Companies: 10,793     total market cap: HK$1091.265 T
$USD๐Ÿ‡บ๐Ÿ‡ธโ‚ฌEUR๐Ÿ‡ช๐Ÿ‡บโ‚นINR๐Ÿ‡ฎ๐Ÿ‡ณยฃGBP๐Ÿ‡ฌ๐Ÿ‡ง$CAD๐Ÿ‡จ๐Ÿ‡ฆ$AUD๐Ÿ‡ฆ๐Ÿ‡บ$NZD๐Ÿ‡ณ๐Ÿ‡ฟ$SGD๐Ÿ‡ธ๐Ÿ‡ฌ
First Busey
BUSE
#4524
Rank
HK$18.00 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
HK$208.82
Share price
-1.04%
Change (1 day)
40.83%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. First Busey
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2025 Q2

First Busey - 10-Q quarterly report FY2025 Q2


Text size:
December 312025Q20000314489falsehttp://fasb.org/us-gaap/2025#AccountingStandardsUpdate202302Member.025http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberP3Yhttp://fasb.org/us-gaap/2025#OtherAssetshttp://fasb.org/us-gaap/2025#OtherAssetshttp://fasb.org/us-gaap/2025#OtherLiabilitieshttp://fasb.org/us-gaap/2025#OtherLiabilitieshttp://fasb.org/us-gaap/2025#OtherNoninterestExpensehttp://fasb.org/us-gaap/2025#OtherNoninterestExpensehttp://fasb.org/us-gaap/2025#OtherNoninterestExpensehttp://fasb.org/us-gaap/2025#OtherNoninterestExpensexbrli:sharesiso4217:USDiso4217:USDxbrli:sharesbuse:segmentxbrli:purebuse:bankingCenterbuse:statebuse:securitybuse:loanbuse:leasebuse:notebuse:agreement00003144892025-01-012025-06-300000314489buse:CommonStock0.001ParValueMember2025-01-012025-06-300000314489buse:DepositarySharesEachRepresentingA140thInterestInAShareOf8.25FixedRateSeriesBNonCumulativePerpetualPreferredStock0.001ParValueMember2025-01-012025-06-3000003144892025-08-0500003144892025-06-3000003144892024-12-3100003144892025-04-012025-06-3000003144892024-04-012024-06-3000003144892024-01-012024-06-300000314489us-gaap:AssetManagement1Member2025-04-012025-06-300000314489us-gaap:AssetManagement1Member2024-04-012024-06-300000314489us-gaap:AssetManagement1Member2025-01-012025-06-300000314489us-gaap:AssetManagement1Member2024-01-012024-06-300000314489us-gaap:TechnologyServiceMember2025-04-012025-06-300000314489us-gaap:TechnologyServiceMember2024-04-012024-06-300000314489us-gaap:TechnologyServiceMember2025-01-012025-06-300000314489us-gaap:TechnologyServiceMember2024-01-012024-06-300000314489buse:TreasuryManagementServicesMember2025-04-012025-06-300000314489buse:TreasuryManagementServicesMember2024-04-012024-06-300000314489buse:TreasuryManagementServicesMember2025-01-012025-06-300000314489buse:TreasuryManagementServicesMember2024-01-012024-06-300000314489buse:CardServicesAndATMFeesMember2025-04-012025-06-300000314489buse:CardServicesAndATMFeesMember2024-04-012024-06-300000314489buse:CardServicesAndATMFeesMember2025-01-012025-06-300000314489buse:CardServicesAndATMFeesMember2024-01-012024-06-300000314489buse:OtherServiceChargesOnDepositAccountsMember2025-04-012025-06-300000314489buse:OtherServiceChargesOnDepositAccountsMember2024-04-012024-06-300000314489buse:OtherServiceChargesOnDepositAccountsMember2025-01-012025-06-300000314489buse:OtherServiceChargesOnDepositAccountsMember2024-01-012024-06-300000314489us-gaap:PreferredStockMember2025-03-310000314489us-gaap:CommonStockMember2025-03-310000314489us-gaap:AdditionalPaidInCapitalMember2025-03-310000314489us-gaap:RetainedEarningsMember2025-03-310000314489us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-03-310000314489us-gaap:TreasuryStockCommonMember2025-03-3100003144892025-03-310000314489us-gaap:RetainedEarningsMember2025-04-012025-06-300000314489us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-04-012025-06-300000314489us-gaap:PreferredStockMember2025-04-012025-06-300000314489us-gaap:AdditionalPaidInCapitalMember2025-04-012025-06-300000314489us-gaap:CommonStockMember2025-04-012025-06-300000314489us-gaap:TreasuryStockCommonMember2025-04-012025-06-300000314489us-gaap:PreferredStockMember2025-06-300000314489us-gaap:CommonStockMember2025-06-300000314489us-gaap:AdditionalPaidInCapitalMember2025-06-300000314489us-gaap:RetainedEarningsMember2025-06-300000314489us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-06-300000314489us-gaap:TreasuryStockCommonMember2025-06-300000314489us-gaap:PreferredStockMember2024-03-310000314489us-gaap:CommonStockMember2024-03-310000314489us-gaap:AdditionalPaidInCapitalMember2024-03-310000314489us-gaap:RetainedEarningsMember2024-03-310000314489us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310000314489us-gaap:TreasuryStockCommonMember2024-03-3100003144892024-03-310000314489us-gaap:RetainedEarningsMember2024-04-012024-06-300000314489us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-04-012024-06-300000314489us-gaap:PreferredStockMember2024-04-012024-06-300000314489us-gaap:CommonStockMember2024-04-012024-06-300000314489us-gaap:AdditionalPaidInCapitalMember2024-04-012024-06-300000314489us-gaap:TreasuryStockCommonMember2024-04-012024-06-300000314489us-gaap:PreferredStockMember2024-06-300000314489us-gaap:CommonStockMember2024-06-300000314489us-gaap:AdditionalPaidInCapitalMember2024-06-300000314489us-gaap:RetainedEarningsMember2024-06-300000314489us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-300000314489us-gaap:TreasuryStockCommonMember2024-06-3000003144892024-06-300000314489us-gaap:PreferredStockMember2024-12-310000314489us-gaap:CommonStockMember2024-12-310000314489us-gaap:AdditionalPaidInCapitalMember2024-12-310000314489us-gaap:RetainedEarningsMember2024-12-310000314489us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310000314489us-gaap:TreasuryStockCommonMember2024-12-310000314489us-gaap:RetainedEarningsMember2025-01-012025-06-300000314489us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-06-300000314489us-gaap:PreferredStockMember2025-01-012025-06-300000314489us-gaap:CommonStockMember2025-01-012025-06-300000314489us-gaap:AdditionalPaidInCapitalMember2025-01-012025-06-300000314489us-gaap:TreasuryStockCommonMember2025-01-012025-06-300000314489us-gaap:PreferredStockMember2023-12-310000314489us-gaap:CommonStockMember2023-12-310000314489us-gaap:AdditionalPaidInCapitalMember2023-12-310000314489us-gaap:RetainedEarningsMember2023-12-310000314489us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310000314489us-gaap:TreasuryStockCommonMember2023-12-3100003144892023-12-3100003144892023-01-012023-12-310000314489srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:RetainedEarningsMember2023-12-310000314489srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2023-12-310000314489us-gaap:RetainedEarningsMember2024-01-012024-06-300000314489us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-06-300000314489us-gaap:CommonStockMember2024-01-012024-06-300000314489us-gaap:AdditionalPaidInCapitalMember2024-01-012024-06-300000314489us-gaap:TreasuryStockCommonMember2024-01-012024-06-300000314489buse:ThirdPartyServiceProviderMember2025-06-300000314489us-gaap:DerivativeMemberus-gaap:CollateralPledgedMember2025-06-300000314489buse:FederalReserveBankMember2025-06-300000314489us-gaap:SeriesAPreferredStockMember2025-03-010000314489us-gaap:SeriesAPreferredStockMember2025-03-012025-03-010000314489buse:DepositorySharesMember2025-05-202025-05-200000314489us-gaap:SeriesBPreferredStockMember2025-05-200000314489buse:DepositorySharesMember2025-05-2000003144892025-05-2000003144892025-03-012025-03-3100003144892025-03-010000314489buse:CrossFirstBanksharesIncMemberus-gaap:StockAppreciationRightsSARSMemberbuse:CrossFirstBanksharesIncMemberus-gaap:CommonStockMember2025-03-012025-03-010000314489buse:CrossFirstBanksharesIncMember2025-02-282025-02-280000314489buse:CrossFirstBanksharesIncMember2025-03-010000314489buse:MerchantsAndManufacturersBankCorporationMember2024-04-012024-04-010000314489buse:MerchantsAndManufacturersBankCorporationMember2025-03-012025-03-310000314489buse:MerchantsAndManufacturersBankCorporationMember2024-04-010000314489buse:CrossFirstBanksharesIncMember2025-03-012025-03-010000314489buse:CrossFirstBanksharesIncMemberus-gaap:CommonStockMember2025-03-012025-03-010000314489buse:MerchantsAndManufacturersBankCorporationMemberus-gaap:CommonStockMember2024-04-012024-04-010000314489buse:CrossFirstBanksharesIncMemberus-gaap:PreferredStockMember2025-03-012025-03-010000314489buse:MerchantsAndManufacturersBankCorporationMemberus-gaap:PreferredStockMember2024-04-012024-04-010000314489buse:CrossFirstBanksharesIncMemberbuse:ReplacementAwardsMember2025-03-012025-03-010000314489buse:MerchantsAndManufacturersBankCorporationMemberbuse:ReplacementAwardsMember2024-04-012024-04-010000314489buse:CrossFirstBanksharesIncMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2025-03-010000314489buse:MerchantsAndManufacturersBankCorporationMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2024-04-010000314489buse:MerchantsAndManufacturersBankCorporationMember2025-04-012025-06-300000314489buse:MerchantsAndManufacturersBankCorporationMember2024-04-012024-06-300000314489buse:MerchantsAndManufacturersBankCorporationMember2025-01-012025-06-300000314489buse:MerchantsAndManufacturersBankCorporationMember2024-01-012024-06-300000314489buse:CrossFirstBanksharesIncMember2025-04-012025-06-300000314489buse:CrossFirstBanksharesIncMember2024-04-012024-06-300000314489buse:CrossFirstBanksharesIncMember2025-01-012025-06-300000314489buse:CrossFirstBanksharesIncMember2024-01-012024-06-300000314489us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2025-06-300000314489us-gaap:USStatesAndPoliticalSubdivisionsMember2025-06-300000314489us-gaap:AssetBackedSecuritiesMember2025-06-300000314489us-gaap:CommercialMortgageBackedSecuritiesMember2025-06-300000314489us-gaap:ResidentialMortgageBackedSecuritiesMember2025-06-300000314489us-gaap:CorporateDebtSecuritiesMember2025-06-300000314489us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2024-12-310000314489us-gaap:USStatesAndPoliticalSubdivisionsMember2024-12-310000314489us-gaap:AssetBackedSecuritiesMember2024-12-310000314489us-gaap:CommercialMortgageBackedSecuritiesMember2024-12-310000314489us-gaap:ResidentialMortgageBackedSecuritiesMember2024-12-310000314489us-gaap:CorporateDebtSecuritiesMember2024-12-3100003144892025-01-012025-03-3100003144892024-01-012024-03-310000314489us-gaap:AssetPledgedAsCollateralMember2025-06-300000314489us-gaap:AssetPledgedAsCollateralMember2024-12-310000314489us-gaap:CommercialPortfolioSegmentMemberbuse:CommercialAndIndustrialAndOtherCommercialMember2025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberbuse:CommercialAndIndustrialAndOtherCommercialMember2024-12-310000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMember2025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMember2024-12-310000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMember2025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMember2024-12-310000314489us-gaap:CommercialPortfolioSegmentMember2025-06-300000314489us-gaap:CommercialPortfolioSegmentMember2024-12-310000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:RealEstateLoanMember2025-06-300000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:RealEstateLoanMember2024-12-310000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ConsumerOtherMember2025-06-300000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ConsumerOtherMember2024-12-310000314489us-gaap:ConsumerPortfolioSegmentMember2025-06-300000314489us-gaap:ConsumerPortfolioSegmentMember2024-12-3100003144892024-01-012024-12-310000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:RealEstateLoanMember2025-01-012025-06-300000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:RealEstateLoanMember2025-04-012025-06-300000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:RealEstateLoanMember2024-01-012024-06-300000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:RealEstateLoanMember2024-04-012024-06-300000314489buse:AssetsPledgedAsCollateralFederalHomeLoanBankMember2025-06-300000314489buse:AssetsPledgedAsCollateralFederalHomeLoanBankMember2024-12-310000314489buse:AssetsPledgedAsCollateralFederalReserveBankMember2025-06-300000314489buse:AssetsPledgedAsCollateralFederalReserveBankMember2024-12-310000314489us-gaap:CommercialPortfolioSegmentMembersrt:MaximumMember2025-01-012025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberbuse:WatchListMember2025-01-012025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:SpecialMentionMember2025-01-012025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberbuse:CommercialAndIndustrialAndOtherCommercialMemberus-gaap:PassMember2025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberbuse:CommercialAndIndustrialAndOtherCommercialMemberbuse:WatchListMember2025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberbuse:CommercialAndIndustrialAndOtherCommercialMemberus-gaap:SpecialMentionMember2025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberbuse:CommercialAndIndustrialAndOtherCommercialMemberus-gaap:SubstandardMember2025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberbuse:CommercialAndIndustrialAndOtherCommercialMemberus-gaap:DoubtfulMember2025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:PassMember2025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbuse:WatchListMember2025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:SpecialMentionMember2025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:SubstandardMember2025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:DoubtfulMember2025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:PassMember2025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMemberbuse:WatchListMember2025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:SpecialMentionMember2025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:SubstandardMember2025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:DoubtfulMember2025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMember2025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberbuse:WatchListMember2025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:SpecialMentionMember2025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:SubstandardMember2025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:DoubtfulMember2025-06-300000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:PassMember2025-06-300000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbuse:WatchListMember2025-06-300000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:SpecialMentionMember2025-06-300000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:SubstandardMember2025-06-300000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:DoubtfulMember2025-06-300000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ConsumerOtherMemberus-gaap:PassMember2025-06-300000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ConsumerOtherMemberbuse:WatchListMember2025-06-300000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ConsumerOtherMemberus-gaap:SpecialMentionMember2025-06-300000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ConsumerOtherMemberus-gaap:SubstandardMember2025-06-300000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ConsumerOtherMemberus-gaap:DoubtfulMember2025-06-300000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:PassMember2025-06-300000314489us-gaap:ConsumerPortfolioSegmentMemberbuse:WatchListMember2025-06-300000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:SpecialMentionMember2025-06-300000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:SubstandardMember2025-06-300000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:DoubtfulMember2025-06-300000314489us-gaap:PassMember2025-06-300000314489buse:WatchListMember2025-06-300000314489us-gaap:SpecialMentionMember2025-06-300000314489us-gaap:SubstandardMember2025-06-300000314489us-gaap:DoubtfulMember2025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberbuse:CommercialAndIndustrialAndOtherCommercialMemberus-gaap:PassMember2024-12-310000314489us-gaap:CommercialPortfolioSegmentMemberbuse:CommercialAndIndustrialAndOtherCommercialMemberbuse:WatchListMember2024-12-310000314489us-gaap:CommercialPortfolioSegmentMemberbuse:CommercialAndIndustrialAndOtherCommercialMemberus-gaap:SpecialMentionMember2024-12-310000314489us-gaap:CommercialPortfolioSegmentMemberbuse:CommercialAndIndustrialAndOtherCommercialMemberus-gaap:SubstandardMember2024-12-310000314489us-gaap:CommercialPortfolioSegmentMemberbuse:CommercialAndIndustrialAndOtherCommercialMemberus-gaap:DoubtfulMember2024-12-310000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:PassMember2024-12-310000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbuse:WatchListMember2024-12-310000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:SpecialMentionMember2024-12-310000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:SubstandardMember2024-12-310000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:DoubtfulMember2024-12-310000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:PassMember2024-12-310000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMemberbuse:WatchListMember2024-12-310000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:SpecialMentionMember2024-12-310000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:SubstandardMember2024-12-310000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:DoubtfulMember2024-12-310000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMember2024-12-310000314489us-gaap:CommercialPortfolioSegmentMemberbuse:WatchListMember2024-12-310000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:SpecialMentionMember2024-12-310000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:SubstandardMember2024-12-310000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:DoubtfulMember2024-12-310000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:PassMember2024-12-310000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbuse:WatchListMember2024-12-310000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:SpecialMentionMember2024-12-310000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:SubstandardMember2024-12-310000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:DoubtfulMember2024-12-310000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ConsumerOtherMemberus-gaap:PassMember2024-12-310000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ConsumerOtherMemberbuse:WatchListMember2024-12-310000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ConsumerOtherMemberus-gaap:SpecialMentionMember2024-12-310000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ConsumerOtherMemberus-gaap:SubstandardMember2024-12-310000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ConsumerOtherMemberus-gaap:DoubtfulMember2024-12-310000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:PassMember2024-12-310000314489us-gaap:ConsumerPortfolioSegmentMemberbuse:WatchListMember2024-12-310000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:SpecialMentionMember2024-12-310000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:SubstandardMember2024-12-310000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:DoubtfulMember2024-12-310000314489us-gaap:PassMember2024-12-310000314489buse:WatchListMember2024-12-310000314489us-gaap:SpecialMentionMember2024-12-310000314489us-gaap:SubstandardMember2024-12-310000314489us-gaap:DoubtfulMember2024-12-310000314489us-gaap:CommercialPortfolioSegmentMemberbuse:CommercialAndIndustrialAndOtherCommercialMember2025-01-012025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMember2025-01-012025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMember2025-01-012025-06-300000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ConsumerOtherMember2025-01-012025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberbuse:CommercialAndIndustrialAndOtherCommercialMember2024-01-012024-12-310000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMember2024-01-012024-12-310000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMember2024-01-012024-12-310000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:RealEstateLoanMember2024-01-012024-12-310000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ConsumerOtherMember2024-01-012024-12-310000314489us-gaap:CommercialPortfolioSegmentMemberbuse:CommercialAndIndustrialAndOtherCommercialMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberbuse:CommercialAndIndustrialAndOtherCommercialMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2025-06-300000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2025-06-300000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2025-06-300000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ConsumerOtherMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2025-06-300000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ConsumerOtherMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2025-06-300000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2025-06-300000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2025-06-300000314489us-gaap:FinancingReceivables30To59DaysPastDueMember2025-06-300000314489us-gaap:FinancingReceivables60To89DaysPastDueMember2025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberbuse:CommercialAndIndustrialAndOtherCommercialMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-12-310000314489us-gaap:CommercialPortfolioSegmentMemberbuse:CommercialAndIndustrialAndOtherCommercialMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-12-310000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-12-310000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-12-310000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-12-310000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-12-310000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-12-310000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-12-310000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-12-310000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-12-310000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ConsumerOtherMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-12-310000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ConsumerOtherMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-12-310000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-12-310000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-12-310000314489us-gaap:FinancingReceivables30To59DaysPastDueMember2024-12-310000314489us-gaap:FinancingReceivables60To89DaysPastDueMember2024-12-310000314489us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-04-012025-06-300000314489us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-01-012025-06-300000314489us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-04-012024-06-300000314489us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-01-012024-06-300000314489us-gaap:CommercialPortfolioSegmentMemberbuse:CommercialAndIndustrialAndOtherCommercialMemberus-gaap:PaymentDeferralMember2025-04-012025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberbuse:CommercialAndIndustrialAndOtherCommercialMemberus-gaap:ExtendedMaturityMember2025-04-012025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberbuse:CommercialAndIndustrialAndOtherCommercialMemberbuse:CombinationOfTermExtensionAndPaymentDeferralMember2025-04-012025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:PaymentDeferralMember2025-04-012025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:ExtendedMaturityMember2025-04-012025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbuse:CombinationOfTermExtensionAndPaymentDeferralMember2025-04-012025-06-300000314489us-gaap:PaymentDeferralMember2025-04-012025-06-300000314489us-gaap:ExtendedMaturityMember2025-04-012025-06-300000314489buse:CombinationOfTermExtensionAndPaymentDeferralMember2025-04-012025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberbuse:CommercialAndIndustrialAndOtherCommercialMemberus-gaap:ExtendedMaturityMember2024-04-012024-06-300000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:ExtendedMaturityMember2024-04-012024-06-300000314489us-gaap:ExtendedMaturityMember2024-04-012024-06-300000314489us-gaap:CommercialPortfolioSegmentMemberbuse:CommercialAndIndustrialAndOtherCommercialMemberus-gaap:PaymentDeferralMember2025-01-012025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberbuse:CommercialAndIndustrialAndOtherCommercialMemberus-gaap:ExtendedMaturityMember2025-01-012025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberbuse:CommercialAndIndustrialAndOtherCommercialMemberbuse:CombinationOfTermExtensionAndPaymentDeferralMember2025-01-012025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:PaymentDeferralMember2025-01-012025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:ExtendedMaturityMember2025-01-012025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbuse:CombinationOfTermExtensionAndPaymentDeferralMember2025-01-012025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:PaymentDeferralMember2025-01-012025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:ExtendedMaturityMember2025-01-012025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMemberbuse:CombinationOfTermExtensionAndPaymentDeferralMember2025-01-012025-06-300000314489us-gaap:PaymentDeferralMember2025-01-012025-06-300000314489us-gaap:ExtendedMaturityMember2025-01-012025-06-300000314489buse:CombinationOfTermExtensionAndPaymentDeferralMember2025-01-012025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberbuse:CombinationOfTermExtensionAndPaymentDeferralMember2025-01-012025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberbuse:CommercialAndIndustrialAndOtherCommercialMemberus-gaap:ExtendedMaturityMember2024-01-012024-06-300000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:ExtendedMaturityMember2024-01-012024-06-300000314489us-gaap:ExtendedMaturityMember2024-01-012024-06-300000314489us-gaap:CommercialPortfolioSegmentMemberbuse:CommercialAndIndustrialAndOtherCommercialMember2025-04-012025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberbuse:CommercialAndIndustrialAndOtherCommercialMember2024-04-012024-06-300000314489us-gaap:CommercialPortfolioSegmentMemberbuse:CommercialAndIndustrialAndOtherCommercialMember2024-01-012024-06-300000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMember2025-04-012025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMember2024-04-012024-06-300000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMember2024-01-012024-06-300000314489us-gaap:CommercialPortfolioSegmentMemberbuse:CommercialAndIndustrialAndOtherCommercialMemberus-gaap:FinancialAssetNotPastDueMember2025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberbuse:CommercialAndIndustrialAndOtherCommercialMemberbuse:FinancialAsset30To89DaysPastDueMember2025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberbuse:CommercialAndIndustrialAndOtherCommercialMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:FinancialAssetNotPastDueMember2025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbuse:FinancialAsset30To89DaysPastDueMember2025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:FinancialAssetNotPastDueMember2025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMemberbuse:FinancialAsset30To89DaysPastDueMember2025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-06-300000314489us-gaap:FinancialAssetNotPastDueMember2025-06-300000314489buse:FinancialAsset30To89DaysPastDueMember2025-06-300000314489us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberbuse:CommercialAndIndustrialAndOtherCommercialMember2025-03-310000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMember2025-03-310000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMember2025-03-310000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:RealEstateLoanMember2025-03-310000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ConsumerOtherMember2025-03-310000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMember2025-04-012025-06-300000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ConsumerOtherMember2025-04-012025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberbuse:CommercialAndIndustrialAndOtherCommercialMember2024-03-310000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMember2024-03-310000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMember2024-03-310000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:RealEstateLoanMember2024-03-310000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ConsumerOtherMember2024-03-310000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMember2024-04-012024-06-300000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ConsumerOtherMember2024-04-012024-06-300000314489us-gaap:CommercialPortfolioSegmentMemberbuse:CommercialAndIndustrialAndOtherCommercialMember2024-06-300000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMember2024-06-300000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMember2024-06-300000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:RealEstateLoanMember2024-06-300000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ConsumerOtherMember2024-06-300000314489us-gaap:CommercialPortfolioSegmentMemberbuse:CrossFirstBanksharesIncMemberbuse:CommercialAndIndustrialAndOtherCommercialMember2025-01-012025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberbuse:CrossFirstBanksharesIncMemberus-gaap:RealEstateLoanMember2025-01-012025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberbuse:CrossFirstBanksharesIncMemberus-gaap:ConstructionLoansMember2025-01-012025-06-300000314489us-gaap:ConsumerPortfolioSegmentMemberbuse:CrossFirstBanksharesIncMemberus-gaap:RealEstateLoanMember2025-01-012025-06-300000314489us-gaap:ConsumerPortfolioSegmentMemberbuse:CrossFirstBanksharesIncMemberus-gaap:ConsumerOtherMember2025-01-012025-06-300000314489us-gaap:CommercialPortfolioSegmentMemberbuse:CommercialAndIndustrialAndOtherCommercialMember2023-12-310000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMember2023-12-310000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMember2023-12-310000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:RealEstateLoanMember2023-12-310000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ConsumerOtherMember2023-12-310000314489us-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMember2024-01-012024-06-300000314489us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ConsumerOtherMember2024-01-012024-06-300000314489buse:CrossFirstMember2025-01-012025-06-300000314489us-gaap:RevolvingCreditFacilityMember2021-05-280000314489us-gaap:RevolvingCreditFacilityMember2021-05-282021-05-280000314489us-gaap:RevolvingCreditFacilityMember2025-06-300000314489srt:MinimumMember2025-01-012025-06-300000314489srt:MaximumMember2025-01-012025-06-300000314489us-gaap:FederalHomeLoanBankCertificatesAndObligationsFHLBMember2025-06-300000314489us-gaap:FederalHomeLoanBankCertificatesAndObligationsFHLBMember2024-12-310000314489buse:SecuredBorrowingsMember2025-06-300000314489buse:SecuredBorrowingsMember2024-12-310000314489us-gaap:FederalHomeLoanBankCertificatesAndObligationsFHLBMember2025-01-012025-06-300000314489buse:SecuredBorrowingsMember2025-01-012025-06-300000314489buse:June12030MaturityMemberus-gaap:SubordinatedDebtMember2020-06-010000314489buse:June12030MaturityMemberus-gaap:SubordinatedDebtMember2020-06-012020-06-010000314489buse:FixedToFloatingRateNotesDue2032Memberus-gaap:SubordinatedDebtMember2022-06-020000314489buse:FixedToFloatingRateNotesDue2032Memberus-gaap:SubordinatedDebtMember2022-06-022022-06-020000314489buse:MerchantsAndManufacturersBankCorporationMemberbuse:A5.25NotesMaturingDecember42030Memberus-gaap:SubordinatedDebtMember2024-04-010000314489buse:MerchantsAndManufacturersBankCorporationMemberbuse:A5.25NotesMaturingDecember42030Memberus-gaap:SubordinatedDebtMember2024-04-012024-04-010000314489buse:MerchantsAndManufacturersBankCorporationMemberbuse:A5.25NotesMaturingDecember42030Memberus-gaap:SubordinatedDebtMember2025-06-300000314489buse:June12030MaturityMemberus-gaap:SubordinatedDebtMember2025-06-300000314489buse:June12030MaturityMemberus-gaap:SubordinatedDebtMember2024-12-310000314489buse:FixedToFloatingRateNotesDue2032Memberus-gaap:SubordinatedDebtMember2025-06-300000314489buse:FixedToFloatingRateNotesDue2032Memberus-gaap:SubordinatedDebtMember2024-12-310000314489buse:BuseyBankMember2025-06-300000314489buse:BuseyBankMember2024-12-310000314489buse:FundedInvestmentsMemberus-gaap:OtherAssetsMember2025-06-300000314489buse:FundedInvestmentsMemberus-gaap:OtherAssetsMember2024-12-310000314489buse:UnfundedInvestmentsMemberus-gaap:OtherAssetsMember2025-06-300000314489buse:UnfundedInvestmentsMemberus-gaap:OtherAssetsMember2024-12-310000314489buse:UnfundedInvestmentsMemberus-gaap:OtherLiabilitiesMember2025-06-300000314489buse:UnfundedInvestmentsMemberus-gaap:OtherLiabilitiesMember2024-12-310000314489buse:CrossFirstAcquisitionMemberus-gaap:PerformanceSharesMember2023-12-310000314489buse:CrossFirstAcquisitionMemberus-gaap:PerformanceSharesMember2024-12-310000314489buse:CrossFirstAcquisitionMemberbuse:TotalStockholderReturnPerformanceSharesMember2022-12-310000314489buse:CrossFirstAcquisitionMemberbuse:TotalStockholderReturnPerformanceSharesMember2023-12-310000314489buse:CrossFirstAcquisitionMemberbuse:TotalStockholderReturnPerformanceSharesMember2024-12-310000314489buse:OmnibusIncentive2018PlanMemberus-gaap:StockAppreciationRightsSARSMember2025-01-012025-06-300000314489us-gaap:StockAppreciationRightsSARSMembersrt:MinimumMemberbuse:OmnibusIncentive2018PlanMember2025-01-012025-06-300000314489us-gaap:StockAppreciationRightsSARSMembersrt:MaximumMemberbuse:OmnibusIncentive2018PlanMember2025-01-012025-06-300000314489us-gaap:StockAppreciationRightsSARSMember2025-01-012025-06-300000314489us-gaap:StockAppreciationRightsSARSMember2024-12-310000314489us-gaap:StockAppreciationRightsSARSMember2025-06-300000314489srt:MinimumMemberus-gaap:StockAppreciationRightsSARSMember2025-01-012025-06-300000314489srt:MaximumMemberus-gaap:StockAppreciationRightsSARSMember2025-01-012025-06-300000314489srt:MinimumMemberus-gaap:StockAppreciationRightsSARSMember2025-06-300000314489srt:MaximumMemberus-gaap:StockAppreciationRightsSARSMember2025-06-300000314489buse:EquityPlan2020Member2025-06-300000314489us-gaap:RestrictedStockUnitsRSUMember2025-01-012025-06-300000314489us-gaap:RestrictedStockUnitsRSUMemberbuse:EquityPlan2020Membersrt:ManagementMember2025-03-262025-03-260000314489us-gaap:RestrictedStockUnitsRSUMemberbuse:EquityPlan2020Membersrt:ManagementMember2025-03-260000314489us-gaap:RestrictedStockUnitsRSUMembersrt:MinimumMemberbuse:EquityPlan2020Membersrt:ManagementMember2025-03-262025-03-260000314489us-gaap:RestrictedStockUnitsRSUMemberbuse:EquityPlan2020Membersrt:ManagementMember2025-05-292025-05-290000314489us-gaap:RestrictedStockUnitsRSUMemberbuse:EquityPlan2020Membersrt:ManagementMember2025-05-290000314489us-gaap:RestrictedStockUnitsRSUMember2024-12-310000314489buse:CrossFirstBanksharesIncMemberus-gaap:RestrictedStockUnitsRSUMember2025-01-012025-06-300000314489us-gaap:RestrictedStockUnitsRSUMember2025-06-300000314489us-gaap:PerformanceSharesMember2025-01-012025-06-300000314489buse:EquityPlan2020Memberbuse:MarketBasedPerformanceStockUnitsMember2025-03-012025-03-010000314489buse:MarketBasedPerformanceStockUnitsMembersrt:MaximumMemberbuse:EquityPlan2020Member2025-03-012025-03-010000314489buse:MarketBasedPerformanceStockUnitsMembersrt:MinimumMemberbuse:EquityPlan2020Member2025-03-012025-03-010000314489buse:EquityPlan2020Memberbuse:MarketBasedPerformanceStockUnitsMember2025-03-010000314489buse:EquityPlan2020Memberbuse:MarketBasedPerformanceStockUnitsMember2025-03-262025-03-260000314489buse:MarketBasedPerformanceStockUnitsMembersrt:MaximumMemberbuse:EquityPlan2020Member2025-03-262025-03-260000314489buse:MarketBasedPerformanceStockUnitsMembersrt:MinimumMemberbuse:EquityPlan2020Member2025-03-262025-03-260000314489buse:EquityPlan2020Memberbuse:MarketBasedPerformanceStockUnitsMember2025-03-260000314489buse:EquityPlan2020Memberbuse:PerformanceBasedPerformanceStockUnitsMember2025-03-262025-03-260000314489buse:PerformanceBasedPerformanceStockUnitsMembersrt:MaximumMemberbuse:EquityPlan2020Member2025-03-262025-03-260000314489buse:PerformanceBasedPerformanceStockUnitsMembersrt:MinimumMemberbuse:EquityPlan2020Member2025-03-262025-03-260000314489buse:EquityPlan2020Memberbuse:PerformanceBasedPerformanceStockUnitsMember2025-03-260000314489us-gaap:PerformanceSharesMember2024-12-310000314489us-gaap:PerformanceSharesMember2025-06-300000314489srt:ManagementMemberbuse:DeferredStockUnitsMember2025-01-012025-06-300000314489buse:DeferredStockUnitsMemberbuse:EquityPlan2020Memberbuse:DirectorsAndAdvisoryDirectorsMember2025-03-262025-03-260000314489buse:DeferredStockUnitsMemberbuse:EquityPlan2020Memberbuse:DirectorsAndAdvisoryDirectorsMember2025-03-260000314489buse:DeferredStockUnitsMember2024-12-310000314489buse:DeferredStockUnitsMember2025-01-012025-06-300000314489buse:DeferredStockUnitsMember2025-06-300000314489buse:EmployeeStockPurchasePlanMember2021-07-010000314489buse:EmployeeStockPurchasePlanMember2025-06-300000314489us-gaap:StockAppreciationRightsSARSMember2025-04-012025-06-300000314489us-gaap:StockAppreciationRightsSARSMember2024-04-012024-06-300000314489us-gaap:StockAppreciationRightsSARSMember2024-01-012024-06-300000314489us-gaap:RestrictedStockUnitsRSUMember2025-04-012025-06-300000314489us-gaap:RestrictedStockUnitsRSUMember2024-04-012024-06-300000314489us-gaap:RestrictedStockUnitsRSUMember2024-01-012024-06-300000314489us-gaap:PerformanceSharesMember2025-04-012025-06-300000314489us-gaap:PerformanceSharesMember2024-04-012024-06-300000314489us-gaap:PerformanceSharesMember2024-01-012024-06-300000314489buse:DeferredStockUnitsMember2025-04-012025-06-300000314489buse:DeferredStockUnitsMember2024-04-012024-06-300000314489buse:DeferredStockUnitsMember2024-01-012024-06-300000314489us-gaap:EmployeeStockMember2025-04-012025-06-300000314489us-gaap:EmployeeStockMember2024-04-012024-06-300000314489us-gaap:EmployeeStockMember2025-01-012025-06-300000314489us-gaap:EmployeeStockMember2024-01-012024-06-300000314489us-gaap:EmployeeStockOptionMember2025-01-012025-06-300000314489us-gaap:EmployeeStockOptionMember2024-01-012024-06-300000314489us-gaap:EmployeeStockOptionMember2025-04-012025-06-300000314489us-gaap:EmployeeStockOptionMember2024-04-012024-06-300000314489us-gaap:EmployeeStockOptionMember2025-06-300000314489buse:EquityPlan2020Memberbuse:BuseyAwardsMember2025-01-012025-06-300000314489buse:EquityPlan2020Memberbuse:BuseyAwardsMember2024-01-012024-12-310000314489buse:CrossFirstAwardsMember2025-01-012025-06-300000314489us-gaap:CommitmentsToExtendCreditMember2025-06-300000314489us-gaap:CommitmentsToExtendCreditMember2024-12-310000314489us-gaap:StandbyLettersOfCreditMember2025-06-300000314489us-gaap:StandbyLettersOfCreditMember2024-12-310000314489srt:MinimumMemberus-gaap:SubsequentEventMember2025-07-022025-07-020000314489us-gaap:InterestRateSwapMember2025-06-300000314489us-gaap:InterestRateSwapMember2024-12-310000314489us-gaap:InterestRateContractMember2025-06-300000314489us-gaap:InterestRateContractMember2024-12-310000314489us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-12-310000314489us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2025-06-300000314489buse:PrimeLoanSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-06-300000314489buse:SOFRLoanSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-06-300000314489buse:PrimeLoanSwapMemberus-gaap:CashFlowHedgingMember2025-06-300000314489buse:PrimeLoanSwapMemberus-gaap:CashFlowHedgingMember2024-12-310000314489buse:PrimeLoanSwapMemberus-gaap:CashFlowHedgingMember2025-01-012025-06-300000314489buse:PrimeLoanSwapMemberus-gaap:CashFlowHedgingMember2024-01-012024-12-310000314489buse:SOFRLoanSwapMemberus-gaap:CashFlowHedgingMember2025-06-300000314489buse:SOFRLoanSwapMemberus-gaap:CashFlowHedgingMember2024-12-310000314489buse:SOFRLoanSwapMemberus-gaap:CashFlowHedgingMember2025-01-012025-06-300000314489buse:SOFRLoanSwapMemberus-gaap:CashFlowHedgingMember2024-01-012024-12-310000314489us-gaap:InterestRateSwapMemberus-gaap:OtherAssetsMemberus-gaap:CashFlowHedgingMember2025-06-300000314489us-gaap:InterestRateSwapMemberus-gaap:OtherAssetsMemberus-gaap:CashFlowHedgingMember2024-12-310000314489us-gaap:InterestRateSwapMemberus-gaap:OtherLiabilitiesMemberus-gaap:CashFlowHedgingMember2025-06-300000314489us-gaap:InterestRateSwapMemberus-gaap:OtherLiabilitiesMemberus-gaap:CashFlowHedgingMember2024-12-310000314489us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2025-01-012025-06-300000314489us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2024-01-012024-12-310000314489us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestIncomeMember2025-01-012025-06-300000314489us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2025-04-012025-06-300000314489us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2024-04-012024-06-300000314489us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2024-01-012024-06-300000314489us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMember2025-04-012025-06-300000314489us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMember2024-04-012024-06-300000314489us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMember2025-01-012025-06-300000314489us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMember2024-01-012024-06-300000314489us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMember2025-06-300000314489us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMember2024-12-310000314489buse:InterestRateSwapsPayFloatingReceiveFixedMemberus-gaap:NondesignatedMember2025-06-300000314489buse:InterestRateSwapsPayFloatingReceiveFixedMemberus-gaap:NondesignatedMember2024-12-310000314489buse:InterestRateSwapsPayFixedReceiveFloatingMemberus-gaap:NondesignatedMember2025-06-300000314489buse:InterestRateSwapsPayFixedReceiveFloatingMemberus-gaap:NondesignatedMember2024-12-310000314489us-gaap:InterestRateSwapMemberbuse:NoninterestExpensesMember2025-04-012025-06-300000314489us-gaap:InterestRateSwapMemberbuse:NoninterestExpensesMember2024-04-012024-06-300000314489us-gaap:InterestRateSwapMemberbuse:NoninterestExpensesMember2025-01-012025-06-300000314489us-gaap:InterestRateSwapMemberbuse:NoninterestExpensesMember2024-01-012024-06-300000314489us-gaap:InterestRateSwapMember2025-04-012025-06-300000314489us-gaap:InterestRateSwapMember2024-04-012024-06-300000314489us-gaap:InterestRateSwapMember2025-01-012025-06-300000314489us-gaap:InterestRateSwapMember2024-01-012024-06-300000314489buse:RiskParticipationAgreementPurchasedMember2025-06-300000314489buse:RiskParticipationAgreementPurchasedMember2024-12-310000314489buse:RiskParticipationAgreementSoldMember2025-06-300000314489buse:RiskParticipationAgreementSoldMember2024-12-310000314489us-gaap:InterestRateLockCommitmentsMember2024-12-310000314489us-gaap:InterestRateLockCommitmentsMember2025-06-300000314489us-gaap:ForwardContractsMember2025-06-300000314489us-gaap:ForwardContractsMember2024-12-310000314489buse:InterestRateLockCommitmentsAndForwardSalesCommitmentsMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-06-300000314489buse:InterestRateLockCommitmentsAndForwardSalesCommitmentsMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-12-310000314489us-gaap:InterestRateLockCommitmentsMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-04-012025-06-300000314489us-gaap:InterestRateLockCommitmentsMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-04-012024-06-300000314489us-gaap:InterestRateLockCommitmentsMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-01-012025-06-300000314489us-gaap:InterestRateLockCommitmentsMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-01-012024-06-300000314489us-gaap:ForwardContractsMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-04-012025-06-300000314489us-gaap:ForwardContractsMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-04-012024-06-300000314489us-gaap:ForwardContractsMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-01-012025-06-300000314489us-gaap:ForwardContractsMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-01-012024-06-300000314489us-gaap:DesignatedAsHedgingInstrumentMember2025-04-012025-06-300000314489us-gaap:DesignatedAsHedgingInstrumentMember2024-04-012024-06-300000314489us-gaap:DesignatedAsHedgingInstrumentMember2025-01-012025-06-300000314489us-gaap:DesignatedAsHedgingInstrumentMember2024-01-012024-06-300000314489us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-06-300000314489us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-06-300000314489us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-06-300000314489us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-06-300000314489us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-06-300000314489us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-06-300000314489us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-06-300000314489us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2025-06-300000314489us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-06-300000314489us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-06-300000314489us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-06-300000314489us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-06-300000314489us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-06-300000314489us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-06-300000314489us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-06-300000314489us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-06-300000314489us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-06-300000314489us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-06-300000314489us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-06-300000314489us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-06-300000314489us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-06-300000314489us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-06-300000314489us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-06-300000314489us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-06-300000314489buse:SecuritiesEquityInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-06-300000314489buse:SecuritiesEquityInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-06-300000314489buse:SecuritiesEquityInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-06-300000314489buse:SecuritiesEquityInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMember2025-06-300000314489us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-06-300000314489us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-06-300000314489us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-06-300000314489us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2025-06-300000314489us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-06-300000314489us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-06-300000314489us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-06-300000314489us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-06-300000314489us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310000314489us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310000314489us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310000314489us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000314489us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310000314489us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310000314489us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310000314489us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000314489us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310000314489us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310000314489us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310000314489us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000314489us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310000314489us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310000314489us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310000314489us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000314489us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310000314489us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310000314489us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310000314489us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000314489us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310000314489us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310000314489us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310000314489us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000314489buse:SecuritiesEquityInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310000314489buse:SecuritiesEquityInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310000314489buse:SecuritiesEquityInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310000314489buse:SecuritiesEquityInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000314489us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310000314489us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310000314489us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310000314489us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000314489us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310000314489us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310000314489us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310000314489us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000314489us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-03-310000314489us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-03-310000314489us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310000314489us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2023-12-310000314489us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-01-012025-06-300000314489us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-04-012025-06-300000314489us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-01-012024-06-300000314489us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-04-012024-06-300000314489us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-06-300000314489us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-06-300000314489us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Member2025-06-300000314489us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2025-06-300000314489us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2025-06-300000314489us-gaap:FairValueMeasurementsNonrecurringMember2025-06-300000314489us-gaap:RealEstateAcquiredInSatisfactionOfDebtMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Member2025-06-300000314489us-gaap:RealEstateAcquiredInSatisfactionOfDebtMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2025-06-300000314489us-gaap:RealEstateAcquiredInSatisfactionOfDebtMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2025-06-300000314489us-gaap:RealEstateAcquiredInSatisfactionOfDebtMemberus-gaap:FairValueMeasurementsNonrecurringMember2025-06-300000314489us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310000314489us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310000314489us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310000314489us-gaap:FairValueMeasurementsNonrecurringMember2024-12-310000314489us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMember2025-06-300000314489us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:MeasurementInputComparabilityAdjustmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMember2025-06-300000314489us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:MeasurementInputComparabilityAdjustmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MaximumMember2025-06-300000314489us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:MeasurementInputComparabilityAdjustmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:WeightedAverageMember2025-06-300000314489us-gaap:RealEstateAcquiredInSatisfactionOfDebtMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMember2025-06-300000314489us-gaap:RealEstateAcquiredInSatisfactionOfDebtMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:MeasurementInputComparabilityAdjustmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMember2025-06-300000314489us-gaap:RealEstateAcquiredInSatisfactionOfDebtMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:MeasurementInputComparabilityAdjustmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MaximumMember2025-06-300000314489us-gaap:RealEstateAcquiredInSatisfactionOfDebtMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:MeasurementInputComparabilityAdjustmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:WeightedAverageMember2025-06-300000314489us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Memberbuse:AppraisalOfCollateralOrRealEstateListingPriceValuationTechniqueMember2025-06-300000314489us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:MeasurementInputComparabilityAdjustmentMemberus-gaap:FairValueInputsLevel3Memberbuse:AppraisalOfCollateralOrRealEstateListingPriceValuationTechniqueMembersrt:MinimumMember2025-06-300000314489us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:MeasurementInputComparabilityAdjustmentMemberus-gaap:FairValueInputsLevel3Memberbuse:AppraisalOfCollateralOrRealEstateListingPriceValuationTechniqueMembersrt:MaximumMember2025-06-300000314489us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:MeasurementInputComparabilityAdjustmentMemberus-gaap:FairValueInputsLevel3Memberbuse:AppraisalOfCollateralOrRealEstateListingPriceValuationTechniqueMembersrt:WeightedAverageMember2025-06-300000314489us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMember2024-12-310000314489us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:MeasurementInputComparabilityAdjustmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMember2024-12-310000314489us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:MeasurementInputComparabilityAdjustmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MaximumMember2024-12-310000314489us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:MeasurementInputComparabilityAdjustmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:WeightedAverageMember2024-12-310000314489us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Memberbuse:AppraisalOfCollateralOrRealEstateListingPriceValuationTechniqueMember2024-12-310000314489us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:MeasurementInputComparabilityAdjustmentMemberus-gaap:FairValueInputsLevel3Memberbuse:AppraisalOfCollateralOrRealEstateListingPriceValuationTechniqueMembersrt:MinimumMember2024-12-310000314489us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:MeasurementInputComparabilityAdjustmentMemberus-gaap:FairValueInputsLevel3Memberbuse:AppraisalOfCollateralOrRealEstateListingPriceValuationTechniqueMembersrt:MaximumMember2024-12-310000314489us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:MeasurementInputComparabilityAdjustmentMemberus-gaap:FairValueInputsLevel3Memberbuse:AppraisalOfCollateralOrRealEstateListingPriceValuationTechniqueMembersrt:WeightedAverageMember2024-12-310000314489us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Member2025-06-300000314489us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Member2025-06-300000314489us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Member2024-12-310000314489us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Member2024-12-310000314489us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2025-06-300000314489us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2025-06-300000314489us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2024-12-310000314489us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2024-12-310000314489us-gaap:CarryingReportedAmountFairValueDisclosureMember2025-06-300000314489us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-12-310000314489us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2025-06-300000314489us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2025-06-300000314489us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2024-12-310000314489us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2024-12-310000314489us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberus-gaap:SubordinatedDebtMember2025-06-300000314489us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberus-gaap:SubordinatedDebtMember2025-06-300000314489us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberus-gaap:SubordinatedDebtMember2024-12-310000314489us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberus-gaap:SubordinatedDebtMember2024-12-310000314489us-gaap:StockAppreciationRightsSARSMember2025-04-012025-06-300000314489us-gaap:StockAppreciationRightsSARSMember2024-04-012024-06-300000314489us-gaap:StockAppreciationRightsSARSMember2025-01-012025-06-300000314489us-gaap:StockAppreciationRightsSARSMember2024-01-012024-06-300000314489us-gaap:RestrictedStockUnitsRSUMember2025-04-012025-06-300000314489us-gaap:RestrictedStockUnitsRSUMember2024-04-012024-06-300000314489us-gaap:RestrictedStockUnitsRSUMember2025-01-012025-06-300000314489us-gaap:RestrictedStockUnitsRSUMember2024-01-012024-06-300000314489us-gaap:PerformanceSharesMember2025-04-012025-06-300000314489us-gaap:PerformanceSharesMember2024-04-012024-06-300000314489us-gaap:PerformanceSharesMember2025-01-012025-06-300000314489us-gaap:PerformanceSharesMember2024-01-012024-06-300000314489buse:DeferredStockUnitsMember2025-04-012025-06-300000314489buse:DeferredStockUnitsMember2024-04-012024-06-300000314489buse:DeferredStockUnitsMember2025-01-012025-06-300000314489buse:DeferredStockUnitsMember2024-01-012024-06-300000314489us-gaap:EmployeeStockMember2025-04-012025-06-300000314489us-gaap:EmployeeStockMember2024-04-012024-06-300000314489us-gaap:EmployeeStockMember2025-01-012025-06-300000314489us-gaap:EmployeeStockMember2024-01-012024-06-300000314489us-gaap:EmployeeStockOptionMember2025-04-012025-06-300000314489us-gaap:EmployeeStockOptionMember2024-04-012024-06-300000314489us-gaap:EmployeeStockOptionMember2025-01-012025-06-300000314489us-gaap:EmployeeStockOptionMember2024-01-012024-06-300000314489us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2025-03-310000314489buse:AOCIAccumulatedGainLossDebtSecuritiesHeldToMaturityParentMember2025-03-310000314489us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-03-310000314489us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2025-04-012025-06-300000314489us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-04-012025-06-300000314489buse:AOCIAccumulatedGainLossDebtSecuritiesAvailableForSaleParentAndAccumulatedGainLossNetCashFlowHedgeParentMember2025-04-012025-06-300000314489buse:AOCIAccumulatedGainLossDebtSecuritiesHeldToMaturityParentMember2025-04-012025-06-300000314489us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2025-06-300000314489buse:AOCIAccumulatedGainLossDebtSecuritiesHeldToMaturityParentMember2025-06-300000314489us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-06-300000314489us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-03-310000314489buse:AOCIAccumulatedGainLossDebtSecuritiesHeldToMaturityParentMember2024-03-310000314489us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-03-310000314489us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-04-012024-06-300000314489us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-04-012024-06-300000314489buse:AOCIAccumulatedGainLossDebtSecuritiesAvailableForSaleParentAndAccumulatedGainLossNetCashFlowHedgeParentMember2024-04-012024-06-300000314489buse:AOCIAccumulatedGainLossDebtSecuritiesHeldToMaturityParentMember2024-04-012024-06-300000314489us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-06-300000314489buse:AOCIAccumulatedGainLossDebtSecuritiesHeldToMaturityParentMember2024-06-300000314489us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-06-300000314489us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-12-310000314489buse:AOCIAccumulatedGainLossDebtSecuritiesHeldToMaturityParentMember2024-12-310000314489us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-12-310000314489us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2025-01-012025-06-300000314489us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-01-012025-06-300000314489buse:AOCIAccumulatedGainLossDebtSecuritiesAvailableForSaleParentAndAccumulatedGainLossNetCashFlowHedgeParentMember2025-01-012025-06-300000314489buse:AOCIAccumulatedGainLossDebtSecuritiesHeldToMaturityParentMember2025-01-012025-06-300000314489us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-12-310000314489buse:AOCIAccumulatedGainLossDebtSecuritiesHeldToMaturityParentMember2023-12-310000314489us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-12-310000314489us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-01-012024-06-300000314489us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-01-012024-06-300000314489buse:AOCIAccumulatedGainLossDebtSecuritiesAvailableForSaleParentAndAccumulatedGainLossNetCashFlowHedgeParentMember2024-01-012024-06-300000314489buse:AOCIAccumulatedGainLossDebtSecuritiesHeldToMaturityParentMember2024-01-012024-06-300000314489us-gaap:OperatingSegmentsMemberbuse:BankingSegmentMember2025-06-300000314489us-gaap:OperatingSegmentsMemberbuse:WealthManagementSegmentMember2025-06-300000314489us-gaap:OperatingSegmentsMemberbuse:FirstechMember2025-06-300000314489buse:CorporateReconcilingItemsAndEliminationsMember2025-06-300000314489us-gaap:OperatingSegmentsMemberbuse:BankingSegmentMember2024-12-310000314489us-gaap:OperatingSegmentsMemberbuse:WealthManagementSegmentMember2024-12-310000314489us-gaap:OperatingSegmentsMemberbuse:FirstechMember2024-12-310000314489buse:CorporateReconcilingItemsAndEliminationsMember2024-12-310000314489us-gaap:OperatingSegmentsMemberbuse:BankingSegmentMember2025-04-012025-06-300000314489us-gaap:OperatingSegmentsMemberbuse:WealthManagementSegmentMember2025-04-012025-06-300000314489us-gaap:OperatingSegmentsMemberbuse:FirstechMember2025-04-012025-06-300000314489buse:CorporateReconcilingItemsAndEliminationsMember2025-04-012025-06-300000314489us-gaap:OperatingSegmentsMemberus-gaap:AssetManagement1Memberbuse:BankingSegmentMember2025-04-012025-06-300000314489us-gaap:OperatingSegmentsMemberus-gaap:AssetManagement1Memberbuse:WealthManagementSegmentMember2025-04-012025-06-300000314489us-gaap:OperatingSegmentsMemberus-gaap:AssetManagement1Memberbuse:FirstechMember2025-04-012025-06-300000314489buse:CorporateReconcilingItemsAndEliminationsMemberus-gaap:AssetManagement1Member2025-04-012025-06-300000314489us-gaap:OperatingSegmentsMemberus-gaap:TechnologyServiceMemberbuse:BankingSegmentMember2025-04-012025-06-300000314489us-gaap:OperatingSegmentsMemberus-gaap:TechnologyServiceMemberbuse:WealthManagementSegmentMember2025-04-012025-06-300000314489us-gaap:OperatingSegmentsMemberus-gaap:TechnologyServiceMemberbuse:FirstechMember2025-04-012025-06-300000314489buse:CorporateReconcilingItemsAndEliminationsMemberus-gaap:TechnologyServiceMember2025-04-012025-06-300000314489us-gaap:OperatingSegmentsMemberbuse:TreasuryManagementServicesMemberbuse:BankingSegmentMember2025-04-012025-06-300000314489us-gaap:OperatingSegmentsMemberbuse:TreasuryManagementServicesMemberbuse:WealthManagementSegmentMember2025-04-012025-06-300000314489us-gaap:OperatingSegmentsMemberbuse:TreasuryManagementServicesMemberbuse:FirstechMember2025-04-012025-06-300000314489buse:CorporateReconcilingItemsAndEliminationsMemberbuse:TreasuryManagementServicesMember2025-04-012025-06-300000314489us-gaap:OperatingSegmentsMemberbuse:CardServicesAndATMFeesMemberbuse:BankingSegmentMember2025-04-012025-06-300000314489us-gaap:OperatingSegmentsMemberbuse:CardServicesAndATMFeesMemberbuse:WealthManagementSegmentMember2025-04-012025-06-300000314489us-gaap:OperatingSegmentsMemberbuse:CardServicesAndATMFeesMemberbuse:FirstechMember2025-04-012025-06-300000314489buse:CorporateReconcilingItemsAndEliminationsMemberbuse:CardServicesAndATMFeesMember2025-04-012025-06-300000314489us-gaap:OperatingSegmentsMemberbuse:OtherServiceChargesOnDepositAccountsMemberbuse:BankingSegmentMember2025-04-012025-06-300000314489us-gaap:OperatingSegmentsMemberbuse:OtherServiceChargesOnDepositAccountsMemberbuse:WealthManagementSegmentMember2025-04-012025-06-300000314489us-gaap:OperatingSegmentsMemberbuse:OtherServiceChargesOnDepositAccountsMemberbuse:FirstechMember2025-04-012025-06-300000314489buse:CorporateReconcilingItemsAndEliminationsMemberbuse:OtherServiceChargesOnDepositAccountsMember2025-04-012025-06-300000314489us-gaap:OperatingSegmentsMemberbuse:BankingSegmentMember2024-04-012024-06-300000314489us-gaap:OperatingSegmentsMemberbuse:WealthManagementSegmentMember2024-04-012024-06-300000314489us-gaap:OperatingSegmentsMemberbuse:FirstechMember2024-04-012024-06-300000314489buse:CorporateReconcilingItemsAndEliminationsMember2024-04-012024-06-300000314489us-gaap:OperatingSegmentsMemberus-gaap:AssetManagement1Memberbuse:BankingSegmentMember2024-04-012024-06-300000314489us-gaap:OperatingSegmentsMemberus-gaap:AssetManagement1Memberbuse:WealthManagementSegmentMember2024-04-012024-06-300000314489us-gaap:OperatingSegmentsMemberus-gaap:AssetManagement1Memberbuse:FirstechMember2024-04-012024-06-300000314489buse:CorporateReconcilingItemsAndEliminationsMemberus-gaap:AssetManagement1Member2024-04-012024-06-300000314489us-gaap:OperatingSegmentsMemberus-gaap:TechnologyServiceMemberbuse:BankingSegmentMember2024-04-012024-06-300000314489us-gaap:OperatingSegmentsMemberus-gaap:TechnologyServiceMemberbuse:WealthManagementSegmentMember2024-04-012024-06-300000314489us-gaap:OperatingSegmentsMemberus-gaap:TechnologyServiceMemberbuse:FirstechMember2024-04-012024-06-300000314489buse:CorporateReconcilingItemsAndEliminationsMemberus-gaap:TechnologyServiceMember2024-04-012024-06-300000314489us-gaap:OperatingSegmentsMemberbuse:TreasuryManagementServicesMemberbuse:BankingSegmentMember2024-04-012024-06-300000314489us-gaap:OperatingSegmentsMemberbuse:TreasuryManagementServicesMemberbuse:WealthManagementSegmentMember2024-04-012024-06-300000314489us-gaap:OperatingSegmentsMemberbuse:TreasuryManagementServicesMemberbuse:FirstechMember2024-04-012024-06-300000314489buse:CorporateReconcilingItemsAndEliminationsMemberbuse:TreasuryManagementServicesMember2024-04-012024-06-300000314489us-gaap:OperatingSegmentsMemberbuse:CardServicesAndATMFeesMemberbuse:BankingSegmentMember2024-04-012024-06-300000314489us-gaap:OperatingSegmentsMemberbuse:CardServicesAndATMFeesMemberbuse:WealthManagementSegmentMember2024-04-012024-06-300000314489us-gaap:OperatingSegmentsMemberbuse:CardServicesAndATMFeesMemberbuse:FirstechMember2024-04-012024-06-300000314489buse:CorporateReconcilingItemsAndEliminationsMemberbuse:CardServicesAndATMFeesMember2024-04-012024-06-300000314489us-gaap:OperatingSegmentsMemberbuse:OtherServiceChargesOnDepositAccountsMemberbuse:BankingSegmentMember2024-04-012024-06-300000314489us-gaap:OperatingSegmentsMemberbuse:OtherServiceChargesOnDepositAccountsMemberbuse:WealthManagementSegmentMember2024-04-012024-06-300000314489us-gaap:OperatingSegmentsMemberbuse:OtherServiceChargesOnDepositAccountsMemberbuse:FirstechMember2024-04-012024-06-300000314489buse:CorporateReconcilingItemsAndEliminationsMemberbuse:OtherServiceChargesOnDepositAccountsMember2024-04-012024-06-300000314489us-gaap:OperatingSegmentsMemberbuse:BankingSegmentMember2025-01-012025-06-300000314489us-gaap:OperatingSegmentsMemberbuse:WealthManagementSegmentMember2025-01-012025-06-300000314489us-gaap:OperatingSegmentsMemberbuse:FirstechMember2025-01-012025-06-300000314489buse:CorporateReconcilingItemsAndEliminationsMember2025-01-012025-06-300000314489us-gaap:OperatingSegmentsMemberus-gaap:AssetManagement1Memberbuse:BankingSegmentMember2025-01-012025-06-300000314489us-gaap:OperatingSegmentsMemberus-gaap:AssetManagement1Memberbuse:WealthManagementSegmentMember2025-01-012025-06-300000314489us-gaap:OperatingSegmentsMemberus-gaap:AssetManagement1Memberbuse:FirstechMember2025-01-012025-06-300000314489buse:CorporateReconcilingItemsAndEliminationsMemberus-gaap:AssetManagement1Member2025-01-012025-06-300000314489us-gaap:OperatingSegmentsMemberus-gaap:TechnologyServiceMemberbuse:BankingSegmentMember2025-01-012025-06-300000314489us-gaap:OperatingSegmentsMemberus-gaap:TechnologyServiceMemberbuse:WealthManagementSegmentMember2025-01-012025-06-300000314489us-gaap:OperatingSegmentsMemberus-gaap:TechnologyServiceMemberbuse:FirstechMember2025-01-012025-06-300000314489buse:CorporateReconcilingItemsAndEliminationsMemberus-gaap:TechnologyServiceMember2025-01-012025-06-300000314489us-gaap:OperatingSegmentsMemberbuse:TreasuryManagementServicesMemberbuse:BankingSegmentMember2025-01-012025-06-300000314489us-gaap:OperatingSegmentsMemberbuse:TreasuryManagementServicesMemberbuse:WealthManagementSegmentMember2025-01-012025-06-300000314489us-gaap:OperatingSegmentsMemberbuse:TreasuryManagementServicesMemberbuse:FirstechMember2025-01-012025-06-300000314489buse:CorporateReconcilingItemsAndEliminationsMemberbuse:TreasuryManagementServicesMember2025-01-012025-06-300000314489us-gaap:OperatingSegmentsMemberbuse:CardServicesAndATMFeesMemberbuse:BankingSegmentMember2025-01-012025-06-300000314489us-gaap:OperatingSegmentsMemberbuse:CardServicesAndATMFeesMemberbuse:WealthManagementSegmentMember2025-01-012025-06-300000314489us-gaap:OperatingSegmentsMemberbuse:CardServicesAndATMFeesMemberbuse:FirstechMember2025-01-012025-06-300000314489buse:CorporateReconcilingItemsAndEliminationsMemberbuse:CardServicesAndATMFeesMember2025-01-012025-06-300000314489us-gaap:OperatingSegmentsMemberbuse:OtherServiceChargesOnDepositAccountsMemberbuse:BankingSegmentMember2025-01-012025-06-300000314489us-gaap:OperatingSegmentsMemberbuse:OtherServiceChargesOnDepositAccountsMemberbuse:WealthManagementSegmentMember2025-01-012025-06-300000314489us-gaap:OperatingSegmentsMemberbuse:OtherServiceChargesOnDepositAccountsMemberbuse:FirstechMember2025-01-012025-06-300000314489buse:CorporateReconcilingItemsAndEliminationsMemberbuse:OtherServiceChargesOnDepositAccountsMember2025-01-012025-06-300000314489us-gaap:OperatingSegmentsMemberbuse:BankingSegmentMember2024-01-012024-06-300000314489us-gaap:OperatingSegmentsMemberbuse:WealthManagementSegmentMember2024-01-012024-06-300000314489us-gaap:OperatingSegmentsMemberbuse:FirstechMember2024-01-012024-06-300000314489buse:CorporateReconcilingItemsAndEliminationsMember2024-01-012024-06-300000314489us-gaap:OperatingSegmentsMemberus-gaap:AssetManagement1Memberbuse:BankingSegmentMember2024-01-012024-06-300000314489us-gaap:OperatingSegmentsMemberus-gaap:AssetManagement1Memberbuse:WealthManagementSegmentMember2024-01-012024-06-300000314489us-gaap:OperatingSegmentsMemberus-gaap:AssetManagement1Memberbuse:FirstechMember2024-01-012024-06-300000314489buse:CorporateReconcilingItemsAndEliminationsMemberus-gaap:AssetManagement1Member2024-01-012024-06-300000314489us-gaap:OperatingSegmentsMemberus-gaap:TechnologyServiceMemberbuse:BankingSegmentMember2024-01-012024-06-300000314489us-gaap:OperatingSegmentsMemberus-gaap:TechnologyServiceMemberbuse:WealthManagementSegmentMember2024-01-012024-06-300000314489us-gaap:OperatingSegmentsMemberus-gaap:TechnologyServiceMemberbuse:FirstechMember2024-01-012024-06-300000314489buse:CorporateReconcilingItemsAndEliminationsMemberus-gaap:TechnologyServiceMember2024-01-012024-06-300000314489us-gaap:OperatingSegmentsMemberbuse:TreasuryManagementServicesMemberbuse:BankingSegmentMember2024-01-012024-06-300000314489us-gaap:OperatingSegmentsMemberbuse:TreasuryManagementServicesMemberbuse:WealthManagementSegmentMember2024-01-012024-06-300000314489us-gaap:OperatingSegmentsMemberbuse:TreasuryManagementServicesMemberbuse:FirstechMember2024-01-012024-06-300000314489buse:CorporateReconcilingItemsAndEliminationsMemberbuse:TreasuryManagementServicesMember2024-01-012024-06-300000314489us-gaap:OperatingSegmentsMemberbuse:CardServicesAndATMFeesMemberbuse:BankingSegmentMember2024-01-012024-06-300000314489us-gaap:OperatingSegmentsMemberbuse:CardServicesAndATMFeesMemberbuse:WealthManagementSegmentMember2024-01-012024-06-300000314489us-gaap:OperatingSegmentsMemberbuse:CardServicesAndATMFeesMemberbuse:FirstechMember2024-01-012024-06-300000314489buse:CorporateReconcilingItemsAndEliminationsMemberbuse:CardServicesAndATMFeesMember2024-01-012024-06-300000314489us-gaap:OperatingSegmentsMemberbuse:OtherServiceChargesOnDepositAccountsMemberbuse:BankingSegmentMember2024-01-012024-06-300000314489us-gaap:OperatingSegmentsMemberbuse:OtherServiceChargesOnDepositAccountsMemberbuse:WealthManagementSegmentMember2024-01-012024-06-300000314489us-gaap:OperatingSegmentsMemberbuse:OtherServiceChargesOnDepositAccountsMemberbuse:FirstechMember2024-01-012024-06-300000314489buse:CorporateReconcilingItemsAndEliminationsMemberbuse:OtherServiceChargesOnDepositAccountsMember2024-01-012024-06-30
