Net amortization (accretion) of premium (discount) on FHLB advances and other borrowings1,389 1,470 
Impairment of OREO and other repossessed assets157 270 
Impairment of fixed assets held for sale11 188 
Impairment (reversal of impairment) of mortgage servicing rights(155)35 
Impairment of leases— 28 
Unrealized (gains) losses recognized on equity securities, net(642)(5,490)
(Gain) loss on sales of debt securities, net(160)15,549 
(Gain) loss on sales of loans, net(854)(1,140)
(Gain) loss on sales of OREO and other repossessed assets(74)96 
(Gain) loss on sales of premises and equipment4 27 
(Gain) loss on life insurance proceeds— (357)
Increase in cash surrender value of bank owned life insurance(4,912)(4,457)
Provision for deferred income taxes expense7,981 3,132 
Stock-based compensation expense10,695 13,125 
Mortgage loans originated for sale(47,211)(77,210)
Proceeds from sales of mortgage loans50,769 73,098 
Increase in other assets(11,061)(1,337)
Decrease in other liabilities(31,524)(31,284)
Net cash provided by operating activities$164,219 $120,380 
 
(continued)
First Busey Corporation (BUSE) | 2026 Q3 — 9
FIRST BUSEY CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Continued)
Nine Months Ended September 30,
(dollars in thousands)20262025
Cash flows provided by (used in) investing activities
Purchases of interest-bearing time deposits in other banks
$(10,970)$(545)
Proceeds from maturities of interest-bearing time deposits in other banks
345 2,214 
Purchases of equity securities(18,440)(919)
Proceeds from sales of equity securities18,441 6,444 
Purchases of debt securities available for sale(910,113)(385,411)
Proceeds from sales of debt securities available for sale— 529,760 
Proceeds from paydowns and maturities of debt securities available for sale275,184 354,041 
Proceeds from paydowns and maturities of debt securities held to maturity62,827 43,409 
Purchases of restricted bank stock(33,533)(35,278)
Proceeds from the redemption of restricted bank stock33,594 11,905 
Purchases of loans(8,678)— 
Proceeds from the sales of loans9,052 — 
Net decrease in loans667,941 161,275 
Net cash received in (paid for) acquisitions (see Note 2)
— 385,804 
Cash paid for premiums on bank-owned life insurance(42)(46)
Proceeds from life insurance— 4,334 
Purchases of premises and equipment(6,600)(13,179)
Proceeds from disposition of premises and equipment303 710 
Net proceeds from OREO and other repossessed assets2,972 16,260 
Net cash provided by investing activities$82,283 $1,080,778 
Cash flows provided by (used in) financing activities
Net increase (decrease) in deposits$631,587 $(1,482,312)
Net decrease in federal funds purchased and securities sold under agreements to repurchase(12,236)(8,458)
Proceeds from short-term borrowings
14,767,901 — 
Repayment of short-term borrowings(14,761,801)(11,158)
Proceeds from other borrowings, net of debt issuance costs21,000 16,667 
Repayment of other borrowings(15,134)(125,129)
Cash dividends paid(79,963)(64,259)
Purchase of treasury stock(190,085)(40,038)
Cash paid for withholding taxes on stock-based payments(6,646)(5,001)
Issuance of treasury stock for the ESPP1,701 1,487 
Issuance of preferred stock, net of stock issuance costs— 207,447 
Common stock issuance costs— (920)
Net cash provided by (used in) financing activities$356,324 $(1,511,674)
 
Net increase (decrease) in cash and cash equivalents1
$602,826 $(310,516)
Cash and cash equivalents, beginning of period1
280,227 682,410 
Cash and cash equivalents, end of period1
$883,053 $371,894 
 
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash payments for:
Interest$221,287 $243,489 
Non-cash investing and financing activities:
OREO and other repossessed assets acquired in settlement of loans$406 $22,528 
Transfer from portfolio loans to loans held for sale65,377 — 
Transfer of loans held for sale to portfolio loans79 — 
___________________________________________
1.Cash and cash equivalent balances include restricted cash and cash equivalents. See “Note 1. Significant Accounting Policies—Cash and Cash Equivalents” for additional information regarding restrictions on cash and cash equivalents.
See accompanying Notes to Consolidated Financial Statements (Unaudited).
First Busey Corporation (BUSE) | 2026 Q3 — 10
FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
NOTE 1. SIGNIFICANT ACCOUNTING POLICIES
Nature of Operations
First Busey Corporation, a Nevada corporation organized in 1980, is an $18.56 billion financial holding company headquartered in Leawood, Kansas. First Busey’s stock is traded on The Nasdaq Global Select Market, with its common stock trading under the symbol “BUSE” and its depositary shares of Busey Series B Preferred Stock trading under the symbol “BUSEP.”
Busey operates and reports its business in three segments: Banking, Wealth Management, and FirsTech. Busey provides a full range of banking and wealth management services through Busey Bank, and payment technology solutions through Busey Bank’s wholly owned subsidiary, FirsTech. For additional information about Busey's operating segments, see “Note 16. Operating Segments and Related Information.” Busey also has various other subsidiaries that are not significant to the consolidated entity.
Basis of Financial Statement Presentation
These unaudited consolidated financial statements and related notes should be read together with the audited consolidated financial statements included in Busey's 2025 Annual Report. These interim unaudited consolidated financial statements serve to update Busey's 2025 Annual Report and may not include all information and notes necessary to constitute a complete set of financial statements.
Busey’s unaudited consolidated financial statements are prepared in conformity with GAAP, and reflect the elimination of intercompany accounts and transactions. Certain prior year amounts have been reclassified to conform to the current period presentation. These reclassifications did not have a material impact on Busey’s consolidated financial condition or results of operations.
In the opinion of Busey’s management, the unaudited consolidated financial statements reflect all normal, recurring adjustments needed to present fairly Busey’s results for the interim periods. The results of operations for interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period.
Use of Estimates
In preparing the accompanying unaudited consolidated financial statements in conformity with GAAP, Busey’s management is required to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the disclosures provided. Actual results could differ from those estimates. Critical accounting estimates which are particularly susceptible to significant change relate to the fair value of assets acquired and liabilities assumed in business combinations, goodwill, income taxes, and the determination of the ACL.
Trust Assets
Assets held for customers in a fiduciary or agency capacity, other than trust cash on deposit at Busey Bank, are not Busey’s assets and, accordingly, are not included in the accompanying unaudited consolidated financial statements. Busey had assets under care of $16.72 billion at September 30, 2026, and $15.66 billion at December 31, 2025.
Cash and Cash Equivalents
Cash and cash equivalents include cash on hand, cash items in process of collection, amounts due from other banks, and interest-bearing deposits held with other financial institutions with original maturities of three months or less. The carrying amount of these instruments is considered a reasonable estimate of fair value.
First Busey Corporation (BUSE) | 2026 Q3 — 11
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
Restrictions on Cash and Cash Equivalents
Cash and cash equivalents reported on the Consolidated Balance Sheets (Unaudited) include amounts generally described as restricted cash, as summarized in the table below:
As of
(dollars in thousands)LocationSeptember 30,
2026		December 31,
2025
Restricted cash and cash equivalents
Contractually restricted by third-party service providersCash and due from banks$13,647 $13,647 
Cash pledged to secure obligations under derivative contractsInterest-bearing deposits15,890 14,400 
Restricted cash subject to call by the Federal Reserve BankInterest-bearing deposits68,055 68,055 
Total restricted cash and cash equivalents$97,592 $96,102 
Interest-bearing time deposits in other banks
Interest-bearing time deposits in other banks consist of certificates of deposit with original maturities greater than three months and are carried at amortized cost.
Loans Held for Sale
Loans held for sale are loans which Busey has the intent and ability to sell to investors and/or in the secondary mortgage market. A portfolio loan is reclassified to held for sale when management decides to sell it in the near term. As of September 30, 2026, loans held for sale included $3.0 million of mortgage loans and $65.1 million of commercial loans.
Busey accounts for loans held for sale at LOCOM, which is determined on an individual loan basis. Loans held for sale are carried at amortized historical cost less loan write-offs and downward fair value adjustments, as may be applicable. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. When a portfolio loan is transferred to held for sale, any ACL previously recorded on the loan is reversed through the provision for credit losses, and the loan is transferred at the lower of amortized cost or fair value. Gain or loss on sale is recognized at the settlement date and is determined by the difference between the sales proceeds and the carrying amount, net of the value of any servicing asset retained.
A pool of lender finance commercial loans acquired in the acquisition of CrossFirst was reclassified to held for sale during the three months ended September 30, 2026. The loans, which were included in the C&I and other commercial lending activity within the commercial loans portfolio segment, had an amortized cost basis of $65.4 million on the transfer date. As a result of the transfer, Busey recognized both: (1) a $0.7 million LOCOM adjustment (measured at the transfer date and updated as of September 30, 2026) as a reduction to other noninterest income, primarily attributable to the purchase premium assigned to these loans at acquisition; and (2) a $0.7 million release of allowance for credit losses as a reduction to provision expense. The loans were subsequently sold in the fourth quarter of 2026.
Income Taxes
Busey is subject to income taxes in U.S. federal and various state jurisdictions. First Busey and its subsidiaries file consolidated federal and state income tax returns with each subsidiary computing its taxes on a separate entity basis. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations, which requires significant judgment. Busey monitors evolving federal and state tax legislation and its potential impact on operations on an ongoing basis.
First Busey Corporation (BUSE) | 2026 Q3 — 12
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
As of September 30, 2026, Busey remains under examination by the Illinois Department of Revenue for M&M's tax filings for the tax years ended December 31, 2022 and 2023. In addition, during the three months ended September 30, 2026, Busey received notice from the Illinois Department of Revenue of its intent to audit First Busey’s 2021 tax returns.
Preferred Stock
The following table summarizes First Busey’s preferred stock issuances as of both September 30, 2026, and December 31, 2025:
Title of Each IssueShares AuthorizedShares IssuedShares OutstandingPar Value
Preferred stock, $0.001 par value:
1,000,000 
Series A Non-Cumulative Perpetual Preferred Stock7,750 7,750 7,750 $7.75 
8.25% Fixed-Rate Series B Non-Cumulative Perpetual Preferred Stock
230,000 215,000 215,000 $215.00 
Changes in preferred stock issued are presented in the following table:
Three Months Ended September 30,Nine Months Ended September 30,
Title of Each Issue2026202520262025
Series A Non-Cumulative Perpetual Preferred Stock1
$— $— $— $7.75 
8.25% Fixed-Rate Series B Non-Cumulative Perpetual Preferred Stock2
— — — 215.00 
___________________________________________
1.Busey Series A Preferred Stock was issued on March 1, 2025.
2.Busey Series B Preferred Stock was issued on May 20, 2025.
Impact of Recently Adopted Accounting Standards
In July 2025, the FASB issued ASU 2025-05 “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets,” providing a practical expedient to reduce complexity in estimating the ACL for current accounts receivable and current contract assets arising from transactions subject to ASC 606 by permitting an entity to assume that current conditions as of the balance sheet date will remain static for the remaining life of these assets. Busey adopted this ASU prospectively for annual and interim reporting periods beginning January 1, 2026, and elected the practical expedient for in-scope assets. Loans and other financial assets measured at amortized cost are not within the scope of this ASU. Because Busey does not currently have in-scope assets, adoption of this standard did not have a material impact on Busey’s financial position or results of operations.
In November 2024, the FASB issued ASU 2024-04 “Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments” to clarify when certain settlements of convertible debt instruments should be accounted for as an induced conversion. This ASU was adopted on a prospective basis for annual and interim reporting periods beginning January 1, 2026. Because Busey does not currently have any convertible debt, adoption of this standard did not have a material impact on Busey’s financial position or results of operations.
First Busey Corporation (BUSE) | 2026 Q3 — 13
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
Recently Issued Accounting Standards Not Yet Adopted
In May 2026, the FASB issued ASU 2026‑02 “Environmental Credits and Environmental Credit Obligations (Topic 818),” which establishes recognition, measurement, presentation, and disclosure requirements for environmental credits and environmental credit obligations. This update is to be applied on a retrospective basis, and will be effective for Busey for annual and interim reporting periods beginning January 1, 2028. Early adoption is permitted as of the beginning of an annual reporting period. Busey is currently evaluating the applicability and effect of this ASU on its financial position, results of operations, and related disclosures.
In November 2025, the FASB issued ASU 2025-09 “Derivatives and Hedging (Topic 815): Hedge Accounting Improvements” to expand the hedged risks permitted to be aggregated in a group of individual forecasted transactions, enabling entities to apply hedge accounting treatment to a broader portfolio of forecasted transactions. Under the amendments in this update, a group of individual forecasted transactions can be designated as a cash flow hedge if they have a similar risk exposure. Individual forecasted transactions are considered to have a similar risk exposure when the derivative used as the hedging instrument is highly effective against each hedged risk in the group. This update is to be applied on a prospective basis for all hedging relationships; there is an option to elect to adopt the amendments in this update for hedging relationships that exist as of the date of adoption. This update will be effective for Busey for annual and interim reporting periods beginning January 1, 2027. Early adoption is permitted. Busey is currently evaluating the effect this ASU may have on its financial position and results of operations.
In November 2025, the FASB issued ASU 2025-08 “Financial Instruments—Credit Losses (Topic 326): Purchased Loans” to expand the population of purchased loans subject to a “gross-up” accounting treatment, under which an ACL is recognized for the estimated credit losses at the acquisition date and the loan values are recorded at their estimated fair values plus a gross-up to offset the ACL. The gross-up accounting treatment prevents double recognition of an ACL through credit loss expense that was already considered in the fair value measurement of acquired loans. Under the guidance in this update, the gross-up accounting treatment applies to all non-PCD loans (excluding credit cards) acquired in a business combination and all non-PCD loans (excluding credit cards) that were purchased at least 90 days after origination and for which the purchaser was not involved in the loan origination. This update is to be applied prospectively, and will be effective for Busey for annual and interim reporting periods beginning January 1, 2027. Early adoption is permitted. For future transactions, Busey will evaluate the effect this ASU may have on its financial position and results of operations.
In September 2025, the FASB issued ASU 2025-07 “Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract,” to reduce diversity in the application of derivative accounting practices. This update provides a scope limitation on the definition of a derivative subject to derivative accounting under ASC Topic 815, Derivatives and Hedging, to exclude certain non-exchange-traded contracts with contingencies based on operations or activities specific to one of the parties to the contract. In addition, this update clarifies that share-based noncash consideration from a customer that is contingent on the satisfaction of performance obligations should not be recognized at contract inception as a derivative asset or an equity security, but rather should be accounted for under the guidance in ASC Topic 606, Revenue from Contracts with Customers, and that guidance in other topics does not apply to share-based noncash consideration from a customer for the transfer of goods or services unless or until the entity’s right to receive or retain the share-based noncash consideration is unconditional under ASC Topic 606. The amendments in this update may be applied on either a prospective or modified retrospective basis, and will be effective for Busey for annual and interim reporting periods beginning January 1, 2027. Early adoption is permitted. Busey is currently evaluating the effect this ASU may have on its financial position and results of operations.
First Busey Corporation (BUSE) | 2026 Q3 — 14
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
In September 2025, the FASB issued ASU 2025-06 “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software,” changing the criteria for capitalizing software costs to the following: (1) a commitment has been made to fund the software project, and (2) it is probable the project will be completed and used to perform its intended function. Under this update, software development stages are no longer a consideration in the determination of which costs are capitalized. The amendments in this update may be adopted on a prospective, modified transition, or retrospective basis, and will be effective for Busey for annual and interim reporting periods beginning January 1, 2028. Early adoption is permitted. Busey is currently evaluating the effect this ASU may have on its financial position and results of operations.
In November 2024, the FASB issued ASU 2024-03 “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” to require additional disclosures within the notes to the financial statements about certain expense items. Specifically, disaggregation of income statement captions that contain expenses within the following five categories is required: (1) purchases of inventory, (2) employee compensation, (3) depreciation, (4) intangible asset amortization, and (5) depreciation, depletion, and amortization (“DD&A”) costs recognized as part of oil- and gas-producing activities or other amounts of depletion expense. Further, this update requires disclosure of the total amount of selling expenses and the entity’s definition of selling expenses. This update provides a practical expedient for banks and bank holding companies to continue presenting salaries and employee benefits in conformity with SEC Rule 210.9-04 instead of requiring those entities to apply the employee compensation definition included in Subtopic 220-40. The amendments in this update may be applied on either a prospective or retrospective basis and will be effective for Busey beginning with the annual reporting period ending December 31, 2027, and interim reporting periods beginning January 1, 2028. Early adoption is permitted. Because this update relates only to disclosure, Busey does not expect adoption of this ASU to have any impact on its financial position or results of operations.
In October 2023, the FASB issued ASU 2023‑06 “Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative” which aligns certain GAAP disclosure requirements with those of the SEC in order to better facilitate comparisons between SEC registrants and entities that are not subject to SEC reporting requirements. The amendments in this ASU should be applied prospectively, and the effective date will be the date on which the SEC removes the related disclosure from Regulation S‑X or Regulation S‑K. Early adoption is prohibited. If the SEC has not removed the related disclosures by June 30, 2027, the pending content of this update will be removed from the ASC and have no further effect. Because this update relates only to disclosure, Busey does not expect adoption of this ASU to have a material impact on its financial position or results of operations.
Subsequent Events
Busey has evaluated subsequent events for potential recognition and/or disclosure through the date the unaudited consolidated financial statements included in this Quarterly Report were issued. There were no significant events subsequent to the quarter ended September 30, 2026, through the filing date of these unaudited consolidated financial statements.
NOTE 2. BUSINESS COMBINATIONS
CrossFirst Bankshares, Inc.
On March 1, 2025, Busey completed its acquisition of CrossFirst (NASDAQ: CFB), the holding company for CrossFirst Bank. Busey operated CrossFirst Bank as a separate banking subsidiary until it was merged with and into Busey Bank on June 20, 2025. Additional information about the CrossFirst acquisition, including the merger consideration and the basis for determining the fair value of consideration transferred, was provided in “Note 2. Business Combinations” in Busey’s 2025 Annual Report.
First Busey Corporation (BUSE) | 2026 Q3 — 15
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
Acquisition Accounting for CrossFirst
The CrossFirst acquisition was accounted for using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed, and consideration exchanged were recorded at estimated fair values as of March 1, 2025, the date of acquisition. Fair values, including initial accounting for deferred taxes, were subject to refinement for up to one year after the closing date as additional information regarding the closing date fair values became available. A final fair value adjustment for deferred taxes was recorded during the three months ended March 31, 2026, resulting in a $0.9 million increase to the fair value of net assets acquired. Fair values are now final.
As the total consideration paid for CrossFirst exceeded the estimated fair value of net assets acquired, goodwill of $48.6 million was recorded. Goodwill recorded for this transaction reflects synergies anticipated from the acquisition and greater revenue opportunities arising from Busey’s broader service capabilities in attractive new markets. Goodwill recorded for this transaction is not deductible for tax purposes and was assigned to the Banking operating segment.
First Busey Corporation (BUSE) | 2026 Q3 — 16
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
Acquisition Date Fair Values
Acquisition-date fair values of the assets acquired and liabilities assumed, as well as the fair value of consideration transferred, were estimated as follows:
As of
March 1, 2025
(dollars in thousands)(final)
Assets acquired
Cash and cash equivalents$385,808 
Securities725,622 
Portfolio loans, net of ACL6,023,063 
Premises and equipment69,673 
Other intangible assets1
81,783 
Other assets213,352 
Total assets acquired7,499,301 
 
Liabilities assumed
Deposits6,571,699 
Short-term borrowings11,148 
Long-term borrowings68,922 
Junior subordinated debt owed to unconsolidated trusts2,238 
Other liabilities84,907 
Total liabilities assumed6,738,914 
 
Net assets acquired$760,387 
 
Consideration paid
Cash $4 
Common stock795,227 
Preferred stock7,750 
Replacement awards2
5,999 
Total consideration paid$808,980 
 
Goodwill$48,593 
___________________________________________
1.Other intangible assets are being amortized over a period of ten years.
2.Represents the fair value of replacement equity awards issued to CrossFirst associates attributable to pre-combination service.
First Busey Corporation (BUSE) | 2026 Q3 — 17
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
Valuations of Loans
Estimated fair values for the loan portfolio acquired in the CrossFirst acquisition included adjustments to certain receivables that were not considered PCD as of the acquisition date. These fair value adjustments were determined using a discounted cash flow model that applied various assumptions about coupon rates, remaining maturities, prepayment speeds, projected default probabilities, losses given default, and estimates of prevailing discount rates. These loans did not show signs of deterioration since origination, and therefore, at the acquisition date, were not subject to the guidance related to PCD loans. Receivables acquired in the CrossFirst acquisition that were not subject to these requirements included non-PCD loans with a fair value of $4.70 billion and gross contractual amounts receivable of $4.79 billion.
A portion of acquired loans were PCD. The following table provides a reconciliation between the purchase price and the fair value of these financial assets:
As of
(dollars in thousands)March 1, 2025
PCD Financial Assets
Gross contractual receivable for PCD financial assets
$1,539,718 
ACL recorded for estimated uncollectible contractual cash flows specific to PCD financial assets(100,783)
Interest premium (discount) specific to PCD financial assets(3,063)
Loans previously charged-off prior to acquisition(110,740)
Fair value of PCD financial assets
$1,325,132 
Pro Forma Results
The following unaudited pro forma information has been prepared as if the CrossFirst acquisition had occurred on January 1, 2024. The pro forma results combine CrossFirst’s historical results into Busey’s Consolidated Statements of Income (Unaudited), including the impact of estimated purchase accounting adjustments such as loan discount accretion, intangible assets amortization, and deposit accretion, net of taxes, which may not align with the timing of actual results. The pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the results that would have been obtained had the acquisition actually occurred on January 1, 2024. Further, pro forma information does not purport to be indicative of future financial operating results. No assumptions have been applied to the pro forma results of operations regarding possible revenue enhancements, expense efficiencies, or asset dispositions. Only the acquisition-related expenses that have been recognized are included in net income in the table below:
(dollars in thousands)Three Months Ended September 30, 2025Nine Months Ended September 30, 2025
Revenue (net interest income plus noninterest income)$193,896 $559,858 
Net income55,301 123,574 
First Busey Corporation (BUSE) | 2026 Q3 — 18
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)2026202520262025
Pre-tax acquisition expenses
CrossFirst1
$1,132 $7,251 $7,572 $95,341 
M&M2
— — — 108 
Pre-tax acquisition expenses
$1,132 $7,251 $7,572 $95,449 
___________________________________________
1.During the nine months ended September 30, 2026, Busey recorded acquisition expenses comprising salaries and employee benefits for multi-year retention agreements, replacement stock-based compensation awards, and relocation related to the CrossFirst acquisition; data processing; and professional fees.
During the nine months ended September 30, 2025, Busey recorded an initial provision to establish an ACL on non-PCD loans and unfunded commitments and multiple components of noninterest expense including salaries and employee benefits (including equity compensation); data processing; and legal, professional, and consulting costs. In addition to the acquisition costs presented in the table above, during the nine months ended September 30, 2025, Busey recorded a $4.0 million adjustment to the initial provision for unfunded commitments for CrossFirst acquisition-date balances based on revised estimates resulting from implementation of a new CECL model.
2.During the nine months ended September 30, 2025, Busey recorded final acquisition expenses, comprising data processing and consulting expenses, related to the acquisition of M&M, which was completed on April 1, 2024.
Of the total acquisition-related expenses, the following legal, professional, and consulting costs were incurred to consummate the merger:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2026202520262025
Pre-tax costs to consummate the merger$— $301 $119 $7,531 
First Busey Corporation (BUSE) | 2026 Q3 — 19
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
NOTE 3. DEBT SECURITIES
Busey's portfolio of debt securities includes both available for sale and held to maturity securities. The tables below provide the amortized cost, unrealized or unrecognized gains and losses, and fair values of debt securities, summarized by major category:
As of September 30, 2026
(dollars in thousands)
Amortized
Cost
Unrealized
Fair
Value
Gross Gains
Gross Losses
Debt securities available for sale1
Obligations of U.S. government corporations and agencies
$103,656 $— $(6,839)$96,817 
Obligations of states and political subdivisions
288,167 1 (30,714)257,454 
Asset-backed securities
266,911 52 (318)266,645 
Commercial mortgage-backed securities
190,254 — (17,335)172,919 
Residential mortgage-backed securities
2,050,750 3 (212,228)1,838,525 
Corporate debt securities
39,406 61 (1,890)37,577 
Total debt securities available for sale$2,939,144 $117 $(269,324)$2,669,937 
Amortized
Cost
Unrecognized
Fair
Value
Gross Gains
Gross Losses
Debt securities held to maturity
Commercial mortgage-backed securities
$330,970 $— $(79,046)$251,924 
Residential mortgage-backed securities
354,164 — (69,621)284,543 
Total debt securities held to maturity$685,134 $— $(148,667)$536,467 
___________________________________________
1.This table includes debt securities marked at par, with no gain or loss.

First Busey Corporation (BUSE) | 2026 Q3 — 20
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
As of December 31, 2025
(dollars in thousands)
Amortized
Cost
Unrealized
Fair
Value
Gross Gains
Gross Losses
Debt securities available for sale1
Obligations of U.S. government corporations and agencies
$111,876 $250 $(80)$112,046 
Obligations of states and political subdivisions
270,682 3,089 (9,898)263,873 
Asset-backed securities
265,203 412 (35)265,580 
Commercial mortgage-backed securities
143,522 611 (11,191)132,942 
Residential mortgage-backed securities
1,464,347 9,336 (129,267)1,344,416 
Corporate debt securities
45,215 187 (1,711)43,691 
Total debt securities available for sale
$2,300,845 $13,885 $(152,182)$2,162,548 
Amortized
Cost
Unrecognized
Fair
Value
Gross Gains
Gross Losses
Debt securities held to maturity
Commercial mortgage-backed securities
$367,825 $— $(65,210)$302,615 
Residential mortgage-backed securities
378,560 — (55,218)323,342 
Total debt securities held to maturity
$746,385 $— $(120,428)$625,957 
___________________________________________
1.This table includes debt securities marked at par, with no gain or loss.
Maturities of Debt Securities
Amortized cost and fair value of debt securities, by contractual maturity or pre-refunded date, are shown below. Mortgages underlying mortgage-backed securities and asset-backed securities may be called or prepaid; therefore, actual maturities could differ from the contractual maturities. All mortgage-backed securities were issued by U.S. government corporations and agencies.
As of September 30, 2026
(dollars in thousands)Amortized
Cost		Fair
Value
Debt securities available for sale
Due in one year or less$10,736 $10,723 
Due after one year through five years112,388 104,489 
Due after five years through ten years328,648 300,131 
Due after ten years2,487,372 2,254,594 
Debt securities available for sale$2,939,144 $2,669,937 
 
Debt securities held to maturity
Due after one year through five years$33,231 $31,681 
Due after ten years651,903 504,786 
Debt securities held to maturity$685,134 $536,467 
First Busey Corporation (BUSE) | 2026 Q3 — 21
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)2026202520262025
Realized gains and losses on debt securities
Gross gains on debt securities
$158 $— $182 $9 
Gross losses on debt securities1
(21)(13)(22)(15,558)
Realized net gains (losses) on debt securities$137 $(13)$160 $(15,549)
___________________________________________
1.During the first quarter of 2025, Busey sold available for sale debt securities with a book value of approximately $205.6 million for a pre-tax loss of $15.5 million and related estimated tax benefit of $4.3 million, as part of a balance sheet repositioning strategy.
Debt securities with carrying amounts of $711.1 million on September 30, 2026, and $744.2 million on December 31, 2025, were pledged as collateral for public deposits, securities sold under agreements to repurchase, and for other purposes as required.
First Busey Corporation (BUSE) | 2026 Q3 — 22
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
Debt Securities in an Unrealized or Unrecognized Loss Position
The following information pertains to debt securities with gross unrealized or unrecognized losses, aggregated by investment category and the length of time that individual securities have been in a continuous loss position:
As of September 30, 2026
Less than 12 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 agencies1
$96,809 $(6,839)$8 $— $96,817 $(6,839)
Obligations of states and political subdivisions
168,431 (16,861)87,203 (13,853)255,634 (30,714)
Asset-backed securities188,390 (318)— — 188,390 (318)
Commercial mortgage-backed securities90,255 (3,087)67,720 (14,248)157,975 (17,335)
Residential mortgage-backed securities1,172,186 (56,541)665,772 (155,687)1,837,958 (212,228)
Corporate debt securities
11,265 (225)20,325 (1,665)31,590 (1,890)
Debt securities available for sale with gross unrealized losses$1,727,336 $(83,871)$841,028 $(185,453)$2,568,364 $(269,324)
Fair
Value		Unrecognized
Losses		Fair
Value		Unrecognized
Losses
Debt securities held to maturity
Commercial mortgage-backed securities$251,924 $(79,046)$251,924 $(79,046)
Residential mortgage-backed securities284,543 (69,621)284,543 (69,621)
Debt securities held to maturity with gross unrecognized losses$536,467 $(148,667)$536,467 $(148,667)
___________________________________________
1.Losses on securities in a continuous loss position for 12 months or more were immaterial, rounding to zero thousand.

First Busey Corporation (BUSE) | 2026 Q3 — 23
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
As of December 31, 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
$39,156 $(80)$— $— $39,156 $(80)
Obligations of states and political subdivisions
28,592 (361)92,205 (9,537)120,797 (9,898)
Asset-backed securities
10,005 (35)— — 10,005 (35)
Commercial mortgage-backed securities
4,986 (48)71,830 (11,143)76,816 (11,191)
Residential mortgage-backed securities
84,023 (708)765,361 (128,559)849,384 (129,267)
Corporate debt securities
5,969 (20)29,097 (1,691)35,066 (1,711)
Debt securities available for sale with gross unrealized losses$172,731 $(1,252)$958,493 $(150,930)$1,131,224 $(152,182)
Fair
Value		Unrecognized
Losses		Fair
Value		Unrecognized
Losses
Debt securities held to maturity
Commercial mortgage-backed securities
$302,615 $(65,210)$302,615 $(65,210)
Residential mortgage-backed securities
323,342 (55,218)323,342 (55,218)
Debt securities held to maturity with gross unrecognized losses$625,957 $(120,428)$625,957 $(120,428)
Additional information about debt securities in an unrealized or unrecognized loss position is presented in the tables below:
As of September 30, 2026
(dollars in thousands)Available for Sale Held to Maturity Total
Debt securities with gross unrealized or unrecognized losses, fair value$2,568,364 $536,467 $3,104,831 
Gross unrealized or unrecognized losses on debt securities269,324 148,667 417,991 
Ratio of gross unrealized or unrecognized losses to debt securities with gross unrealized or unrecognized losses10.5 %27.7 %13.5 %
 
Count of debt securities714 51 765 
Count of debt securities in an unrealized or unrecognized loss position682 51 733 
First Busey Corporation (BUSE) | 2026 Q3 — 24
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
As of December 31, 2025
(dollars in thousands)Available for Sale Held to MaturityTotal
Debt securities with gross unrealized or unrecognized losses, fair value$1,131,224 $625,957 $1,757,181 
Gross unrealized or unrecognized losses on debt securities152,182 120,428 272,610 
Ratio of gross unrealized or unrecognized losses to debt securities with gross unrealized or unrecognized losses13.5 %19.2 %15.5 %
 
Count of debt securities637 52 689 
Count of debt securities in an unrealized or unrecognized loss position376 52 428 
Unrealized and unrecognized losses were related to changes in market interest rates and market conditions that do not represent credit-related impairments. Unless part of a corporate strategy or restructuring plan, Busey does not intend to sell securities that are in an unrealized loss position, and it is more likely than not that Busey will recover the amortized cost prior to being required to sell the debt securities. Full collection of the amounts due according to the contractual terms of the debt securities is expected; therefore, no ACL has been recorded in relation to debt securities, and the impairment related to noncredit factors on debt securities available for sale is recognized in AOCI, net of applicable taxes. As of September 30, 2026, Busey did not hold general obligation bonds of any single issuer that exceeded, in aggregate, 10% of Busey’s stockholders’ equity.
NOTE 4. PORTFOLIO LOANS
Loan Categories
Busey’s lending can be summarized in two primary categories: commercial and retail. Loans within these categories are further classified by lending activity: C&I and other commercial, commercial real estate, real estate construction, retail real estate, and retail other. Distributions of the loan portfolio by loan category and lending activity is presented in the following table:
As of
(dollars in thousands)September 30,
2026		December 31,
2025
Commercial loans
C&I and other commercial$3,770,796 $4,229,208 
CRE5,258,021 5,550,018 
Real estate construction1,066,709 1,039,289 
Total commercial loans10,095,526 10,818,515 
Retail loans
Retail real estate2,089,618 2,154,616 
Retail other637,345 594,668 
Total retail loans2,726,963 2,749,284 
 
Total portfolio loans12,822,489 13,567,799 
ACL(164,280)(174,023)
Portfolio loans, net$12,658,209 $13,393,776 
First Busey Corporation (BUSE) | 2026 Q3 — 25
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
Net deferred loan origination costs included in the balances above were $5.2 million as of September 30, 2026, compared to $7.0 million as of December 31, 2025. Net accretable purchase accounting adjustments included in the balances above reduced loans by $71.8 million as of September 30, 2026, and $86.6 million as of December 31, 2025. Deposit account overdrafts reported as loans totaled $5.3 million as of September 30, 2026, and $7.1 million as of December 31, 2025.
Busey sold $0.3 million and $9.0 million of C&I and other commercial loans during the three and nine months ended September 30, 2026, respectively. Busey purchased $8.7 million of retail other loans during the nine months ended September 30, 2026. Other than loans acquired in business combinations, Busey did not execute any significant loan purchases or sales during the three and nine months ended September 30, 2025.
Busey reclassified a pool of lender finance loans with an amortized cost basis of $65.4 million from the C&I and other commercial lending segment to loans held for sale during the three and nine months ended September 30, 2026. In connection with the reclassification of this pool of loans, Busey released $0.7 million of ACL through the provision for credit losses. For additional information, see “Loans Held for Sale” in “Note 1. Significant Accounting Policies.”
Pledged Loans
Busey has executed a blanket lien with the FHLB. The principal balance of loans Busey has pledged as collateral with the FHLB and Federal Reserve Bank for liquidity, which Busey is able to borrow against, is set forth in the table below:
As of
(dollars in thousands)September 30,
2026		December 31,
2025
Pledged loans
FHLB$6,759,225 $5,051,512 
Federal Reserve Bank2,160,380 1,854,423 
Total pledged loans$8,919,605 $6,905,935 
Risk Grading
Busey uses a loan grading scale to assign a risk grade to all of its loans. A description of the general characteristics of each grade is as follows:
•Pass – This category includes loans that are all considered acceptable credits, ranging from investment or near investment grade, to loans made to borrowers who exhibit credit fundamentals that meet or exceed industry standards.
•Watch – This category includes loans that warrant a higher-than-average level of monitoring to ensure that weaknesses do not cause the inability of the credit to perform as expected. These loans are not necessarily a problem due to other inherent strengths of the credit, such as guarantor strength, but have above average concern and monitoring.
•Special mention – This category is for “Other Assets Specially Mentioned” loans that have potential weaknesses, which may, if not checked or corrected, weaken the asset or inadequately protect Busey’s credit position at some future date.
•Substandard – This category includes “Substandard” loans, determined in accordance with regulatory guidelines, for which the accrual of interest has not been stopped. Assets so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that Busey will sustain some loss if the deficiencies are not corrected.
First Busey Corporation (BUSE) | 2026 Q3 — 26
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
•Substandard non-accrual – This category includes loans that have all the characteristics of a “Substandard” loan with additional factors that make collection in full highly questionable and improbable. Such loans are placed on non-accrual status and may be dependent on collateral with a value that is difficult to determine.
All loans are graded at their inception. Commercial lending relationships that are $2.0 million or less are usually processed through an expedited underwriting process. Most commercial loans greater than $2.0 million are included in a portfolio review at least annually. Commercial loans greater than $0.35 million that have a grading of special mention or worse are typically reviewed on a quarterly basis. Interim reviews may take place if circumstances of the borrower warrant a more frequent review.
First Busey Corporation (BUSE) | 2026 Q3 — 27
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
Risk grades of portfolio loans and gross charge-offs are presented in the tables below by lending activity, further sorted by origination year:
As of and For The Nine Months Ended September 30, 2026
Risk Grade RatingsTerm Loans Amortized Cost Basis by Origination YearRevolving
Loans		Total
(dollars in thousands)20262025202420232022Prior
C&I and other commercial
Pass$482,853 $484,507 $328,231 $153,747 $152,017 $214,196 $1,256,267 $3,071,818 
Watch22,456 67,378 56,147 27,909 26,502 41,292 161,581 403,265 
Special Mention22,645 3,633 4,015 25,788 10,121 855 51,334 118,391 
Substandard31,155 3,105 3,635 31,175 19,299 3,934 19,221 111,524 
Substandard non-accrual3,618 3,266 2,161 14,825 623 4,329 36,976 65,798 
Total C&I and other commercial562,727 561,889 394,189 253,444 208,562 264,606 1,525,379 3,770,796 
Gross charge-offs$3,062 $387 $4,722 $3,178 $6,360 $1,614 $10,171 $29,494 
 
CRE
Pass910,725 749,624 387,863 556,723 829,402 924,916 55,218 4,414,471 
Watch191,840 110,754 69,560 48,557 92,015 142,068 4,535 659,329 
Special Mention49,285 23,000 6,117 7,589 11,901 30,040 618 128,550 
Substandard20,856 1,700 984 3,220 4,824 11,146 354 43,084 
Substandard non-accrual4,414 448 679 1,789 495 4,762 — 12,587 
Total CRE1,177,120 885,526 465,203 617,878 938,637 1,112,932 60,725 5,258,021 
Gross charge-offs24 — — 228 — 14 — 266 
 
Real estate construction
Pass302,715 336,581 186,600 18,884 27,148 5,515 69,858 947,301 
Watch29,358 932 8,892 51,011 — 141 5,998 96,332 
Special Mention— 14,750 — — — 6,276 — 21,026 
Substandard348 617 — — — 730 355 2,050 
Total real estate construction332,421 352,880 195,492 69,895 27,148 12,662 76,211 1,066,709 
Gross charge-offs— — 101 — — — — 101 
 
Retail real estate
Pass161,377 108,097 117,435 232,357 403,099 764,722 252,185 2,039,272 
Watch24,961 960 451 214 9,199 448 524 36,757 
Special Mention3,231 45 64 — 807 1,591 195 5,933 
Substandard87 — — 4,004 — 1,070 — 5,161 
Substandard non-accrual406 182 193 44 626 464 580 2,495 
Total retail real estate190,062 109,284 118,143 236,619 413,731 768,295 253,484 2,089,618 
Gross charge-offs147 — 151 25 39 44 81 487 
 
Retail other
Pass7,378 2,399 1,427 17,841 17,052 1,807 589,372 637,276 
Substandard non-accrual— — — 15 54 — — 69 
Total retail other7,378 2,399 1,427 17,856 17,106 1,807 589,372 637,345 
Gross charge-offs405 — — 10 2 — 76 493 
 
Total portfolio loans$2,269,708 $1,911,978 $1,174,454 $1,195,692 $1,605,184 $2,160,302 $2,505,171 $12,822,489 
Total gross charge-offs$3,638 $387 $4,974 $3,441 $6,401 $1,672 $10,328 $30,841 
First Busey Corporation (BUSE) | 2026 Q3 — 28
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
As of and For The Year Ended December 31, 2025
Risk Grade RatingsTerm Loans Amortized Cost Basis by Origination YearRevolving
Loans		Total
(dollars in thousands)20252024202320222021Prior
C&I and other commercial
Pass$833,539 $486,278 $342,560 $207,053 $178,429 $122,904 $1,396,826 $3,567,589 
Watch21,750 79,853 56,387 38,786 48,624 16,778 112,935 375,113 
Special Mention21,712 11,609 56,578 26,343 5,339 800 54,433 176,814 
Substandard8,336 605 20,444 14,603 9,868 3,655 17,883 75,394 
Substandard non-accrual1,489 3,899 600 10,265 948 4,560 12,537 34,298 
Total C&I and other commercial886,826 582,244 476,569 297,050 243,208 148,697 1,594,614 4,229,208 
Gross charge-offs$4,667 $3,332 $4,347 $1,450 $13,591 $11,456 $5,716 $44,559 
 
CRE
Pass1,077,169 483,950 710,448 1,035,426 740,680 515,631 43,830 4,607,134 
Watch210,673 61,926 119,986 143,072 161,387 69,789 2,572 769,405 
Special Mention49,648 22,642 2,991 13,811 32,109 18,858 908 140,967 
Substandard2,416 679 3,857 4,873 7,316 5,324 215 24,680 
Substandard non-accrual72 — 4,547 — — 3,213 — 7,832 
Total CRE1,339,978 569,197 841,829 1,197,182 941,492 612,815 47,525 5,550,018 
Gross charge-offs1,297 11,057 — — 253 — — 12,607 
 
Real estate construction
Pass395,019 268,117 107,930 89,673 5,356 2,733 74,237 943,065 
Watch18,571 2,112 3,999 22,561 167 — 7,221 54,631 
Special Mention17,961 — — — 6,573 — — 24,534 
Substandard16,020 — — — 766 — — 16,786 
Substandard non-accrual— 273 — — — — — 273 
Total real estate construction447,571 270,502 111,929 112,234 12,862 2,733 81,458 1,039,289 
Gross charge-offs— — — — — — — — 
 
Retail real estate
Pass93,212 127,475 269,877 446,309 407,851 508,504 252,987 2,106,215 
Watch2,686 569 24,601 1,492 267 482 577 30,674 
Special Mention47 78 4,028 1,454 1,686 — 214 7,507 
Substandard— — 108 440 484 631 136 1,799 
Substandard non-accrual154 308 128 523 264 2,841 4,203 8,421 
Total retail real estate96,099 128,430 298,742 450,218 410,552 512,458 258,117 2,154,616 
Gross charge-offs1,164 — — — — 51 36 1,251 
 
Retail other
Pass5,233 2,265 33,349 30,321 4,561 885 517,680 594,294 
Substandard non-accrual— — 76 134 — — 164 374 
Total retail other5,233 2,265 33,425 30,455 4,561 885 517,844 594,668 
Gross charge-offs546 147 270 47 — 74 141 1,225 
 
Total portfolio loans$2,775,707 $1,552,638 $1,762,494 $2,087,139 $1,612,675 $1,277,588 $2,499,558 $13,567,799 
Total gross charge-offs$7,674 $14,536 $4,617 $1,497 $13,844 $11,581 $5,893 $59,642 
First Busey Corporation (BUSE) | 2026 Q3 — 29
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
Past Due and Non-accrual Loans
An analysis of portfolio loans that were past due and still accruing, or on a non-accrual status, is presented in the table below:
As of September 30, 2026
Loans Past Due, Still 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$6,259 $3 $— $65,798 $14,635 
CRE2,741 2,424 566 12,587 4,137 
Real estate construction617 — 123 — — 
Past due and non-accrual commercial loans9,617 2,427 689 78,385 18,772 
Retail loans
Retail real estate3,990 324 — 2,495 — 
Retail other452 67 — 69 — 
Past due and non-accrual retail loans4,442 391 — 2,564 — 
Total past due and non-accrual loans$14,059 $2,818 $689 $80,949 $18,772 
As of December 31, 2025
Loans Past Due, Still 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$3,577 $593 $2,128 $34,298 $4,612 
CRE484 2,514 — 7,832 1,588 
Real estate construction— — — 273 158 
Past due and non-accrual commercial loans4,061 3,107 2,128 42,403 6,358 
Retail loans
Retail real estate2,457 4,280 136 8,421 349 
Retail other2,491 79 24 374 — 
Past due and non-accrual retail loans4,948 4,359 160 8,795 349 
Total past due and non-accrual loans$9,009 $7,466 $2,288 $51,198 $6,707 
Amounts collected on non-accrual loans and recognized in interest income on a cash basis were immaterial for the three months ended September 30, 2026. Busey collected $1.0 million on non-accrual loans during the nine months ended September 30, 2026, consisting of $0.6 million on C&I and other commercial loans and $0.4 million on CRE loans, which was recognized in interest income on a cash basis. Amounts collected on non-accrual loans and recognized in interest income on a cash basis were immaterial for both the three and nine months ended September 30, 2025.
First Busey Corporation (BUSE) | 2026 Q3 — 30
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
Loan Modifications for Borrowers Experiencing Financial Difficulty
The following tables present the amortized cost basis of loans that were modified—specifically in the form of (1) principal forgiveness, (2) an interest rate reduction, (3) an other-than-insignificant payment deferral, and/or (4) a term extension—for borrowers experiencing financial difficulty during the periods indicated, disaggregated by lending activity and the type of modification:

Three Months Ended September 30, 2026
(dollars in thousands)
Interest Rate Reduction
Payment Deferral
Term Extension
% of Total Class of Financing Receivable
Modified Loans
C&I and other commercial
$4,375 $23,431 $18,305 1.2 %
CRE
— 2,932 7,058 0.2 %
Total loans modified during the period1
$4,375 $26,363 $25,363 0.4 %
___________________________________________
1.60.2% of the value of modified loans were classified as substandard and 39.8% were classified as substandard non-accrual.
Three Months Ended September 30, 2025
(dollars in thousands)
Interest Rate Reduction
Payment Deferral
Term Extension
% of Total Class of Financing Receivable
Modified Loans
C&I and other commercial
$263 $2,444 $10,417 0.3 %
CRE1
— 1,944 461 — %
Total loans modified during the period2
$263 $4,388 $10,878 0.1 %
___________________________________________
1.Modified loans represented an insignificant portion of CRE loans, rounding to zero percent.
2.All modifications were for loans classified as substandard.
Nine Months Ended September 30, 2026
(dollars in thousands)
Interest Rate Reduction
Payment Deferral
Term Extension
Combination—Interest Rate Reduction and Payment Deferral
% of Total Class of Financing Receivable
Modified Loans
C&I and other commercial
$4,375 $23,431 $47,420 $574 2.0 %
CRE
— 2,932 17,934 3,548 0.5 %
Total loans modified during the period1
$4,375 $26,363 $65,354 $4,122 0.8 %
___________________________________________
1.4.5% of the value of modified loans were classified as special mention, 73.2% were classified as substandard, and 22.3% were classified as substandard non-accrual.
First Busey Corporation (BUSE) | 2026 Q3 — 31
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
Nine Months Ended September 30, 2025
(dollars in thousands)
Interest Rate Reduction
Payment Deferral
Term Extension
% of Total Class of Financing Receivable
Modified Loans
C&I and other commercial
$263 $13,005 $22,314 0.8 %
CRE
— 1,944 823 0.1 %
Real estate construction
— — 5,165 0.5 %
Total loans modified during the period1
$263 $14,949 $28,302 0.3 %
___________________________________________
1.90.7% of the value of modified loans were classified as substandard and 9.3% were classified as substandard non-accrual.
The following table summarizes the reduction in weighted average interest rates for loans modified for borrowers experiencing financial difficulty:
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Reductions in weighted average interest rates
C&I and other commercial3.88 %5.00 %3.81 %5.00 %
CRE— %— %3.15 %— %
Aggregate reductions in weighted average interest rates for modified loans3.88 %5.00 %3.53 %5.00 %
The following table summarizes the extension in weighted average loan terms for loans modified for borrowers experiencing financial difficulty:
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Weighted average term extensions
C&I and other commercial1.4 years0.5 years1.0 years0.8 years
CRE1.3 years0.7 years1.3 years1.3 years
Real estate construction———1.3 years
Aggregate term extensions for modified loans1.4 years0.5 years1.1 years0.9 years
Payment deferrals for borrowers experiencing financial difficulty can include deferrals of three or more payments to the end of the loan, accommodations to restructure the payment terms of the loan, or accommodations to allow for a period of interest-only payments on the loan.
First Busey Corporation (BUSE) | 2026 Q3 — 32
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
Performance of Modified Loans
Busey closely monitors the performance of loans that are modified for borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table depicts the payment performance of loans modified during the last twelve months:
As of September 30, 2026
(dollars in thousands)Current30-89 Days90+ DaysNon-accrual
Modified Loans
C&I and other commercial$58,086 $— $— $17,914 
CRE20,000 — — 4,413 
Loans modified during the last twelve months$78,086 $— $— $22,327 
Busey had commitments of $14.5 million as of September 30, 2026, and $13.5 million as of December 31, 2025, to lend additional funds to debtors experiencing financial difficulty for whom Busey modified a loan within the past twelve months.
A default occurs when a loan is 90 days or more past due or transferred to non-accrual status. The following table presents loans that defaulted after having been modified during the twelve months before the default.
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2026202520262025
Payment Deferral
C&I and other commercial$— $— $— $467 
Term Extension
C&I and other commercial— 3,571 — 3,571 
CRE— — 273 — 
Total loans that defaulted subsequent to a modification$— $3,571 $273 $4,038 
Collateral Dependent Loans
Management's evaluation as to the ultimate collectability of loans includes estimates regarding future cash flows from operations and the value of property, real and personal, pledged as collateral. These estimates are affected by changing economic conditions and the economic prospects of borrowers. Collateral dependent loans are loans in which repayment is expected to be provided solely by the operation or sale of the underlying collateral and there are no other available and reliable sources of repayment. Collateral dependent loans are secured by (1) business assets, for C&I and other commercial loans; (2) real estate, for CRE and retail real estate loans; and (3) vehicles and other personal assets, for retail other loans. Loans are written down to the lower of cost or fair value of the underlying collateral, less estimated costs to sell. Busey had $77.0 million of collateral dependent loans as of September 30, 2026, and $47.8 million of collateral dependent loans as of December 31, 2025.
OREO and Other Repossessed Assets
Busey held an immaterial amount of residential OREO and $1.9 million of other repossessed assets as of September 30, 2026. Busey’s recorded investment in residential real estate loans that were in the process of foreclosure was $0.9 million as of September 30, 2026. Busey follows Federal Housing Finance Agency guidelines on single-family foreclosures and real estate owned evictions on portfolio loans.
First Busey Corporation (BUSE) | 2026 Q3 — 33
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
Allowance for Credit Losses
A description of Busey's accounting policies and methodology related to the ACL, including the three components of the ACL—specific allocations/individual reserves, quantitative reserves, and qualitative reserves— is included under the heading “Allowance for Credit Losses” in “Note 1. Significant Accounting Policies” and “Note 4. Portfolio Loans” in Busey's 2025 Annual Report. There were no significant changes to the methodology during the nine months ended September 30, 2026.
Busey's quantitative model incorporates various baseline forecast scenarios and national unemployment rates with either national gross domestic product, the national home price index, or the national commercial real estate price index. Due to the continued economic uncertainty in the markets in which Busey operates, in estimating the ACL, Busey uses a forecast period of 12 months with an immediate reversion to historical loss rates beyond this forecast period.
The following tables summarize activity in the ACL attributable to each lending activity. Allocation of a portion of the ACL to one lending activity does not preclude its availability to absorb losses from other lending activities:
Three Months Ended September 30, 2026
(dollars in thousands)C&I and Other CommercialCREReal Estate
Construction		Retail
Real Estate		Retail OtherTotal
ACL balance, June 30, 2026$57,419 $63,183 $14,855 $27,216 $1,531 $164,204 
Provision for loan losses1
19,915 (7,534)(1,018)(89)170 11,444 
Charged-off(13,301)(38)— (53)(142)(13,534)
Recoveries1,798 194 1 95 78 2,166 
ACL balance, September 30, 2026$65,831 $55,805 $13,838 $27,169 $1,637 $164,280 
___________________________________________
1.Includes a $0.7 million provision release on C&I and other commercial loans reclassified to loans held for sale.
Three Months Ended September 30, 2025
(dollars in thousands)C&I and Other 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 
First Busey Corporation (BUSE) | 2026 Q3 — 34
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
Nine Months Ended September 30, 2026
(dollars in thousands)C&I and Other CommercialCREReal Estate
Construction		Retail
Real Estate		Retail OtherTotal
ACL balance, December 31, 2025$61,370 $70,328 $11,568 $29,178 $1,579 $174,023 
Provision for loan losses1
30,243 (15,828)2,368 (1,761)347 15,369 
Charged-off(29,494)(266)(101)(487)(493)(30,841)
Recoveries3,712 1,571 3 239 204 5,729 
ACL balance, September 30, 2026$65,831 $55,805 $13,838 $27,169 $1,637 $164,280 
___________________________________________
1.Includes a $0.7 million provision release on C&I and other commercial loans reclassified to loans held for sale.
Nine Months Ended September 30, 2025
(dollars in thousands)C&I and Other 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-off3
(39,054)(12,607)— (172)(833)(52,666)
Recoveries
1,692 158 94 413 151 2,508 
ACL balance, September 30, 2025$59,436 $70,844 $12,193 $29,843 $1,865 $174,181 
___________________________________________
1.The Day 1 PCD was attributable to the CrossFirst acquisition (see “Note 2. Business Combinations”), and represents the initial adjustment to the fair value of the PCD loans.
2.The Day 2 provision for loan losses was attributable to the CrossFirst acquisition (see “Note 2. Business Combinations”), and represents the initial provision for non-PCD loans.
3.Charged-off amounts included $35.7 million for PCD loans assumed in the CrossFirst acquisition, which were fully reserved at acquisition and did not require recording additional provision expense.
First Busey Corporation (BUSE) | 2026 Q3 — 35
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
NOTE 5. LEASES
Busey as the Lessee
Busey’s leases consist primarily of real estate leases for banking centers, ATM locations, and office space, as well as equipment leases. Lease-related balances that Busey reported on its Consolidated Balance Sheets (Unaudited) are presented in the table below:
As of
(dollars in thousands)LocationSeptember 30,
2026		December 31,
2025
Lease balances
Right of use assets:
Operating leases
Other assets
$29,778 $30,204 
Finance leases1
Premises and equipment, net
4,917 5,155 
Total right of use assets
$34,695 $35,359 
 