Table of Contents
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
☑Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Quarterly Period Ended June 30, 2025
or
☐Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Commission File No. 0-15950
Busey_Blue.jpg
FIRST BUSEY CORPORATION
(Exact name of registrant as specified in its charter)
Nevada37-1078406
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
11440 Tomahawk Creek Parkway
Leawood, Kansas
66211
(Address of principal executive offices)(Zip code)
Registrant’s telephone number, including area code: (217) 365-4544
N/A
(Former name, former address, and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol (s)Name of each exchange on which registered
Common Stock, $0.001 par valueBUSE
The Nasdaq Stock Market LLC
Depositary Shares, each representing a 1/40th interest in a share of 8.25% Fixed-Rate Series B Non-Cumulative Perpetual Preferred Stock, $0.001 par value
BUSEP
The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ  No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ  No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☑
Accelerated filer ☐Non-accelerated filer ☐
Smaller reporting company ☐
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o  No þ
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class
Outstanding at August 5, 2025
Common Stock, $0.001 par value
89,065,910
Table of Contents
FIRST BUSEY CORPORATION
FORM 10-Q
JUNE 30, 2025
Table of Contents
4
6
ITEM 1. FINANCIAL STATEMENTS
6
CONSOLIDATED BALANCE SHEETS (Unaudited)
7
CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Unaudited)
8
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
9
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited)
11
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
12
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
14
Note 1. Significant Accounting Policies
14
Note 2. Mergers and Acquisitions
17
Note 3. Debt Securities
23
Note 4. Portfolio Loans
29
Note 5. Leases
40
Note 6. Deposits
42
Note 7. Borrowings
43
Note 8. Regulatory Capital
44
Note 9. Tax Credit Investments and Other Investments in Unconsolidated Entities
47
Note 10. Stock-Based Compensation
47
Note 11. Outstanding Commitments and Contingent Liabilities
54
Note 12. Derivative Financial Instruments
55
Note 13. Fair Value Measurements
60
Note 14. Earnings Per Common Share
66
Note 15. Accumulated Other Comprehensive Income (Loss)
68
Note 16. Operating Segments and Related Information
68
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
74
SCOPE OF DISCUSSION
74
BUSINESS
74
Banking Center Markets
74
Busey’s Conservative Banking Strategy
76
Mergers and Acquisitions
76
RESULTS OF OPERATIONS — THREE AND SIX MONTHS ENDED JUNE 30, 2025
77
Net Income
77
Non-Operating Expenses and Non-GAAP Measures
77
Operating Performance Metrics
78
Net Interest Income
79
Noninterest Income
84
Noninterest Expense
87
First Busey Corporation (BUSE) | 2
Table of Contents
Table of Contents (continued)
FINANCIAL CONDITION
91
Balance Sheet
91
Portfolio Loans
91
Deposits
97
Liquidity
98
Off-Balance-Sheet Arrangements
99
Capital Resources
99
NON-GAAP FINANCIAL INFORMATION
100
FORWARD-LOOKING STATEMENTS
106
CRITICAL ACCOUNTING ESTIMATES
106
Fair Value of Assets Acquired and Liabilities Assumed in Business Combinations
107
Goodwill
107
Income Taxes
107
Allowance for Credit Losses
108
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
108
ITEM 4. CONTROLS AND PROCEDURES
109
PART II—OTHER INFORMATION—OTHER INFORMATION
109
ITEM 1. LEGAL PROCEEDINGS
110
ITEM 1A. RISK FACTORS
110
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS, AND ISSUER PURCHASES OF EQUITY SECURITIES
110
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
110
ITEM 4. MINE SAFETY DISCLOSURES
110
ITEM 5. OTHER INFORMATION
111
ITEM 6. EXHIBITS
112
113
First Busey Corporation (BUSE) | 3
Table of Contents
GLOSSARY
Busey uses acronyms, abbreviations, and other terms throughout this Quarterly Report, as defined in the glossary below:
TermDefinition
2020 Equity Plan
First Busey Corporation Amended 2020 Equity Incentive Plan
ACLAllowance for credit losses
Annual ReportAnnual report filed with the SEC on Form 10-K pursuant to Section 13 or 15(d) of the Exchange Act
AOCIAccumulated other comprehensive income (loss)
ASCAccounting Standards Codification
ASUAccounting Standards Update
Basel III2010 capital accord adopted by the international Basel Committee on Banking Supervision
Basel III Rule
Regulations promulgated by U.S. federal banking agencies—the OCC, the Federal Reserve, and the FDIC—to both enforce implementation of certain aspects of the Basel III capital reforms and effect certain changes required by the Dodd-Frank Wall Street Reform and Consumer Protection Act
bpsbasis points
Busey
First Busey Corporation, together with its wholly-owned consolidated subsidiaries; also, “First Busey,” and the “Company”
Busey Series A Preferred Stock
Series A Non-Cumulative Perpetual Preferred Stock, $0.001 par value
Busey Series B Preferred Stock8.25% Fixed-Rate Series B Non-Cumulative Perpetual Preferred Stock, $0.001 par value
C&I
Commercial and industrial
CECL
ASC Topic 326 “Financial Instruments-Credit Losses,” which established the Current Expected Credit Losses methodology for measuring credit losses on financial instruments
CrossFirst
CrossFirst Bankshares, Inc.
Current ReportCurrent report filed with the SEC on Form 8-K pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
DSUDeferred stock unit
ESPP
First Busey Corporation Employee Stock Purchase Plan
Exchange ActSecurities Exchange Act of 1934, as amended
Fair valueThe price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date, as defined in ASC Topic 820 “Fair Value Measurement”
FASBFinancial Accounting Standards Board
FDICFederal Deposit Insurance Corporation
Federal ReserveBoard of Governors of the Federal Reserve System
FHLBFederal Home Loan Bank
FirsTechFirsTech, Inc.
GAAPU.S. Generally Accepted Accounting Principles
M&M
Merchants and Manufacturers Bank Corporation
M&M Bank
Merchants and Manufacturers Bank
MSA
Metropolitan Statistical Area
First Busey Corporation (BUSE) | 4
Table of Contents
TermDefinition
NasdaqNational Association of Securities Dealers Automated Quotations
N/ANot applicable
NMNot meaningful
OCIOther comprehensive income (loss)
OREOOther real estate owned
PCDPurchased credit deteriorated
PSUPerformance stock unit
Quarterly ReportQuarterly report filed with the SEC on Form 10-Q pursuant to Section 13 or 15(d) of the Exchange Act
RSURestricted stock unit
SBAU.S. Small Business Administration
SECU.S. Securities and Exchange Commission
SOFRSecured Overnight Financing Rate published by the Federal Reserve
SSAR
Stock-settled stock appreciation right
U.S.United States of America
U.S. TreasuryU.S. Department of the Treasury
First Busey Corporation (BUSE) | 5
Table of Contents
PART I—FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
First Busey Corporation (BUSE) | 6
Table of Contents
FIRST BUSEY CORPORATION
CONSOLIDATED BALANCE SHEETS (Unaudited)
As of
(dollars in thousands)June 30,
2025		December 31,
2024
Assets
Cash and cash equivalents:
Cash and due from banks$216,106 $129,444 
Interest-bearing deposits536,246 568,215 
Total cash and cash equivalents752,352 697,659 
Debt securities available for sale2,217,788 1,810,221 
Debt securities held to maturity802,965 826,630 
Equity securities16,171 15,862 
Loans held for sale10,497 3,657 
Portfolio loans (net of ACL of $183,334 at June 30, 2025, and $83,404 at December 31, 2024)
13,625,285 7,613,683 
Restricted bank stock77,112 49,930 
Premises and equipment, net181,394 118,820 
Right of use assets38,065 10,608 
Goodwill381,794 333,695 
Other intangible assets, net106,387 32,280 
Cash surrender value of bank owned life insurance257,148 185,087 
Other assets451,782 348,590 
Total assets$18,918,740 $12,046,722 
Liabilities and stockholders’ equity
Liabilities
Deposits:
Noninterest-bearing$3,590,363 $2,719,907 
Interest-bearing12,211,409 7,262,583 
Total deposits15,801,772 9,982,490 
Securities sold under agreements to repurchase158,030 155,610 
Long-term debt86,557 — 
Subordinated notes, net of unamortized issuance costs103,169 227,723 
Junior subordinated debt owed to unconsolidated trusts77,187 74,815 
Lease liabilities39,235 11,040 
Other liabilities240,244 211,775 
Total liabilities16,506,194 10,663,453 
Outstanding commitments and contingent liabilities (see Notes 5 and 11)
Stockholders’ equity
Preferred stock, $0.001 par value: Shares - 1,000,000 authorized; 222,750 issued and outstanding, liquidation preference $222,750, at June 30, 2025; and zero issued and outstanding at December 31, 2024.
— — 
Common stock, $0.001 par value: Shares - 200,000,000 authorized, 92,694,541 issued, and 89,104,678 outstanding at June 30, 2025; and 100,000,000 authorized, 59,546,273 issued, and 56,895,981 outstanding at December 31, 2024
93 60 
Additional paid-in capital2,377,560 1,360,530 
Retained earnings273,799 294,054 
AOCI(155,311)(207,039)
Total stockholders’ equity before treasury stock2,496,141 1,447,605 
Treasury stock at cost(83,595)(64,336)
Total stockholders’ equity2,412,546 1,383,269 
Total liabilities and stockholders’ equity$18,918,740 $12,046,722 
See accompanying Notes to Consolidated Financial Statements (Unaudited).
First Busey Corporation (BUSE) | 7
Table of Contents
FIRST BUSEY CORPORATION
CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands, except per share amounts)2025202420252024
Interest income
Interest and fees on loans$214,409 $109,641 $353,942 $208,966 
Taxable interest income23,393 18,878 41,690 38,475 
Non-taxable interest income1,640 295 2,282 635 
Dividend income on bank stock543 98 1,302 185 
Other interest income7,461 3,027 15,045 9,498 
Total interest income247,446 131,939 414,261 257,759 
Interest expense
Deposits88,147 43,709 145,459 87,677 
Federal funds purchased and securities sold under agreements to repurchase886 1,040 1,762 2,412 
Short-term borrowings496 418 563 650 
Long-term debt743 4 1,030 300 
Subordinated notes2,599 3,177 5,786 6,286 
Junior subordinated debt owed to unconsolidated trusts1,392 1,059 2,747 2,048 
Total interest expense94,263 49,407 157,347 99,373 
Net interest income153,183 82,532 256,914 158,386 
Provision for credit losses5,700 1,908 51,293 6,268 
Net interest income after provision for credit losses147,483 80,624 205,621 152,118 
Noninterest income
Wealth management fees16,777 15,917 34,141 31,466 
Payment technology solutions4,956 5,915 10,029 11,624 
Treasury management services4,981 2,145 7,998 4,046 
Card services and ATM fees4,880 3,430 8,589 6,390 
Other service charges on deposit accounts1,513 2,321 3,046 4,669 
Mortgage revenue776 478 1,105 1,224 
Income on bank owned life insurance1,745 1,442 3,191 2,861 
Realized net gains (losses) on the sale of mortgage servicing rights— 277 — 7,742 
Realized net gains (losses) on securities1 (4)(15,536)(6,806)
Unrealized net gains (losses) recognized on equity securities5,996 (349)5,765 78 
Other noninterest income3,238 2,131 7,758 5,322 
Total noninterest income44,863 33,703 66,086 68,616 
Noninterest expense
Salaries, wages, and employee benefits78,360 43,478 145,923 85,568 
Data processing14,021 7,100 23,596 13,650 
Net occupancy expense of premises7,832 4,590 13,631 9,310 
Furniture and equipment expenses2,409 1,695 4,153 3,508 
Professional fees2,874 2,495 12,385 4,748 
Amortization of intangible assets4,592 2,629 7,675 5,038 
Interchange expense1,297 1,733 2,640 3,344 
FDIC insurance2,424 1,460 4,591 2,860 
Other noninterest expense14,024 10,726 25,269 19,327 
Total noninterest expense127,833 75,906 239,863 147,353 
Income before income taxes64,513 38,421 31,844 73,381 
Income taxes17,109 11,064 14,430 19,799 
Net income$47,404 $27,357 $17,414 $53,582 
Dividends on preferred stock$155 $— $155 $— 
Net income available to common stockholders$47,249 $27,357 $17,259 $53,582 
Weighted average number of common shares outstanding
Basic89,645,040 56,919,025 79,139,706 56,167,807 
Diluted90,883,711 57,853,231 80,251,577 57,129,865 
Basic earnings per common share$0.53 $0.48 $0.22 $0.95 
Diluted earnings per common share$0.52 $0.47 $0.22 $0.94 
See accompanying Notes to Consolidated Financial Statements (Unaudited).
First Busey Corporation (BUSE) | 8
Table of Contents
FIRST BUSEY CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)2025202420252024
Net income$47,404 $27,357 $17,414 $53,582 
OCI:
Unrealized/Unrecognized gains (losses) on debt securities:
Net unrealized holding gains (losses) on debt securities available for sale13,492 1,685 37,319 (6,262)
Reclassification adjustment for realized (gains) losses on debt securities available for sale included in net income(1)4 15,536 6,806 
Amortization of unrecognized losses on securities transferred to held to maturity1,132 1,399 2,265 2,810 
Tax effect(1,415)(880)(13,829)(955)
Net change in unrealized/unrecognized gains (losses) on debt securities13,208 2,208 41,291 2,399 
Unrealized gains (losses) on cash flow hedges:
Net unrealized holding gains (losses) on cash flow hedges3,463 (2,791)9,561 (10,109)
Reclassification adjustment for realized (gains) losses on cash flow hedges included in net income2,265 2,311 4,325 4,624 
Tax effect(1,437)136 (3,449)1,563 
Net change in unrealized gains (losses) on cash flow hedges4,291 (344)10,437 (3,922)
OCI17,499 1,864 51,728 (1,523)
Total comprehensive income$64,903 $29,221 $69,142 $52,059 
See accompanying Notes to Consolidated Financial Statements (Unaudited).
First Busey Corporation (BUSE) | 9
Table of Contents
FIRST BUSEY CORPORATION
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited)
Three Months Ended June 30, 2025
Number of SharesStockAdditional
Paid-in
Capital		Retained
Earnings		AOCITreasury
Stock		Total
Stockholders'
Equity
(dollars in thousands)PreferredCommonPreferredCommon
Balance, March 31, 20257,750 90,008,178 $— $93 $2,167,275 $249,484 $(172,810)$(64,436)$2,179,606 
Net income— — — — — 47,404 — — 47,404 
OCI, net of tax— — — — — — 17,499 — 17,499 
Issuance of preferred stock, net of issuance costs215,000 — — — 207,447 — — — 207,447 
Repurchase of stock— (1,012,000)— — — — — (21,655)(21,655)
Issuance of treasury stock for ESPP— 22,373 — — (96)— — 506 410 
Net issuance of treasury stock for RSU/PSU/DSU vesting and related tax— 65,211 — — (2,173)— — 1,507 (666)
Net issuance of treasury stock for SSARs exercised and related tax20,916 (818)483 (335)
Dividends on preferred stock— — — — — (155)— — (155)
Cash dividends on common stock at $0.25 per share
— — — — — (22,442)— — (22,442)
Dividend equivalents on RSUs/PSUs/DSUs— — — — 492 (492)— — — 
Stock-based compensation— — — — 5,433 — — — 5,433 
Balance, June 30, 2025222,750 89,104,678 $— $93 $2,377,560 $273,799 $(155,311)$(83,595)$2,412,546 
Three Months Ended June 30, 2024
Number of SharesStockAdditional
Paid-in
Capital		Retained
Earnings		AOCITreasury
Stock		Total
Stockholders'
Equity
(dollars in thousands)PreferredCommonPreferredCommon
Balance, March 31, 2024— 55,300,008 $— $58 $1,324,999 $248,412 $(222,190)$(68,628)$1,282,651 
Net income— — — — — 27,357 — — 27,357 
OCI, net of tax— — — — — — 1,864 — 1,864 
Stock issued in acquisition, net of stock issuance costs— 1,429,304 — 2 34,232 — — — 34,234 
Issuance of treasury stock for ESPP— 9,265 — — (53)— — 239 186 
Net issuance of treasury stock for RSU/PSU/DSU vesting and related tax— 8,360 — — (215)— — 215 — 
Cash dividends on common stock at $0.24 per share
— — — — — (13,616)— — (13,616)
Dividend equivalents on RSUs/PSUs/DSUs— — — — 333 (333)— — — 
Stock-based compensation— — — — 1,134 — — — 1,134 
Balance, June 30, 2024— 56,746,937 $— $60 $1,360,430 $261,820 $(220,326)$(68,174)$1,333,810 
(continued)
First Busey Corporation (BUSE) | 10
Table of Contents
FIRST BUSEY CORPORATION
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited) (Continued)
Six Months Ended June 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— — — — — 17,414 — — 17,414 
OCI, net of tax— — — — — — 51,728 — 51,728 
Stock issued in acquisition, net of stock issuance costs7,750 33,148,268 — 33 808,022 — — — 808,055 
Issuance of preferred stock, net of issuance costs215,000 — — — 207,447 — — — 207,447 
Repurchase of stock— (1,232,000)— — — — — (26,491)(26,491)
Issuance of treasury stock for ESPP— 56,101 — — (345)— — 1,374 1,029 
Net issuance of treasury stock for RSU/PSU/DSU vesting and related tax— 212,154 — — (6,838)— — 5,291 (1,547)
Net issuance of treasury stock for SSARs exercised and related tax— 24,174 — — (931)— — 567 (364)
Dividends on preferred stock— — — — — (155)— — (155)
Cash dividends on common stock at $0.50 per share
— — — — — (36,666)— — (36,666)
Dividend equivalents on RSUs/PSUs/DSUs— — — — 848 (848)— — — 
Stock-based compensation— — — — 8,827 — — — 8,827 
Balance, June 30, 2025222,750 89,104,678 $— $93 $2,377,560 $273,799 $(155,311)$(83,595)$2,412,546 
Six Months Ended June 30, 2024
Number of SharesStockAdditional
Paid-in
Capital		Retained
Earnings		AOCITreasury
Stock		Total
Stockholders'
Equity
(dollars in thousands)PreferredCommonPreferredCommon
Balance, December 31, 2023— 55,244,119 $— $58 $1,323,595 $237,197 $(218,803)$(70,066)$1,271,981 
Cumulative effect of change in accounting principal (ASU 2023-02)— — — — — (1,391)— — (1,391)
Net income— — — — — 53,582 — — 53,582 
OCI, net of tax— — — — — — (1,523)— (1,523)
Stock issued in acquisition, net of stock issuance costs— 1,429,304 — 2 34,232 — — — 34,234 
Issuance of treasury stock for ESPP— 32,570 — — (177)— — 838 661 
Net issuance of treasury stock for RSU/DSU vesting and related tax— 40,944 — — (1,450)— — 1,054 (396)
Cash dividends on common stock at $0.48 per share
— — — — — (26,875)— — (26,875)
Dividend equivalents on RSUs/PSUs/DSUs— — — — 693 (693)— — — 
Stock-based compensation— — — — 3,537 — — — 3,537 
Balance, June 30, 2024— 56,746,937 $— $60 $1,360,430 $261,820 $(220,326)$(68,174)$1,333,810 
See accompanying Notes to Consolidated Financial Statements (Unaudited).
First Busey Corporation (BUSE) | 11
Table of Contents
FIRST BUSEY CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Six Months Ended June 30,
(dollars in thousands)20252024
Cash flows provided by (used in) operating activities
Net income$17,414 $53,582 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for credit losses51,293 6,268 
Amortization of intangible assets7,675 5,038 
Amortization of mortgage servicing rights327 648 
Depreciation and amortization of premises and equipment6,082 4,852 
Net amortization (accretion) on portfolio loans(7,325)2,605 
Net amortization (accretion) of premium (discount) on investment securities1,451 4,682 
Net amortization (accretion) of premium (discount) on time deposits(1,580)50 
Net amortization (accretion) of premium (discount) on FHLB advances and other borrowings1,000 558 
Impairment of OREO and other repossessed assets270 — 
Impairment of fixed assets held for sale188 369 
Impairment of mortgage servicing rights(2)1 
Unrealized (gains) losses recognized on equity securities, net(5,765)(78)
(Gain) loss on sales of debt securities, net15,536 6,806 
(Gain) loss on sales of mortgage servicing rights— (7,742)
(Gain) loss on sales of loans, net(655)(723)
(Gain) loss on sales of OREO and other repossessed assets85 (540)
(Gain) loss on sales of premises and equipment49 (54)
(Gain) loss on life insurance proceeds(357)(781)
(Increase) decrease in cash surrender value of bank owned life insurance(2,834)(2,080)
Provision for deferred income taxes2,217 1,480 
Stock-based compensation8,827 3,537 
Proceeds from the sale of mortgage servicing rights— 9,796 
Mortgage loans originated for sale(45,736)(51,722)
Proceeds from sales of mortgage loans39,639 43,629 
(Increase) decrease in other assets(3,754)3,851 
Increase (decrease) in other liabilities(26,151)(18,207)
Net cash provided by (used in) operating activities57,894 65,825 
Cash flows provided by (used in) investing activities
Purchases of equity securities(869)(622)
Purchases of debt securities available for sale(376,552)(28,149)
Proceeds from sales of equity securities6,430 894 
Proceeds from sales of debt securities available for sale528,940 101,360 
Proceeds from paydowns and maturities of debt securities held to maturity24,719 22,835 
Proceeds from paydowns and maturities of debt securities available for sale202,613 182,948 
Purchases of restricted bank stock(35,265)(24)
Proceeds from the redemption of restricted bank stock11,786 — 
Net (increase) decrease in loans(39,614)53,156 
Net cash received in (paid for) acquisitions (see Note 2)
385,804 18,377 
Cash paid for premiums on bank-owned life insurance(46)(70)
Proceeds from life insurance4,334 1,799 
Purchases of premises and equipment(5,173)(3,516)
Proceeds from disposition of premises and equipment2 1,341 
Capitalized expenditures on foreclosed real estate(316)— 
Proceeds from sales of OREO and other repossessed assets, including cash payments collected15,611 601 
Net cash provided by (used in) investing activities722,404 350,930 
(continued)
First Busey Corporation (BUSE) | 12
Table of Contents
FIRST BUSEY CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Continued)
Six Months Ended June 30,
(dollars in thousands)20252024
Cash flows provided by (used in) financing activities
Net increase (decrease) in deposits$(750,837)$(707,909)
Net increase (decrease) in federal funds purchased and securities sold under agreements to repurchase2,420 (48,296)
Net increase (decrease) in short-term borrowings(11,158)(36,000)
Proceeds from other borrowings, net of debt issuance costs16,667 — 
Repayment of other borrowings(125,030)(31,450)
Cash dividends paid(36,821)(26,875)
Purchase of treasury stock(26,491)— 
Cash paid for withholding taxes on stock-based payments(1,547)(396)
Proceeds from the exercise of stock options, warrants, and SSARs(364)— 
Issuance of treasury stock for the ESPP1,029 — 
Issuance of preferred stock, net of stock issuance costs207,447 — 
Common stock issuance costs(920)(141)
Net cash provided by (used in) financing activities(725,605)(851,067)
Net increase (decrease) in cash and cash equivalents54,693 (434,312)
Cash and cash equivalents, beginning of period697,659 719,581 
Cash and cash equivalents, ending of period$752,352 $285,269 
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash payments for:
Interest$148,580 $108,581 
Income taxes13,990 12,388 
Non-cash investing and financing activities:
OREO and other repossessed assets acquired in settlement of loans14,869 26 
See accompanying Notes to Consolidated Financial Statements (Unaudited).
First Busey Corporation (BUSE) | 13
Table of Contents
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 $18.92 billion financial holding company headquartered in Leawood, Kansas. Busey’s common stock is traded on The Nasdaq Global Select Market under the symbol “BUSE” and Busey’s Depositary shares, each representing a 1/40th interest in a share of Busey Series B Preferred Stock is traded under the symbol “BUSEP.”
Busey operates and reports its business in three segments: Banking, Wealth Management, and FirsTech.
•The Banking operating segment provides a full range of banking services to individual and corporate customers through its banking center network in Arizona, Colorado, Florida, Illinois, Indiana, Kansas, Missouri, New Mexico, Oklahoma, and Texas.
•The Wealth Management operating segment provides a full range of asset management, investment, brokerage, fiduciary, philanthropic advisory, tax preparation, and farm management services to individuals, businesses, and foundations.
•The FirsTech operating segment provides comprehensive and innovative payment technology solutions including online, mobile, and voice-recognition bill payments; money management and credit card networks; direct debit services; lockbox remittance processing for payments made by mail; and walk-in payments. FirsTech also provides additional tools to help clients with billing, reconciliation, bill reminders, and treasury services.
For additional information about Busey's operating segments, see “Note 16. Operating Segments and Related Information.”
Busey conducts its Banking and Wealth Management services through Busey Bank, and provides payment technology solutions through Busey Bank’s wholly owned subsidiary, FirsTech. Busey also has various other subsidiaries that are not significant to the consolidated entity.
Basis of Financial Statement Presentation
These unaudited consolidated financial statements and related notes should be read together with the audited consolidated financial statements included in Busey's 2024 Annual Report. These interim unaudited consolidated financial statements serve to update Busey’s 2024 Annual Report and may not include all information and notes necessary to constitute a complete set of financial statements.
Busey’s unaudited consolidated financial statements are prepared in conformity with GAAP, and reflect the elimination of intercompany accounts and transactions. Certain prior year amounts have been reclassified to conform to the current period presentation. These reclassifications did not have a material impact on Busey’s consolidated financial condition or results of operations.
In the opinion of Busey’s management, the unaudited consolidated financial statements reflect all normal, recurring adjustments needed to present fairly Busey’s results for the interim periods. The results of operations for interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period.
Use of Estimates
In preparing the accompanying unaudited consolidated financial statements in conformity with GAAP, Busey’s management is required to make estimates and assumptions that affect the amounts reported in the financial statements and the disclosures provided. Actual results could differ from those estimates. Material estimates which are particularly susceptible to significant change in the near term relate to the fair value of assets acquired and liabilities assumed in business combinations, goodwill, income taxes, and the determination of the ACL.
First Busey Corporation (BUSE) | 14
Table of Contents
FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Cash and Cash Equivalents
Cash and cash equivalents include cash on hand, cash items in process of collection, amounts due from other banks, and interest-bearing deposits held with other financial institutions. The carrying amount of these instruments is considered a reasonable estimate of fair value. At June 30, 2025, cash and cash equivalents included $13.6 million contractually restricted by a third-party service provider, $24.8 million pledged to secure obligations under derivative contracts, and $68.0 million of reserved cash subject to call by the Federal Reserve Bank, as a member of the Federal Reserve System.
Income Taxes
Busey is subject to income taxes in U.S. federal and various state jurisdictions. First Busey Corporation and its subsidiaries file consolidated federal and state income tax returns with each subsidiary computing its taxes on a separate entity basis. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations, which requires significant judgment.
On July 4, 2025, the "One Big Beautiful Bill Act" was enacted, introducing several amendments to federal tax legislation. Key provisions of the act include the restoration of immediate expensing of domestic research and development expenditures, reinstatement of 100% bonus depreciation, and more favorable rules for determining the limitation on business interest expense. Busey is currently evaluating the impact of this legislation for future periods.
As of June 30, 2025, Busey Bank was under examination by the Florida Department of Revenue for its 2020 to 2022 corporate income tax filings. Busey Bank accrued $0.1 million related to potential assessment adjustments and interest. Busey had no accruals for payments of interest and penalties related to uncertain tax positions at June 30, 2025 or 2024.
As of June 30, 2025, Busey was also under examination by the Illinois Department of Revenue for M&M’s tax filings for the tax years ended December 31, 2022 and 2023.
Preferred Stock
On March 1, 2025, in connection with the CrossFirst acquisition, Busey issued 7,750 shares of Busey Series A Preferred Stock, which were issued to holders of shares of CrossFirst Series A Non-Cumulative Perpetual Preferred Stock. The Busey Series A Preferred Stock bears a dividend rate of 8.00% per annum on the liquidation preference of $1,000 per share. Quarterly dividend payments commenced on June 13, 2025. The Busey Series A Preferred Stock is not subject to any mandatory redemption, sinking fund, or similar provision. Busey may redeem the Busey Series A Preferred Stock, in whole or in part, on or after March 1, 2030, subject to the approval of the appropriate federal banking agency, at a redemption price of $1,000 per share, plus any declared and unpaid dividends, without accumulation of any undeclared dividends, to, but excluding, the date of redemption. Additional information about the Busey Series A Preferred Stock can be found in Busey’s Form 8-K filed with the SEC on August 27, 2024, and the Agreement and Plan of Merger, dated August 26, 2024, by and between First Busey Corporation and CrossFirst Bankshares, Inc. filed therewith.
On May 20, 2025, Busey issued 8,600,000 depositary shares (the “Depositary Shares,”), which are traded on The Nasdaq Global Select Market under the symbol “BUSEP.” Each Depositary Share represents a 1/40th interest in a share of Busey Series B Preferred Stock. The Series B Preferred Stock has a liquidation preference of $1,000 per share (equivalent to $25 per Depositary Share). Quarterly dividend payments for the Series B Preferred Stock are expected to commence on September 1, 2025. The Series B Preferred Stock is not subject to any mandatory redemption, sinking fund, or similar provision. Busey may redeem the Series B Preferred Stock, in whole or in part, at its option, on any dividend payment date on or after June 1, 2030, subject to the approval of the appropriate federal banking agency, at a redemption price of $1,000 per share (equivalent to $25 per Depositary Share) plus any declared and unpaid dividends to, but excluding, the date of redemption. Additional information about the Depositary Shares and the Series B Preferred Stock can be found in Busey’s Form 8-K filed with the SEC on May 20, 2025, and the exhibits filed therewith.
First Busey Corporation (BUSE) | 15
Table of Contents
FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Impact of Recently Adopted Accounting Standards
In March 2024, the FASB issued ASU 2024-01 “Compensation-Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards” to clarify that certain “profits interests” are within the scope of Topic 718 by amending the language and providing illustrative examples on how the scope guidance in paragraph 718-10-15-3 should be applied. This update is intended to improve clarity of the accounting standards codification, not to change the guidance. This update was adopted on a prospective basis for annual and interim reporting periods beginning January 1, 2025. Busey does not currently have any Profit Interest and Similar Awards, so adoption of this ASU did not have any impact on its financial position and results of operations.
In November 2023, the FASB issued ASU 2023‑07 “Segment Reporting (Topic 820): Improvements to Reportable Segment Disclosures” requiring enhanced disclosures related to significant segment expenses. This standard was adopted on a retrospective basis beginning with the annual reporting period ending December 31, 2024, and for interim reporting periods within fiscal years starting January 1, 2025. Adoption of this standard did not have a material impact on Busey’s financial position or results of operations, but resulted in enhanced disclosures.
Recently Issued Accounting Standards Not Yet Adopted
In July 2025, the FASB issued ASU 2025-05 “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets,” providing a practical expedient which, if elected, permits an entity to assume that current conditions as of the balance sheet date will remain static for the remaining life of the assets, removing the requirement to consider reasonable, supportable forecasts. The amendments in this update are to be applied prospectively, and will be effective for Busey for annual and interim reporting periods beginning January 1, 2026. Early adoption is permitted. Busey is currently evaluating the effect this ASU may have on its financial position and results of operations.
In November 2024, the FASB issued ASU 2024-04 “Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments” to clarify when certain settlements of convertible debt instruments should be accounted for as an induced conversion. The amendments in this update may be applied on either a prospective or retrospective basis and will be effective for Busey for annual and interim reporting periods beginning January 1, 2026. Because Busey does not currently have any convertible debt, the Company does not expect adoption of this ASU to have any impact on its financial position or results of operations.
In November 2024, the FASB issued ASU 2024-03 “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” to require additional disclosures within the notes to the financial statements about certain expense items. Specifically, disaggregation of income statement captions that contain expenses within the following five categories is required: (1) purchases of inventory, (2) employee compensation, (3) depreciation, (4) intangible asset amortization, and (5) depreciation, depletion, and amortization (“DD&A”) costs recognized as part of oil- and gas-producing activities or other amounts of depletion expense. Further, this update requires disclosure of the total amount of selling expenses and the entity’s definition of selling expenses. This update provides a practical expedient for banks and bank holding companies to continue presenting salaries and employee benefits in conformity with SEC Rule 210.9-04 instead of requiring those entities to apply the employee compensation definition included in Subtopic 220-40. The amendments in this update may be applied on either a prospective or retrospective basis and will be effective for Busey beginning with the annual reporting period ending December 31, 2027, and interim reporting periods beginning January 1, 2028. Early adoption is permitted. Because this update relates only to disclosure, Busey does not expect adoption of this ASU to have any impact on its financial position or results of operations.
In December 2023, the FASB issued ASU 2023‑09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires more detailed disclosures of income taxes paid net of refunds received, income from continuing operations before income tax expense or benefit, and income tax expense from continuing operations. This standard is to be applied on a prospective basis, with retrospective application permitted, and will be effective for Busey for annual reporting periods beginning with the fiscal year ending December 31, 2025. Busey does not expect adoption of this ASU to have a material impact on its financial position or results of operations.
First Busey Corporation (BUSE) | 16
Table of Contents
FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