Lease liabilities:
Operating leases
Other liabilities
$33,498 $32,597 
Finance leases
Long-term borrowings
6,090 6,223 
Total lease liabilities
$39,588 $38,820 
___________________________________________
1.Balances are presented net of accumulated amortization of $0.5 million at September 30, 2026, and $0.3 million at December 31, 2025.
Lease terms are summarized in the following table:
As of
September 30,
2026		December 31,
2025
Lease terms
Weighted average remaining lease terms:
Operating leases7.05 years7.41 years
Finance leases15.51 years16.26 years
Weighted average discount rates:
Operating leases4.28 %4.24 %
Finance leases5.10 %5.10 %
First Busey Corporation (BUSE) | 2026 Q3 — 36
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
Costs recorded in connection with these leases are summarized in the table below:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)Location2026202520262025
Lease costs
Operating lease costs:
Premises rent expense
Net occupancy expense of premises
$1,739 $1,483 $5,185 $4,221 
Equipment rent expense
Furniture and equipment expenses7 8 22 22 
Finance lease costs:
Amortization expense
Net occupancy expense of premises79 190 238 190 
Interest expense
Long-term borrowings79 187 234 187 
Variable lease costs
Net occupancy expense of premises9 15 28 45 
Short-term lease costs
 1
9 14 14 44 
Total lease costs
$1,922 $1,897 $5,721 $4,709 
___________________________________________
1.Short-term lease costs were reported on the Statements of Income (Unaudited) in the locations noted on the table below:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2026202520262025
Net occupancy expense of premises$— $3 $1 $12 
Furniture and equipment expenses— 11 4 32 
Other noninterest expense9 — 9 — 
Total short-term lease costs$9 $14 $14 $44 
Cash paid for amounts included in the measurement of lease liabilities is summarized in the table below:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2026202520262025
Cash flows related to leases
Operating cash flows for operating leases
$3,065 $2,657 $9,104 $7,212 
Operating cash flows for finance leases
79 187 234 187 
Financing cash flows for finance leases
44 99 134 99 
 
Right of use assets obtained in exchange for operating lease liabilities1
446 (6,331)3,905 23,287 
Right of use assets obtained in exchange for finance lease liabilities
— 6,365 — 6,365 
___________________________________________
1.The nine months ended September 30, 2025, included $23.2 million for operating and $6.4 million for financing right of use assets recognized in connection with the acquisition of CrossFirst. One finance lease assumed in the acquisition was initially classified as operating, and was moved to a financing classification in the third quarter of 2025.
First Busey Corporation (BUSE) | 2026 Q3 — 37
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
Future undiscounted payments for leases with initial terms of one year or more are summarized in the table below:
As of
September 30, 2026
(dollars in thousands)Operating LeasesFinance Leases
Rent commitments
Remainder of 2026$1,742 $122 
20276,644 528 
20286,130 540 
20295,162 540 
20304,275 540 
20314,039 540 
Thereafter10,990 6,085 
Total undiscounted cash flows38,982 8,895 
Less: Amounts representing interest5,484 2,805 
Present value of net future minimum lease payments$33,498 $6,090 
As of September 30, 2026, Busey had commitments totaling $1.7 million for one lease contract with a future accounting commencement date.
Busey as the Lessor
Busey leases space to outside parties, consisting of operating leases primarily for offices and parking areas. Revenues recorded in connection with these leases are summarized in the table below:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)Location2026202520262025
Rental incomeOther noninterest income$217 $214 $648 $647 
Contractual terms for these leases extend through 2036. Under the terms of these lease agreements, Busey is entitled to receive aggregate future lease payments as shown in the table below:
(dollars in thousands)As of
September 30, 2026
Rents to be received
Remainder of 2026$215 
2027676 
2028502 
2029304 
2030225 
203185 
Thereafter183 
Total rents to be received from operating leases$2,190 
First Busey Corporation (BUSE) | 2026 Q3 — 38
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
NOTE 6. DEPOSITS
The composition of Busey’s deposits is presented in the table below:
As of
(dollars in thousands)September 30,
2026		December 31,
2025
Deposits
Noninterest-bearing demand deposits$3,439,061 $3,659,421 
Interest-bearing transaction deposits3,546,503 3,119,475 
Saving deposits and money market deposits6,147,198 5,697,172 
Time deposits2,404,804 2,429,890 
Total deposits$15,537,566 $14,905,958 
Additional information about Busey’s deposits is presented in the table below:
As of
(dollars in thousands)September 30,
2026		December 31,
2025
Brokered interest-bearing transaction deposits$— $50,136 
Brokered savings deposits and money market deposits10,000 10,000 
Brokered time deposits— 10,004 
Aggregate amount of time deposits with a minimum denomination of $100,000
1,685,807 1,674,862 
Aggregate amount of time deposits with a minimum denomination that meets or exceeds the FDIC insurance limit of $250,000
952,892 876,207 
Scheduled maturities of time deposits are presented in the table below:
(dollars in thousands)As of
September 30, 2026
Time deposits by schedule of maturities
Remainder of 2026$756,604 
20271,622,801 
202814,557 
20295,290 
20303,466 
20312,073 
Thereafter13 
Time deposits$2,404,804 
First Busey Corporation (BUSE) | 2026 Q3 — 39
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
NOTE 7. BORROWINGS
Securities Sold Under Agreements to Repurchase
Securities sold under agreements to repurchase, which are classified as secured borrowings, generally mature daily. Securities sold under agreements to repurchase are reflected at the amount of cash received in connection with the transaction. The underlying securities are held by Busey’s safekeeping agent. Busey may be required to provide additional collateral based on fluctuations in the fair value of the underlying securities. Securities sold under agreements to repurchase are presented in the table below:
As of
(dollars in thousands)September 30,
2026		December 31,
2025
Securities sold under agreements to repurchase$154,693 $166,929 
Weighted average rate for securities sold under agreements to repurchase2.56 %2.22 %
Revolving Line of Credit
Pursuant to Busey’s Credit Agreement, as amended effective April 30, 2026, Busey has access to a $50.0 million revolving line of credit bearing an interest rate equal to the one-month Term SOFR rate plus 1.65%. The termination date for the revolving line of credit is April 30, 2027. As of September 30, 2026, there was no balance outstanding on the revolving line of credit. The revolving line of credit incurs an immaterial non-usage fee each quarter based on any undrawn amounts.
Short-term Borrowings
Busey’s short-term borrowings include, as applicable, loans maturing within one year of the loan origination date, the current portion of long-term debt that is due within 12 months, and federal funds purchased. Federal funds purchased are short-term borrowings that generally mature between one day and 90 days. Busey did not have any outstanding balance of federal funds purchased as of September 30, 2026. Balances of short-term borrowings are presented in the table below:
As of
(dollars in thousands)September 30,
2026		December 31,
2025
Short-term borrowings
FHLB advances maturing in less than one year from date of origination, and the current portion of long-term FHLB advances due within 12 months$41,793 $— 
Total short-term borrowings$41,793 $— 
Funds borrowed from the FHLB, listed above, consisted of five notes with a weighted average interest rate of 2.90% and a weighted average maturity period of 9 months as of September 30, 2026.
First Busey Corporation (BUSE) | 2026 Q3 — 40
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
Long-term Borrowings
Busey’s long-term borrowings consist of borrowings maturing more than one year from the loan origination date, excluding the current portion that is due within 12 months, and finance lease liabilities. Balances of long-term borrowings are presented in the table below:
As of
(dollars in thousands)September 30,
2026		December 31,
2025
Long-term borrowings
FHLB borrowings
$88,956 $102,792 
Secured borrowings
3,119 4,791 
Finance lease liabilities
6,090 6,223 
Total long-term borrowings$98,165 $113,806 
Funds borrowed from the FHLB, listed above, consisted of 14 notes with a weighted average interest rate of 2.43% and a weighted average maturity period of 1.44 years as of September 30, 2026. Maturity dates for the long-term FHLB borrowings range from October 2027 through December 2030. In comparison, as of December 31, 2025, funds borrowed from the FHLB, listed above, consisted of 15 notes with a weighted average interest rate of 2.43% and a weighted average maturity period of 1.96 years.
SBA loans assumed in the CrossFirst acquisition that did not qualify for sale accounting treatment are presented as secured borrowings. Secured borrowings consisted of six notes with a weighted average maturity period of 15.04 years as of September 30, 2026. Maturity dates for the secured borrowings range from September 2030 through September 2045. In comparison, as of December 31, 2025, secured borrowings consisted of seven notes with a weighted average maturity period of 17.01 years.
Subordinated Notes
On June 2, 2022, First Busey issued $100.0 million aggregate principal amount of 5.000% fixed-to-floating rate subordinated notes maturing June 15, 2032, which qualify as Tier 2 capital for regulatory purposes. The price to the public for the subordinated notes was 100% of the principal amount of the subordinated notes. Interest on the subordinated notes accrues at a rate equal to (1) 5.000% per annum from the original issue date to, but excluding, June 15, 2027, payable semiannually in arrears, and (2) a floating rate per annum equal to a benchmark rate, which is the Three-Month Term SOFR (as defined in the subordinated notes), plus a spread of 252 bps from and including June 15, 2027, payable quarterly in arrears. The subordinated notes have an optional redemption, in whole or in part, on any interest payment date on or after June 15, 2027.
Unamortized debt issuance costs related to Busey’s subordinated notes are presented in the table below:
As of
(dollars in thousands)September 30,
2026		December 31,
2025
Unamortized debt issuance costs$290 $605 
Junior Subordinated Debt Owed to Unconsolidated Trusts
On June 17, 2026, First Busey completed the previously announced redemption of trust preferred securities issued by First Busey Statutory Trust II and the related junior subordinated notes.
First Busey Corporation (BUSE) | 2026 Q3 — 41
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
NOTE 8. REGULATORY CAPITAL
Busey and Busey Bank are subject to various regulatory capital requirements administered by federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory—and possibly additional discretionary—actions by regulators that, if undertaken, could have a direct material effect on Busey's consolidated financial statements. Capital amounts and classification also are subject to qualitative judgments by regulators about components, risk weightings, and other factors.
Banking regulations identify five capital categories for insured depository institutions: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized. As of September 30, 2026, and December 31, 2025, all capital ratios of Busey and Busey Bank exceeded well capitalized levels under the applicable regulatory capital adequacy guidelines. Management believes that no events or changes have occurred subsequent to September 30, 2026, that would change this designation.
Capital Amounts and Ratios
The following tables summarize regulatory capital requirements applicable to Busey and Busey Bank:
As of September 30, 2026
ActualMinimum
Capital Requirement		Minimum
To Be Well Capitalized
(dollars in thousands)AmountRatio AmountRatio AmountRatio
Common equity Tier 1 capital to risk-weighted assets
Busey$1,836,193 12.47 %$662,846 4.50 %$957,444 6.50 %
Busey Bank$2,142,635 14.59 %$660,884 4.50 %$954,610 6.50 %
 
Tier 1 capital to risk-weighted assets
Busey$2,058,943 13.98 %$883,795 6.00 %$1,178,393 8.00 %
Busey Bank$2,142,635 14.59 %$881,178 6.00 %$1,174,904 8.00 %
 
Total capital to risk-weighted assets
Busey$2,371,843 16.10 %$1,178,393 8.00 %$1,472,991 10.00 %
Busey Bank$2,290,958 15.60 %$1,174,904 8.00 %$1,468,631 10.00 %
 
Leverage ratio of Tier 1 capital to average assets
Busey$2,058,943 11.34 %$726,301 4.00 %N/AN/A
Busey Bank$2,142,635 11.83 %$724,601 4.00 %$905,752 5.00 %
First Busey Corporation (BUSE) | 2026 Q3 — 42
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
As of December 31, 2025
ActualMinimum
Capital Requirement		Minimum
To Be Well Capitalized
(dollars in thousands)AmountRatio AmountRatio AmountRatio
Common equity Tier 1 capital to risk-weighted assets
Busey$1,920,388 12.43 %$694,987 4.50 %$1,003,870 6.50 %
Busey Bank$2,150,048 13.97 %$692,654 4.50 %$1,000,500 6.50 %
 
Tier 1 capital to risk-weighted assets
Busey$2,143,138 13.88 %$926,650 6.00 %$1,235,533 8.00 %
Busey Bank$2,150,048 13.97 %$923,539 6.00 %$1,231,385 8.00 %
 
Total capital to risk-weighted assets
Busey$2,459,847 15.93 %$1,235,533 8.00 %$1,544,416 10.00 %
Busey Bank$2,287,179 14.86 %$1,231,385 8.00 %$1,539,231 10.00 %
 
Leverage ratio of Tier 1 capital to average assets
Busey$2,143,138 11.93 %$718,334 4.00 %N/AN/A
Busey Bank$2,150,048 12.00 %$716,476 4.00 %$895,596 5.00 %
Capital Conservation Buffer
Busey is subject to a capital conservation buffer pursuant to the Basel III Rule, composed entirely of common equity Tier 1 capital, which is added to the minimum risk-weighted asset ratios. The capital conservation buffer is not a minimum capital requirement; however, banking institutions with a ratio of common equity Tier 1 capital to risk-weighted assets below the capital conservation buffer will face constraints on dividends, equity repurchases, and discretionary bonus payments based on the amount of the shortfall. In order to avoid regulatory limits on dividends, equity repurchases, and discretionary bonus payments, banking institutions must maintain minimum ratios of (1) common equity Tier 1 capital to risk-weighted assets of at least 7.0%, (2) Tier 1 capital to risk-weighted assets of at least 8.5%, and (3) total capital to risk-weighted assets of at least 10.5%.
NOTE 9. TAX CREDIT INVESTMENTS AND OTHER INVESTMENTS IN UNCONSOLIDATED ENTITIES
Busey’s investments in unconsolidated entities and related unfunded investment obligations are summarized in the table below for the periods indicated:
As of
(dollars in thousands)LocationSeptember 30,
2026		December 31,
2025
Investments in unconsolidated entities
Tax credit investmentsOther assets$146,211 $119,634 
Other investments in unconsolidated entitiesOther assets38,627 46,361 
Investments in unconsolidated entities$184,838 $165,995 
 
Unfunded investment obligationsOther liabilities$71,586 $68,690 
First Busey Corporation (BUSE) | 2026 Q3 — 43
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
Busey applies the proportional amortization method in accounting for investments in tax-advantaged projects. Income tax credits and other benefits related to these investments, along with investment amortization, are included as a component of Busey’s estimated annual effective tax rate used for the calculation of income taxes presented on the Consolidated Statements of Income (Unaudited). Actual amounts of income tax credits and other benefits, along with the investment amortization, are presented in the table below:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2026202520262025
Income tax credits and other tax benefits$5,413 $4,446 $15,541 $13,354 
Amortization of investments in tax-advantaged projects4,852 3,968 13,923 11,905 
Net reduction in tax expense embedded in the estimated annual effective tax rate
$561 $478 $1,618 $1,449 
NOTE 10. STOCK-BASED COMPENSATION
Changes in Busey’s outstanding equity awards are presented in the tables below:
RSU Awards
PSU Awards1
DSU Awards
Nonvested at December 31, 2025
1,320,537 525,501 41,218
Granted
357,745 279,148 34,655
Dividend equivalents earned
31,135 1,877 6,068
Vested
(628,286)(43,283)(49,570)
Forfeited
(121,038)(69,357)—
Nonvested at September 30, 2026
960,093 693,886 32,371
 
Vested and outstanding at September 30, 2026
— — 163,523
___________________________________________
1.Represents target shares at the grant date.
Options
SSARs
Outstanding at December 31, 2025
15,106 270,398 
Exercised
(9,386)(140,232)
Forfeited
— (10,013)
Expired
(3,080)— 
Outstanding at September 30, 2026
2,640 120,153 
 