In October 2023, the FASB issued ASU 2023‑06 “Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative” which aligns certain GAAP disclosure requirements with the SEC’s disclosure requirements, in order to better facilitate comparisons between entities that are subject to the SEC’s existing disclosures with entities that were not previously subject to the SEC’s requirements. Amendments in this update should be applied prospectively, and the effective date for Busey for each amendment in this ASU will be the date on which the SEC removes the related disclosure from Regulation S‑X or Regulation S‑K. Early adoption is prohibited. If the SEC has not removed the related disclosures from Regulation S‑X or Regulation S‑K by June 30, 2027, the pending content of this update will be removed from the ASC and will not become effective for any entity. Busey does not expect adoption of this ASU to have a material impact on its financial position or results of operations.
Subsequent Events
Busey has evaluated subsequent events for potential recognition and/or disclosure through the date the unaudited consolidated financial statements included in this Quarterly Report were issued. On July 2, 2025, Busey received a notice of hearing from the Illinois Secretary of State indicating that an administrative hearing has been scheduled to “ascertain” an amount of franchise taxes, penalties, interest, fees, and charges purportedly due from Busey to the Illinois Secretary of State. 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. Additional information is provided in “Note 11. Outstanding Commitments and Contingent Liabilities” under the heading “Franchise Tax Matter.” Other than these events, there were no significant events subsequent to the quarter ended June 30, 2025, through the filing date of these unaudited consolidated financial statements.
NOTE 2. MERGERS AND ACQUISITIONS
CrossFirst Bankshares, Inc.
On March 1, 2025, Busey completed its acquisition of CrossFirst (NASDAQ: CFB), the holding company for CrossFirst Bank, pursuant to an Agreement and Plan of Merger, dated August 26, 2024, by and between Busey and CrossFirst (the “CrossFirst Merger Agreement”). This partnership creates a premier commercial bank in the Midwest, Southwest, and Florida, with 78 full-service locations across 10 states—Arizona, Colorado, Florida, Illinois, Indiana, Kansas, Missouri, New Mexico, Oklahoma, and Texas. The combined holding company continues to operate under the First Busey Corporation name. Busey’s common stock continues to trade on the Nasdaq under the “BUSE” stock ticker symbol.
Merger of CrossFirst Bank into Busey Bank
CrossFirst Bank’s results of operations were included in Busey’s consolidated results of operations beginning March 1, 2025. Busey operated CrossFirst Bank as a separate banking subsidiary until it was merged with and into Busey Bank on June 20, 2025. At the time of the bank merger, CrossFirst Bank’s banking centers became banking centers of Busey Bank.
CrossFirst Merger Consideration
Upon completion of the acquisition, each share of CrossFirst common stock converted into the right to receive 0.6675 of a share of Busey’s common stock. Cash was paid in lieu of fractional shares. The fair value of common shares issued in consideration of the CrossFirst acquisition was based on the closing price of Busey’s common stock on February 28, 2025.
Further, upon completion of the acquisition, each share of CrossFirst Series A Non-cumulative Perpetual Preferred Stock converted to the right to receive one share of Busey Series A Preferred Stock. The fair value of Busey Series A Preferred Stock was based on the redemption price of $1,000 per share.
The total consideration paid also included the fair value of replacement equity awards related to past service totaling $6.0 million. Busey used a Monte Carlo simulation to estimate the fair value of SSARs and market-based awards. Other awards were valued based on Busey’s closing stock price on February 28, 2025.
First Busey Corporation (BUSE) | 17
Table of Contents
FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Acquisition Accounting
The CrossFirst acquisition was accounted for using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed, and consideration exchanged were recorded at estimated fair values as of March 1, 2025, the date of acquisition. During the three months ended June 30, 2025, fair value adjustments of $3.3 million were recorded, as additional information and valuations became available. Estimated fair values are considered provisional until final fair values are determined or the measurement period has passed, but no later than one year from the acquisition date. Review of all valuations and taxes are still being performed by management. Therefore, amounts are subject to change from the provisional amounts disclosed below.
As the total consideration paid for CrossFirst exceeded the estimated fair value of net assets acquired, goodwill of $48.0 million was recorded as a result of the acquisition. Goodwill recorded for this transaction reflects synergies expected from the acquisition and the greater revenue opportunities from Busey’s broader service capabilities in attractive new markets. Goodwill recorded for this transaction is not tax deductible and was assigned to the Banking operating segment.
Merchants and Manufacturers Bank Corporation
On April 1, 2024, Busey completed its acquisition of M&M and its wholly-owned subsidiary, M&M Bank, through a merger transaction. This partnership added M&M’s Life Equity Loan® products to Busey’s existing suite of services and expanded Busey’s presence in the suburban Chicago market.
Merger of M&M Bank into Busey Bank
M&M Bank’s results of operations were included in Busey’s results of operation beginning April 1, 2024. Busey operated M&M Bank as a separate banking subsidiary of Busey until it was merged with Busey Bank on June 21, 2024. At the time of the bank merger, M&M Bank’s banking centers became banking centers of Busey Bank, except for M&M’s banking center located at 990 Essington Rd., Joliet, Illinois, which was closed in connection with the bank merger.
M&M Merger Consideration
At the effective time of the M&M acquisition, each share of M&M common stock converted to the right to receive, at the election of each stockholder and subject to proration and adjustment as provided in the M&M merger agreement, either (1) $117.74 in cash (“Cash Election”), (2) 5.7294 shares of Busey common stock (“Share Election”), or (3) mixed consideration of $34.55 in cash and 4.0481 shares of Busey common stock (“Mixed Election”).
Most of the M&M common stockholders who submitted an election form by the election deadline made the Share Election to receive their merger consideration solely in the form of shares of Busey common stock. As a result of the elections of M&M common stockholders, and in accordance with the proration and adjustment provisions of the M&M merger agreement, the merger consideration paid to M&M common stockholders was comprised of an aggregate of 1,429,304 shares of Busey common stock and an aggregate of $12.2 million in cash, allocated as follows for each share of M&M stock: (1) $117.74 in cash for the Cash Election, (2) $5.3966 in cash and 5.4668 shares of Busey common stock for the Share Election, and (3) $34.55 in cash and 4.0481 shares of Busey common stock for the Mixed Election. Pursuant to the terms of the M&M merger agreement, M&M common stockholders that did not make an election or submit a properly completed election form by the election deadline of March 29, 2024, received cash consideration of $117.74 for each share of M&M common stock held. No fractional shares of Busey common stock were issued in the M&M acquisition. Fractional shares were paid in cash at the rate of $23.32 per share.
Additional merger consideration of $3.0 million was paid to redeem 300 shares of M&M preferred stock.
First Busey Corporation (BUSE) | 18
Table of Contents
FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Acquisition Accounting
The M&M acquisition was accounted for using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed, and consideration exchanged were recorded at estimated fair values on April 1, 2024, the date of acquisition. A final fair value adjustment of $0.1 million for deferred taxes was recorded during the three months ended March 31, 2025, in connection with the M&M acquisition. Fair values, including initial accounting for deferred taxes, were subject to refinement for up to one year after the closing date as additional information regarding the closing date fair values became available, and were final as of March 31, 2025.
As the total consideration paid for M&M exceeded the estimated fair value of net assets acquired, goodwill of $15.9 million was recorded as a result of the acquisition. Goodwill recorded for this transaction reflects synergies expected from the acquisition and expansion within the Chicago metropolitan market. Goodwill recorded for this transaction is not tax deductible and was assigned to the Banking operating segment.
First Busey Corporation (BUSE) | 19
Table of Contents
FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Acquisition Date Fair Values
Acquisition-date fair values of the assets acquired and liabilities assumed, as well as the fair value of consideration transferred, were estimated as follows:
As of
March 1, 2025April 1, 2024
(dollars in thousands)
CrossFirst
(provisional)
M&M
(final)
Assets acquired
Cash and cash equivalents$385,808 $33,577 
Securities725,622 8,086 
Portfolio loans, net of ACL6,023,063 417,230 
Premises and equipment64,249 2,045 
Right of use assets29,374 253 
Other intangible assets81,783 6,346 
Other assets190,411 10,208 
Total assets acquired7,500,310 477,745 
Liabilities assumed
Deposits6,571,699 392,838 
Short-term borrowings11,148 35,932 
Long-term debt62,557 1,450 
Subordinated notes, net of unamortized issuance costs— 3,911 
Junior subordinated debt owed to unconsolidated trusts2,238 2,594 
Lease liabilities29,374 253 
Other liabilities62,338 7,089 
Total liabilities assumed6,739,354 444,067 
Net assets acquired$760,956 $33,678 
Consideration paid
Cash $4 $15,200 
Common stock795,227 34,375 
Preferred stock7,750 — 
Replacement awards1
5,999 — 
Total consideration paid$808,980 $49,575 
Goodwill$48,024 $15,897 
___________________________________________
1.Represents the fair value of replacement equity awards issued to CrossFirst associates attributable to pre-combination service.
First Busey Corporation (BUSE) | 20
Table of Contents
FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Valuations of Loans
Estimated fair values for the loan portfolio acquired in the CrossFirst acquisition includes adjustments to certain receivables that were not considered PCD as of the acquisition date. These fair value adjustments were determined using a discounted cash flow model that applies various assumptions about coupon rates, remaining maturities, prepayment speeds, projected default probabilities, losses given defaults, and estimates of prevailing discount rates. These loans did not show signs of deterioration since origination, and therefore, at the acquisition date, were not subject to the guidance related to PCD loans. Receivables acquired in the CrossFirst acquisition that were not subject to these requirements include non-PCD loans with a fair value of $4.70 billion and gross contractual amounts receivable of $4.79 billion.
A portion of acquired loans were PCD. The following table provides a reconciliation between the purchase price and the fair value of these loans:
As of
March 1, 2025April 1, 2024
(dollars in thousands)
CrossFirst
M&M
PCD Financial Assets
Gross contractual receivable for PCD financial assets1
$1,428,978 $29,290 
ACL recorded for estimated uncollectible contractual cash flows specific to PCD financial assets(100,783)(1,243)
Interest premium (discount) specific to PCD financial assets(3,063)(1,773)
Fair value of PCD financial assets
$1,325,132 $26,274 
___________________________________________
1.In connection with the CrossFirst acquisition, Busey also acquired $110.7 million of previously charged-off principal in addition to the PCD assets listed above.
Pro Forma Results
The following unaudited pro forma information has been prepared as if the CrossFirst acquisition had occurred on January 1, 2024, and as if the M&M acquisition had occurred January 1, 2023. The pro forma results combine the historical results of CrossFirst and M&M into Busey’s Consolidated Statements of Income (Unaudited), including the impact of purchase accounting adjustments such as loan discount accretion, intangible assets amortization, and deposit accretion, net of taxes. The pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the results that would have been obtained had the acquisitions actually occurred on January 1, 2024, or on January 1, 2023, as applicable. Further, pro forma information does not purport to be indicative of future financial operating results. No assumptions have been applied to the pro forma results of operations regarding possible revenue enhancements, expense efficiencies, or asset dispositions. Only the merger related expenses that have been recognized are included in net income in the table below:
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)2025202420252024
Revenue (net interest income plus noninterest income)$191,726 $180,688 $371,320 $377,900 
Net income47,297 45,381 68,702 65,239 
First Busey Corporation (BUSE) | 21
Table of Contents
FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Other Acquisition Costs
Busey incurred acquisition related expenses as follows:
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)2025202420252024
Pre-tax acquisition expenses
M&M$— $2,065 $108 $2,350 
CrossFirst1
16,600 147 88,090 147 
Pre-tax acquisition expenses1
$16,600 $2,212 $88,198 $2,497 
___________________________________________
1.In addition to the acquisition costs presented in the table above, during the three months ended June 30, 2025, Busey recorded a $4.0 million adjustment to the initial provision for unfunded commitments for CrossFirst acquisition-date balances based on revised estimates resulting from implementation of a new CECL model.
Acquisition related expenses for CrossFirst were comprised primarily of an initial provision to establish an ACL on non-PCD loans (recorded as provision expense), and multiple components of noninterest expense including an initial provision for unfunded commitments; salaries, wages and employee benefits (including equity compensation); data processing; and legal, professional, and consulting costs. Acquisition related expenses for M&M were comprised primarily of professional fees and data processing costs.
Of the total acquisition related expenses, the following legal, professional, and consulting costs were incurred to consummate the mergers:
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)2025202420252024
Pre-tax costs to consummate the merger
M&M$— $19 $— $150 
CrossFirst86 — 7,230 — 
Pre-tax costs to consummate the merger$86 $19 $7,230 $150 
First Busey Corporation (BUSE) | 22
Table of Contents
FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