Exercisable at September 30, 2026
2,640 116,338 
2020 Equity Plan
On May 20, 2020, the 2020 Equity Plan was approved by stockholders at the 2020 Annual Meeting of Stockholders. A description of the 2020 Equity Plan, as originally approved, can be found in Appendix A within First Busey’s Proxy Statement for the 2020 Annual Meeting of Stockholders filed on April 9, 2020. The 2020 Equity Plan has been amended twice, as follows:
First Busey Corporation (BUSE) | 2026 Q3 — 44
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
•On May 24, 2023, an amendment and restatement of the 2020 Equity Plan was approved by stockholders at the 2023 Annual Meeting of Stockholders. Terms of the amended and restated 2020 Equity Plan remained substantially identical to those of the originally approved 2020 Equity Plan, other than a 1,350,000 increase in the number of shares authorized for issuance under the 2020 Equity Plan. More information can be found in Appendix A within First Busey’s Proxy Statement for the 2023 Annual Meeting of Stockholders filed on April 14, 2023.
•On May 20, 2026, a second amendment and restatement of the 2020 Equity Plan was approved by stockholders at the 2026 Annual Meeting of Stockholders. Terms of the second amended and restated 2020 Equity Plan are substantially identical to those of the originally approved 2020 Equity Plan, as first amended and restated on May 24, 2023, other than an increase of 2,100,000 in the number of shares authorized for issuance under the 2020 Equity Plan. More information can be found in Appendix A within First Busey’s Revised Proxy Statement for the 2026 Annual Meeting of Stockholders filed on April 13, 2026.
Shares remaining available for issuance under Busey’s equity compensation plans as of September 30, 2026, are set forth in the table below:
PlanShares Remaining
Available for Issuance
Pursuant to the Plan
2020 Equity Plan2,239,379
ESPP217,529
Stock-based Compensation Expense
Busey recognized compensation expense related to non-vested equity awards as summarized in the table below:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2026202520262025
Stock-based compensation expense
Salaries and employee benefits1
$3,682 $4,075 $10,053 $12,505 
Other noninterest expense2
313 223 642 620 
Total stock-based compensation expense
$3,995 $4,298 $10,695 $13,125 
___________________________________________
1.Includes expenses for RSUs, PSUs, SSARs, and the ESPP.
2.Represents expenses for DSU awards.
Unamortized compensation expense related to non-vested equity awards is summarized in the table below:
As of
(dollars in thousands)September 30,
2026		December 31,
2025
Unamortized stock-based compensation
$19,947 $15,309 
Weighted average period over which expense is to be recognized on awards issued under Busey's 2020 Equity Plan
2.0 years
1.8 years
Weighted average period over which expense is to be recognized on CrossFirst replacement awards
0.6 years
1.2 years
First Busey Corporation (BUSE) | 2026 Q3 — 45
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
NOTE 11. OUTSTANDING COMMITMENTS AND CONTINGENT LIABILITIES
Commitments and Credit Risk
A summary of the contractual amount of Busey’s exposure to off-balance sheet risk relating to commitments is presented in the table below:
As of
(dollars in thousands)September 30,
2026		December 31,
2025
Off-Balance Sheet Commitments
Commitments to extend credit$4,043,231 $4,696,867 
Standby letters of credit116,932 123,746 
Total commitments$4,160,163 $4,820,613 
Legal Matters
Busey is a party to legal actions which arise in the normal course of its business activities. Additionally, on November 25, 2025, First Busey filed two lawsuits against the Illinois Secretary of State in connection with an ongoing dispute regarding the amount of franchise taxes, penalties, interest, fees, and charges purportedly due from First Busey to the Illinois Secretary of State, as described in more detail under the heading “Franchise Tax Matter” below. Legal and administrative proceedings are subject to inherent uncertainties. While unfavorable outcomes could occur, Busey does not believe at this time that any potential liabilities relating to pending or potential legal matters are likely to have a material impact on Busey's results of operations or financial position.
Franchise Tax Matter
In 2021, First Busey received an inquiry from the Illinois Secretary of State, pursuant to which the Illinois Secretary of State asked for additional information regarding certain of First Busey’s franchise tax filings and the calculation of amounts due thereunder. The franchise tax is established by the Illinois Business Corporation Act (“BCA”) 805 ILCS 5/1 et seq., and is a tax imposed on foreign and domestic corporations for the privilege of conducting business in Illinois. First Busey has been cooperating with the inquiry since the initial outreach from the Illinois Secretary of State in 2021 and in October 2024 delivered additional unsigned BCA forms requested by the Illinois Secretary of State, with a full reservation of rights by First Busey.
On March 20, 2025, the Illinois Secretary of State requested that First Busey resubmit the requested forms using a proposed methodology for paid-in capital that First Busey views as inconsistent with the Illinois Secretary of State’s past practice, and existing statutory and case law. Accordingly, on May 14, 2025, within the Illinois Secretary of State’s requested timeframe, First Busey informed the Illinois Secretary of State that it would not resubmit the requested forms with the methodology that First Busey disputes and requested that the parties instead continue good faith discussions. On July 2, 2025, First Busey received a notice of hearing from the Illinois Secretary of State informing it of the scheduling of an administrative hearing to “ascertain” the required amount of franchise taxes, penalties, interest, fees, and charges purportedly due from First Busey to the Illinois Secretary of State. In the notice, the Illinois Secretary of State requested a determination of an amount due that the Illinois Secretary of State preliminarily estimated in excess of $28.0 million, including in excess of $17.4 million in interest and approximately $0.3 million in penalties. On September 3, 2026, First Busey received a letter from the Illinois Secretary of State updating the foregoing estimate to an amount in excess of $31.0 million, including in excess of $20.9 million in interest and approximately $0.2 million in penalties.
First Busey Corporation (BUSE) | 2026 Q3 — 46
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
First Busey disagrees with the Illinois Secretary of State’s preliminary estimate and subsequent update, and believes that the Illinois Secretary of State’s position is contrary not only to the Illinois Secretary of State’s past practice, but also existing statutory and case law. First Busey has and will continue to vigorously defend itself in this matter, including through appropriate judicial relief. To that end, on July 31, 2025, First Busey filed a special appearance with the Illinois Secretary of State’s Department of Administrative Hearings solely for the limited purpose of contesting the jurisdiction of the Illinois Secretary of State to initiate and conduct the administrative hearing, and on November 25, 2025, First Busey filed two lawsuits against the Illinois Secretary of State in connection with this matter: one in federal court, First Busey Corporation v. Alexi Giannoulias, No. 3:25-cv-50488 (N.D. Ill.); and one in Illinois state court, First Busey Corporation v. Alexi Giannoulias, No. 25-MR-283 (Sixth Judicial Circuit of Illinois, Champaign County). The federal court denied the Illinois Secretary of State’s motion to dismiss, but stayed the case pending resolution of the state court litigation. On October 6, 2026, the state court denied the Illinois Secretary of State’s motion to transfer venue and further denied the Illinois Secretary of State’s motion to dismiss on six of First Busey’s seven counts, directing the Illinois Secretary of State to respond to the complaint by November 6, 2026. Both lawsuits and the administrative hearing remain pending.
Where a loss is believed to be reasonably possible, but not probable, or the loss cannot be reasonably estimated, no accrual is required. Given the underlying disagreement between First Busey and the Illinois Secretary of State on the proper methodology for calculating any franchise tax owed, the loss cannot be reasonably estimated. It is reasonably possible that this matter could require First Busey to pay additional taxes, including potential penalties and interest, or make other expenditures or accrue liabilities in amounts that could not be reasonably estimated as of September 30, 2026. If the likelihood of potential liabilities elevates and First Busey becomes able to reasonably estimate the loss, requiring an accrual, the potential future liabilities could be material in the period(s) in which they are recorded.
NOTE 12. DERIVATIVE FINANCIAL INSTRUMENTS
Busey utilizes interest rate swap agreements as part of its asset liability management strategy to help manage its interest rate risk position. Additionally, Busey enters into derivative financial instruments, including interest rate lock commitments issued to residential loan customers for loans that will be held for sale; forward sales commitments to sell residential mortgage loans to investors; and interest rate swaps and risk participation agreements with customers and other third parties. See “Note 13: Fair Value Measurements” for further discussion of the fair value measurement of such derivatives.
To secure its obligations under derivative contracts, Busey pledged cash and held collateral as follows:
As of
(dollars in thousands)September 30,
2026		December 31,
2025
Cash pledged to secure obligations under derivative contracts$15,890 $14,400 
Collateral held to secure obligations under derivative contracts11,260 5,050 
Derivative Instruments Designated as Hedges
Busey entered into derivative instruments designated as cash flow hedges. For a derivative instrument that is designated and qualifies as a cash flow hedge, the change in fair value of the derivative instrument is reported as a component of OCI and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Changes in fair value of components excluded from the assessment of effectiveness are recognized in current earnings.
First Busey Corporation (BUSE) | 2026 Q3 — 47
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
Interest Rate Swaps Designated as Cash Flow Hedges
Interest rate swaps with notional amounts totaling $800.0 million as of September 30, 2026, and $500.0 million as of December 31, 2025, were designated as cash flow hedges. Busey entered into a $300.0 million receive-fixed, pay-floating interest rate swap to reduce Busey’s asset sensitivity (“Prime Loan Swap”). Duration was added to Busey’s loan portfolio by fixing a portion of floating prime-based loans. Interest rates had risen above their historical lows allowing Busey to lock in a portion of its loan portfolio to reduce asset sensitivity while creating a more stable margin in a volatile rate market. Further, Busey entered into forward-starting SOFR-based receive-fixed pay-floating interest rate swaps totaling $500.0 million to reduce Busey’s asset sensitivity (“SOFR Loan Swaps”). These hedges were determined to be highly effective during the period, and Busey expects its hedges to remain highly effective during the remaining terms of the swaps. Changes in fair value were recorded net of tax in OCI.
A summary of the interest-rate swaps designated as cash flow hedges is presented below:
As of
(dollars in thousands)LocationSeptember 30,
2026		December 31,
2025
Prime Loan Swap
Notional amount$300,000 $300,000 
Weighted average receive rate, fixed4.81 %4.81 %
Weighted average pay rate, variable Prime6.89 %6.81 %
Weighted average maturity
2.35 years
3.10 years
 
SOFR Loan Swaps
Notional amount$500,000 $200,000 
Weighted average receive rate, fixed3.72 %3.78 %
Weighted average pay rate, variable 1-month CME Term SOFR
3.76 %3.82 %
Weighted average maturity4.28 years3.76 years
 
Gross aggregate fair value of the swaps
Gross aggregate fair value of swap assetsOther assets$— $3,215 
Gross aggregate fair value of swap liabilitiesOther liabilities39,872 14,589 
 
Balances carried in AOCI
Unrealized gains (losses) on cash flow hedges, net of taxAOCI$(28,971)$(7,616)
During the next 12 months, Busey expects to reclassify unrealized gains and losses from OCI to interest income as shown in the following table. Amounts actually recognized could differ from these expectations due to changes in interest rates, hedge de-designations, and the addition of other hedges subsequent to September 30, 2026.
(dollars in thousands)As of
September 30, 2026
Unrealized losses expected to be reclassified from OCI to interest income$(537)
First Busey Corporation (BUSE) | 2026 Q3 — 48
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
Changes in interest income recorded on these swap transactions is presented in the following table:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2026202520262025
Decrease in interest income on swap transactions$(1,466)$(2,304)$(4,256)$(6,629)
Net gains and losses relating to cash flow derivative instruments that were recorded in OCI on the Consolidated Statements of Income (Unaudited) are presented in the table below:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2026202520262025
Unrealized gains (losses) on cash flow hedges
Net gains (losses) recognized in OCI, net of tax$(16,098)$(363)$(24,545)$6,876 
Losses reclassified from OCI to interest income, net of tax1,099 1,721 3,190 4,919 
Net change in unrealized gains (losses) on cash flow hedges, net of tax$(14,999)$1,358 $(21,355)$11,795 
Derivative Instruments Not Designated as Hedges
Interest Rate Swaps Not Designated as Hedges
Busey may offer interest rate swap contracts to its customers in connection with their risk management needs. Busey manages the risk associated with these contracts by entering into equal and offsetting derivative agreements with other financial institutions. These contracts supported variable rate, commercial loan relationships totaling $1.33 billion as of September 30, 2026, and $1.16 billion as of December 31, 2025. These derivatives generally worked together as an economic interest rate hedge, but Busey did not designate them for hedge accounting treatment. Consequently, changes in fair value of the corresponding derivative financial asset or liability were recorded as either a charge or credit to current earnings during the period in which the changes occurred.
First Busey Corporation (BUSE) | 2026 Q3 — 49
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, 2026As of December 31, 2025
(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$45,922 $127 $703,286 $11,542 
Interest rate swaps: receive-floating, pay-fixedOther assets1,283,363 42,661 456,973 15,998 
Derivative assets not designated as hedging instruments$1,329,285 $42,788 $1,160,259 $27,540 
 
Derivative liabilities not designated as hedging instruments
Interest rate swaps: receive-fixed, pay-floatingOther liabilities$1,283,363 $42,661 $456,973 $15,998 
Interest rate swaps: receive-floating, pay-fixedOther liabilities45,922 127 703,286 11,542 
Derivative liabilities not designated as hedging instruments$1,329,285 $42,788 $1,160,259 $27,540 
Changes in fair value of these derivative assets and derivative liabilities were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)Location2026202520262025
Interest rate swaps
Receive-fixed, pay-floatingOther noninterest expense$18,309 $(1,083)$15,423 $(21)
Receive-floating, pay-fixedOther noninterest expense(18,309)1,083 (15,423)21 
Net change in fair value of interest rate swaps$— $— $— $— 
Risk Participation Agreements
To manage the credit risk exposure related to customer-facing swaps, Busey entered into risk participation agreements that were not designated as hedging instruments in conjunction with loan participation arrangements with other financial institutions. Under these risk participation agreements, Busey purchased credit risk participation, paying an up-front fee to a counterparty to accept a portion of its credit exposure, and will receive a payment from the counterparty if the swap customer defaults on its obligations. Busey also acquired additional risk participation agreements entered into by CrossFirst, in which CrossFirst purchased credit risk participation, and Busey will receive a payment from the counterparty if the swap customer defaults on its obligations.
In connection with the CrossFirst acquisition, Busey assumed risk participation agreements entered into by CrossFirst, under which CrossFirst sold credit risk participation, receiving an up-front fee from a counterparty in exchange for accepting a portion of the counterparty’s credit exposure. Under these agreements, Busey will be required to make a payment to the counterparty if the swap customer defaults on its obligations.
First Busey Corporation (BUSE) | 2026 Q3 — 50
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 June 2027 and October 2033, and are summarized as follows:
As of September 30, 2026As of December 31, 2025
(dollars in thousands)LocationNotional
Amount		Fair
Value		Notional
Amount		Fair
Value
Risk participation agreements
PurchasedOther assets$54,179 $1 $74,590 $30 
SoldOther liabilities95,295 5 108,743 65 
Changes in fair value of these derivative assets and derivative liabilities were recognized on the Consolidated Statements of Income (Unaudited) as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)Location2026202520262025
Risk participation agreements
Net gains recognized in earningsOther noninterest expense$13 $170 $31 $177 
Net losses recognized in earningsOther noninterest income— — — (14)
Net change in fair value of risk participation agreements$13 $170 $31 $163 
Foreign Currency Exchange Contracts
From time to time, Busey enters into foreign currency exchange forward contracts that are not designated as hedging instruments to support its customers’ or its own business requirements. Foreign currency contracts, which involve the exchange of one currency for another on a specified date and at a specified rate, are used to manage fluctuations in foreign exchange rates. Foreign currency exchange contracts are carried at fair value. Amounts and fair values of foreign currency exchange derivative instruments included on the Consolidated Balance Sheets (Unaudited) are summarized as follows:
As of September 30, 2026As of December 31, 2025
(dollars in thousands)LocationNotional
Amount		Fair
Value		Notional
Amount		Fair
Value
Foreign currency exchange contractOther assets$487 $162 $— $— 
Gains and/or losses relating to foreign currency exchange derivative instruments are reported in noninterest income on the Consolidated Statements of Income (Unaudited), and are summarized as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)Location2026202520262025
Net gains (losses) on foreign currency exchange contractsOther noninterest income$(3)$— $22 $— 
First Busey Corporation (BUSE) | 2026 Q3 — 51
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
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.
First Busey Corporation (BUSE) | 2026 Q3 — 52
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, 2026As of December 31, 2025
(dollars in thousands)LocationNotional
Amount		Fair
Value		Notional
Amount		Fair
Value
Mortgage banking derivative assets
Interest rate lock commitmentsOther assets$1,255 $22 $6,159 $145 
Forward sales commitmentsOther assets2,453 27 1,520 2 
Mortgage banking derivative assets$3,708 $49 $7,679 $147 
 
Mortgage banking derivative liabilities
Forward sales commitments
Other liabilities$323 $1 $9,278 $26 
Mortgage banking derivative liabilities$323 $1 $9,278 $26 
Gains and losses relating to these derivative instruments are reported in noninterest income, and are summarized as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)Location2026202520262025
Net gains (losses) on mortgage banking derivatives
Gains (losses) on interest rate lock commitmentsOther noninterest income$34 $177 $136 $658 
Gains (losses) on forward sales commitmentsOther noninterest income(41)(14)82 (75)
Net gains (losses) on mortgage banking derivatives$(7)$163 $218 $583 
NOTE 13. FAIR VALUE MEASUREMENTS
The fair value of an asset or liability is the price that would be received by selling that asset or paid in transferring that liability (exit price) in an orderly transaction occurring in the principal market (or most advantageous market in the absence of a principal market) for such asset or liability. ASC Topic 820 “Fair Value Measurement” establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows:
•Level 1 Inputs—Unadjusted quoted prices in active markets for identical assets or liabilities that Busey has the ability to access at the measurement date.
•Level 2 Inputs—Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatility, prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated by market data by correlation or other means.
First Busey Corporation (BUSE) | 2026 Q3 — 53
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
•Level 3 Inputs—Unobservable inputs for estimating the fair values of assets or liabilities that reflect Busey’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities.
A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. These valuation methodologies were applied to Busey’s assets and liabilities that are carried at fair value.
In general, fair value estimates are based upon quoted market prices, when available. If such quoted market prices are not available, fair values are estimated utilizing independent valuation techniques that consider identical or similar securities for which significant assumptions are derived primarily from or corroborated by observable data. Valuation adjustments may be made to ensure that financial instruments are recorded at their estimated fair values. These adjustments may include amounts to reflect, among other things, counterparty credit quality and the company's creditworthiness as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. While management believes Busey's valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to estimate the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.
Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis
Debt Securities Available for Sale
Debt securities classified as available for sale are reported at fair value, which is estimated using Level 2 inputs. Busey obtains fair value measurements from an independent pricing service. The independent pricing service utilizes evaluated pricing models that vary by asset class and incorporate available trade, bid, and other market information. Because many fixed income securities do not trade on a daily basis, the independent pricing service applies available information to prepare evaluations, with a focus on observable market data such as benchmark curves, benchmarking of like securities, sector groupings, and matrix pricing.
The independent pricing service uses model processes, such as the Option Adjusted Spread model, to assess interest rate impact and develop prepayment scenarios. Models and processes take into account market conventions. For each asset class, a team of evaluators gathers information from market sources and integrates relevant credit information, perceived market movements, and sector news into the evaluated pricing applications and models.
Market inputs that the independent pricing service normally seeks for evaluations of securities, listed in approximate order of priority, include: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data including market research publications. The independent pricing service also monitors market indicators, industry, and economic events. For certain security types, additional inputs may be used or some of the market inputs may not be applicable. Evaluators may prioritize inputs differently on any given day for any security based on market conditions, and not all inputs listed are available for use in the evaluation process for each security evaluation on a given day. Because the data utilized was observable, the securities have been classified as Level 2.
Equity Securities
Equity securities are reported at fair value, which is estimated using Level 1 or Level 2 inputs. Fair value measurements of mutual funds or stock in active markets are estimated using unadjusted quoted prices for identical assets at the measurement date and are classified as Level 1. Fair value measurements of stock that are not active use quoted prices for identical or similar assets in markets and are classified as Level 2.
Derivative Assets and Derivative Liabilities
Busey’s derivative assets and derivative liabilities are reported at fair value, which is measured using Level 2 or Level 3 inputs. Fair values of derivative assets and liabilities are estimated based on prices that are obtained from a third-party which uses observable market inputs and, with the exception of risk participation agreements, are classified as Level 2. Due to the significance of unobservable inputs, derivative assets and liabilities related to risk participation agreements are classified as Level 3.
First Busey Corporation (BUSE) | 2026 Q3 — 54
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, 2026
(dollars in thousands)Level 1
Inputs		Level 2
Inputs		Level 3
Inputs		Total
Fair Value
Debt securities available for sale:
Obligations of U.S. government corporations and agencies$— $96,817 $— $96,817 
Obligations of states and political subdivisions— 257,454 — 257,454 
Asset-backed securities— 266,645 — 266,645 
Commercial mortgage-backed securities— 172,919 — 172,919 
Residential mortgage-backed securities— 1,838,525 — 1,838,525 
Corporate debt securities— 37,577 — 37,577 
Equity securities15,557 — — 15,557 
Derivative assets— 42,999 1 43,000 
Derivative liabilities— 82,661 5 82,666 
As of December 31, 2025
(dollars in thousands)Level 1
Inputs		Level 2
Inputs		Level 3
Inputs		Total
Fair Value
Debt securities available for sale:
Obligations of U.S. government corporations and agencies$— $112,046 $— $112,046 
Obligations of states and political subdivisions— 263,873 — 263,873 
Asset-backed securities— 265,580 — 265,580 
Commercial mortgage-backed securities— 132,942 — 132,942 
Residential mortgage-backed securities— 1,344,416 — 1,344,416 
Corporate debt securities— 43,691 — 43,691 
Equity securities155 14,761 — 14,916 
Derivative assets— 30,902 30 30,932 
Derivative liabilities— 42,155 65 42,220 
First Busey Corporation (BUSE) | 2026 Q3 — 55
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
Activity for Busey's risk participation agreements, which are measured at estimated fair value on a recurring basis using Level 3 inputs, is summarized in the table below:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)Location2026202520262025
Beginning Balance$(17)$(45)$(35)$5 
Gains recognized in earningsOther noninterest expense13 170 31 177 
Losses recognized in earnings1
Other noninterest income— — — (14)
Purchases— (145)— (171)
Sales— — — 24 
Assumed in business combinations2
— — — (41)
Ending Balance$(4)$(20)$(4)$(20)
___________________________________________
1.CrossFirst Bank, which First Busey operated as a separate banking subsidiary from the time of its acquisition on March 1, 2025, until it was merged with and into Busey Bank on June 20, 2025, recorded gains and losses on its risk participation agreements as other noninterest income. Throughout 2025, Busey’s accounting treatment for the CrossFirst portfolio of risk participation agreements remained consistent with this methodology. Beginning in 2026, gains and losses recognized on Busey’s full portfolio of risk participation agreements are recorded as other noninterest expense.
2.Represents risk participation agreements assumed in the CrossFirst acquisition.
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Certain financial assets and financial liabilities are measured at estimated fair value on a non-recurring basis; that is, the instruments are not measured at estimated fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment).
Loans Evaluated Individually
Busey does not record portfolio loans at estimated fair value on a recurring basis. However, periodically, a loan is evaluated individually and is reported at the estimated fair value of the underlying collateral, less estimated costs to sell, if repayment is expected solely from the collateral. If the estimated collateral value is not sufficient, a specific reserve is recorded. Collateral values are estimated using a combination of observable inputs, including recent appraisals, and unobservable inputs based on customized discounting criteria. Due to the significance of unobservable inputs, fair values of individually evaluated collateral dependent loans have been classified as Level 3.
Commercial Loans Held for Sale
Commercial loans held for sale are measured at LOCOM, determined on an individual loan basis. Loans with a fair value below amortized cost are measured at fair value on a nonrecurring basis. Loans with a fair value above amortized cost are carried at amortized cost and are not included in the table below. During the three months ended September 30, 2026, Busey transferred a pool of lender finance commercial loans acquired in the acquisition of CrossFirst from portfolio loans to loans held for sale. Busey measured the loans at LOCOM on the transfer date and again as of September 30, 2026. LOCOM adjustments for the three and nine months ended September 30, 2026, totaled $0.7 million. LOCOM adjustments were recognized in other noninterest income, and were primarily attributable to the purchase premium assigned to the loans at acquisition. Fair value was based on the price in the agreement under which the loans were sold on October 1, 2026. Because this price is an observable input, the fair value measurement has been classified as Level 2.

First Busey Corporation (BUSE) | 2026 Q3 — 56
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
OREO and Other Repossessed Assets
Non-financial assets measured at fair value, upon initial recognition or subsequent impairment, include OREO and other repossessed assets. OREO properties and other repossessed assets are measured using a combination of observable inputs, including recent appraisals, and unobservable inputs. Due to the significance of unobservable inputs, the estimated fair values of all OREO and other repossessed assets have been classified as Level 3.
Bank Property Held for Sale
Bank property held for sale represents certain banking center office buildings which Busey has closed and consolidated with other existing banking centers. Bank property held for sale is measured at the lower of amortized cost or estimated fair value less estimated costs to sell. Fair value estimates were based upon discounted appraisals or real estate listing prices. Due to the significance of unobservable inputs, estimated fair values of all bank property held for sale have been classified as Level 3. Bank property held for sale is included in premises and equipment, net on Busey’s Consolidated Balance Sheets (Unaudited).
The following tables summarize financial assets and financial liabilities measured at estimated fair value on a non-recurring basis:
As of September 30, 2026
(dollars in thousands)Level 1
Inputs		Level 2
Inputs		Level 3
Inputs		Total
Fair Value
Loans evaluated individually, net of related allowance$— $— $30,780 $30,780 
Commercial loans held for sale
— 43,842 — 43,842 
OREO and other repossessed assets with subsequent impairment— — 1,897 1,897 
Bank property held for sale with impairment— — 1,661 1,661 
As of December 31, 2025
(dollars in thousands)Level 1
Inputs		Level 2
Inputs		Level 3
Inputs		Total
Fair Value
Loans evaluated individually, net of related allowance$— $— $19,604 $19,604 
OREO and other repossessed assets with subsequent impairment— — 4,409 4,409 
Bank property held for sale with impairment— — 1,855 1,855 
The following tables present additional quantitative information about assets measured at estimated fair value on a non-recurring basis using Level 3 inputs:
As of September 30, 2026
(dollars in thousands)Fair ValueValuation
Techniques		Unobservable
Input		Range
(Weighted Average)
Loans evaluated individually, net of related allowance$30,780 Appraisal of collateralAppraisal adjustments
-1.6% to -100.0%
(-48.0)%
OREO and other repossessed assets with subsequent impairment1,897 Appraisal of collateralAppraisal adjustments
-11.4% to -24.1%
(-11.8)%
Bank property held for sale with impairment1,661 Appraisal of collateral or real estate listing priceAppraisal adjustments
-9.0% to -46.1%
(-36.1)%
First Busey Corporation (BUSE) | 2026 Q3 — 57
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
As of December 31, 2025
(dollars in thousands)Fair ValueValuation
Techniques		Unobservable
Input		Range
(Weighted Average)
Loans evaluated individually, net of related allowance$19,604 Appraisal of collateralAppraisal adjustments
-1.6% to -100.0%
(-44.6)%
OREO and other repossessed assets with subsequent impairment4,409 Appraisal of collateralAppraisal adjustments
-2.8% to -24.1%
(-4.5)%
Bank property held for sale with impairment1,855 Appraisal of collateral or real estate listing priceAppraisal adjustments
-9.0% to -58.0%
(-39.4)%
Financial Assets and Financial Liabilities That Are Not Carried at Fair Value
Fair values of financial instruments that are not carried at fair value on Busey’s Consolidated Balance Sheets (Unaudited) were estimated as follows:
As of September 30, 2026As of December 31, 2025
(dollars in thousands)Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Financial assets
Level 1 inputs:
Cash and cash equivalents$883,053 $883,053 $280,227 $280,227 
Level 2 inputs:
Interest-bearing time deposits in other banks24,450 22,271 13,825 11,880 
Debt securities held to maturity685,134 536,467 746,385 625,957 
Loans held for sale1
68,081 68,194 5,752 5,886 
Restricted bank stock77,067 77,067 77,006 77,006 
Accrued interest receivable75,589 75,589 71,788 71,788 
Level 3 inputs:
Portfolio loans, net12,658,209 12,390,932 13,393,776 13,472,907 
Mortgage servicing rights1,498 6,396 1,459 5,176 
Other servicing rights1,870 2,072 2,086 2,193 
 