NOTE 3. DEBT SECURITIES
Busey's portfolio of debt securities includes both available for sale and held to maturity securities. The tables below provide the amortized cost, unrealized or unrecognized gains and losses, and fair values of debt securities summarized by major category:
As of June 30, 2025
(dollars in thousands)
Amortized
Cost
Unrealized
Fair
Value
Gross Gains
Gross Losses
Debt securities available for sale1
Obligations of U.S. government corporations and agencies
$115,902 $59 $(404)$115,557 
Obligations of states and political subdivisions
260,997 131 (18,975)242,153 
Asset-backed securities
373,231 390 — 373,621 
Commercial mortgage-backed securities
149,844 479 (12,297)138,026 
Residential mortgage-backed securities
1,433,077 3,870 (147,818)1,289,129 
Corporate debt securities
61,613 427 (2,738)59,302 
Total debt securities available for sale$2,394,664 $5,356 $(182,232)$2,217,788 
Amortized
Cost
Unrecognized
Fair
Value
Gross Gains
Gross Losses
Debt securities held to maturity
Commercial mortgage-backed securities
$407,401 $— $(70,772)$336,629 
Residential mortgage-backed securities
395,564 — (61,661)333,903 
Total debt securities held to maturity$802,965 $— $(132,433)$670,532 
___________________________________________
1.This table includes debt securities marked at par, with no gain or loss.

First Busey Corporation (BUSE) | 23
Table of Contents
FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

As of December 31, 2024
(dollars in thousands)
Amortized
Cost
Unrealized
Fair
Value
Gross Gains
Gross Losses
Debt securities available for sale1
Obligations of U.S. government corporations and agencies
$1,408 $— $(8)$1,400 
Obligations of states and political subdivisions
156,534 31 (16,736)139,829 
Asset-backed securities
336,379 181 (3)336,557 
Commercial mortgage-backed securities
107,305 — (15,131)92,174 
Residential mortgage-backed securities
1,279,090 19 (191,899)1,087,210 
Corporate debt securities
159,236 363 (6,548)153,051 
Total debt securities available for sale
$2,039,952 $594 $(230,325)$1,810,221 
Amortized
Cost
Unrecognized
Fair
Value
Gross Gains
Gross Losses
Debt securities held to maturity
Commercial mortgage-backed securities
$415,530 $— $(77,242)$338,288 
Residential mortgage-backed securities
411,100 — (74,335)336,765 
Total debt securities held to maturity
$826,630 $— $(151,577)$675,053 
___________________________________________
1.This table includes debt securities marked at par, with no gain or loss.
Maturities of Debt Securities
Amortized cost and fair value of debt securities, by contractual maturity or pre-refunded date, are shown below. Mortgages underlying mortgage-backed securities and asset-backed securities may be called or prepaid; therefore, actual maturities could differ from the contractual maturities. All mortgage-backed securities were issued by U.S. government corporations and agencies.
As of June 30, 2025
(dollars in thousands)Amortized
Cost		Fair
Value
Debt securities available for sale
Due in one year or less$27,262 $27,134 
Due after one year through five years52,667 50,135 
Due after five years through ten years446,705 431,576 
Due after ten years1,868,030 1,708,943 
Debt securities available for sale$2,394,664 $2,217,788 
 
Debt securities held to maturity
Due in one year or less$16,804 $16,708 
Due after one year through five years59,889 57,757 
Due after five years through ten years14,710 13,127 
Due after ten years711,562 582,940 
Debt securities held to maturity$802,965 $670,532 
First Busey Corporation (BUSE) | 24
Table of Contents
FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Gains and Losses on Debt Securities Available for Sale
Realized gains and losses related to sales and calls of debt securities available for sale are summarized as follows:
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)2025202420252024
Realized gains and losses on debt securities
Gross gains on debt securities
$1 $— $9 $1 
Gross (losses) on debt securities1
0(4)(15,545)(6,807)
Realized net gains (losses) on debt securities$1 $(4)$(15,536)$(6,806)
___________________________________________
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, as part of a balance sheet repositioning strategy. During the first quarter of 2024, Busey sold available for sale debt securities with a book value of approximately $108.2 million for a pre-tax loss of $6.8 million, as part of a balance sheet repositioning strategy.
Debt securities with carrying amounts of $762.5 million on June 30, 2025, and $871.4 million on December 31, 2024, were pledged as collateral for public deposits, securities sold under agreements to repurchase, and for other purposes as required.
First Busey Corporation (BUSE) | 25
Table of Contents
FIRST BUSEY CORPORATION
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 June 30, 2025
Less than 12 months12 months or moreTotal
(dollars in thousands)Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
Debt securities available for sale
Obligations of U.S. government corporations and agencies
$94,032 $(403)$152 $(1)$94,184 $(404)
Obligations of states and political subdivisions126,519 (7,390)96,547 (11,585)223,066 (18,975)
Commercial mortgage-backed securities7,914 (62)72,293 (12,235)80,207 (12,297)
Residential mortgage-backed securities125,548 (385)796,367 (147,433)921,915 (147,818)
Corporate debt securities933 (6)47,744 (2,732)48,677 (2,738)
Debt securities available for sale with gross unrealized losses$354,946 $(8,246)$1,013,103 $(173,986)$1,368,049 $(182,232)
Fair
Value		Unrecognized
Losses		Fair
Value		Unrecognized
Losses
Debt securities held to maturity
Commercial mortgage-backed securities$336,629 $(70,772)$336,629 $(70,772)
Residential mortgage-backed securities333,903 (61,661)333,903 (61,661)
Debt securities held to maturity with gross unrecognized losses$670,532 $(132,433)$670,532 $(132,433)

First Busey Corporation (BUSE) | 26
Table of Contents
FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

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

First Busey Corporation (BUSE) | 27
Table of Contents
FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Additional information about debt securities in an unrealized or unrecognized loss position is presented in the tables below:
As of June 30, 2025
(dollars in thousands)Available for Sale Held to Maturity Total
Debt securities with gross unrealized or unrecognized losses, fair value$1,368,049 $670,532 $2,038,581 
Gross unrealized or unrecognized losses on debt securities182,232 132,433 314,665 
Ratio of gross unrealized or unrecognized losses to debt securities with gross unrealized or unrecognized losses13.3 %19.8 %15.4 %
 
Count of debt securities657 55 712 
Count of debt securities in an unrealized or unrecognized loss position502 55 557 
As of December 31, 2024
(dollars in thousands)Available for Sale Held to MaturityTotal
Debt securities with gross unrealized or unrecognized losses, fair value$1,466,743 $675,053 $2,141,796 
Gross unrealized or unrecognized losses on debt securities230,325 151,577 381,902 
Ratio of gross unrealized or unrecognized losses to debt securities with gross unrealized or unrecognized losses15.7 %22.5 %17.8 %
 
Count of debt securities677 55 732 
Count of debt securities in an unrealized or unrecognized loss position586 55 641 
Unrealized and unrecognized losses are related to changes in market interest rates and market conditions that do not represent credit-related impairments. Unless part of a corporate strategy or repositioning plan, Busey does not intend to sell securities that are in an unrealized or unrecognized loss position, and it is more likely than not that Busey will recover the amortized cost prior to being required to sell the debt securities. Full collection of the amounts due according to the contractual terms of the debt securities is expected; therefore, no ACL has been recorded in relation to debt securities, and the impairment related to noncredit factors on debt securities available for sale is recognized in AOCI, net of applicable taxes. As of June 30, 2025, Busey did not hold general obligation bonds of any single issuer that exceeded, in aggregate, 10% of Busey’s stockholders’ equity.
First Busey Corporation (BUSE) | 28
Table of Contents
FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

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)June 30,
2025		December 31,
2024
Commercial loans
C&I and other commercial$4,476,869 $1,904,515 
CRE5,569,759 3,269,564 
Real estate construction1,041,803 378,209 
Total commercial loans11,088,431 5,552,288 
Retail loans
Retail real estate2,228,959 1,696,457 
Retail other491,229 448,342 
Total retail loans2,720,188 2,144,799 
Total portfolio loans13,808,619 7,697,087 
ACL(183,334)(83,404)
Portfolio loans, net$13,625,285 $7,613,683 
Net deferred loan origination costs included in the balances above were $10.8 million as of June 30, 2025, compared to $12.5 million as of December 31, 2024. Net accretable purchase accounting adjustments included in the balances above reduced loans by $98.1 million as of June 30, 2025, and $8.8 million as of December 31, 2024.
Busey did not purchase any retail real estate loans during the three and six months ended June 30, 2025. Busey elected to purchase $6.9 million of retail real estate loans during the three and six months ended June 30, 2024.
Pledged Loans
Busey has executed a blanket lien with the FHLB. The principal balance of loans Busey has pledged as collateral with the FHLB and Federal Reserve Bank for liquidity, which Busey is able to borrow against, is set forth in the table below:
As of
(dollars in thousands)June 30,
2025		December 31,
2024
Pledged loans
FHLB$5,010,792 $4,813,600 
Federal Reserve Bank1,580,491 765,824 
Total pledged loans$6,591,283 $5,579,424 
First Busey Corporation (BUSE) | 29
Table of Contents
FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Risk Grading
Busey utilizes a loan grading scale to assign a risk grade to all of its loans. A description of the general characteristics of each grade is as follows:
•Pass – This category includes loans that are all considered acceptable credits, ranging from investment or near investment grade, to loans made to borrowers who exhibit credit fundamentals that meet or exceed industry standards.
•Watch – This category includes loans that warrant a higher-than-average level of monitoring to ensure that weaknesses do not cause the inability of the credit to perform as expected. These loans are not necessarily a problem due to other inherent strengths of the credit, such as guarantor strength, but have above average concern and monitoring.
•Special mention – This category is for “Other Assets Specially Mentioned” loans that have potential weaknesses, which may, if not checked or corrected, weaken the asset or inadequately protect Busey’s credit position at some future date.
•Substandard – This category includes “Substandard” loans, determined in accordance with regulatory guidelines, for which the accrual of interest has not been stopped. Assets so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that Busey will sustain some loss if the deficiencies are not corrected.
•Substandard non-accrual – This category includes loans that have all the characteristics of a “Substandard” loan with additional factors that make collection in full highly questionable and improbable. Such loans are placed on non-accrual status and may be dependent on collateral with a value that is difficult to determine.
All loans are graded at their inception. Commercial lending relationships that are $2.0 million or less are usually processed through an expedited underwriting process. Most commercial loans greater than $2.0 million are included in a portfolio review at least annually. Commercial loans greater than $0.35 million that have a grading of special mention or worse are typically reviewed on a quarterly basis. Interim reviews may take place if circumstances of the borrower warrant a more frequent review.
The following table is a summary of Busey’s portfolio loans by risk grade, segregated by loan category:
As of June 30, 2025
(dollars in thousands)PassWatchSpecial
Mention		SubstandardSubstandard
Non-accrual		Total
Commercial loans
C&I and other commercial$3,790,854 $436,157 $127,315 $87,603 $34,940 $4,476,869 
CRE4,571,016 813,941 152,544 21,695 10,563 5,569,759 
Real estate construction964,183 45,940 25,981 5,677 22 1,041,803 
Total commercial loans9,326,053 1,296,038 305,840 114,975 45,525 11,088,431 
Retail loans
Retail real estate2,205,127 6,331 6,848 2,806 7,847 2,228,959 
Retail other490,979 — — 8 242 491,229 
Total retail loans2,696,106 6,331 6,848 2,814 8,089 2,720,188 
Total portfolio loans$12,022,159 $1,302,369 $312,688 $117,789 $53,614 $13,808,619 
First Busey Corporation (BUSE) | 30
Table of Contents
FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

As of December 31, 2024
(dollars in thousands)PassWatchSpecial
Mention		SubstandardSubstandard
Non-accrual		Total
Commercial loans
C&I and other commercial$1,545,338 $281,424 $36,152 $37,749 $3,852 $1,904,515 
CRE2,744,018 438,945 55,041 16,507 15,053 3,269,564 
Real estate construction345,908 26,833 221 5,224 23 378,209 
Total commercial loans4,635,264 747,202 91,414 59,480 18,928 5,552,288 
Retail loans
Retail real estate1,680,640 9,408 882 2,543 2,984 1,696,457 
Retail other448,166 — — — 176 448,342 
Total retail loans2,128,806 9,408 882 2,543 3,160 2,144,799 
Total portfolio loans$6,764,070 $756,610 $92,296 $62,023 $22,088 $7,697,087 
First Busey Corporation (BUSE) | 31
Table of Contents
FIRST BUSEY CORPORATION
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 Six Months Ended June 30, 2025
Risk Grade RatingsTerm Loans Amortized Cost Basis by Origination YearRevolving
Loans		Total
(dollars in thousands)20252024202320222021Prior
C&I and other commercial
Pass$515,264 $829,795 $517,205 $279,602 $192,483 $166,112 $1,290,393 $3,790,854 
Watch40,197 60,053 70,716 51,774 74,582 19,821 119,014 436,157 
Special Mention2,579 22,737 18,440 42,789 3,376 2,784 34,610 127,315 
Substandard16,642 4,314 17,675 4,587 10,163 3,907 30,315 87,603 
Substandard non-accrual86 3,774 3,159 7,309 1,046 5,051 14,515 34,940 
Total C&I and other commercial574,768 920,673 627,195 386,061 281,650 197,675 1,488,847 4,476,869 
Gross charge-offs$— $908 $3,222 $285 $13,591 $11,174 $4,121 $33,301 
CRE
Pass389,049 509,376 726,226 1,336,389 832,204 735,227 42,545 4,571,016 
Watch91,566 111,220 141,107 162,659 208,775 95,704 2,910 813,941 
Special Mention54,783 24,440 4,161 26,254 24,902 16,357 1,647 152,544 
Substandard1,447 1,959 916 8,611 — 8,717 45 21,695 
Substandard non-accrual10 2,769 4,551 73 2 3,158 — 10,563 
Total CRE536,855 649,764 876,961 1,533,986 1,065,883 859,163 47,147 5,569,759 
Gross charge-offs— 10,916 — — 253 — — 11,169 
Real estate construction
Pass174,939 324,172 153,653 211,480 24,401 2,625 72,913 964,183 
Watch14,429 28,866 2,458 — 187 — — 45,940 
Special Mention18,334 — — 610 7,037 — — 25,981 
Substandard5,187 428 — — 62 — — 5,677 
Substandard non-accrual— — — — 22 — — 22 
Total real estate construction212,889 353,466 156,111 212,090 31,709 2,625 72,913 1,041,803 
Gross charge-offs— — — — — — — — 
Retail real estate
Pass75,389 138,161 323,645 459,652 423,095 546,277 238,908 2,205,127 
Watch132 1,957 509 1,685 290 1,185 573 6,331 
Special Mention92 89 3,865 840 1,748 — 214 6,848 
Substandard— — 114 1,460 494 735 3 2,806 
Substandard non-accrual160 153 39 322 317 2,944 3,912 7,847 
Total retail real estate75,773 140,360 328,172 463,959 425,944 551,141 243,610 2,228,959 
Gross charge-offs35 — — — — 48 36 119 
Retail other
Pass6,059 7,347 43,453 43,952 8,071 1,173 380,924 490,979 
Watch— — — — — — — — 
Special Mention— — — — — — — — 
Substandard— — — — — 8 — 8 
Substandard non-accrual— — 93 138 — 11 — 242 
Total retail other6,059 7,347 43,546 44,090 8,071 1,192 380,924 491,229 
Gross charge-offs120 147 253 35 — 74 — 629 
Total portfolio loans$1,406,344 $2,071,610 $2,031,985 $2,640,186 $1,813,257 $1,611,796 $2,233,441 $13,808,619 
Total gross charge-offs$155 $11,971 $3,475 $320 $13,844 $11,296 $4,157 $45,218 
First Busey Corporation (BUSE) | 32
Table of Contents
FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

As of and For The Year Ended December 31, 2024
Risk Grade RatingsTerm Loans Amortized Cost Basis by Origination YearRevolving
Loans		Total
(dollars in thousands)20242023202220212020Prior
C&I and other commercial
Pass$320,831 $147,909 $163,870 $125,053 $74,146 $117,234 $596,295 $1,545,338 
Watch38,734 49,394 44,709 16,393 2,175 20,964 109,055 281,424 
Special Mention1,718 2,293 5,658 2,634 106 2,540 21,203 36,152 
Substandard15,186 6,545 788 591 320 2,424 11,895 37,749 
Substandard non-accrual65 141 464 — 42 852 2,288 3,852 
Total C&I and other commercial376,534 206,282 215,489 144,671 76,789 144,014 740,736 1,904,515 
Gross charge-offs$— $14,980 $148 $22 $— $303 $— $15,453 
 
CRE
Pass291,503 354,591 755,266 645,994 356,867 314,340 25,457 2,744,018 
Watch115,078 132,900 60,611 62,408 28,320 38,733 895 438,945 
Special Mention39,252 643 8,020 1,395 4,165 1,517 49 55,041 
Substandard6,983 355 4,628 50 95 4,346 50 16,507 
Substandard non-accrual15,000 39 — — 14 — — 15,053 
Total CRE467,816 488,528 828,525 709,847 389,461 358,936 26,451 3,269,564 
Gross charge-offs— — — 2,999 — 315 — 3,314 
 
Real estate construction
Pass159,825 134,450 12,205 24,781 2,213 1,124 11,310 345,908 
Watch20,170 6,455 — 208 — — — 26,833 
Special Mention— — — 221 — — — 221 
Substandard5,224 — — — — — — 5,224 
Substandard non-accrual— — — 23 — — — 23 
Total real estate construction185,219 140,905 12,205 25,233 2,213 1,124 11,310 378,209 
Gross charge-offs— — — — — — — — 
 
Retail real estate
Pass101,582 237,306 366,820 354,380 147,236 267,431 205,885 1,680,640 
Watch1,255 550 2,733 3,377 872 124 497 9,408 
Special Mention151 — 344 — — 372 15 882 
Substandard— 243 1,018 503 — 776 3 2,543 
Substandard non-accrual— — 344 91 152 1,526 871 2,984 
Total retail real estate102,988 238,099 371,259 358,351 148,260 270,229 207,271 1,696,457 
Gross charge-offs— — — — — 168 — 168 
 
Retail other
Pass4,996 55,665 57,944 12,207 2,304 589 314,461 448,166 
Substandard non-accrual— 94 67 4 — 11 — 176 
Total retail other4,996 55,759 58,011 12,211 2,304 600 314,461 448,342 
Gross charge-offs9 31 106 78 4 403 — 631 
 
Total portfolio loans$1,137,553 $1,129,573 $1,485,489 $1,250,313 $619,027 $774,903 $1,300,229 $7,697,087 
Total gross charge-offs$9 $15,011 $254 $3,099 $4 $1,189 $— $19,566 
First Busey Corporation (BUSE) | 33
Table of Contents
FIRST BUSEY CORPORATION
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 June 30, 2025
Loans past due, still accruingNon-accrual
Loans		Non-accrual Loans with No Allowance for Credit Losses
(dollars in thousands)30-59 Days60-89 Days90+Days
Commercial loans
C&I and other commercial$4,972 $1,490 $796 $34,940 $3,311 
CRE524 5,744 — 10,563 4,300 
Real estate construction18,670 6,794 — 22 — 
Past due and non-accrual commercial loans24,166 14,028 796 45,525 7,611 
Retail loans
Retail real estate1,894 331 145 7,847 194 
Retail other1,378 391 — 242 — 
Past due and non-accrual retail loans3,272 722 145 8,089 194 
Total past due and non-accrual loans$27,438 $14,750 $941 $53,614 $7,805 
As of December 31, 2024
Loans past due, still accruingNon-accrual
Loans		Non-accrual Loans with No Allowance for Credit Losses
(dollars in thousands)30-59 Days60-89 Days90+Days
Commercial loans
C&I and other commercial$95 $— $— $3,852 $1,224 
CRE42 2,759 — 15,053 15,000 
Real estate construction41 — — 23 — 
Past due and non-accrual commercial loans178 2,759 — 18,928 16,224 
Retail loans
Retail real estate3,280 683 1,115 2,984 194 
Retail other1,094 130 34 176 — 
Past due and non-accrual retail loans4,374 813 1,149 3,160 194 
Total past due and non-accrual loans$4,552 $3,572 $1,149 $22,088 $16,418 
Gross interest income recorded on 90+ days past due loans, and that would have been recorded on non-accrual loans if they had been accruing interest in accordance with their original terms, was $1.0 million and $1.2 million for the three and six months ended June 30, 2025, respectively, and was $0.2 million and $0.5 million for the three and six months ended June 30, 2024, respectively. The amount of interest collected on those loans and recognized on a cash basis that was included in interest income was immaterial for the three and six months ended June 30, 2025 and 2024.
First Busey Corporation (BUSE) | 34
Table of Contents
FIRST BUSEY CORPORATION
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 June 30, 2025
(dollars in thousands)
Payment Deferral
% of Total Class of Financing Receivable1
Term Extension
% of Total Class of Financing Receivable2
Combination—Term Extension and Payment Deferral
% of Total Class of Financing Receivable3
Modified Loans
C&I and other commercial
$490 — %$21,913 0.5 %$4,412 0.1 %
CRE
— — %1,297 — %— — %
Total of loans modified during the period4
$490 — %$23,210 0.2 %$4,412 — %
___________________________________________
1.Modified loans represent an insignificant portion of C&I and other commercial loans, and an insignificant portion of total loans, in both cases rounding to zero percent.
2.Modified loans represent an insignificant portion of CRE loans, rounding to zero percent.
3.Modified loans represent an insignificant portion of total loans, rounding to zero percent.
4.All modifications were for loans classified as substandard.
Three Months Ended June 30, 2024
(dollars in thousands)
Term Extension1
% of Total Class of Financing Receivable2
Modified Loans
C&I and other commercial
$8,545 0.4 %
CRE
466 — %
Total of loans modified during the period3
$9,011 0.1 %
___________________________________________
1.Modifications to extend loan terms also included, in some cases, interest rate increases during the extension period.
2.Modified loans represent an insignificant portion of commercial real estate loans, rounding to zero percent.
3.All modifications were for loans classified as substandard.
First Busey Corporation (BUSE) | 35
Table of Contents
FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Six Months Ended June 30, 2025
(dollars in thousands)
Payment Deferral
% of Total Class of Financing Receivable
Term Extension
% of Total Class of Financing Receivable1
Combination—Term Extension and Payment Deferral
% of Total Class of Financing Receivable2
Modified Loans
C&I and other commercial
$11,639 0.3 %$26,985 0.6 %$4,412 0.1 %
CRE
— — %1,848 — %— — %
Real estate construction
— — %5,187 0.5 %— — %
Total of loans modified during the period3
$11,639 0.1 %$34,020 0.2 %$4,412 — %
___________________________________________
1.Modified loans represent an insignificant portion of CRE loans, rounding to zero percent.
2.Modified loans represent an insignificant portion of total loans, rounding to zero percent.
3.With the exception of one loan that was transferred to non-accrual status during the six months ended June 30, 2025, all modifications were for loans classified as substandard.
Six Months Ended June 30, 2024
(dollars in thousands)
Term Extension1
% of Total Class of Financing Receivable
Modified Loans
C&I and other commercial
$24,067 1.2 %
CRE
1,814 0.1 %
Total of loans modified during the period2
$25,881 0.3 %
___________________________________________
1.Modifications to extend loan terms also included, in some cases, interest rate increases during the extension period.
2.All modifications were for loans classified as substandard.
The following table provides the weighted average term extension for loan modifications made during the periods indicated for borrowers experiencing financial difficulty:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Weighted Average Loan Term Extensions
C&I and other commercial
19.9 months
4.3 months
19.3 months
14.7 months
CRE
7.0 months
4.0 months
11.0 months
1.8 months
Real estate construction
—
—
15.0 months
—
Weighted average term extensions
19.3 months
4.3 months
18.3 months
13.8 months
First Busey Corporation (BUSE) | 36
Table of Contents
FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Performance of Modified Loans
Busey closely monitors the performance of the loans that are modified for borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table depicts the payment performance of loans modified during the last twelve months:
As of June 30, 2025
(dollars in thousands)Current30-89 Days90+ DaysNon-accrual
Modified Loans
C&I and other commercial$43,420 $— $— $467 
CRE3,239 — — — 
Real estate construction5,187 — — — 
Amortized cost of modified loans$51,846 $— $— $467 
A default occurs when a loan is 90 days or more past due or transferred to non-accrual status. During the three and six months ended June 30, 2025, one C&I and other commercial loan with a balance of $0.5 million experienced a default by being transferred to non-accrual status after having been modified (a payment deferral was provided to the borrower who was experiencing financial difficulty) during the 12 months before the default. No loans had a default during the three or six months ended June 30, 2024, after having been modified during the 12 months before that default for borrowers experiencing financial difficulty.
Collateral Dependent Loans
Management's evaluation as to the ultimate collectability of loans includes estimates regarding future cash flows from operations and the value of property, real and personal, pledged as collateral. These estimates are affected by changing economic conditions and the economic prospects of borrowers. Collateral dependent loans are loans in which repayment is expected to be provided solely by the operation or sale of the underlying collateral and there are no other available and reliable sources of repayment. Loans are written down to the lower of cost or fair value of the underlying collateral, less estimated costs to sell. Busey had $50.0 million and $19.3 million of collateral dependent loans secured by real estate or business assets as of June 30, 2025, and December 31, 2024, respectively.
Foreclosures
Busey’s recorded investment in residential real estate loans that were in the process of foreclosure was $5.7 million as of June 30, 2025. Busey follows Federal Housing Finance Agency guidelines on single-family foreclosures and real estate owned evictions on portfolio loans.
Allowance for Credit Losses
The ACL is a valuation account that is deducted from the portfolio loans’ amortized cost bases to present the net amount expected to be collected on the portfolio loans. The ACL is established through the provision for credit losses charged to income. Portfolio loans are charged off against the ACL when management believes the uncollectibility of a loan balance is confirmed. Recoveries are recognized up to the aggregate amount of previously charged-off balances.
Management estimates the ACL balance using relevant available information from internal and external sources relating to past events, current conditions, and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. The ACL consists of three components: (i) specific allocations/individual reserves; (ii) quantitative reserves; and (iii) qualitative reserves.
•Specific allocations/individual reserves – When a loan no longer exhibits risk characteristics that are similar to other loans, that loan is individually evaluated. Individual reserves are calculated for loans that are on a non-accrual status that are greater than a defined dollar threshold or loans that have disparate risk characteristics. Reserves may be based on collateral, for collateral-dependent loans, or on quantitative and qualitative factors, including expected cash flow, market sentiment, and guarantor support.
First Busey Corporation (BUSE) | 37
Table of Contents
FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