Financial liabilities
Level 2 inputs:
Time deposits$2,404,804 $2,393,942 $2,429,890 $2,425,290 
Securities sold under agreements to repurchase154,693 154,693 166,929 166,929 
Short-term borrowings41,793 41,401 — — 
Long-term borrowings98,165 95,431 113,806 113,853 
Junior subordinated debt owed to unconsolidated trusts62,546 58,112 77,328 71,407 
Accrued interest payable27,050 27,050 25,372 25,372 
Level 3 inputs:
Subordinated notes, net of unamortized issuance costs99,710 97,500 99,395 94,500 
___________________________________________
1.Includes $65.1 million of lender finance commercial loans held for sale as of September 30, 2026. Of this amount, $43.8 million was measured at fair value on a nonrecurring basis (see the nonrecurring fair value table above), reflecting a LOCOM valuation allowance of $0.7 million as of September 30, 2026, and $21.3 million was carried at amortized cost. The September 30, 2026, fair value of these loans was based on the price in the agreement under which the loans were sold on October 1, 2026.
First Busey Corporation (BUSE) | 2026 Q3 — 58
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
NOTE 14. EARNINGS PER COMMON SHARE
Basic earnings per common share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding, which include DSUs that are vested but not delivered. Net income available to common stockholders is net income less dividends that have been declared on First Busey’s preferred stock (all of which is non-cumulative). Diluted earnings per common share is computed using the treasury stock method and reflects the potential dilution that could occur if shares were issued for Busey’s outstanding equity-based awards.
Earnings per common share have been computed as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands, except per share amounts)20262025
2026
2025
Net income$55,845 $57,098 $169,002 $74,512 
Dividends on preferred stock(4,589)(5,131)(13,768)(5,286)
Net income available to common stockholders$51,256 $51,967 $155,234 $69,226 
 
Weighted average number of common shares outstanding, basic82,478,53789,136,89884,540,75682,508,723
Dilutive effect of outstanding equity-based awards1,254,5731,081,4841,093,7401,101,276
Weighted average number of common shares outstanding, diluted83,733,11090,218,38285,634,49683,609,999
 
Basic earnings per common share$0.62 $0.58 $1.84 $0.84 
Diluted earnings per common share$0.61 $0.58 $1.81 $0.83 
Anti-dilutive equity-based awards66,891298,21144,995249,668
NOTE 15. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The following tables present changes in AOCI by component, net of tax, for the periods indicated:
Three Months Ended September 30, 2026
(dollars in thousands)Unrealized Gains (Losses) on Debt Securities Available For SaleUnrecognized Gains (Losses) on Debt Securities Held to MaturityUnrealized Gains (Losses) on Cash Flow HedgesTotal
Balance, June 30, 2026$(110,355)$(16,753)$(13,972)$(141,080)
Unrealized holding gains (losses), net(86,352)— (16,098)(102,450)
Amounts reclassified from AOCI, net(124)— 1,099 975 
Amortization of unrecognized losses on securities transferred to held to maturity— 675 — 675 
Balance, September 30, 2026$(196,831)$(16,078)$(28,971)$(241,880)
First Busey Corporation (BUSE) | 2026 Q3 — 59
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
Three Months Ended September 30, 2025
(dollars in thousands)Unrealized Gains (Losses) on Debt Securities Available For SaleUnrecognized Gains (Losses) on Debt Securities Held to MaturityUnrealized Gains (Losses) on Cash Flow HedgesTotal
Balance, June 30, 2025$(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)$(136,801)
Nine Months Ended September 30, 2026
(dollars in thousands)Unrealized Gains (Losses) on Debt Securities Available For SaleUnrecognized Gains (Losses) on Debt Securities Held to MaturityUnrealized Gains (Losses) on Cash Flow HedgesTotal
Balance, December 31, 2025$(98,693)$(18,164)$(7,616)$(124,473)
Unrealized holding gains (losses), net(97,996)— (24,545)(122,541)
Amounts reclassified from AOCI, net(142)— 3,190 3,048 
Amortization of unrecognized losses on securities transferred to held to maturity— 2,086 — 2,086 
Balance, September 30, 2026$(196,831)$(16,078)$(28,971)$(241,880)
Nine Months Ended September 30, 2025
(dollars in thousands)Unrealized Gains (Losses) on Debt Securities Available For SaleUnrecognized Gains (Losses) on Debt Securities Held to MaturityUnrealized Gains (Losses) on Cash Flow HedgesTotal
Balance, December 31, 2024$(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)
First Busey Corporation (BUSE) | 2026 Q3 — 60
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
NOTE 16. OPERATING SEGMENTS AND RELATED INFORMATION
Busey is organized into three reportable operating segments: Banking, Wealth Management, and FirsTech. These operating segments are strategic business units that are separately managed, as they offer different products and services and have different marketing strategies.
•The Banking operating segment provides a full range of banking services to individual and corporate customers through its banking center network in Illinois, Missouri, Texas, Arizona, Colorado, Florida, Kansas, Oklahoma, Indiana, and New Mexico.
•The Wealth Management operating segment provides a full range of asset management, investment, brokerage, fiduciary, philanthropic advisory, tax preparation, and farm management services to individuals, businesses, and foundations.
•The FirsTech operating segment provides comprehensive and innovative payment technology solutions including online, mobile, and voice-recognition bill payments; money management and credit card networks; direct debit services; lockbox remittance processing for payments made by mail; and walk-in payments. FirsTech also provides additional tools to help clients with billing, reconciliation, bill reminders, and treasury services.
Additional information about Busey’s operating segments is included in “Note 23. Operating Segments and Related Information” of Busey’s 2025 Annual Report.
Segment Financial Information
The segment financial information provided below has been derived from information used by management to monitor and manage Busey’s financial performance. The accounting policies of Busey’s operating segments are the same as those described in the summary of significant accounting policies in “Note 1. Significant Accounting Policies” of Busey’s 2025 Annual Report. Busey accounts for intersegment revenue and transfers at current market prices.
Goodwill and total assets are summarized below by operating segment. Reconciling items included in the tables below consist of amounts attributable to the parent company and the elimination of intercompany transactions:
As of September 30, 2026
(dollars in thousands)BankingWealth ManagementFirsTechTotal Reportable SegmentsReconciling ItemsConsolidated Total
Goodwill$359,263 $14,108 $8,992 $382,363 $— $382,363 
Total assets18,321,683 173,722 44,081 18,539,486 19,120 18,558,606 
As of December 31, 2025
(dollars in thousands)BankingWealth ManagementFirsTechTotal Reportable SegmentsReconciling ItemsConsolidated Total
Goodwill$360,180 $14,108 $8,992 $383,280 $— $383,280 
Total assets17,880,797 152,422 45,373 18,078,592 26,144 18,104,736 
Financial results by operating segment, including significant expense categories provided to the chief operating decision maker, are summarized in the following tables:
First Busey Corporation (BUSE) | 2026 Q3 — 61
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
Three Months Ended September 30, 2026
(dollars in thousands)BankingWealth ManagementFirsTechTotal Reportable SegmentsReconciling ItemsConsolidated Total
Interest income$232,493 $— $— $232,493 $78 $232,571 
Intersegment interest income— — 14 14 (14)— 
Interest expense77,002 — — 77,002 2,424 79,426 
Intersegment interest expense166 — — 166 (166)— 
Net interest income155,325 — 14 155,339 (2,194)153,145 
Provision for credit losses9,642 — — 9,642 — 9,642 
Net interest income after provision for credit losses145,683 — 14 145,697 (2,194)143,503 
 
Noninterest income
Wealth management fees— 19,846 — 19,846 — 19,846 
Payment technology solutions— — 5,108 5,108 — 5,108 
Treasury management services4,824 — — 4,824 — 4,824 
Capital markets income1,472 — — 1,472 — 1,472 
Card services and ATM fees4,733 — — 4,733 — 4,733 
Other service charges on deposit accounts1,361 — — 1,361 — 1,361 
All other noninterest income4,651 123 — 4,774 (1,716)3,058 
Intersegment noninterest income2,833 — 543 3,376 (3,376)— 
Noninterest income19,874 19,969 5,651 45,494 (5,092)40,402 
 
Revenue175,199 19,969 5,665 200,833 (7,286)193,547 
 
Noninterest expense
Salaries and employee benefits56,235 7,759 2,438 66,432 — 66,432 
Data processing7,995 688 732 9,415 21 9,436 
Amortization of intangible assets3,997 154 — 4,151 — 4,151 
Interchange expense— — 1,156 1,156 — 1,156 
All other noninterest expense27,218 581 1,105 28,904 1,319 30,223 
Intersegment noninterest expense663 750 539 1,952 (1,952)— 
Noninterest expense96,108 9,932 5,970 112,010 (612)111,398 
 
Income (loss) before income taxes69,449 10,037 (305)79,181 (6,674)72,507 
Income taxes15,917 2,408 (62)18,263 (1,601)16,662 
Net income$53,532 $7,629 $(243)$60,918 $(5,073)$55,845 
First Busey Corporation (BUSE) | 2026 Q3 — 62
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
Three Months Ended September 30, 2025
(dollars in thousands)BankingWealth ManagementFirsTechTotal Reportable SegmentsReconciling ItemsConsolidated Total
Interest income$244,504 $— $— $244,504 $1 $244,505 
Intersegment interest income— — 16 16 (16)— 
Interest expense86,524 — — 86,524 2,844 89,368 
Intersegment interest expense951 — — 951 (951)— 
Net interest income157,029 — 16 157,045 (1,908)155,137 
Provision for credit losses(985)— — (985)— (985)
Net interest income after provision for credit losses158,014 — 16 158,030 (1,908)156,122 
 
Noninterest income
Wealth management fees— 17,184 — 17,184 — 17,184 
Payment technology solutions— — 5,092 5,092 — 5,092 
Treasury management services4,228 — — 4,228 — 4,228 
Capital markets income1,936 — — 1,936 — 1,936 
Card services and ATM fees4,799 — — 4,799 — 4,799 
Other service charges on deposit accounts1,617 — — 1,617 — 1,617 
All other noninterest income4,391 183 (4)4,570 1,772 6,342 
Intersegment noninterest income564 — 443 1,007 (1,007)— 
Noninterest income17,535 17,367 5,531 40,433 765 41,198 
 
Revenue174,564 17,367 5,547 197,478 (1,143)196,335 
 
Noninterest expense
Salaries and employee benefits53,264 7,576 2,620 63,460 10,685 74,145 
Data processing8,062 658 931 9,651 63 9,714 
Amortization of intangible assets4,292 215 — 4,507 — 4,507 
Interchange expense— — 1,336 1,336 — 1,336 
All other noninterest expense26,706 562 674 27,942 2,374 30,316 
Intersegment noninterest expense4,346 885 404 5,635 (5,635)— 
Noninterest expense96,670 9,896 5,965 112,531 7,487 120,018 
 
Income (loss) before income taxes78,879 7,471 (418)85,932 (8,630)77,302 
Income taxes21,283 1,793 (112)22,964 (2,760)20,204 
Net income$57,596 $5,678 $(306)$62,968 $(5,870)$57,098 
First Busey Corporation (BUSE) | 2026 Q3 — 63
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
Nine Months Ended September 30, 2026
(dollars in thousands)BankingWealth ManagementFirsTechTotal Reportable SegmentsReconciling ItemsConsolidated Total
Interest income$682,249 $— $— $682,249 $232 $682,481 
Intersegment interest income— — 43 43 (43)— 
Interest expense215,286 — — 215,286 7,679 222,965 
Intersegment interest expense970 — — 970 (970)— 
Net interest income465,993 — 43 466,036 (6,520)459,516 
Provision for credit losses14,889 — — 14,889 — 14,889 
Net interest income after provision for credit losses451,104 — 43 451,147 (6,520)444,627 
 
Noninterest income
Wealth management fees— 59,197 — 59,197 — 59,197 
Payment technology solutions— — 15,153 15,153 — 15,153 
Treasury management services14,069 — — 14,069 — 14,069 
Capital markets income5,714 — — 5,714 — 5,714 
Card services and ATM fees14,192 — — 14,192 — 14,192 
Other service charges on deposit accounts4,274 — — 4,274 — 4,274 
All other noninterest income14,560 444 — 15,004 (625)14,379 
Intersegment noninterest income8,498 — 1,635 10,133 (10,133)— 
Noninterest income61,307 59,641 16,788 137,736 (10,758)126,978 
 
Revenue527,300 59,641 16,831 603,772 (17,278)586,494 
 
Noninterest expense
Salaries and employee benefits184,743 24,740 9,856 219,339 — 219,339 
Data processing23,443 2,155 2,490 28,088 80 28,168 
Amortization of intangible assets12,173 501 — 12,674 — 12,674 
Interchange expense— — 3,368 3,368 — 3,368 
All other noninterest expense80,505 1,978 2,552 85,035 4,968 90,003 
Intersegment noninterest expense1,992 2,249 1,618 5,859 (5,859)— 
Noninterest expense302,856 31,623 19,884 354,363 (811)353,552 
 
Income (loss) before income taxes209,555 28,018 (3,053)234,520 (16,467)218,053 
Income taxes47,048 6,724 (732)53,040 (3,989)49,051 
Net income$162,507 $21,294 $(2,321)$181,480 $(12,478)$169,002 
First Busey Corporation (BUSE) | 2026 Q3 — 64
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
Nine Months Ended September 30, 2025
(dollars in thousands)BankingWealth ManagementFirsTechTotal Reportable SegmentsReconciling ItemsConsolidated Total
Interest income$658,760 $— $— $658,760 $6 $658,766 
Intersegment interest income— — 46 46 (46)— 
Interest expense235,288 — — 235,288 11,427 246,715 
Intersegment interest expense2,308 — — 2,308 (2,308)— 
Net interest income421,164 — 46 421,210 (9,159)412,051 
Provision for credit losses50,308 — — 50,308 — 50,308 
Net interest income after provision for credit losses370,856 — 46 370,902 (9,159)361,743 
 
Noninterest income
Wealth management fees— 51,325 — 51,325 — 51,325 
Payment technology solutions— — 15,121 15,121 — 15,121 
Treasury management services11,634 — — 11,634 — 11,634 
Capital markets income4,515 — — 4,515 — 4,515 
Card services and ATM fees13,388 — — 13,388 — 13,388 
Other service charges on deposit accounts4,663 — — 4,663 — 4,663 
All other noninterest income(1,419)594 (6)(831)7,469 6,638 
Intersegment noninterest income1,232 — 1,217 2,449 (2,449)— 
Noninterest income34,013 51,919 16,332 102,264 5,020 107,284 
 
Revenue455,177 51,919 16,378 523,474 (4,139)519,335 
 
Noninterest expense
Salaries and employee benefits157,237 21,713 7,952 186,902 33,166 220,068 
Data processing28,392 1,873 2,790 33,055 255 33,310 
Amortization of intangible assets11,497 685 — 12,182 — 12,182 
Interchange expense— — 3,976 3,976 — 3,976 
All other noninterest expense72,693 1,889 2,009 76,591 13,754 90,345 
Intersegment noninterest expense14,167 2,443 1,133 17,743 (17,743)— 
Noninterest expense283,986 28,603 17,860 330,449 29,432 359,881 
 
Income (loss) before income taxes120,883 23,316 (1,482)142,717 (33,571)109,146 
Income taxes37,142 5,596 (393)42,345 (7,711)34,634 
Net income (loss)$83,741 $17,720 $(1,089)$100,372 $(25,860)$74,512 
First Busey Corporation (BUSE) | 2026 Q3 — 65
FIRST BUSEY CORPORATION
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (UNAUDITED)
SCOPE OF DISCUSSION
67
BUSINESS
67
Banking Center Markets
67
Busey's Conservative Banking Strategy
68
Business Combinations
68
CrossFirst Bankshares, Inc.
68
RESULTS OF OPERATIONS — THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026
69
Net Income
69
Non-GAAP Adjusting Items and Non-GAAP Measures
70
Operating Performance Metrics
71
Net Interest Income
71
Consolidated Average Balance Sheets and Interest Rates
72
Noninterest Income
77
Noninterest Expense
80
Efficiency Ratio
83
Taxes
83
FINANCIAL CONDITION
84
Balance Sheet
84
Portfolio Loans
84
Portfolio Composition
85
Concentration of Credit Risk
86
Allowance for Credit Losses and Provision for Loan Losses
88
Non-Performing Loans and Non-Performing Assets
89
Potential Problem Loans
91
Deposits
91
Liquidity
91
Off-Balance-Sheet Arrangements
93
Capital Resources
93
NON-GAAP FINANCIAL INFORMATION
94
FORWARD-LOOKING STATEMENTS
100
CRITICAL ACCOUNTING ESTIMATES
101
First Busey Corporation (BUSE) | 2026 Q3 — 66
SCOPE OF DISCUSSION
The following discussion and analysis are intended to assist readers in understanding Busey’s financial condition and results of operations during the three and nine months ended September 30, 2026, and should be read in conjunction with Busey’s Consolidated Financial Statements (Unaudited) and the related Notes to the Consolidated Financial Statements (Unaudited) included in this Quarterly Report, as well as Busey's 2025 Annual Report.
BUSINESS
First Busey Corporation is an $18.56 billion financial holding company headquartered in Leawood, Kansas. First Busey’s common stock is traded on The Nasdaq Global Select Market under the symbol “BUSE,” and its depositary shares of Busey Series B Preferred Stock are traded on The Nasdaq Global Select Market under the symbol “BUSEP.”
Busey provides a full range of banking, wealth management, and payment technology solutions to individuals and corporate clients through its subsidiaries, Busey Bank and FirsTech.
Banking Center Markets
Busey Bank, headquartered in Champaign, Illinois, serves the banking needs of its customers through 80 banking centers located across five geographical regions and verticals spanning 10 states.
2026 Region Graphic.jpg
East Region – Busey Bank serves its East Region through 17 banking centers in the suburban Chicago market and three banking centers located in southwest Florida.
Midwest Region – Busey Bank serves its Midwest Region through 21 banking centers in central Illinois, including six in the Chicago MSA; 20 banking centers in the St. Louis MSA, including eight banking centers in eastern Missouri and 12 banking centers in western Illinois; and one banking center in Indianapolis, Indiana.
First Busey Corporation (BUSE) | 2026 Q3 — 67
Central Region – Busey Bank serves its Central Region through three banking centers in the Kansas City MSA, including two locations in Leawood, Kansas and one in Kansas City, Missouri; one banking center in Wichita, Kansas; and three banking centers in Oklahoma, including two in Oklahoma City and one in Tulsa.
Texas Region – Busey Bank serves its Texas Region through four banking centers across the Dallas-Fort Worth MSA, including locations in Dallas, Frisco, and Fort Worth, Texas.
West Region – Busey Bank serves its West region through three banking centers in Arizona, located in Phoenix and Tucson; three banking centers in Colorado, located in Denver and Colorado Springs; and one banking center in Clayton, New Mexico.
Verticals – Transcending geographical boundaries, Busey operates in several industry verticals, including Life Equity Lending, Structured Finance, Energy Banking, and SBA Lending.
Busey's Conservative Banking Strategy
Busey’s financial strength is built on a long-term conservative operating approach. The quality of Busey’s core deposit1 franchise is a critical value driver of the institution. Busey remains substantially core deposit funded, with robust liquidity. As of September 30, 2026, Busey’s loan-to-deposit ratio was 82.5% and core deposits represented 94.0% of total deposits. Busey maintains sufficient on- and off-balance sheet liquidity to manage deposit fluctuations and the liquidity needs of its customers.
Busey’s credit performance reflects its highly diversified, conservatively underwritten loan portfolio. Busey’s approach to lending and its underwriting standards are designed to emphasize relationship banking rather than transactional banking. In addition, as a matter of both policy and practice, Busey limits concentration exposures in any particular loan segment.
Busey’s conservative banking strategy is reflected in the strength of its capital base. Busey strives to consistently maintain capital ratios well in excess of thresholds required to be designated as well capitalized by applicable regulatory guidelines, thereby ensuring financial strength and flexibility across economic and operating cycles. As of September 30, 2026, Busey’s leverage ratio of Tier 1 capital to average assets was 11.3%, its common equity Tier 1 capital to risk-weighted assets ratio was 12.5%, and its total capital to risk-weighted assets ratio was 16.1%.
Business Combinations
CrossFirst Bankshares, Inc.
On March 1, 2025, Busey completed its acquisition of CrossFirst and its wholly-owned subsidiary, CrossFirst Bank. This transformative partnership helped create a premier commercial bank spanning 10 states.
CrossFirst Bank’s results of operations were included in Busey’s results of operations beginning March 1, 2025. First Busey operated CrossFirst Bank as a separate banking subsidiary until it was merged with and into Busey Bank on June 20, 2025. At the time of the bank merger, CrossFirst Bank’s banking centers became banking centers of Busey Bank.
Further information regarding Busey’s acquisitions is provided in Note 2. Business Combinations in the Notes to the Consolidated Financial Statements (Unaudited).
1 Core deposits is a non-GAAP financial measure. For a reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures, see “Non-GAAP Financial Information” included in this MD&A.
First Busey Corporation (BUSE) | 2026 Q3 — 68
RESULTS OF OPERATIONS — THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026
Net Income
Results of Busey’s operations, by operating segment, are presented in the table below. Reconciling items consist of amounts attributable to the parent company and the elimination of intercompany transactions.
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2026202520262025
Net income
Banking
$53,532 $57,596 $162,507 $83,741 
Wealth Management
7,629 5,678 21,294 17,720 
FirsTech
(243)(306)(2,321)(1,089)
Total Reportable Segments
60,918 62,968 181,480 100,372 
Reconciling Items
(5,073)(5,870)(12,478)(25,860)
Net income
$55,845 $57,098 $169,002 $74,512 
First Busey Corporation (BUSE) | 2026 Q3 — 69
Non-GAAP Adjusting Items and Non-GAAP Measures
Busey views certain non-operating items, including acquisition-related expenses, restructuring charges, and nonrecurring strategic events, as adjustments to net income reported under GAAP. Busey also adjusts for net securities gains and losses to align with industry and research analyst reporting. The objective of Busey’s presentation of adjusted earnings and adjusted earnings metrics is to allow investors and analysts to more clearly identify quarterly trends in core earnings performance. Pre-tax non-GAAP adjustments were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2026202520262025
Pre-tax non-GAAP adjustments to net income by income/expense category
Net securities (gains) losses
$703 $288 $(802)$10,059 
Other noninterest income
— 44 — 44 
Provision for credit losses
— — — 49,602 
Salaries and employee benefits
724 5,610 18,893 33,045 
Data processing
— 424 80 6,690 
Net occupancy expense of premises
— 9 — 9 
Furniture and equipment expenses
— 66 — 67 
Professional fees
— 358 823 7,969 
Other noninterest expense
377 740 1,131 2,053 
Total pre-tax non-GAAP adjustments to net income
$1,804 $7,539 $20,125 $109,538 
 
Pre-tax non-GAAP adjustments to net income by business objective
Net securities (gains) losses1
$703 $288 $(802)$10,059 
Initial provision for credit losses2
— — — 49,602 
Other acquisition (income) expenses3
1,132 7,251 7,572 49,877 
Restructuring expenses4
(31)— 13,355 — 
Total pre-tax non-GAAP adjustments to net income
$1,804 $7,539 $20,125 $109,538 
___________________________________________
1.During the nine months ended September 30, 2025, Busey sold available for sale debt securities with a book value of approximately $205.6 million for a pre-tax loss of $15.5 million and related estimated tax benefit of $4.3 million, as part of a balance sheet repositioning strategy.
2.During the nine months ended September 30, 2025, in connection with the CrossFirst acquisition, Busey recorded expenses of $42.4 million to establish an initial allowance for non-PCD loans and $7.2 million to establish an initial allowance for unfunded commitments following the close of the CrossFirst acquisition-in the first quarter of 2025 and adoption of a new CECL model in the second quarter of 2025.
3.Other acquisition expenses related to the acquisition of CrossFirst, which was completed on March 1, 2025. Final expenses for the acquisition of M&M were also included in the nine months ended September 30, 2025.
4.Restructuring expenses were incurred in connection with the execution on additional synergies related to the CrossFirst acquisition and also in connection with the previously announced departure of Michael J. Maddox in the first quarter of 2026.
A reconciliation of non-GAAP measures, which Busey believes facilitates the assessment of its financial results and peer comparability, is included in tabular form in this MD&A. See “Non-GAAP Financial Information.”
First Busey Corporation (BUSE) | 2026 Q3 — 70
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)
2026202520262025
Net income (GAAP)
$55,845 $57,098 $169,002 $74,512 
Adjusted net income (Non-GAAP)1
$57,198 $62,496 $184,096 $159,788 
 
Net income available to common stockholders (GAAP)
$51,256 $51,967 $155,234 $69,226 
Adjusted net income available to common stockholders (Non-GAAP)1
$52,609 $57,365 $170,328 $154,502 
 
Diluted earnings per common share (GAAP)
$0.61 $0.58 $1.81 $0.83 
Adjusted diluted earnings per common share (Non-GAAP)1
$0.63 $0.64 $1.99 $1.85 
 
Return on average assets (Non-GAAP)1, 2
1.20 %1.21 %1.25 %0.57 %
Adjusted return on average assets (Non-GAAP)1, 2
1.23 %1.33 %1.36 %1.22 %
 
Return on average tangible common equity (Non-GAAP)1, 2, 3
12.93 %12.72 %12.82 %6.35 %
Adjusted return on average tangible common equity (Non-GAAP)1, 2, 3
13.25 %13.96 %14.00 %13.29 %
 