•Quantitative reserves – Busey implemented a new non-discounted cash flow model in the second quarter of 2025 that used combined historical loan data from Busey Bank beginning in 2004 and CrossFirst Bank since its inception in 2007. The model incorporates various baseline forecast scenarios and national unemployment rates with either national gross domestic product, the national home price index, or the national commercial real estate price index. Further, prepayment and curtailment expectations are factored into the model. Due to the continued economic uncertainty in the markets in which the Company operates, Busey will continue to utilize a forecast period of 12 months with an immediate reversion to historical loss rates beyond this forecast period in its ACL estimate.
•Qualitative reserves – Busey uses qualitative factors to adjust the historical loss factors for current and forecasted conditions. Busey considers the ten qualitative factors identified in the Interagency Guidance and ASC Topic 326 at each reporting date.
The following tables summarize activity in the ACL attributable to each lending activity. Allocation of a portion of the ACL to one lending activity does not preclude its availability to absorb losses from other lending activities:
Three Months Ended June 30, 2025
(dollars in thousands)C&I and Other CommercialCREReal Estate
Construction		Retail
Real Estate		Retail OtherTotal
ACL balance, March 31, 2025$89,304 $68,478 $8,689 $26,399 $2,340 $195,210 
Provision for loan losses(18,863)13,370 4,300 2,597 (399)1,005 
Charged-off(2,080)(10,916)— (119)(268)(13,383)
Recoveries217 3 83 165 34 502 
ACL balance, June 30, 2025$68,578 $70,935 $13,072 $29,042 $1,707 $183,334 
Three Months Ended June 30, 2024
(dollars in thousands)C&I and Other CommercialCREReal Estate
Construction		Retail
Real Estate		Retail OtherTotal
ACL balance, March 31, 2024$26,207 $33,505 $4,713 $24,281 $2,856 $91,562 
Day 1 PCD1
824 322 — 96 1 1,243 
Provision for loan losses3,118 1,140 (997)(651)(333)2,277 
Charged-off(10,013)(4)— (75)(184)(10,276)
Recoveries150 141 6 78 45 420 
ACL balance, June 30, 2024$20,286 $35,104 $3,722 $23,729 $2,385 $85,226 
___________________________________________
1.The Day 1 PCD is attributable to the M&M acquisition (see “Note 2. Mergers and Acquisitions.”)
First Busey Corporation (BUSE) | 38
Table of Contents
FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Six Months Ended June 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(18,240)12,977 4,611 2,094 (418)1,024 
Charged-off(33,301)(11,169)— (119)(629)(45,218)
Recoveries313 134 93 298 70 908 
ACL balance, June 30, 2025$68,578 $70,935 $13,072 $29,042 $1,707 $183,334 
___________________________________________
1.The Day 1 PCD is attributable to the CrossFirst acquisition (see “Note 2. Mergers and Acquisitions”), and represents the initial adjustment to the fair value of the PCD loans.
2.The Day 2 provision for loan losses is attributable to the CrossFirst acquisition (see “Note 2. Mergers and Acquisitions”), and represents the initial provision for non-PCD loans.
Six Months Ended June 30, 2024
(dollars in thousands)C&I and Other CommercialCREReal Estate
Construction		Retail
Real Estate		Retail OtherTotal
ACL balance, December 31, 2023$21,256 $35,465 $5,163 $26,298 $3,558 $91,740 
Day 1 PCD1
824 322 — 96 1 1,243 
Provision for loan losses13,243 (724)(1,488)(2,744)(972)7,315 
Charged-off(15,231)(100)— (127)(278)(15,736)
Recoveries194 141 47 206 76 664 
ACL balance, June 30, 2024$20,286 $35,104 $3,722 $23,729 $2,385 $85,226 
___________________________________________
1.The Day 1 PCD is attributable to the M&M acquisition (see “Note 2. Mergers and Acquisitions.”)
Net charge-offs during the six months ended June 30, 2025, included $31.1 million related to PCD loans acquired from CrossFirst Bank, which were fully reserved at acquisition and did not require recording additional provision expense.
First Busey Corporation (BUSE) | 39
Table of Contents
FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

NOTE 5. LEASES
Busey as the Lessee
Busey has operating leases consisting primarily of equipment leases and real estate leases for banking centers, ATM locations, and office space. The following table summarizes lease-related balances that Busey reported on its Consolidated Balance Sheets (Unaudited) and lease terms:
As of
(dollars in thousands)June 30,
2025		December 31,
2024
Lease balances
Right of use assets$38,065 $10,608 
Lease liabilities39,235 11,040 
Lease terms
Year through which lease terms extend20422039
Weighted average remaining lease term8.96 years7.55 years
Weighted average discount rate4.39 %3.77 %
The following table presents lease costs, which are included in net occupancy and equipment expense in the Consolidated Statements of Income (Unaudited):
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)2025202420252024
Lease costs
Operating lease costs$1,795 $559 $2,752 $1,094 
Variable lease costs15 14 30 28 
Short-term lease costs18 45 30 58 
Total lease cost$1,828 $618 $2,812 $1,180 
Cash paid for amounts included in the measurement of lease liabilities was as follows:
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)2025202420252024
Cash flows related to leases
Operating lease cash flows – Fixed payments$1,707 $530 $2,582 $1,037 
Operating lease cash flows – Liability reduction1,289 433 1,973 844 
Right of use assets obtained during the period in exchange for operating lease liabilities1
(1,115)1,009 29,618 1,009 
___________________________________________
1.The six months ended June 30, 2025, included $29.6 million right of use assets recognized in connection with the acquisition of CrossFirst (see “Note 2. Mergers and Acquisitions”). The three and six months ended June 30, 2024, included $0.3 million right of use assets recognized in connection with the acquisition of M&M (see “Note 2. Mergers and Acquisitions”), and an additional $0.7 million recognized in connection with a lease amendment that was executed subsequent to the M&M acquisition for a lease that was obtained in that acquisition.
First Busey Corporation (BUSE) | 40
Table of Contents
FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Busey was obligated under noncancelable operating leases for office space and other commitments. Future undiscounted lease payments with initial terms of one year or more, were as follows:
(dollars in thousands)As of
June 30, 2025
Rent commitments
Remainder of 2025$3,446 
20266,549 
20276,161 
20285,682 
20294,684 
20303,802 
Thereafter17,796 
Total undiscounted cash flows48,120 
Less: Amounts representing interest8,885 
Present value of net future minimum lease payments$39,235 
As of June 30, 2025, Busey had commitments totaling $6.0 million for two lease contracts with future accounting commencement dates.
Busey as the Lessor
Busey leases office and parking spaces to outside parties. Revenues recorded in connection with these leases, reported in other income on Busey’s Consolidated Statements of Income (Unaudited), are summarized as follows:
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)2025202420252024
Rental income$217 $204 $433 $406 
Noncancellable terms for these leases, all of which are operating leases, extend through 2030. Under the terms of these lease agreements, Busey is entitled to receive aggregate future minimum lease payments as shown in the table below:
(dollars in thousands)As of
June 30, 2025
Rents to be received
Remainder of 2025$410 
2026630 
2027430 
2028318 
2029136 
203055 
Total lease payments from operating leases$1,979 
First Busey Corporation (BUSE) | 41
Table of Contents
FIRST BUSEY CORPORATION
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)June 30,
2025		December 31,
2024
Deposits
Noninterest-bearing demand deposits$3,590,363 $2,719,907 
Interest-bearing transaction deposits3,216,601 2,423,237 
Saving deposits and money market deposits6,362,352 3,348,711 
Time deposits2,632,456 1,490,635 
Total deposits$15,801,772 $9,982,490 
Additional information about Busey’s deposits is presented in the table below:
As of
(dollars in thousands)June 30,
2025		December 31,
2024
Brokered savings deposits and money market deposits$133,986 $6,002 
Brokered time deposits219,628 7,088 
Aggregate amount of time deposits with a minimum denomination of $100,000
1,672,181 860,193 
Aggregate amount of time deposits with a minimum denomination that meets or exceeds the FDIC insurance limit of $250,000
827,762 334,503 
Scheduled maturities of time deposits are presented in the table below:
(dollars in thousands)As of
June 30, 2025
Time deposits by schedule of maturities
Remainder of 2025$2,065,405 
2026528,135 
202720,599 
202810,365 
20295,385 
20302,119 
Thereafter448 
Time deposits$2,632,456 
First Busey Corporation (BUSE) | 42
Table of Contents
FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

NOTE 7. BORROWINGS
Securities Sold Under Agreements to Repurchase
Securities sold under agreements to repurchase, which are classified as secured borrowings, generally mature daily. Securities sold under agreements to repurchase are reflected at the amount of cash received in connection with the transaction. The underlying securities are held by Busey’s safekeeping agent. Busey may be required to provide additional collateral based on fluctuations in the fair value of the underlying securities. Securities sold under agreements to repurchase were as follows:
As of
(dollars in thousands)June 30,
2025		December 31,
2024
Securities sold under agreements to repurchase$158,030 $155,610 
Weighted average rate for securities sold under agreements to repurchase2.61 %2.63 %
Revolving Line of Credit
On May 28, 2021, Busey entered into a Second Amended and Restated Credit Agreement, pursuant to which Busey has access to a $40.0 million revolving line of credit bearing an interest rate of 1.80% plus the one-month forward-looking term rate based on SOFR. After executing subsequent amendments, the current termination date for the revolving line of credit is April 30, 2026. As of June 30, 2025, there was no balance outstanding on the revolving line of credit. The revolving line of credit incurs an insignificant non-usage fee based on any undrawn amounts.
Short-term Borrowings
Busey had no short term borrowings as of either June 30, 2025, or December 31, 2024. When applicable, Busey’s short-term borrowings include loans maturing within one year of the loan origination date, the current portion of long-term debt that is due within 12 months, and federal funds purchased. Federal funds purchased are short-term borrowings that generally mature between one day and 90 days.
Long-term Debt
Busey’s long-term debt consists of loans maturing more than one year from the loan origination date, excluding the current portion that is due within 12 months. Long-term debt is presented in the table below:
As of
(dollars in thousands)June 30,
2025		December 31,
2024
Long-term debt
FHLB borrowings$78,888 $— 
Secured borrowings7,669 — 
Total long-term debt$86,557 $— 
Funds borrowed from the FHLB, listed above, consisted of twelve notes with a weighted average interest rate of 2.22% and a weighted average maturity period of 2.55 years as of June 30, 2025. Maturity dates for the long-term FHLB borrowings range from August 2027 through October 2028.
Acquired SBA loans that did not qualify for sale accounting treatment are presented as secured borrowings. Secured borrowings consisted of nine notes with a weighted average maturity period of 17.71 years as of June 30, 2025. Maturity dates for the secured borrowings range from September 2030 to March 2046.
First Busey Corporation (BUSE) | 43
Table of Contents
FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Subordinated Notes
On June 1, 2020, Busey issued $125.0 million of fixed-to-floating rate subordinated notes scheduled to mature on June 1, 2030. The subordinated notes, which qualified as Tier 2 capital for regulatory purposes, bore interest at an annual rate of 5.25% for the first five years after issuance. Thereafter, the notes were to bear interest at a floating rate equal to a three-month benchmark rate plus a spread of 5.11%, as calculated on each applicable determination date. The subordinated notes, which were unsecured obligations of the Company, had an optional redemption, in whole or in part, on any interest payment date on or after June 1, 2025. On June 1, 2025, Busey redeemed the entire $125.0 million outstanding principal amount of the subordinated notes.
On June 2, 2022, Busey issued $100.0 million aggregate principal amount of 5.000% fixed-to-floating rate subordinated notes maturing June 15, 2032, which qualify as Tier 2 capital for regulatory purposes. The price to the public for the subordinated notes was 100% of the principal amount of the subordinated notes. Interest on the subordinated notes accrues at a rate equal to (1) 5.000% per annum from the original issue date to, but excluding, June 15, 2027, payable semiannually in arrears, and (2) a floating rate per annum equal to a benchmark rate, which is the Three-Month Term SOFR (as defined in the subordinated notes), plus a spread of 252 bps from and including June 15, 2027, payable quarterly in arrears. The subordinated notes have an optional redemption, in whole or in part, on any interest payment date on or after June 15, 2027.
Associated with the M&M acquisition completed on April 1, 2024 (see “Note 2. Mergers and Acquisitions”), Busey acquired $4.0 million of 5.25% fixed-to-floating rate subordinated notes maturing December 4, 2030, which qualify as Tier 2 capital for regulatory purposes. Interest on the subordinated notes accrues at a rate equal to (1) 5.25% per annum from the original issue date to December 4, 2025, and (2) a floating rate per annum equal to a benchmark rate, which is the Three-Month Term SOFR (as defined in the subordinated notes), plus a spread of 497 bps from December 4, 2025. The subordinated notes have an optional redemption, in whole or in part, on or after December 4, 2025. At June 30, 2025, there was an immaterial amount of fair value discount outstanding, to be accreted through the earliest optional redemption date.
Unamortized debt issuance costs related to Busey’s subordinated notes are presented in the following table:
As of
(dollars in thousands)June 30,
2025		December 31,
2024
Unamortized debt issuance costs
Subordinated notes issued in 2020$— $222 
Subordinated notes issued in 2022807 1,004 
Total unamortized debt issuance costs$807 $1,226 
NOTE 8. REGULATORY CAPITAL
First Busey and its subsidiary bank are subject to various regulatory capital requirements administered by federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory—and possibly additional discretionary—actions by regulators that, if undertaken, could have a direct material effect on First Busey's consolidated financial statements. Capital amounts and classification also are subject to qualitative judgments by regulators about components, risk weightings, and other factors.
Banking regulations identify five capital categories for insured depository institutions: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized. As of June 30, 2025 and 2024, all capital ratios of First Busey and its subsidiary bank exceeded well capitalized levels under the applicable regulatory capital adequacy guidelines. Management believes that no events or changes have occurred subsequent to June 30, 2025, that would change this designation.
First Busey Corporation (BUSE) | 44
Table of Contents
FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Capital Amounts and Ratios
The following tables summarize regulatory capital requirements applicable to First Busey and its subsidiary bank:
As of June 30, 2025
ActualMinimum
Capital Requirement		Minimum
To Be Well
Capitalized
(dollars in thousands)AmountRatio AmountRatio AmountRatio
Common equity Tier 1 capital to risk weighted assets
First Busey$1,888,100 12.22 %$695,299 4.50 %$1,004,321 6.50 %
Busey Bank$2,098,016 13.62 %$692,964 4.50 %$1,000,949 6.50 %
Tier 1 capital to risk weighted assets
First Busey$2,110,850 13.66 %$927,065 6.00 %$1,236,087 8.00 %
Busey Bank$2,098,016 13.62 %$923,953 6.00 %$1,231,937 8.00 %
Total capital to risk weighted assets
First Busey$2,434,172 15.75 %$1,236,087 8.00 %$1,545,109 10.00 %
Busey Bank$2,237,760 14.53 %$1,231,937 8.00 %$1,539,921 10.00 %
Leverage ratio of Tier 1 capital to average assets
First Busey$2,110,850 11.26 %$749,585 4.00 %N/AN/A
Busey Bank$2,098,016 11.22 %$747,971 4.00 %$934,963 5.00 %
First Busey Corporation (BUSE) | 45
Table of Contents
FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

As of December 31, 2024
ActualMinimum
Capital Requirement		Minimum
To Be Well
Capitalized
(dollars in thousands)AmountRatio AmountRatio AmountRatio
Common equity Tier 1 capital to risk weighted assets
First Busey$1,237,301 14.10 %$394,840 4.50 %$570,325 6.50 %
Busey Bank$1,438,296 16.46 %$393,277 4.50 %$568,067 6.50 %
Tier 1 capital to risk weighted assets
First Busey$1,314,301 14.98 %$526,453 6.00 %$701,938 8.00 %
Busey Bank$1,438,296 16.46 %$524,369 6.00 %$699,159 8.00 %
Total capital to risk weighted assets
First Busey$1,625,943 18.53 %$701,938 8.00 %$877,422 10.00 %
Busey Bank$1,520,938 17.40 %$699,159 8.00 %$873,949 10.00 %
Leverage ratio of Tier 1 capital to average assets
First Busey$1,314,301 11.06 %$475,348 4.00 %N/AN/A
Busey Bank$1,438,296 12.14 %$473,878 4.00 %$592,347 5.00 %
Capital Conservation Buffer
In July 2013, U.S. federal banking authorities approved the Basel III Rule for strengthening international capital standards. The Basel III Rule introduced a capital conservation buffer, composed entirely of common equity Tier 1 capital, which is added to the minimum risk-weighted asset ratios. The capital conservation buffer is not a minimum capital requirement; however, banking institutions with a ratio of common equity Tier 1 capital to risk-weighted assets below the capital conservation buffer will face constraints on dividends, equity repurchases, and discretionary bonus payments based on the amount of the shortfall. In order to refrain from restrictions on dividends, equity repurchases, and discretionary bonus payments, banking institutions must maintain minimum ratios of (1) common equity Tier 1 capital to risk-weighted assets of at least 7.0%, which First Busey exceeded by 522 bps as of June 30, 2025, (2) Tier 1 capital to risk-weighted assets of at least 8.5%, which First Busey exceeded by 516 bps as of June 30, 2025, and (3) total capital to risk-weighted assets of at least 10.5%, which First Busey exceeded by 525 bps as of June 30, 2025.
First Busey Corporation (BUSE) | 46
Table of Contents
FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

NOTE 9. TAX CREDIT INVESTMENTS AND OTHER INVESTMENTS IN UNCONSOLIDATED ENTITIES
Busey’s investments in unconsolidated entities and related unfunded investment obligations are reflected in other assets and other liabilities on the Consolidated Balance Sheets (Unaudited), and are summarized in the table below for the periods indicated:
As of
(dollars in thousands)LocationJune 30,
2025		December 31,
2024
Investments in unconsolidated entities
Funded investmentsOther assets$88,846 $70,796 
Unfunded investmentsOther assets54,701 61,210 
Investments in unconsolidated entities$143,547 $132,006 
Unfunded investment obligationsOther liabilities$54,701 $61,210 
Upon adoption of ASU 2023-02 on January 1, 2024, Busey elected to apply the proportional amortization method in accounting for investments in tax-advantaged projects. Income tax credits and other tax benefits related to these investments, net of investment amortization, are included as a component of Busey’s estimated annual effective tax rate used for the calculation of income taxes presented on the Consolidated Statements of Income (Unaudited). Actual amounts of income tax credits and other benefits, along with the investment amortization, are presented in the table below:
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)2025202420252024
Income tax credits and other tax benefits$4,319 $3,800 $8,908 $7,901 
Amortization of investments in tax-advantaged projects3,829 3,371 7,937 7,018 
NOTE 10. STOCK-BASED COMPENSATION
CrossFirst Acquisition
The CrossFirst acquisition impacted Busey and CrossFirst equity awards:
Treatment of Busey’s Equity Awards
Following the closing of the CrossFirst acquisition, except as otherwise provided in the CrossFirst Merger Agreement, Busey equity awards generally remain outstanding and subject to the same terms and conditions as applied immediately prior to the time at which the CrossFirst acquisition became effective (the “effective time”). Notable changes to Busey’s equity awards are as follows:
•ROATCE PSUs — Each PSU issued by Busey that is earned based on Core Return on Average Tangible Common Equity (the “ROATCE PSUs”) and was outstanding immediately prior to the effective time was deemed earned with the achievement of the applicable performance goals based on actual performance through December 31, 2024, the latest practicable date prior to the effective time, and otherwise remains subject to the same terms and conditions (including service-based vesting terms) as applied to such ROATCE PSUs immediately prior to the effective time. The ROATCE PSUs have been deemed earned (i) at 100% of the target level of performance, for the ROATCE PSUs granted in 2023 and (ii) at 75% of the target level of performance, for the ROATCE PSUs granted in 2024.
First Busey Corporation (BUSE) | 47
Table of Contents
FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