Pre-provision net revenue (Non-GAAP)1
$82,852 $76,605 $232,140 $169,513 
Adjusted pre-provision net revenue (Non-GAAP)1
$83,953 $83,856 $253,067 $219,390 
 
Pre-provision net revenue to average total assets (Non-GAAP)1, 2
1.78 %1.63 %1.71 %1.29 %
Adjusted pre-provision net revenue to average total assets (Non-GAAP)1, 2
1.80 %1.78 %1.87 %1.67 %
___________________________________________
1.For a reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures, see “Non-GAAP Financial Information,” included in this MD&A.
2.Annualized measure.
3.Beginning in 2026, Busey revised, for all periods presented, its calculation of return on average tangible common equity and adjusted return on average tangible common equity to eliminate the effects of intangible asset amortization from the numerator of both calculations.
Net Interest Income
Net interest income is the difference between interest income and fees earned on loans and investments (“interest-earning assets”) and interest expense incurred on deposits and borrowings (“interest-bearing liabilities”). Interest rate levels and volume fluctuations within interest-earning assets and interest-bearing liabilities impact net interest income. Net interest margin is tax-equivalent net interest income as a percent of average interest-earning assets.
First Busey Corporation (BUSE) | 2026 Q3 — 71
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:
First Busey Corporation (BUSE) | 2026 Q3 — 72
Three Months Ended September 30,
20262025
(dollars in thousands)Average
Balance		Income/
Expense
Yield/
Rate5
Average
Balance		Income/
Expense
Yield/
Rate5
Assets
Interest-bearing bank deposits and federal funds sold
$688,669 $6,387 3.68 %$489,730 $5,487 4.45 %
Investment securities:
U.S. Government obligations
102,475 1,320 5.11 %113,825 1,434 5.00 %
Obligations of states and political subdivisions1
268,096 2,934 4.34 %241,561 2,697 4.43 %
Other securities
2,863,453 24,410 3.38 %2,608,081 20,097 3.06 %
Restricted bank stock
77,935 1,237 6.30 %77,041 871 4.49 %
Loans held for sale
20,037 398 7.88 %9,895 155 6.21 %
Portfolio loans1, 2
13,035,599 196,736 5.99 %13,732,229 214,552 6.20 %
Total interest-earning assets1, 3
17,056,264 $233,422 5.43 %17,272,362 $245,293 5.63 %
 
Cash and due from banks
170,290 173,921 
Premises and equipment
191,958 184,113 
ACL
(168,467)(184,680)
Other assets
1,220,894 1,216,733 
Total assets
$18,470,939 $18,662,449 
 
Liabilities and stockholders’ equity
Interest-bearing transaction deposits
$3,426,877 $15,343 1.78 %$3,256,326 $16,208 1.97 %
Savings and money market deposits
6,127,538 38,445 2.49 %6,199,404 44,361 2.84 %
Time deposits
2,408,540 21,135 3.48 %2,545,749 24,042 3.75 %
Federal funds purchased and repurchase agreements
150,791 928 2.44 %150,260 976 2.58 %
Borrowings4
229,507 2,540 4.39 %189,432 2,380 4.98 %
Junior subordinated debt issued to unconsolidated trusts
62,498 1,035 6.57 %77,211 1,401 7.20 %
Total interest-bearing liabilities
12,405,751 $79,426 2.54 %12,418,382 $89,368 2.86 %
 
Net interest spread1
2.89 %2.77 %
 
Noninterest-bearing deposits
3,439,388 3,578,164 
Other liabilities
272,038 239,995 
Stockholders’ equity
2,353,762 2,425,908 
Total liabilities and stockholders’ equity
$18,470,939 $18,662,449 
 
Interest income / earning assets1, 3
$17,056,264 $233,422 5.43 %$17,272,362 $245,293 5.63 %
Interest expense / earning assets
17,056,264 79,426 1.85 %17,272,362 89,368 2.05 %
Net interest margin1
$153,996 3.58 %$155,925 3.58 %
___________________________________________
1.On a tax-equivalent basis and assuming a federal income tax rate of 21.0%. For a reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures, see “Non-GAAP Financial Information” included in this MD&A.
2.Non-accrual loans are included in average portfolio loans.
3.Interest income includes tax-equivalent adjustments of $0.9 million for the three months ended September 30, 2026, and $0.8 million for the three months ended September 30, 2025.
4.Includes short-term and long-term borrowings. Interest expense includes non-usage fees on a revolving line of credit.
5.Annualized.
First Busey Corporation (BUSE) | 2026 Q3 — 73
Nine Months Ended September 30,
20262025
(dollars in thousands)
Average
Balance
Income/
Expense
Yield/
Rate5
Average
Balance
Income/
Expense
Yield/
Rate5
Assets
Interest-bearing bank deposits and federal funds sold
$319,260 $8,666 3.63 %$629,137 $20,532 4.36 %
Investment securities:
U.S. Government obligations
106,514 4,040 5.07 %90,768 3,383 4.98 %
Obligations of states and political subdivisions1
265,508 8,599 4.33 %225,549 6,919 4.10 %
Other securities
2,668,027 63,797 3.20 %2,627,408 58,504 2.98 %
Restricted bank stock
81,556 3,244 5.32 %62,275 2,173 4.67 %
Loans held for sale
11,210 593 7.07 %6,770 312 6.16 %
Portfolio loans1, 2
13,292,823 596,111 6.00 %12,484,515 569,059 6.09 %
Total interest-earning assets1, 3
16,744,898 $685,050 5.47 %16,126,422 $660,882 5.48 %
 
Cash and due from banks
167,348 167,752 
Premises and equipment
192,886 169,085 
ACL
(171,976)(170,863)
Other assets
1,207,767 1,242,248 
Total assets
$18,140,923 $17,534,644 
 
Liabilities and stockholders’ equity
Interest-bearing transaction deposits
$3,252,429 $41,311 1.70 %$3,032,978 $42,424 1.87 %
Savings and money market deposits
5,811,948 102,629 2.36 %5,681,287 117,735 2.77 %
Time deposits
2,386,766 62,770 3.52 %2,494,470 69,911 3.75 %
Federal funds purchased and repurchase agreements
160,170 2,922 2.44 %145,711 2,738 2.51 %
Borrowings4
306,173 9,805 4.28 %256,196 9,759 5.09 %
Junior subordinated debt issued to unconsolidated trusts
71,602 3,528 6.59 %76,659 4,148 7.23 %
Total interest-bearing liabilities
11,989,088 $222,965 2.49 %11,687,301 $246,715 2.82 %
 
Net interest spread1
2.98 %2.66 %
 
Noninterest-bearing deposits
3,480,861 3,387,621 
Other liabilities
263,894 242,735 
Stockholders’ equity
2,407,080 2,216,987 
Total liabilities and stockholders’ equity
$18,140,923 $17,534,644 
 
Interest income / earning assets1, 3
$16,744,898 $685,050 5.47 %$16,126,422 $660,882 5.48 %
Interest expense / earning assets
16,744,898 222,965 1.78 %16,126,422 246,715 2.05 %
Net interest margin1
$462,085 3.69 %$414,167 3.43 %
___________________________________________
1.On a tax-equivalent basis and assuming a federal income tax rate of 21.0%. For a reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures, see “Non-GAAP Financial Information” included in this MD&A.
2.Non-accrual loans have been included in average portfolio loans.
3.Interest income includes tax-equivalent adjustments of $2.6 million for the nine months ended September 30, 2026, and $2.1 million for the nine months ended September 30, 2025, respectively.
4.Includes short-term and long-term borrowings. Interest expense includes non-usage fees on a revolving line of credit.
5.Annualized.
First Busey Corporation (BUSE) | 2026 Q3 — 74
Notable changes in average assets and average liabilities are summarized as follows:
Three Months Ended September 30,
(dollars in thousands)20262025Change% Change
Average interest-earning assets$17,056,264 $17,272,362 $(216,098)(1.3)%
Average interest-bearing liabilities12,405,751 12,418,382 (12,631)(0.1)%
Average noninterest-bearing deposits3,439,388 3,578,164 (138,776)(3.9)%
 
Total average deposits15,402,343 15,579,643 (177,300)(1.1)%
Total average liabilities16,117,177 16,236,541 (119,364)(0.7)%
 
Average noninterest-bearing deposits as a percent of total average deposits22.3 %23.0 %(70) bps
Total average deposits as a percent of total average liabilities95.6 %96.0 %(40) bps
Nine Months Ended September 30,
(dollars in thousands)20262025Change% Change
Average interest-earning assets$16,744,898 $16,126,422 $618,476 3.8 %
Average interest-bearing liabilities11,989,088 11,687,301 301,787 2.6 %
Average noninterest-bearing deposits3,480,861 3,387,621 93,240 2.8 %
 
Total average deposits14,932,004 14,596,356 335,648 2.3 %
Total average liabilities15,733,843 15,317,657 416,186 2.7 %
 
Average noninterest-bearing deposits as a percent of total average deposits23.3 %23.2 %10 bps
Total average deposits as a percent of total average liabilities94.9 %95.3 %(40) bps
First Busey Corporation (BUSE) | 2026 Q3 — 75
Changes in net interest income and net interest margin are summarized as follows:
Three Months Ended September 30,
(dollars in thousands)20262025Change% Change
Net interest income
Interest income, on a tax-equivalent basis1
$233,422 $245,293 $(11,871)(4.8)%
Interest expense
(79,426)(89,368)9,942 11.1 %
Net interest income, on a tax-equivalent basis1
$153,996 $155,925 $(1,929)(1.2)%
 
Net interest margin1, 2
3.58 %3.58 %— bps
Nine Months Ended September 30,
(dollars in thousands)20262025Change% Change
Net interest income
Interest income, on a tax-equivalent basis1
$685,050 $660,882 $24,168 3.7 %
Interest expense
(222,965)(246,715)23,750 9.6 %
Net interest income, on a tax-equivalent basis1
$462,085 $414,167 $47,918 11.6 %
 
Net interest margin1, 2
3.69 %3.43 %26 bps
___________________________________________
1.Assuming a federal income tax rate of 21.0%. For a reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures, see “Non-GAAP Financial Information” included in this MD&A.
2.Net interest income expressed as a percentage of average earning assets, stated on a tax-equivalent basis.
The Federal Open Market Committee raised rates by 25 bps during the third quarter of 2026. Rising rates initially have a positive impact on net interest margin, as assets, in particular commercial loans, reprice more quickly and to a greater extent than liabilities. As deposit and funding costs increase in response to the tightening rate cycle, and Busey experiences deposit migration into higher cost offerings and funding alternatives, some of the net interest margin expansion is reversed.
Busey continues to evaluate and execute off-balance sheet hedging and balance sheet strategies as well as embedding rate protection in asset originations to provide consistent and predictable net interest income performance across different interest rate environments. Busey continues strategic efforts to grow core customer deposits.
Net interest spread represents the difference between the average rate earned on earning assets and the average rate paid on interest-bearing liabilities, and is presented in the table below:
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Net interest spread1
2.89 %2.77 %2.98 %2.66 %
___________________________________________
1.Net interest spread is calculated on a tax-equivalent basis.
First Busey Corporation (BUSE) | 2026 Q3 — 76
Annualized net interest margins for the quarterly periods indicated were as follows:
20262025
First Quarter3.77 %3.16 %
Second Quarter3.72 %3.49 %
Third Quarter3.58 %3.58 %
Fourth Quarter3.71 %
Management attempts to mitigate the effects of a shifting interest-rate environment through effective portfolio management, prudent loan underwriting and pricing discipline, and operational efficiencies. For a description of accounting policies underlying the recognition of interest income and expense, refer to the Notes to Consolidated Financial Statements in Busey’s 2025 Annual Report.
Noninterest Income
Changes in noninterest income are summarized in the tables below:
Three Months Ended September 30,
(dollars in thousands)20262025Change% Change
Noninterest income
Wealth management fees$19,846 $17,184 $2,662 15.5 %
Payment technology solutions5,108 5,092 16 0.3 %
Treasury management services4,824 4,228 596 14.1 %
Capital markets income1,472 1,936 (464)(24.0)%
Card services and ATM fees4,733 4,799 (66)(1.4)%
Other service charges on deposit accounts1,361 1,617 (256)(15.8)%
Income on bank owned life insurance1,659 1,623 36 2.2 %
 
Securities income:
Realized net gains (losses) on securities137 (13)150 NM
Unrealized net gains (losses) recognized on equity securities(840)(275)(565)(205.5)%
Net securities gains (losses)(703)(288)(415)(144.1)%
 
Other noninterest income2,102 5,007 (2,905)(58.0)%
Total noninterest income$40,402 $41,198 $(796)(1.9)%
First Busey Corporation (BUSE) | 2026 Q3 — 77
Nine Months Ended September 30,
(dollars in thousands)20262025Change% Change
Noninterest income
Wealth management fees$59,197 $51,325 $7,872 15.3 %
Payment technology solutions15,153 15,121 32 0.2 %
Treasury management services14,069 11,634 2,435 20.9 %
Capital markets income5,714 4,515 1,199 26.6 %
Card services and ATM fees14,192 13,388 804 6.0 %
Other service charges on deposit accounts4,274 4,663 (389)(8.3)%
Income on bank owned life insurance4,912 4,814 98 2.0 %
 
Securities income:
Realized net gains (losses) on securities160 (15,549)15,709 NM
Unrealized net gains (losses) recognized on equity securities642 5,490 (4,848)(88.3)%
Net securities gains (losses)802 (10,059)10,861 NM
 
Other noninterest income8,665 11,883 (3,218)(27.1)%
Total noninterest income$126,978 $107,284 $19,694 18.4 %
 
Assets under care as of period end$16,719,766 $14,959,317 $1,760,449 11.8 %
Total noninterest income provided $40.4 million for the three months ended September 30, 2026, a decrease of 1.9% from the comparable period in 2025, primarily due to $2.9 million in declines from other noninterest income, partially offset by $2.7 million in increases from wealth management fees. Total noninterest income provided $127.0 million for the nine months ended September 30, 2026, an increase of 18.4% from the comparable period in 2025. Whereas the nine months ended September 30, 2026, included nine months of income as a larger organization after the acquisition of CrossFirst, the nine months ended September 30, 2025, included only seven months of income from CrossFirst following the acquisition, which was completed on March 1, 2025. The nine months ended September 30, 2025, also included $15.5 million in net securities losses that were recorded in connection with a strategic balance sheet repositioning, which was partially offset by unrealized net gains on securities, which were elevated in 2025 due to Busey’s approximately 3% equity ownership in a financial institution that was the target of an announced acquisition at a significant market premium.
Wealth management fees provided income of $19.8 million for the three months ended September 30, 2026, representing an increase of 15.5% from the comparable period in 2025, and provided income of $59.2 million for the nine months ended September 30, 2026, representing an increase of 15.3% from the comparable period for 2025, primarily due to increases in trust fee income. Busey’s Wealth Management division ended the third quarter of 2026 with $16.72 billion in assets under care, an increase of 11.8% compared to the balance on September 30, 2025. Busey’s portfolio management team continues to focus on long-term returns and managing risk in the face of volatile markets.
Payment technology solutions income is derived from Busey’s payment processing company, FirsTech. Payment technology solutions provided income of $5.1 million for the three months ended September 30, 2026, representing an increase of 0.3% from the comparable period in 2025, and provided income of $15.2 million for the nine months ended September 30, 2026, representing an increase of 0.2% from the comparable period in 2025, primarily due to increases in income from lockbox and merchant processing services.
First Busey Corporation (BUSE) | 2026 Q3 — 78
Treasury management services, which consist primarily of business analysis and domestic wire transfers on commercial accounts, provided income of $4.8 million for the three months ended September 30, 2026, representing an increase of 14.1% from the comparable period in 2025, and provided income of $14.1 million for the nine months ended September 30, 2026, representing an increase of 20.9% from the comparable period in 2025. Growth in treasury management services was primarily attributable to increased income from business analysis.
Capital markets income, which consists primarily of swap origination fees, foreign wire transfer fees on commercial accounts, syndication fees, and letter of credit fees, provided income of $1.5 million for the three months ended September 30, 2026, representing a decrease of 24.0% from the comparable period in 2025, primarily due to decreases in income from swap origination fees and syndication fees, which are tied to loan production, and to an extent is impacted by volatility of interest rates. Capital markets income provided $5.7 million for the nine months ended September 30, 2026, representing an increase of 26.6% from the comparable period in 2025, primarily due to increases in income from syndication fees and letter of credit fees.
Card services and ATM fees, which include both commercial and consumer accounts, provided income of $4.7 million for the three months ended September 30, 2026, representing a decrease of 1.4% from the comparable period in 2025, primarily due to declines in ATM fees. Card services and ATM fees provided income of $14.2 million for the nine months ended September 30, 2026, representing an increase of 6.0% from the comparable period in 2025, primarily due to income from interchange fees.
Other service charges on deposit accounts provided income of $1.4 million for the three months ended September 30, 2026, representing a decrease of 15.8% from the comparable period in 2025, and provided income of $4.3 million for the nine months ended September 30, 2026, representing a decrease of 8.3% from the comparable period in 2025. Declines were largely related to lower non-sufficient fund charges.
Income on bank owned life insurance provided $1.7 million for the three months ended September 30, 2026, representing an increase of 2.2% from the comparable period in 2025, due to earnings on the cash surrender value of the policies. Income on bank owned life insurance provided $4.9 million for the nine months ended September 30, 2026, representing an increase of 2.0% from the comparable period in 2025, as a result of an increase of over $0.5 million on the cash surrender value of the policies, largely offset by a decrease of nearly $0.4 million in earnings on death proceeds.
Net securities losses of $0.7 million recognized during the three months ended September 30, 2026, exceeded net securities losses of $0.3 million recognized during the comparable period in 2025. Net securities gains of $0.8 million were recognized during the nine months ended September 30, 2026, compared to net securities losses of $10.1 million that were recognized during the nine months ended September 30, 2025. Losses in 2025 were realized in connection with a strategic balance sheet repositioning completed during the first quarter of 2025, which was partially offset by unrealized net gains on securities, which were elevated in the second quarter of 2025 due to Busey’s approximately 3% equity ownership in a financial institution that was the target of an announced acquisition at a significant market premium.
Other noninterest income provided $2.1 million for the three months ended September 30, 2026, representing a decrease of 58.0% from the comparable period in 2025, and provided $8.7 million for the nine months ended September 30, 2026, representing a decrease of 27.1% from the comparable period in 2025. Decreases were primarily attributable to fluctuations in income recognized on private equity investments and mortgage revenue. Other noninterest income was also impacted by a $0.7 million LOCOM adjustment recorded in the third quarter of 2026 in connection with the repositioning of a pool of lender finance loans to held for sale as part of our ongoing portfolio management efforts.
First Busey Corporation (BUSE) | 2026 Q3 — 79
Noninterest Expense
Changes in noninterest expense are summarized in the tables below:
Three Months Ended September 30,
(dollars in thousands)20262025Change% Change
Noninterest expense
Salaries and employee benefits$66,432 $74,145 $(7,713)(10.4)%
Data processing9,436 9,714 (278)(2.9)%
 
Premises expenses:
Net occupancy expense of premises7,977 7,982 (5)(0.1)%
Furniture and equipment expenses2,530 2,143 387 18.1 %
Combined, net occupancy expense of premises and furniture and equipment expenses10,507 10,125 382 3.8 %
 
Professional fees2,507 2,931 (424)(14.5)%
Amortization of intangible assets4,151 4,507 (356)(7.9)%
Interchange expense1,156 1,336 (180)(13.5)%
FDIC insurance1,293 3,151 (1,858)(59.0)%
Other noninterest expense15,916 14,109 1,807 12.8 %
Total noninterest expense$111,398 $120,018 $(8,620)(7.2)%
 
Income taxes$16,662 $20,204 $(3,542)(17.5)%
Effective income tax rate23.0 %26.1 %(310) bps
 
Efficiency ratio (Non-GAAP)1
54.4 %54.9 %(50) bps
___________________________________________
1.Beginning in 2026, Busey now reports a single efficiency ratio, which was previously reported as the “adjusted efficiency ratio.” The efficiency ratio is a non-GAAP financial measure. For a reconciliation of non-GAAP measures to the most directly comparable financial GAAP measures, see “Non-GAAP Financial Information” included in this MD&A.
First Busey Corporation (BUSE) | 2026 Q3 — 80
Nine Months Ended September 30,
(dollars in thousands)20262025Change% Change
Noninterest expense
Salaries and employee benefits$219,339 $220,068 $(729)(0.3)%
Data processing28,168 33,310 (5,142)(15.4)%
 
Premises expenses:
Net occupancy expense of premises23,479 21,613 1,866 8.6 %
Furniture and equipment expenses7,043 6,296 747 11.9 %
Combined, net occupancy expense of premises and furniture and equipment expenses30,522 27,909 2,613 9.4 %
 
Professional fees8,787 15,316 (6,529)(42.6)%
Amortization of intangible assets12,674 12,182 492 4.0 %
Interchange expense3,368 3,976 (608)(15.3)%
FDIC insurance6,093 7,742 (1,649)(21.3)%
Other noninterest expense44,601 39,378 5,223 13.3 %
Total noninterest expense$353,552 $359,881 $(6,329)(1.8)%
 
Income taxes$49,051 $34,634 $14,417 41.6 %
Effective income tax rate22.5 %31.7 %(920) bps
 
Efficiency ratio (Non-GAAP)1
54.4 %56.0 %(160) bps
 
Full-time equivalent associates as of period-end1,8121,922(110)(5.7)%
___________________________________________
1.Beginning in 2026, Busey now reports a single efficiency ratio, which was previously reported as the “adjusted efficiency ratio.” The efficiency ratio is a non-GAAP financial measure. For a reconciliation of non-GAAP measures to the most directly comparable financial GAAP measures, see “Non-GAAP Financial Information” included in this MD&A.
Total noninterest expense was $111.4 million for the three months ended September 30, 2026, representing a decrease of 7.2% from the comparable period in 2025. Excluding acquisition and restructuring expenses, adjusted noninterest expense2 totaled $110.3 million for the three months ended September 30, 2026, representing a decline of 2.2% from the comparable period in 2025. Declines were primarily attributable to reductions in salaries and employee benefits and FDIC insurance, partially offset by an increase in other noninterest expense.
Total noninterest expense was $353.6 million for the nine months ended September 30, 2026, representing a decrease of 1.8% from the comparable period in 2025. Excluding acquisition and restructuring expenses, adjusted noninterest expense totaled $332.6 million for the nine months ended September 30, 2026, representing an increase of 7.3% from the comparable period in 2025.
2 Adjusted noninterest expense is a non-GAAP financial measure. For a reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures, see “Non-GAAP Financial Information” included in this MD&A.
First Busey Corporation (BUSE) | 2026 Q3 — 81
Salaries and employee benefits totaled $66.4 million for the three months ended September 30, 2026, representing a decrease of 10.4% from the comparable period in 2025. Excluding acquisition and restructuring expenses, which include severance, retention, and stock-based compensation expenses related to the CrossFirst acquisition, these expenses totaled $65.7 million for the three months ended September 30, 2026, representing a decrease of 4.1% from the comparable period in 2025, resulting primarily from declines in salaries and bonus expense. Salaries and employee benefits totaled $219.3 million for the nine months ended September 30, 2026, representing a decrease of 0.3% from the comparable period in 2025. Excluding acquisition and restructuring expenses, these expenses totaled $200.4 million for the nine months ended September 30, 2026, representing an increase of 7.2% from the comparable period in 2025, due to increases in expense for salaries and incentive compensation.
Data processing expense totaled $9.4 million for the three months ended September 30, 2026, and $28.2 million for the nine months ended September 30, 2026, representing decreases of 2.9% and 15.4%, respectively, from the comparable periods in 2025. Excluding acquisition and restructuring expenses, data processing expense increased by $0.1 million, or 1.6%, for the three months ended September 30, 2026, and increased by $1.5 million, or 5.5% for the nine months ended September 30, 2026, when compared to the same periods in 2025. Increases were primarily attributable to company-wide investments in technology enhancements, as well as inflation-driven price increases.
Combined, net occupancy expense of premises and furniture and equipment expense totaled $10.5 million for the three months ended September 30, 2026, and $30.5 million for the nine months ended September 30, 2026, representing increases of 3.8% and 9.4%, respectively, from the comparable periods in 2025. Increases were driven by expense growth in lease costs and depreciation expense, resulting primarily from the addition of banking centers assumed in the CrossFirst acquisition, as well as new banking centers opened in 2025 and 2026.
Professional fees totaled $2.5 million for the three months ended September 30, 2026, representing a decrease of 14.5% from the comparable period in 2025. Excluding acquisition and restructuring expenses, professional fees decreased by $0.1 million or 2.6% from the comparable period in 2025, primarily due to declines in legal fees partially offset by increases in consulting expenses. Professional fees totaled $8.8 million for the nine months ended September 30, 2026, representing a decrease of 42.6% from the comparable period in 2025. Excluding acquisition and restructuring expenses, professional fees increased by $0.6 million, or 8.4%, for the nine months ended September 30, 2026, from the comparable period in 2025, primarily due to increases in audit and accounting fees and consulting expenses, partially offset by declines in legal fees.
Amortization of intangible assets totaled $4.2 million for the three months ended September 30, 2026, representing a decrease of 7.9% from the comparable period in 2025, and totaled $12.7 million for the nine months ended September 30, 2026, representing an increase of 4.0% from the comparable period for 2025. The CrossFirst acquisition added an estimated $81.8 million of finite-lived intangible assets. Busey uses an accelerated amortization methodology.
Interchange expense totaled $1.2 million for the three months ended September 30, 2026, representing a decrease of 13.5% from the comparable period in 2025, and totaled $3.4 million for the nine months ended September 30, 2026, representing a decrease of 15.3% from the comparable period in 2025. Fluctuations in interchange expense relate to payment and volume activity at FirsTech.
FDIC insurance expense totaled $1.3 million for the three months ended September 30, 2026, representing a decrease of 59.0% from the comparable period in 2025, and totaled $6.1 million for the nine months ended September 30, 2026, representing a decrease of 21.3% from the comparable period in 2025. FDIC insurance costs declined as a result of prior-period adjustments.
First Busey Corporation (BUSE) | 2026 Q3 — 82
Other noninterest expense totaled $15.9 million for the three months ended September 30, 2026, representing an increase of 12.8% from the comparable period in 2025. Excluding acquisition and restructuring expenses, these expenses totaled $15.5 million for the three months ended September 30, 2026, representing an increase of 16.2% from the comparable period in 2025. Other noninterest expense totaled $44.6 million for the nine months ended September 30, 2026, representing an increase of 13.3% from the comparable period in 2025. Excluding acquisition and restructuring expenses, these expenses totaled $43.5 million for the nine months ended September 30, 2026, representing an increase of 16.5% from the comparable period in 2025. Significant drivers of the changes in other noninterest expense included marketing, business development, and card service fees.
Efficiency Ratio
The efficiency ratio3, which is a measure commonly used by management and the banking industry, measures the amount of expense incurred to generate a dollar of revenue. Busey’s efficiency ratio was 54.4% for the three months ended September 30, 2026, compared to 54.9% for the same period in 2025, and was 54.4% for the nine months ended September 30, 2026, compared to 56.0% for the same period in 2025.
Taxes
Busey’s effective income tax rate was 23.0% for the three months ended September 30, 2026, and 22.5% for the nine months ended September 30, 2026. Busey’s effective income tax rates were lower than the combined federal and state statutory rate of approximately 26.0% primarily as a result of investments in federal transferrable income tax credits, tax exempt interest income, apportionment changes, and discrete adjustments related to equity award vestings. Busey continues to monitor evolving federal and state tax legislation and its potential impact on operations on an ongoing basis.
As of September 30, 2026, Busey was under examination by the Illinois Department of Revenue for M&M’s tax filings for the tax years 2022 and 2023. In addition, during the three months ended September 30, 2026, Busey received notice from the Illinois Department of Revenue of its intent to audit First Busey’s 2021 tax returns.
3 The efficiency ratio is a non-GAAP financial measure. For a reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures, see “Non-GAAP Financial Information” included in this MD&A.
First Busey Corporation (BUSE) | 2026 Q3 — 83
FINANCIAL CONDITION
Balance Sheet
Changes in significant items on Busey’s Consolidated Balance Sheets (Unaudited) are summarized in the table below:
As of
(dollars in thousands)September 30,
2026		December 31,
2025		Change% Change
Assets
Debt securities available for sale$2,669,937 $2,162,548 $507,389 23.5 %
Debt securities held to maturity685,134 746,385 (61,251)(8.2)%
Portfolio loans, net of ACL12,658,209 13,393,776 (735,567)(5.5)%
Total assets18,558,606 18,104,736 453,870 2.5 %
 
Liabilities
Deposits:
Noninterest-bearing3,439,061 3,659,421 (220,360)(6.0)%
Interest-bearing12,098,505 11,246,537 851,968 7.6 %
Total deposits15,537,566 14,905,958 631,608 4.2 %
Securities sold under agreements to repurchase154,693 166,929 (12,236)(7.3)%
Short-term borrowings41,793 — 41,793 100.0 %
Long-term borrowings98,165 113,806 (15,641)(13.7)%
Subordinated notes, net of unamortized issuance costs99,710 99,395 315 0.3 %
Junior subordinated debt owed to unconsolidated trusts62,546 77,328 (14,782)(19.1)%
Total liabilities16,302,327 15,635,754 666,573 4.3 %
 
Stockholders’ equity2,256,279 2,468,982 (212,703)(8.6)%
Portfolio Loans
Busey believes that making sound and profitable loans is a necessary and desirable means of employing funds available for investment. Busey maintains lending policies and procedures designed to focus lending efforts on the types, locations, and duration of loans most appropriate for its business model and markets. While not specifically limited, Busey attempts to focus its lending on short to intermediate-term loans (0-10 years) in states where Busey maintains lending offices. Busey attempts to utilize government-assisted lending programs, such as the SBA and U.S. Department of Agriculture lending programs, when prudent. Generally, loans are collateralized by assets, primarily real estate, and guaranteed by individuals. Loans are expected to be repaid primarily from cash flows of the borrowers or from proceeds from the sale of selected assets of the borrowers.
Management reviews and approves Busey Bank’s lending policies and procedures on a regular basis. Management routinely—at least quarterly—reviews the ACL in conjunction with reports related to loan production, loan quality, concentrations of credit, loan delinquencies, non-performing loans, and potential problem loans. Busey’s underwriting standards are designed to encourage relationship banking rather than transactional banking. Relationship banking implies a primary banking relationship with the borrower that includes, at a minimum, an active deposit banking relationship in addition to the lending relationship. Significant underwriting factors in addition to location, duration, a sound and profitable cash flow basis, and the borrower’s character, include the quality of the borrower’s financial history, the liquidity of the underlying collateral, and the reliability of the valuation of the underlying collateral.
First Busey Corporation (BUSE) | 2026 Q3 — 84
At no time is a borrower’s total borrowing relationship permitted to exceed Busey Bank’s regulatory lending limit. Busey generally limits such relationships to amounts substantially less than the regulatory limit. Loans to related parties, including loans to Busey’s executive officers and directors, are reviewed for compliance with regulatory guidelines.
Busey maintains an independent loan review department that reviews loans for compliance with Busey’s loan policy on a periodic basis. In addition, the loan review department reviews risk assessments made by Busey’s credit department, lenders, and loan committees. Results of these reviews are presented to management and the audit committee at least quarterly.
Busey Bank’s lending can be summarized into five primary lending activities, which can be further categorized as either commercial or retail lending. Commercial lending activities consist of C&I and other commercial loans, CRE loans, and real estate construction loans while retail lending activities consist of retail real estate loans and retail other loans. A description of each of the five primary lending activities can be found in “Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations—Portfolio Loans” of Busey’s 2025 Annual Report.
Portfolio Composition
The composition of Busey’s loan portfolio as of the dates indicated, as well as changes in portfolio loan balances, were as follows:
As of
(dollars in thousands)September 30,
2026		December 31,
2025		Change% Change
Commercial loans
C&I and other commercial$3,770,796 $4,229,208 $(458,412)(10.8)%
CRE5,258,021 5,550,018 (291,997)(5.3)%
Real estate construction1,066,709 1,039,289 27,420 2.6 %
Total commercial loans10,095,526 10,818,515 (722,989)(6.7)%
Retail loans
Retail real estate2,089,618 2,154,616 (64,998)(3.0)%
Retail other637,345 594,668 42,677 7.2 %
Total retail loans2,726,963 2,749,284 (22,321)(0.8)%
Total portfolio loans12,822,489 13,567,799 (745,310)(5.5)%
ACL(164,280)(174,023)9,743 (5.6)%
Portfolio loans, net$12,658,209 $13,393,776 $(735,567)(5.5)%
Continuing heavy payoff headwinds contributed to anticipated declines in portfolio loan balances during the nine months ended September 30, 2026.
First Busey Corporation (BUSE) | 2026 Q3 — 85
Concentration of Credit Risk
As a matter of policy and practice, Busey limits the level of concentration exposure in any particular loan segment with the goal of maintaining a well-diversified loan portfolio. The following table presents the percentage of total portfolio loans for each lending activity:
As of
September 30,
2026		December 31,
2025
Commercial loans
C&I and other commercial29.4 %31.2 %
CRE41.0 %40.9 %
Real estate construction8.3 %7.6 %
Total commercial loans78.7 %79.7 %
Retail loans
Retail real estate16.3 %15.9 %
Retail other5.0 %4.4 %
Total retail loans21.3 %20.3 %
Busey Bank originates loans across its regional operating model and through its specialty product lines, as described below:
•East – Suburban Chicago markets and southwest Florida
•Midwest – Central Illinois, the St. Louis MSA, and Indianapolis, Indiana
•Central – The Kansas City MSA, central Kansas, and Oklahoma
•Texas – The Dallas-Fort Worth MSA
•West – Colorado, New Mexico, and Arizona
•Verticals – Busey’s Life Equity Lending, Structured Finance, Energy Banking, and SBA Lending products
The distribution of Busey Bank loans outstanding that were originated in each of these markets is presented in the tables below:
As of September 30, 2026
(dollars in thousands)C&I and other commercialCREReal estate constructionRetail real estateRetail otherTotal
Loans by region of origination
East
$618,127 $1,163,804 $124,995 $513,518 $12,954 $2,433,398 
Midwest
1,193,361 1,983,522 363,900 1,032,005 12,745 4,585,533 
Central
592,224 752,663 169,539 360,863 40,448 1,915,737 
Texas
455,383 631,256 208,785 99,377 11 1,394,812 
West
272,342 572,247 176,240 72,734 246 1,093,809 
Verticals
639,359 154,529 23,250 11,121 570,941 1,399,200 
Total portfolio loans
$3,770,796 $5,258,021 $1,066,709 $2,089,618 $637,345 12,822,489 
ACL
(164,280)
Portfolio loans, net of ACL
$12,658,209 
First Busey Corporation (BUSE) | 2026 Q3 — 86
As of December 31, 2025
(dollars in thousands)C&I and other commercialCREReal estate constructionRetail real estateRetail otherTotal
Loans by region of origination1
East
$658,068 $1,173,323 $86,972 $521,515 $79,430 $2,519,308 
Midwest
1,281,283 2,078,637 294,267 1,070,395 7,654 4,732,236 
Central
621,370 828,888 206,332 359,062 13,220 2,028,872 
Texas
592,692 786,899 276,881 110,746 3,215 1,770,433 
West
244,347 525,820 155,017 80,558 483 1,006,225 
Verticals
831,448 156,451 19,820 12,340 490,666 1,510,725 
Total portfolio loans
$4,229,208 $5,550,018 $1,039,289 $2,154,616 $594,668 13,567,799 
ACL
(174,023)
Portfolio loans, net of ACL
$13,393,776 
___________________________________________
1.In 2026, Busey moved all of its banking centers in the St. Louis MSA from its East region to its Midwest region. In addition, Busey adjusted its methodology for allocation of purchase accounting, loan fees, and clearings. For comparative purposes, the table above reflects these changes applied to Busey’s 2025 loan balances.
Commercial Real Estate Loans
CRE loans comprised 41.0% of Busey’s total loan portfolio as of September 30, 2026, and CRE properties were 26.6% owner occupied. Owner-occupied CRE is generally dependent on the performance of the borrowers’ businesses, whereas non-owner-occupied CRE is generally reliant on property cash flows generated by third-party tenants.
As of
(dollars in thousands)September 30, 2026December 31, 2025
CRE by Occupancy
Non-owner-occupied CRE$3,861,572 73.4 %$4,118,361 74.2 %
Owner-occupied CRE1,396,449 26.6 %1,431,657 25.8 %
CRE$5,258,021 100.0 %$5,550,018 100.0 %
First Busey Corporation (BUSE) | 2026 Q3 — 87
CRE loans are made across a variety of industries, as depicted in the table below. Balances reflected in the table below do not include loan origination fees or costs, purchase accounting adjustments, SBA discounts, or negative escrow amounts.
As of September 30, 2026
CRE LoansOccupied By% of CRE Loans That Are Owner Occupied
(dollars in thousands)Non-OwnerOwner
Industrial and warehousing$1,162,609 $679,988 $482,621 41.5 %
Apartments814,882 814,696 186 — %
Retail788,406 695,993 92,413 11.7 %
Traditional office695,775 485,259 210,516 30.3 %
Specialty541,384 199,574 341,810 63.1 %
Hotel319,125 319,125 — — %
Medical office277,758 147,538 130,220 46.9 %
Student housing259,806 259,699 107 — %
Restaurant144,775 36,104 108,671 75.1 %
Senior housing121,678 117,761 3,917 3.2 %
Self-Storage87,172 82,897 4,275 4.9 %
Nursing homes46,031 44,687 1,344 2.9 %
Healthcare20,059 20,000 59 0.3 %
Group homes4,874 3,495 1,379 28.3 %
Land acquisition and development89 — 89 100.0 %
Other787 356 431 54.8 %
Total$5,285,210 $3,907,172 $1,378,038 26.1 %
Allowance for Credit Losses and Provision for Loan Losses
The ACL is a significant estimate on Busey’s unaudited consolidated financial statements, affecting both earnings and capital. The ACL is recorded in accordance with GAAP to provide an adequate reserve for expected credit losses that is reflective of management’s best estimate of what is expected to be collected. Estimates of credit losses are based on a careful consideration of all significant factors affecting the collectability as of the evaluation date. The ACL is established through the provision for loan losses, charged to income. Provision expenses for loan losses were recorded as follows:
Three Months Ended September 30,
Nine Months Ended September 30,
(dollars in thousands)Location
2026
2025
2026
20251
Provision for loan losses
Provision for credit losses
$11,444 $(3,305)$15,369 $40,152 
___________________________________________
1.The nine months ended September 30, 2025, included $42.4 million of provision for loan losses expense recorded to establish an initial allowance for non-PCD loans immediately following the close of the CrossFirst acquisition in accordance with ASC 326-20-30-15.
First Busey Corporation (BUSE) | 2026 Q3 — 88
The ACL and the ratio of ACL to portfolio loan balances is presented below by lending activity:
As of September 30, 2026As of December 31, 2025
(dollars in thousands)Portfolio LoansACLRatio of ACL to
Portfolio Loans		Portfolio LoansACLRatio of ACL to
Portfolio Loans
Commercial
C&I and other commercial$3,770,796 $65,831 1.75 %$4,229,208 $61,370 1.45 %
CRE5,258,021 55,805 1.06 %5,550,018 70,328 1.27 %
Real estate construction1,066,709 13,838 1.30 %1,039,289 11,568 1.11 %
Total commercial10,095,526 135,474 1.34 %10,818,515 143,266 1.32 %
Retail
Retail real estate2,089,618 27,169 1.30 %2,154,616 29,178 1.35 %
Retail other637,345 1,637 0.26 %594,668 1,579 0.27 %
Total retail2,726,963 28,806 1.06 %2,749,284 30,757 1.12 %
Total$12,822,489 $164,280 1.28 %$13,567,799 $174,023 1.28 %
As of September 30, 2026, Busey management believed the level of the allowance to be appropriate based upon the information available. However, additional losses may be identified in the loan portfolio as new information is obtained. Factors that influence Busey’s calculation of its ACL include changes in economic conditions and forecasts, originated and acquired loan portfolio composition, credit performance trends, portfolio duration, and other factors.
Non-Performing Loans and Non-Performing Assets
Loans are considered past due if the required principal or interest payments have not been received as of the date such payments were due. Loans are placed on non-accrual status when, in management’s opinion, the borrower may be unable to meet payment obligations as they become due, as well as when required by regulatory guidelines. Loans may be placed on non-accrual status regardless of whether or not such loans are considered past due. Loans are returned to accrual status when all principal and interest amounts contractually due are brought current and future payments are reasonably assured.
Typically, loans are secured by collateral. When a loan is classified as non-accrual and determined to be collateral dependent, it is appropriately reserved or charged down through the ACL to the fair value of Busey’s interest in the underlying collateral less estimated costs to sell. Busey’s loan portfolio is collateralized primarily by real estate.
First Busey Corporation (BUSE) | 2026 Q3 — 89
The following table sets forth information concerning non-performing assets and asset quality ratios:
As of
(dollars in thousands)September 30,
2026		December 31,
2025		Change% Change
Total assets$18,558,606 $18,104,736 $453,870 2.5 %
Portfolio loans12,822,489 13,567,799 (745,310)(5.5)%
Loans 30 – 89 days past due16,877 16,475 402 2.4 %
 
Non-performing assets
Non-performing loans:
Non-accrual loans$80,949 $51,198 $29,751 58.1 %
Loans 90+ days past due and still accruing689 2,288 (1,599)(69.9)%
Total non-performing loans81,638 53,486 28,152 52.6 %
OREO and other repossessed assets1,969 4,626 (2,657)(57.4)%
Total non-performing assets83,607 58,112 25,495 43.9 %
Substandard (excludes 90+ days past due)161,253 116,402 44,851 38.5 %
Classified assets$244,860 $174,514 $70,346 40.3 %
 
ACL$164,280 $174,023 $(9,743)(5.6)%
Bank Tier 1 Capital2,142,635 2,150,048 (7,413)(0.3)%
 
Ratios
ACL to portfolio loans1.28 %1.28 %— bps
ACL to non-accrual loans2.03 x3.40 x(137.0) pts
ACL to non-performing loans2.01 x3.25 x(124.1) pts
ACL to non-performing assets1.96 x2.99 x(103.0) pts
Non-accrual loans to portfolio loans0.63 %0.38 %25 bps
Non-performing loans to portfolio loans0.64 %0.39 %25 bps
Non-performing assets to total assets0.45 %0.32 %13 bps
Non-performing assets to portfolio loans and OREO and other repossessed assets0.65 %0.43 %22 bps
Classified assets to Bank Tier 1 Capital and ACL10.61 %7.51 %310 bps
Asset quality continues to be strong. Busey Bank maintains a well-diversified loan portfolio and, as a matter of policy and practice, limits concentration exposure in any particular loan segment. Busey’s operating mandate and focus remain on emphasizing credit quality over asset growth.
Non-performing assets, which include non-performing loans, OREO, and other repossessed assets, increased to $83.6 million as of September 30, 2026, compared to $58.1 million as of December 31, 2025. Non-performing assets represented 0.45% of total assets as of September 30, 2026, compared to 0.32% as of December 31, 2025. The ACL was equal to 1.96 times the balance of non-performing assets as of September 30, 2026, compared to 2.99 times the balance of non-performing assets as of December 31, 2025.
Classified assets, which include non-performing assets and substandard loans, increased to $244.9 million as of September 30, 2026, compared to $174.5 million as of December 31, 2025. Classified assets represented 10.61% of the Bank’s Tier 1 capital and ACL at September 30, 2026, compared to 7.51% at December 31, 2025.
First Busey Corporation (BUSE) | 2026 Q3 — 90
Asset quality metrics remain dependent upon market-specific economic conditions, and specific measures may fluctuate from period to period. If economic conditions were to deteriorate, Busey would expect the credit quality of its loan portfolio to decline and loan defaults to increase.
Potential Problem Loans
Potential problem loans are loans classified as substandard that are not individually evaluated, non-accrual, or 90+ days past due, but where current information indicates that the borrower may not be able to comply with loan repayment terms. Management assesses the potential for loss on such loans and considers the effect of any potential loss in determining its provision for expected credit losses. Potential problem loans increased to $161.3 million, or 1.3% of portfolio loans, as of September 30, 2026, compared to $116.4 million, or 0.9% of portfolio loans, as of December 31, 2025. Management continues to monitor these loans and work with the borrowers on restructurings, guarantees, additional collateral, or other planned actions. As of September 30, 2026, management identified no other loans that represent or result from trends or uncertainties that would be expected to materially impact future operating results, liquidity, or capital resources.
Deposits
Total deposits increased by 4.2% to $15.54 billion as of September 30, 2026, compared to $14.91 billion as of December 31, 2025. Busey focuses on deepening its customer relationships to maintain and protect its strong core deposit4 franchise. Core deposits include non-brokered transaction accounts, money market and savings deposit accounts, and time deposits of $250,000 or less. Core deposits represented 94.0% of total deposits as of September 30, 2026.
Deposits are federally insured up to the FDIC insurance limit of $250,000. When a portion of a deposit account exceeds the FDIC insurance limit, that portion is uninsured. Estimated uninsured deposits were $6.84 billion, or 44% of total deposits, as of September 30, 2026, compared to $6.46 billion, or 43% of total deposits, as of December 31, 2025. Excluding intercompany accounts, fully collateralized accounts (including preferred deposits), and pass-through accounts where clients have deposit insurance at the correspondent financial institution, the portion of Busey’s deposit base that was uninsured and not otherwise collateralized was estimated to be $5.54 billion, or 36% of total deposits, as of September 30, 2026, compared to $5.58 billion, or 37% of total deposits, as of December 31, 2025.
For additional information about Busey’s deposits, see “Note 6. Deposits.”
Liquidity
Liquidity management is the process by which Busey ensures that adequate liquid funds are available to meet the present and future cash flow obligations arising in the daily operations of its business. These financial obligations consist of needs for funds to meet commitments to borrowers for extensions of credit, fund capital expenditures, honor withdrawals by customers, pay dividends to stockholders, and pay operating expenses. Busey’s most liquid assets are cash and due from banks, interest-bearing bank deposits, and federal funds sold. Balances of these assets are dependent on Busey’s operating, investing, lending, and financing activities during any given period.
4 Core deposits is a non-GAAP financial measure. For a reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures, see “Item 2. Management’s Discussion and Analysis—Non-GAAP Financial Information” included in this Quarterly Report.
First Busey Corporation (BUSE) | 2026 Q3 — 91
Average liquid assets are summarized in the table below:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2026202520262025
Average liquid assets
Cash and due from banks$170,290 $173,921 $167,348 $167,752 
Interest-bearing bank deposits688,669 489,730 319,260 629,137 
Less: Restricted and pledged cash and bank deposits(96,537)(101,400)(96,249)(83,724)
Total average liquid assets$762,422 $562,251 $390,359 $713,165 
 
Average liquid assets as a percent of average total assets4.1 %3.0 %2.2 %4.1 %
Unencumbered cash and securities on Busey’s Consolidated Balance Sheets (Unaudited) are summarized in the table below:
As of
(dollars in thousands)September 30,
2026		December 31,
2025
Unencumbered cash and securities
Total cash and cash equivalents$883,053 $280,227 
Interest-bearing time deposits in other banks24,450 13,825 
Restricted and pledged cash and bank deposits(97,592)(96,102)
Debt securities available for sale2,669,937 2,162,548 
Debt securities available for sale pledged as collateral(621,606)(562,566)
Unencumbered cash and securities$2,858,242 $1,797,932 
Busey’s primary sources of funds consist of deposits, investment maturities and sales, loan principal repayments, and capital funds. Additional liquidity is provided by the ability to borrow from the FHLB, the Federal Reserve Bank, and Busey’s revolving credit facility, as summarized in the table below:
As of
(dollars in thousands)September 30,
2026		December 31,
2025
Additional available borrowing capacity
FHLB$2,058,832 $1,775,157 
Federal Reserve Bank1,823,762 1,585,816 
Federal funds purchased485,000 485,000 
Revolving credit facility50,000 40,000 
Additional borrowing capacity$4,417,594 $3,885,973 
Further, Busey could utilize brokered deposits as additional sources of liquidity, as needed.
As of September 30, 2026, management believed that adequate liquidity existed to meet all projected cash flow obligations. Busey seeks to achieve a satisfactory degree of liquidity by actively managing both assets and liabilities. Asset management guides the proportion of liquid assets to total assets, while liability management monitors future funding requirements and prices liabilities accordingly.
First Busey Corporation (BUSE) | 2026 Q3 — 92
Off-Balance-Sheet Arrangements
Busey Bank routinely enters into commitments to extend credit and standby letters of credit in the normal course of business to meet the financing needs of its customers. The balance of commitments to extend credit represents future cash requirements and some of these commitments may expire without being drawn upon.
The following table summarizes Busey’s outstanding commitments and reserves for unfunded commitments:
As of
(dollars in thousands)September 30,
2026		December 31,
2025
Outstanding loan commitments and standby letters of credit$4,160,163 $4,820,613 
Reserve for unfunded commitments12,484 12,964 
The following table summarizes Busey’s provision for unfunded commitments expenses (releases):
Three Months Ended September 30,
Nine Months Ended September 30,
(dollars in thousands)
Location
2026
2025
2026
2025
Provision for unfunded commitments1
Provision for credit losses
$(1,802)$2,320 $(480)$10,156 
___________________________________________
1.The nine months ended September 30, 2025, included $7.2 million to establish an initial allowance for unfunded commitments in connection with the CrossFirst acquisition, which included a $4.0 million adjustment to the initial provision for unfunded commitments that was recorded in the second quarter of 2025 resulting from the adoption of a new CECL model.
Busey anticipates that it will have sufficient funds available to meet current loan commitments, including loan applications received and in process prior to the issuance of firm commitments.
Capital Resources
Busey’s capital ratios are in excess of those required to be considered well capitalized pursuant to applicable regulatory guidelines. The Federal Reserve uses capital adequacy guidelines in its examination and regulation of bank holding companies and their subsidiary banks. Risk-based capital ratios are established by allocating assets and certain off-balance-sheet commitments into risk-weighted categories. These balances are then multiplied by the factor appropriate for that risk-weighted category. In order to avoid regulatory limits on dividends, equity repurchases, and discretionary bonus payments, banking institutions must maintain capital in excess of regulatory minimum capital requirements. The table below presents minimum capital ratios that include the capital conservation buffer in comparison to the capital ratios for Busey and Busey Bank as of September 30, 2026:
Minimum Capital Requirements with
Capital Buffer		As of September 30, 2026
BuseyBusey
Bank
Common equity Tier 1 capital to risk-weighted assets7.00 %12.47 %14.59 %
Tier 1 capital to risk-weighted assets8.50 %13.98 %14.59 %
Total capital to risk-weighted assets10.50 %16.10 %15.60 %
Leverage ratio of Tier 1 capital to average assets4.00 %11.34 %11.83 %
For further discussion of capital resources and requirements, see “Note 8. Regulatory Capital.”
First Busey Corporation (BUSE) | 2026 Q3 — 93
NON-GAAP FINANCIAL INFORMATION
This Quarterly Report contains certain financial information determined by methods other than in accordance with GAAP. Management uses these non-GAAP financial measures and non-GAAP ratios, together with the related GAAP financial measures, in analysis of Busey’s performance and in making business decisions, as well as for comparison to Busey’s peers. Busey believes the adjusted measures are useful for investors and management to understand the effects of certain non-core and non-recurring noninterest items and provide additional perspective on Busey’s performance over time.
Non-GAAP disclosures have inherent limitations and are not audited. They should not be considered in isolation or as a substitute for the results reported in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Tax effected numbers included in these non-GAAP disclosures are based on estimated federal income tax rates or effective tax rates as noted in the tables below.
The following tables present reconciliations between these non-GAAP measures and what management believes to be the most directly comparable GAAP financial measures.
First Busey Corporation (BUSE) | 2026 Q3 — 94
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)
Calculation of Adjusted Net Income and Adjusted Diluted Earnings Per Common Share
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands, except per share amounts)2026202520262025
Net income (GAAP)
[a]$55,845 $57,098 $169,002 $74,512 
Day 2 provision for credit losses1
— — — 45,572 
Adjustment of initial provision for unfunded commitments due to adoption of new model2
— — — 4,030 
Other acquisition (income) expenses
1,132 7,251 7,572 49,877 
Restructuring expenses
(31)— 13,355 — 
Net securities (gains) losses
703 288 (802)10,059 
Related tax benefit3
(451)(2,141)(5,031)(29,181)
Non-recurring deferred tax adjustment4
— — — 4,919 
Adjusted net income (Non-GAAP)
[b]57,198 62,496 184,096 159,788 
Preferred dividends
[c]4,589 5,131 13,768 5,286 
Adjusted net income available to common stockholders (Non-GAAP)
[d]$52,609 $57,365 $170,328 $154,502 
 
Weighted average number of common shares outstanding, diluted (GAAP)
[e]83,733,110 90,218,382 85,634,496 83,609,999 
Diluted earnings per common share (GAAP)
[(a-c)÷e]$0.61 $0.58 $1.81 $0.83 
Adjusted diluted earnings per common share (Non-GAAP)
[d÷e]$0.63 $0.64 $1.99 $1.85 
___________________________________________
1.The Day 2 provision represents the initial provision for credit losses recorded in connection with the CrossFirst acquisition to establish an allowance on non-PCD loans and unfunded commitments and is reflected within the provision for credit losses line on the Statements of Income (Unaudited).
2.In the second quarter of 2025, Busey recorded an adjustment to the initial provision for unfunded commitments for CrossFirst acquisition-date balances based on revised estimates resulting from implementation of a new CECL model.
3.Tax benefits were calculated using tax rates of 25.0% and 26.6% for the nine months ended September 30, 2026 and 2025, respectively. Tax benefits for quarterly periods were calculated as the year-to-date tax amounts less the tax reported for previous quarters during the year.
4.A deferred tax valuation adjustment was recorded in the first quarter of 2025 in connection with the CrossFirst acquisition and the expansion of Busey’s footprint into new states. Additionally, 2025 included a write-off of deferred tax assets related to non-deductible compensation and acquisition-related expenses. Deferred tax adjustments are reflected within the income taxes line on the Statements of Income (Unaudited).
First Busey Corporation (BUSE) | 2026 Q3 — 95
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)
Calculation of Return On Average Assets, Return On Average Tangible Common Equity, and Related Adjusted Return Measures
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2026202520262025
Net income (GAAP)
[a]$55,845 $57,098 $169,002 $74,512 
Amortization of intangible assets
4,151 4,507 12,674 12,182 
Tax effect of amortization of intangible assets1
(1,038)(1,210)(3,169)(3,245)
Preferred dividends
(4,589)(5,131)(13,768)(5,286)
Tangible net income available to common stockholders (Non-GAAP)
[b]$54,369 $55,264 $164,739 $78,163 
 
Adjusted net income (Non-GAAP)2
[c]$57,198 $62,496 $184,096 $159,788 
Amortization of intangible assets
4,151 4,507 12,674 12,182 
Tax effect of amortization of intangible assets1
(1,038)(1,210)(3,169)(3,245)
Preferred dividends
(4,589)(5,131)(13,768)(5,286)
Adjusted tangible net income available to common stockholders (Non-GAAP)
[d]$55,722 $60,662 $179,833 $163,439 
 
Average total assets
[e]$18,470,939 $18,662,449 $18,140,923 $17,534,644 
Return on average assets (Non-GAAP)3
[a÷e]1.20 %1.21 %1.25 %0.57 %
Adjusted return on average assets (Non-GAAP)3
[c÷e]1.23 %1.33 %1.36 %1.22 %
 
Average common equity
$2,138,564 $2,210,711 $2,191,883 $2,109,046 
Average goodwill and other intangible assets, net
(469,792)(486,625)(474,207)(464,316)
Average tangible common equity (Non-GAAP)
[f]$1,668,772 $1,724,086 $1,717,676 $1,644,730 
 
Return on average tangible common equity (Non-GAAP)3, 4
[b÷f]12.93 %12.72 %12.82 %6.35 %
Adjusted return on average tangible common equity (Non-GAAP)3, 4
[d÷f]13.25 %13.96 %14.00 %13.29 %
___________________________________________
1.Tax effects were calculated using income tax rates of 25.0% and 26.6% for the nine months ended September 30, 2026 and 2025, respectively. Tax effects for quarterly periods were calculated as the year-to-date tax amounts less the tax reported for previous quarters during the year.
2.A reconciliation is provided on the previous table.
3.Annualized measure.
4.Beginning in 2026, Busey revised, for all periods presented, its calculation of return on average tangible common equity and adjusted return on average tangible common equity to eliminate the effects of intangible asset amortization from the numerator of both calculations.
First Busey Corporation (BUSE) | 2026 Q3 — 96
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)
Calculation of Net Interest Margin and Adjusted Net Interest Margin
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2026202520262025
Net interest income (GAAP)
$153,145 $155,137 $459,516 $412,051 
Tax-equivalent adjustment1
851 788 2,569 2,116 
Tax-equivalent net interest income (Non-GAAP)
[a]153,996 155,925 462,085 414,167 
Purchase accounting accretion related to business combinations
(5,199)(5,854)(14,743)(15,701)
Adjusted net interest income (Non-GAAP)
[b]$148,797 $150,071 $447,342 $398,466 
 
Average interest-earning assets (Non-GAAP)
[c]$17,056,264 $17,272,362 $16,744,898 $16,126,422 
 
Net interest margin (Non-GAAP)2
[a÷c]3.58 %3.58 %3.69 %3.43 %
Adjusted net interest margin (Non-GAAP)2
[b÷c]3.46 %3.45 %3.57 %3.30 %
___________________________________________
1.Tax-equivalent adjustments were calculated using an estimated federal income tax rate of 21.0%, applied to non-taxable interest income on investments and loans.
2.Annualized measure.
Calculation of Pre-Provision Net Revenue and Related Measures
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2026202520262025
Net interest income (GAAP)
$153,145 $155,137 $459,516 $412,051 
Total noninterest income (GAAP)
40,402 41,198 126,978 107,284 
Net security (gains) losses (GAAP)
703 288 (802)10,059 
Total noninterest expense (GAAP)
(111,398)(120,018)(353,552)(359,881)
Pre-provision net revenue (Non-GAAP)
[a]82,852 76,605 232,140 169,513 
Acquisition and restructuring (income) expenses, excluding initial provision expenses
1,101 7,251 20,927 49,877 
Adjusted pre-provision net revenue (Non-GAAP)
[b]$83,953 $83,856 $253,067 $219,390 
 
Average total assets
[c]$18,470,939 $18,662,449 $18,140,923 $17,534,644 
 
Pre-provision net revenue to average total assets (Non-GAAP)1
[a÷c]1.78 %1.63 %1.71 %1.29 %
Adjusted pre-provision net revenue to average total assets (Non-GAAP)1
[b÷c]1.80 %1.78 %1.87 %1.67 %
___________________________________________
1.Annualized measure.
First Busey Corporation (BUSE) | 2026 Q3 — 97
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)
Calculation of Efficiency Ratio
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2026202520262025
Net interest income (GAAP)
[a]$153,145 $155,137 $459,516 $412,051 
Tax-equivalent adjustment1
851 788 2,569 2,116 
Tax-equivalent net interest income (Non-GAAP)
[b]153,996 155,925 462,085 414,167 
 
Total noninterest income (GAAP)
40,402 41,198 126,978 107,284 
Net security (gains) losses
703 288 (802)10,059 
Acquisition and restructuring (gain) loss
— 44 — 44 
Adjusted noninterest income (Non-GAAP)
[c]$41,105 $41,530 $126,176 $117,387 
 
Operating revenue (Non-GAAP)
[d = a+c]$194,250 $196,667 $585,692 $529,438 
Tax-equivalent operating revenue (Non-GAAP)2
[e = b+c]195,101 197,455 588,261 531,554 
 
Adjusted noninterest income to operating revenue (Non-GAAP)
[c÷d]21.16 %21.12 %21.54 %22.17 %
 
Total noninterest expense (GAAP)
$111,398 $120,018 $353,552 $359,881 
Acquisition and restructuring expenses, excluding initial provision expenses
(1,101)(7,207)(20,927)(49,833)
Adjusted noninterest expense (Non-GAAP)3
110,297 112,811 332,625 310,048 
Amortization of intangible assets
(4,151)(4,507)(12,674)(12,182)
Adjusted noninterest expense excluding amortization of intangible assets (Non-GAAP)4
[f]$106,146 $108,304 $319,951 $297,866 
 
Efficiency ratio (Non-GAAP)5
[f÷e]54.41 %54.85 %54.39 %56.04 %
___________________________________________
1.Tax-equivalent adjustments were calculated using an estimated federal income tax rate of 21.0%, applied to non-taxable interest income on investments and loans.
2.Beginning in 2026, Busey changed the caption for this revenue measure, which was previously called “adjusted tax-equivalent revenue.” The calculation itself has not changed.
3.Beginning in 2026, to better align with industry standards, Busey revised its calculation of adjusted noninterest expense, for all periods presented, to exclude any adjustment for amortization of intangible assets.
4.Beginning in 2026, Busey changed the caption for the efficiency ratio numerator from “adjusted noninterest expense” to “adjusted noninterest expense excluding amortization of intangible assets.” The calculation itself has not changed.
5.Beginning in 2026, Busey now reports a single efficiency ratio, which was previously reported as the “adjusted efficiency ratio.”
First Busey Corporation (BUSE) | 2026 Q3 — 98
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)
Calculation of Tangible Common Equity, and Related Measures and Ratio
As of
(dollars in thousands, except per share amounts)September 30,
2026		December 31,
2025
Total assets (GAAP)
$18,558,606 $18,104,736 
Goodwill and other intangible assets, net
(467,137)(480,729)
Tangible assets (Non-GAAP)1
[a]$18,091,469 $17,624,007 
 
Total stockholders’ equity (GAAP)
$2,256,279 $2,468,982 
Preferred stock and additional paid in capital on preferred stock
(215,197)(215,197)
Common equity
[b]2,041,082 2,253,785 
Goodwill and other intangible assets, net
(467,137)(480,729)
Tangible common equity (Non-GAAP)1
[c]$1,573,945 $1,773,056 
 
Tangible common equity to tangible assets (Non-GAAP)1
[c÷a]8.70 %10.06 %
 
Ending number of common shares outstanding (GAAP)
[d]81,276,65487,624,430
Book value per common share (Non-GAAP)
[b÷d]$25.11 $25.72 
Tangible book value per common share (Non-GAAP)
[c÷d]$19.37 $20.23 
Calculation of Core Deposits and Related Ratio
As of
(dollars in thousands)September 30,
2026		December 31,
2025
Total deposits (GAAP)
[a]$15,537,566 $14,905,958 
Brokered deposits, excluding brokered time deposits of more than $250,000
(10,000)(70,140)
Time deposits of more than $250,000
(920,142)(876,207)
Core deposits (Non-GAAP)
[b]$14,607,424 $13,959,611 
 
Core deposits to total deposits (Non-GAAP)
[b÷a]94.01 %93.65 %
First Busey Corporation (BUSE) | 2026 Q3 — 99
FORWARD-LOOKING STATEMENTS
This Quarterly Report may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to Busey’s financial condition, results of operations, plans, objectives, future performance, and business. Forward-looking statements, which may be based upon beliefs, expectations, and assumptions of Busey’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should,” “position,” or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and Busey undertakes no obligation to update any statement in light of new information or future events.

A number of factors, many of which are beyond Busey’s ability to control or predict, could cause actual results to differ materially from those in any forward-looking statements. These factors include, among others, the following: (1) the strength of the local, state, national, and international economies and financial markets (including effects of inflationary pressures, the threat or implementation of tariffs, trade wars, and changes to immigration policy); (2) changes in, and the interpretation and prioritization of, local, state, and federal laws, regulations, and governmental policies (including those concerning Busey's general business); (3) the economic impact of any future terrorist threats or attacks, widespread disease or pandemics, military conflicts, acts of war or threats thereof, or other adverse external events that could increase levels of political and economic unpredictability, contribute to rising energy and commodity prices, affect global supply chains, increase the volatility of financial markets, and other matters beyond our control (including the conflicts in the Middle East and Russia’s invasion of Ukraine); (4) unexpected results of acquisitions, which may include the failure to realize the anticipated benefits of the acquisitions and the possibility that the transaction and integration costs may be greater than anticipated; (5) the imposition of tariffs or other governmental policies impacting the value of products produced by Busey's commercial borrowers; (6) the impact of bank failures or adverse developments at other banks and related negative publicity about the banking industry, including investor and depositor sentiment regarding bank stability and liquidity; (7) new or revised accounting policies and practices as may be adopted by state and federal regulatory banking agencies, the FASB, the SEC, or the PCAOB; (8) changes in interest rates and prepayment rates of Busey’s assets (including as a result of the recent increase in the benchmark federal funds rate by the Federal Reserve); (9) increased competition in the financial services sector (including from non-bank competitors such as credit unions, digital asset service providers, private credit, and fintech companies) and the inability to attract new customers; (10) technological changes implemented by us and other parties, including our third-party vendors, which may have unforeseen consequences to us and our customers, including the development and implementation of tools incorporating artificial intelligence; (11) the loss of key executives or associates, talent shortages, and employee turnover; (12) unexpected outcomes and costs of existing or new litigation, investigations, or other legal proceedings, inquiries, and regulatory actions involving Busey (including with respect to Busey’s Illinois franchise taxes); (13) fluctuations in the value of securities held in Busey’s securities portfolio, including as a result of changes in interest rates; (14) credit risk and risk from concentrations (by type of borrower, geographic area, collateral, and industry) within Busey's loan portfolio and large loans to certain borrowers (including CRE loans); (15) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and may withdraw deposits to diversify their exposure; (16) the level of non-performing assets on Busey’s balance sheets; (17) interruptions involving information technology and communications systems or third-party vendors; (18) breaches or failures of information security controls or cybersecurity-related incidents; (19) the availability of future equity and debt issuances and other capital raising opportunities on favorable terms; (20) the economic impact on Busey and its customers of climate change, natural disasters, and exceptional weather occurrences such as tornadoes, hurricanes, floods, blizzards, and droughts; (21) the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact Busey's cost of funds; (22) the ability to maintain an adequate level of allowance for credit losses on loans; (23) the effectiveness of Busey’s risk management framework; and (24) the ability of Busey to manage the risks associated with the foregoing. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.
Additional information concerning Busey and its business, including additional factors that could materially affect Busey’s financial results, is included in Busey’s 2025 Annual Report.
First Busey Corporation (BUSE) | 2026 Q3 — 100
CRITICAL ACCOUNTING ESTIMATES
Busey’s most significant accounting policies are described in “Note 1. Significant Accounting Policies” of Busey’s 2025 Annual Report. Certain of these accounting policies require management to use significant judgment and estimates, which can have a material impact on the carrying value of certain assets and liabilities. Busey considers these policies to be its critical accounting estimates. The judgment and assumptions made are based upon historical experience, future forecasts, or other factors that management believes to be reasonable under the circumstances. Because of the nature of the judgment and assumptions, actual results could differ from estimates, which could have a material effect on Busey’s financial condition and results of operations.
For additional information regarding critical accounting estimates, see the section titled “Critical Accounting Estimates” included in Item 7 of Busey’s 2025 Annual Report. There have been no material changes in Busey’s application of critical accounting estimates since December 31, 2025.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Market risk is the risk of changes in asset values due to movements in underlying market rates and prices. Interest rate risk is a type of market risk to earnings and capital arising from movements in interest rates. Interest rate risk is the most significant market risk affecting Busey as other types of market risk, such as foreign currency exchange rate risk and commodity price risk, have a minimal impact or do not arise in the normal course of Busey’s business activities.
Busey has an asset-liability committee, whose policy is to meet at least quarterly, to review current market conditions and to structure the Consolidated Balance Sheets (Unaudited) to optimize stability in net interest income in consideration of projected future changes in interest rates.
As interest rate changes do not impact all categories of assets and liabilities equally or simultaneously, the asset-liability committee primarily relies on balance sheet and income simulation analysis to determine the potential impact of changes in market interest rates on net interest income. In these standard simulation models, the balance sheet is projected over a one-year and a two-year time horizon and net interest income is calculated under current market rates and assuming permanent instantaneous shifts of +/-100 and +/-200 bps. The model assumes immediate and sustained shifts in the federal funds rate and other market rate indices and corresponding shifts in other non-market rate indices based on their historical changes relative to changes in the federal funds rate and other market indices. Assets and liabilities are assumed to remain constant as of the measurement date; variable-rate assets and liabilities are repriced based on repricing frequency; and prepayment speeds on loans are projected for both declining and rising rate environments.
Busey’s interest rate risk resulting from immediate and sustained changes in interest rates, expressed as a change in net interest income as a percentage of the net interest income calculated in the constant base model, was as follows:
Year-One:
Projected Percentage Change in Net Interest Income		Year-Two:
Projected Percentage Change in Net Interest Income
Hypothetical Immediate and Sustained Change in Interest RatesSeptember 30,
2026		December 31,
2025		September 30,
2026		December 31,
2025
+200 bps2.50 %4.14 %2.87 %5.65 %
+100 bps1.47 %2.31 %1.66 %3.13 %
-100 bps(0.65)%(1.76)%(1.62)%(3.27)%
-200 bps(0.39)%(2.18)%(2.69)%(5.59)%
Interest rate risk is monitored and managed within approved policy limits and any temporary exceptions to policy in periods of rapid rate movement are approved and documented. The calculation of potential effects of hypothetical interest rate changes is based on numerous assumptions and should not be relied upon as indicative of actual results. Actual results would likely differ from simulated results due to the timing, magnitude, and frequency of interest rate changes as well as changes in market conditions and management strategies.
First Busey Corporation (BUSE) | 2026 Q3 — 101
ITEM 4. CONTROLS AND PROCEDURES
EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES
An evaluation of Busey’s disclosure controls and procedures, as defined in Rule 13a-15(e) under the Exchange Act, was carried out as of September 30, 2026, under the supervision and with the participation of its Chief Executive Officer, Chief Financial Officer, and several other members of senior management. Based on this evaluation, Busey’s Chief Executive Officer and Chief Financial Officer concluded that, as of September 30, 2026, Busey’s disclosure controls and procedures were effective in ensuring that the information First Busey is required to disclose in the reports First Busey files or submits under the Exchange Act was (1) accumulated and communicated to Busey’s management (including the Chief Executive Officer and Chief Financial Officer) to allow timely decisions regarding required disclosure, and (2) recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms.
CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING
During the three months ended September 30, 2026, no change occurred in Busey’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, Busey’s internal control over financial reporting.
PART II—OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
As part of the ordinary course of business, Busey is party to litigation that is incidental to its regular business activities.
On November 25, 2025, First Busey filed two lawsuits against the Illinois Secretary of State in connection with an ongoing dispute regarding the amount of franchise taxes, penalties, interest, fees, and charges purportedly due from First Busey to the Illinois Secretary of State. See “Note 11. Outstanding Commitments and Contingent Liabilities” for further information.
Other than the foregoing lawsuits, there is no material pending litigation, other than ordinary routine litigation incidental to its business, in which Busey is involved or of which any of its property is the subject. Furthermore, there is no pending legal proceeding that is adverse to Busey in which any director, officer, or affiliate of Busey, or any associate of any such director or officer, is a party, or has a material interest.
ITEM 1A. RISK FACTORS
There have been no material changes to the factors discussed in “Part I—Item 1A. Risk Factors” of Busey’s 2025 Annual Report.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS, AND ISSUER PURCHASES OF EQUITY SECURITIES
UNREGISTERED SALES OF EQUITY SECURITIES
None.
First Busey Corporation (BUSE) | 2026 Q3 — 102
ISSUER PURCHASES OF EQUITY SECURITIES
Busey's Stock Repurchase Plan authorizes, but does not obligate, First Busey to repurchase shares of its common stock. The Stock Repurchase Plan may be terminated, or the number of shares authorized for repurchase may be increased or decreased by First Busey's board of directors at its discretion at any time. Additional information about Busey’s Stock Repurchase Plan is available under the heading “Stock Repurchase Plan” in Part II, Item 5 of Busey’s 2025 Annual Report. The following table summarizes share repurchase activity, excluding excise taxes, during the third quarter of 2026.
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, 2026542,900$29.50 542,9003,355,875
August 1-31, 2026665,00030.81 665,0002,690,875
September 1-30, 2026765,00030.19 765,0001,925,875
Three months ended September 30, 20261,972,900$30.21 1,972,900
 
Nine Months ended September 30, 20266,930,300$27.18 6,930,300
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURES
Not Applicable.
ITEM 5. OTHER INFORMATION
During the fiscal quarter ended September 30, 2026, none of Busey’s directors or executive officers adopted or terminated any contract, instruction, or written plan for the purchase or sale of First Busey securities that was intended to satisfy the affirmative defense conditions of Rule 10b5‑1(c) or any non-Rule 10b5‑1 trading arrangement.
First Busey Corporation (BUSE) | 2026 Q3 — 103
TABLE OF CONTENTS
ITEM 6. EXHIBITS
Incorporated herein by reference
Exhibit
Number		Description of Exhibit
Filing Entity1
(File No.)1
FormExhibitFiling DateFiled
Herewith
10.1†BUSE
(001-42677)		8-K10.107/14/2026
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)
___________________________________________
1.BUSE is First Busey Corporation.
†Management contract or compensatory plan.

First Busey Corporation (BUSE) | 2026 Q3 — 104
SIGNATURES
Pursuant to the requirements of the Exchange Act, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, effective as of November 5, 2026.
FIRST BUSEY CORPORATION
(Registrant)
By:/s/ VAN A. DUKEMAN
Van A. Dukeman
Chairman, President, and Chief Executive Officer
(Principal Executive Officer)
By:/s/ CHRISTOPHER H.M. CHAN
Christopher H.M. Chan
Chief Financial Officer
(Principal Financial Officer)
By:/s/ SCOTT A. PHILLIPS
Scott A. Phillips
Chief Accounting Officer
(Principal Accounting Officer)
First Busey Corporation (BUSE) | 2026 Q3 — 105

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