•TSR PSUs — Each Busey PSU previously granted that is tied to total stockholder return (“TSR”, and such PSUs, the “TSR PSUs”) with a performance period that ended December 31, 2024, (excluding TSR PSUs previously held by retirees) was replaced, and each TSR PSU outstanding immediately prior to the effective time with performance periods ending December 31, 2025, and December 31, 2026, (including existing TSR PSUs held by retirees) was modified, each effective March 1, 2025, such that the resulting new or modified PSUs (collectively, the “Merger PSUs”) will be earned based on Busey’s relative TSR rank as compared to the KBW Regional Banking Index, measured at the end of a performance period commencing January 1, 2025, and ending December 31, 2026. The Merger PSUs are subject to the terms and conditions of Busey’s Amended 2020 Equity Incentive Plan and the applicable award agreements. The target number of PSUs subject to each such Merger PSU was determined based on the number of PSUs that would have been earned in respect of the corresponding TSR PSU had performance for such corresponding TSR PSU been determined based on actual performance as of August 26, 2024, the day immediately prior to the announcement of the Merger, which is (i) in the case of the 2022 TSR PSUs, 94.5% of the original target level of performance, (ii) in the case of the 2023 TSR PSUs, 96.2% of the original target level of performance, and (iii) in the case of the 2024 TSR PSUs, 76.9% of the original target level of performance. Such target number also reflects the number of dividend equivalents accrued in respect of the corresponding existing TSR PSU that would have been earned based on the same actual TSR performance.
•Busey RSUs — Each outstanding Busey time-based restricted stock unit award (the “Busey RSUs”) will vest in equal annual installments over three (3) years following the effective time; provided that if any Busey RSU would otherwise vest by its terms on an earlier date, any then-unvested portion as of such date shall vest on such original vesting date.
Each Busey equity award will be subject to double-trigger vesting upon an involuntary termination within twelve (12) months following the effective time (at target performance, in the case of Merger PSUs).
Treatment of CrossFirst’s Equity Awards
Equity awards based on CrossFirst Common Stock that were outstanding immediately prior to the effective time were converted, at the effective time, either to Busey Common Stock or to equity awards based on Busey Common Stock, as follows:
•Director equity awards — Each CrossFirst restricted stock award held by a CrossFirst non-employee director and each deferred share of CrossFirst Common Stock that was credited to a director participant’s account under the CrossFirst 2018 Directors’ Deferred Fee Plan was converted into the right to receive 0.6675 shares of Busey Common Stock (the “Exchange Ratio”).
•CrossFirst RSUs — Each CrossFirst time-based restricted stock unit award (“CrossFirst RSU”) was converted into a restricted stock unit in respect of Busey Common Stock (a “Busey RSU”) based on the Exchange Ratio, rounded to the nearest whole share, subject to the same terms and conditions as were applicable to the CrossFirst RSUs prior to the effective time.
•CrossFirst PSUs — Each CrossFirst performance-based restricted stock unit award (“CrossFirst PSU”) was converted into a time-based Busey RSU based on the Exchange Ratio, subject to the same terms and conditions as were applicable to the CrossFirst PSUs prior to the effective time, assuming the achievement of the applicable performance goals based on, for the CrossFirst PSUs granted in 2023, actual performance through December 31, 2024, and, for the CrossFirst PSUs granted in 2024, target performance, rounded to the nearest whole share.
•CrossFirst SSARs — Each CrossFirst SSAR was converted into a stock appreciation right in respect of Busey Common Stock based on the Exchange Ratio, rounded down to the nearest whole share (and exercise price rounded up to the nearest cent), generally subject to the same terms and conditions as were applicable to the CrossFirst SSAR prior to the effective time.
First Busey Corporation (BUSE) | 48
Table of Contents
FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Stock Options
Busey has outstanding stock options assumed from a 2017 acquisition. A summary of the status of, and changes in, Busey's stock option awards for the six months ended June 30, 2025, follows:
OptionsSharesWeighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Term		Intrinsic
Value ($000's)
Outstanding at December 31, 202415,106$23.53 1.87 years$1 
Outstanding at June 30, 202515,10623.53 1.38 years(10)
Exercisable at June 30, 202515,10623.53 1.38 years(10)
Stock Settled Appreciation Rights
Busey issued replacement awards in the form of SSARs as part of the acquisition of CrossFirst. These awards were issued under the CrossFirst Bankshares 2018 Omnibus Equity Incentive Plan with exercise prices equal to the closing price of CrossFirst’s common shares on the original date for each award adjusted by the Exchange Ratio of 0.6675, rounded up to the nearest cent. At grant, SSARs typically vested ratably over seven years of continuous service with a ten-year or fifteen-year contractual term. At grant, replacement SSARs had a weighted average remaining contractual term of 5.4 years, and unvested replacement SSARs had a weighted average remaining vesting period of 3.2 years. The fair value of each SSAR was estimated at acquisition date using a Monte Carlo simulation since the awards were all in-the-money. The fair value of SSARs that have vested during 2025 was $3.6 million.
A summary of SSAR activity during 2025 is presented below:
SSARsSharesWeighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Term		Intrinsic
Value ($000's)
Outstanding at December 31, 2024— $— — $— 
Replacement of CrossFirst SSARs424,390 15.78 
Exercised1
(80,033)10.93 
Forfeited— — 
Expired— — 
Outstanding at June 30, 2025344,357 16.91 4.90 years2,058 
Exercisable at June 30, 2025307,153 16.46 4.93 years1,975 
First Busey Corporation (BUSE) | 49
Table of Contents
FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

___________________________________________
1. The aggregate intrinsic value of SSARs exercised during 2025 was $0.9 million.
The following table provides the range of assumptions used in the Monte Carlo simulations to value CrossFirst awards that were replaced at acquisition, the weighted average grant date fair value, and information related to SSARs exercised for the indicated periods, as well as the remaining compensation cost to be recognized and the period over which the amount will be recognized as of the dates indicated:
(dollars in thousands, except per share amounts)
Six Months Ended June 30, 2025
Assumptions
Expected volatility1
29.10% – 36.70%
Expected dividends2
4.17%
Simulation term3, 4, 5
4.20 years – 5.69 years
Risk-free rate6
3.97% – 4.03%
Weighted average grant date fair value per share
$8.94 
___________________________________________
1.Expected volatility was calculated using a historical volatility of Busey’s stock price over a period commensurate with the simulation term of the SSARs.
2.The dividend yield was calculated using Busey’s annual dividend and closing stock price on the date of acquisition.
3.The simulation term was commensurate with the midpoint of the longest expected term across all SSARs and was impacted by expected exercise behavior and termination rate.
4.As a component of determining the simulation term, exercise was assumed to occur at the earlier of the midpoint of i) the greater of the weighted average time to vest or the time the options are in the money, and the time the SSARs expires, ii) 90 days following the occurrence of a termination or iii) the end of the contractual term.
5.As a component of determining the simulation term, termination rate was assumed to be between 25% and 50% in the first year following the acquisition and 5% for every year thereafter.
6.The risk-free rate for the simulation term of the SSARs was based on the continuously compounded semi-annual zero-coupon U.S. Treasury rates.
2020 Equity Plan
Busey has granted RSU, PSU, and DSU awards under the terms of its 2020 Equity Plan. Upon vesting and delivery, shares are expected, though not required, to be issued from treasury stock. There were 683,423 shares available for issuance under the 2020 Equity Plan as of June 30, 2025.
A description of RSU, PSU, and DSU awards granted in 2025 under the terms of the 2020 Equity Plan is provided below. Further information related to awards granted in prior years has been presented in the Annual Reports previously filed with the SEC corresponding to the year of each award grant.
RSU Awards
Busey grants RSU awards to members of management periodically throughout the year. RSU awards are stock-based awards for which vesting is conditional upon meeting established service criteria. Each RSU represents the future right to receive one share of Busey’s common stock. Recipients earn quarterly dividend equivalents on their respective RSUs, which entitle the recipients to additional units. Therefore, dividends earned each quarter compound based upon the updated unit balances.
On March 26, 2025, under the terms of the 2020 Equity Plan, Busey granted 348,269 RSUs to members of management. The grant date fair value of the award was $7.7 million, which will be recognized as compensation expense over the requisite service period. These awards will vest in equal installments on each of the first three anniversaries of the grant date. The terms of these awards included an accelerated vesting provision upon eligible retirement from Busey, after a one-year minimum requisite service period.
On May 29, 2025, under the terms of the 2020 Equity Plan, Busey granted 4,494 RSUs to members of management. The grant date fair value of the award was $0.1 million, which will be recognized as compensation expense over the requisite service period. These awards will vest in equal installments on each of the first three anniversaries of the grant date.
First Busey Corporation (BUSE) | 50
Table of Contents
FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

A summary of changes in Busey’s RSU awards for the six months ended June 30, 2025, is as follows:
RSU AwardsSharesWeighted-
Average
Grant Date
Fair Value
Nonvested at December 31, 20241,066,772$21.80 
Conversion of Busey ROATCE PSUs to RSUs157,094 23.99 
Replacement of CrossFirst RSUs and PSUs341,048 23.99 
Granted 352,76322.16 
Dividend equivalents earned 32,85521.88 
Vested (98,014)23.76 
Forfeited (107,568)21.99 
Nonvested at June 30, 20251,744,95022.38 
PSU Awards
Busey grants PSU awards to members of management periodically throughout the year. PSU awards are stock-based awards for which vesting is conditional upon meeting established performance criteria for the applicable performance period and providing continuous service through the end of such performance period. Each PSU represents the future right to receive one share of Busey’s common stock. The number of PSUs that ultimately vest will be determined based on the extent to which the established performance criteria are achieved. Busey’s PSUs are subject to accelerated service-based vesting conditions upon eligible retirement from Busey. After performance determination, dividend equivalents are compounded based upon the updated PSU balances at each dividend date during the performance period.
On March 1, 2025, under the terms of the 2020 Equity Plan, in connection with the CrossFirst acquisition, Busey granted a target of 59,471 Merger PSUs to replace the 2022 TSR PSUs with a maximum award of 95,154 units. The actual number of units issued at the vesting date could range from 0% to 160% of the initial grant, depending on attaining a relative total stockholder return performance goal. The grant date fair value of the award, calculated using the Geometric Brownian Motion Model, is $1.3 million, which will be recognized in compensation expense over the performance period ending December 31, 2026.
On March 26, 2025, under the terms of the 2020 Equity Plan, Busey granted a target of 174,126 PSUs with a maximum award of 278,602 units. The actual number of units issued at the vesting date could range from 0% to 160% of the initial grant, depending on attaining a relative total stockholder return performance goal. The grant date fair value of the award, calculated using the Geometric Brownian Motion Model, is $3.4 million, which will be recognized in compensation expense over the performance period ending December 31, 2027.
On March 26, 2025, under the terms of the 2020 Equity Plan, Busey granted a target of 174,126 PSUs with a maximum award of 278,602 units. The actual number of units issued at the vesting date could range from 0% to 160% of the initial grant, depending on attaining an adjusted return on average tangible common equity performance goal. The grant date fair value of the award was $3.9 million, which will be recognized in compensation expense over the performance period ending December 31, 2027. The actual amount of compensation expense recognized for these awards is subject to adjustment based on the extent to which performance goals are expected to be achieved.
First Busey Corporation (BUSE) | 51
Table of Contents
FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

A summary of changes in Busey’s PSU awards for the six months ended June 30, 2025, is as follows:
PSU Awards
Shares1
Weighted-
Average
Grant Date
Fair Value
Nonvested at December 31, 2024
372,042 $21.15 
Modifications based on CrossFirst acquisition2
(181,828)20.43 
Granted
407,723 20.99 
Vested
(155)22.06 
Forfeited
(32,620)21.01 
Nonvested at June 30, 2025
565,162 21.28 
___________________________________________
1.Shares for PSU awards represent target shares at the grant date.
2.Modifications include PSUs that were converted to RSUs as well as balance adjustments related to the 2023 TSR PSUs and the 2024 TSR PSUs.
DSU Awards
Busey grants DSU awards to its non-employee directors. DSU awards are stock-based awards with a deferred settlement date. Each DSU represents the future right to receive one share of Busey’s common stock. DSUs vest over a one-year period following the grant date. Under the 2020 Equity Plan, DSUs are generally subject to the same terms as RSUs, except that following vesting of DSUs, settlement occurs within 30 days following the earlier of separation from the board or a change in control of the Company. After vesting and prior to delivery, DSUs will continue to earn dividend equivalents.
On March 26, 2025, under the terms of the 2020 Equity Plan, Busey granted 39,846 DSUs to non-employee directors. The grant date fair value of the award totaled $0.9 million and will be recognized as compensation expense over the requisite service period of one year. Subsequent to the requisite service period, the awards will become 100% vested.
A summary of changes in Busey’s DSU awards for the six months ended June 30, 2025, is as follows:
DSU AwardsSharesWeighted-
Average
Grant Date
Fair Value
Nonvested at December 31, 202436,893 $23.40 
Granted 39,846 22.16 
Dividend equivalents earned 4,474 22.51 
Vested (40,885)23.33 
Nonvested at June 30, 202540,328 22.14 
 
Vested and outstanding at June 30, 2025142,922 23.01 
Employee Stock Purchase Plan
The ESPP initially reserved for issuance and purchase an aggregate of 600,000 shares of Busey’s common stock. The first offering under the ESPP began on July 1, 2021. There were 337,435 shares available for issuance under the ESPP as of June 30, 2025.
First Busey Corporation (BUSE) | 52
Table of Contents
FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Stock-based Compensation Expense
Busey recognized compensation expense related to non-vested equity awards as summarized in the table below:
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)Location2025202420252024
Stock-based compensation expense
SSARsSalaries, wages, and employee benefits$78 $— $107 $— 
RSU awardsSalaries, wages, and employee benefits3,707 1,061 5,696 1,955 
PSU awards1
Salaries, wages, and employee benefits1,355 (149)2,445 1,061 
DSU awardsOther expense220 189 397 404 
ESPPSalaries, wages, and employee benefits73 33 182 117 
Total stock-based compensation expense$5,433 $1,134 $8,827 $3,537 
___________________________________________
1.Expense for PSU awards with a relative total stockholder return performance goal represents amounts based on target shares at the grant date. Expense for PSU awards with return on average tangible common equity and compounded annual revenue growth rate performance goals represents amounts based on target shares at the grant date, adjusted for performance expectations as of the date indicated.
As all outstanding stock options were fully vested, no compensation expense was recorded for stock options for the three or six months ended June 30, 2025, or 2024, and no unrecognized compensation expense remains for Busey’s stock option awards as of June 30, 2025.
Unamortized compensation expense related to non-vested equity awards is summarized in the table below:
As of
(dollars in thousands)June 30,
2025		December 31,
2024
Unamortized stock-based compensation
SSARs$164 $— 
RSU awards14,092 7,093 
PSU awards1
8,710 3,043 
DSU awards651 181 
Total unamortized stock-based compensation$23,617 $10,317 
 
Weighted average period over which expense is to be recognized on awards issued under Busey's 2020 Equity Plan
2.0 years
2.5 years
Weighted average period over which expense is to be recognized on CrossFirst replacement awards
1.5 years
— 
___________________________________________
1.Unamortized expense for PSU awards with a market-based total stockholder return performance goal represents amounts based on target shares at grant date. Unamortized expense for PSU awards with return on average tangible common equity and compounded annual revenue growth rate performance goals represents amounts based on target shares at grant date, adjusted for performance expectations as of the date indicated.
First Busey Corporation (BUSE) | 53
Table of Contents
FIRST BUSEY CORPORATION
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 the Company’s commitments follows:
As of
(dollars in thousands)June 30,
2025		December 31,
2024
Off-Balance Sheet Commitments
Commitments to extend credit$4,280,944 $2,512,714 
Standby letters of credit125,255 35,464 
Total commitments$4,406,199 $2,548,178 
Legal Matters
Busey is a party to legal actions which arise in the normal course of its business activities. Legal and administrative proceedings are subject to inherent uncertainties, and while unfavorable outcomes could occur, Busey does not believe at this time that any potential liabilities relating to pending or potential legal matters are likely to have a material impact on Busey's results of operations or financial position.
Franchise Tax Matter
In 2021, Busey received an inquiry from the Illinois Secretary of State, pursuant to which the Illinois Secretary of State asked for additional information regarding certain of Busey’s franchise tax filings and the calculation of amounts due thereunder. The franchise tax is established by the Illinois Business Corporation Act (“BCA”) 805 ILCS 5/1 et seq., and is a tax imposed on foreign and domestic corporations for the privilege of conducting business in Illinois. Busey has been cooperating with the inquiry and has delivered additional BCA forms requested by the Illinois Secretary of State, with a full reservation of rights by Busey, including seeking judicial relief, if necessary, with respect to any potential dispute regarding Busey’s preparation of the BCA forms and the calculation of the franchise taxes due.
On March 20, 2025, the Illinois Secretary of State requested that Busey resubmit the requested forms using a proposed methodology for paid-in capital that Busey views as inconsistent with the Illinois Secretary of State’s past practice, and existing statutory and case law. Accordingly, on May 14, 2025, within the Illinois Secretary of State’s requested timeframe, Busey informed the Illinois Secretary of State that it would not resubmit the requested forms with the methodology that Busey disputes and requested that the parties instead continue good faith discussions. On July 2, 2025, Busey received a notice of hearing from the Illinois Secretary of State indicating that an administrative hearing has been scheduled to “ascertain” the required amount of franchise taxes, penalties, interest, fees, and charges purportedly due from Busey to the Illinois Secretary of State. In the notice, the Illinois Secretary of State requested a determination of an amount due that the Illinois Secretary of State preliminarily estimated to be in excess of $28 million, including in excess of $17.4 million in interest and in excess of $0.3 million in penalties. Busey disagrees with the Illinois Secretary of State’s preliminary estimate and believes that the Illinois Secretary of State’s request is contrary not only to the Illinois Secretary of State’s past practice, but also existing statutory and case law. Busey intends to vigorously defend itself against the Illinois Secretary of State’s notice, including through appropriate judicial relief, if necessary. On July 31, 2025, First Busey filed a special appearance with the Illinois Secretary of State’s Department of Administrative Hearings solely for the limited purpose of contesting the jurisdiction of the Illinois Secretary of State to initiate and conduct the administrative hearing.
First Busey Corporation (BUSE) | 54
Table of Contents
FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Where a loss is believed to be reasonably possible, but not probable, or the loss cannot be reasonably estimated, no accrual is required. Given the underlying disagreement between Busey and the Illinois Secretary of State on the proper methodology for calculating any franchise tax owed, the loss cannot be reasonably estimated. It is reasonably possible that this matter could require Busey to pay additional taxes, including potential penalties and interest, or make other expenditures or accrue liabilities in amounts that could not be reasonably estimated as of June 30, 2025. If the likelihood of potential liabilities elevates and Busey becomes able to reasonably estimate the loss, requiring an accrual, the potential future liabilities could be material in the period(s) in which they are recorded.
NOTE 12. DERIVATIVE FINANCIAL INSTRUMENTS
Busey utilizes interest rate swap agreements as part of its asset liability management strategy to help manage its interest rate risk position. Additionally, Busey enters into derivative financial instruments, including interest rate lock commitments issued to residential loan customers for loans that will be held for sale; forward sales commitments to sell residential mortgage loans to investors; and interest rate swaps and risk participation agreements with customers and other third parties. See “Note 13: Fair Value Measurements” for further discussion of the fair value measurement of such derivatives.
To secure its obligations under derivative contracts, Busey pledged cash and held collateral as follows:
As of
(dollars in thousands)June 30,
2025		December 31,
2024
Cash pledged to secure obligations under derivative contracts$24,810 $21,900 
Collateral held to secure obligations under derivative contracts14,270 20,260 
Derivative Instruments Designated as Hedges
Busey entered into derivative instruments designated as cash flow hedges. For a derivative instrument that is designated and qualifies as a cash flow hedge, the change in fair value of the derivative instrument is reported as a component of OCI and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Changes in fair value of components excluded from the assessment of effectiveness are recognized in current earnings.
Interest Rate Swaps Designated as Cash Flow Hedges
Interest rate swaps with notional amounts totaling $500.0 million as of both June 30, 2025, and December 31, 2024, were designated as cash flow hedges. Busey entered into a $300.0 million receive-fixed, pay-floating interest rate swap to reduce Busey’s asset sensitivity (Prime Loan Swap). Duration was added to Busey’s loan portfolio by fixing a portion of floating prime-based loans. Interest rates had risen above their historical lows allowing Busey to lock in a portion of its loan portfolio to reduce asset sensitivity while creating a more stable margin in a volatile rate market. These hedges were determined to be highly effective during the period, and Busey expects its hedges to remain highly effective during the remaining terms of the swaps. Further, Busey entered into forward-starting SOFR-based receive-fixed pay-floating interest rate swaps totaling $200.0 million to reduce Busey’s asset sensitivity (SOFR Loan Swaps). These hedges were determined to be highly effective during the period, and Busey expects its hedges to remain highly effective during the remaining terms of the swaps. Changes in the fair value of these interest rate swaps were recorded net of tax in OCI.
First Busey Corporation (BUSE) | 55
Table of Contents
FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

A summary of the interest-rate swaps designated as cash flow hedges is presented below:
As of
(dollars in thousands)LocationJune 30,
2025		December 31,
2024
Prime Loan Swap
Notional amount$300,000 $300,000 
Weighted average rate: receive-fixed4.81 %4.81 %
Weighted average variable Prime pay rates7.50 %7.62 %
Weighted average maturity
3.60 years
4.10 years
 
SOFR Loan Swaps
Notional amount$200,000 $200,000 
Weighted average rate: receive-fixed3.78 %3.78 %
Weighted average variable 1-month CME Term SOFR pay rates4.32 %— 
Weighted average maturity4.26 years4.76 years
 
Gross aggregate fair value of the swaps
Gross aggregate fair value of swap assetsOther assets$3,374 $— 
Gross aggregate fair value of swap liabilitiesOther liabilities17,281 27,770 
 
Balances carried in AOCI
Unrealized gains (losses) on cash flow hedges, net of taxAOCI$(9,368)$(19,805)
During the next 12 months, Busey expects to reclassify unrealized gains and losses from OCI to interest income as shown in the following table. Amounts actually recognized could differ from these expectations due to changes in interest rates, hedge de-designations, and the addition of other hedges subsequent to June 30, 2025.
(dollars in thousands)As of
June 30, 2025
Unrealized losses expected to be reclassified from OCI to interest income$(761)
Interest income and interest expense recorded on these swap transactions is presented in the following table:
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)2025202420252024
Interest on swap transactions
Increase (decrease) in interest income on swap transactions$(2,265)$(2,795)$(4,325)$(5,591)
(Increase) decrease in interest expense on swap transactions— 484 — 967 
Net increase (decrease) in net interest income on swap transactions$(2,265)$(2,311)$(4,325)$(4,624)
First Busey Corporation (BUSE) | 56
Table of Contents
FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Net gains (losses) relating to cash flow derivative instruments that were recorded in OCI on the Consolidated Statements of Income (Unaudited) are presented in the table below:
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)2025202420252024
Unrealized gains (losses) on cash flow hedges
Net gain (loss) recognized in OCI, net of tax$2,598 $(1,996)$7,239 $(7,228)
(Gain) loss reclassified from OCI to interest income, net of tax1,693 1,998 3,198 3,997 
(Gain) loss reclassified from OCI to interest expense, net of tax— (346)— (691)
Net change in unrealized gains (losses) on cash flow hedges, net of tax$4,291 $(344)$10,437 $(3,922)
Derivative Instruments Not Designated as Hedges
Interest Rate Swaps Not Designated as Hedges
Busey may offer derivative contracts to its customers in connection with their risk management needs. Busey manages the risk associated with these contracts by entering into equal and offsetting derivative agreements with third-party dealers. These contracts supported variable rate, commercial loan relationships totaling $924.7 million as of June 30, 2025, and $719.2 million as of December 31, 2024. These derivatives generally worked together as an economic interest rate hedge, but Busey did not designate them for hedge accounting treatment. Consequently, changes in fair value of the corresponding derivative financial asset or liability were recorded as either a charge or credit to current earnings during the period in which the changes occurred.
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 June 30, 2025As of December 31, 2024
(dollars in thousands)LocationNotional
Amount		Fair
Value		Notional
Amount		Fair
Value
Derivative assets not designated as hedging instruments
Interest rate swaps: receive-fixed, pay-floatingOther assets$428,446 $9,665 $156,539 $1,465 
Interest rate swaps: receive-floating, pay-fixedOther assets496,218 21,635 562,697 28,854 
Derivative assets not designated as hedging instruments$924,664 $31,300 $719,236 $30,319 
Derivative liabilities not designated as hedging instruments
Interest rate swaps: receive-fixed, pay-floatingOther liabilities$496,218 $21,635 $562,697 $28,854 
Interest rate swaps: receive-floating, pay-fixedOther liabilities428,446 9,665 156,539 1,465 
Derivative liabilities not designated as hedging instruments$924,664 $31,300 $719,236 $30,319 
First Busey Corporation (BUSE) | 57
Table of Contents
FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Changes in fair value of these derivative assets and liabilities are included in the Consolidated Statements of Income (Unaudited) and are summarized as follows:
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)Location2025202420252024
Interest rate swaps
Receive-fixed, pay-floatingNoninterest expense$(1,972)$694 $1,062 $6,174 
Receive-floating, pay-fixedNoninterest expense1,972 (694)(1,062)(6,174)
Net change in fair value of interest rate swaps$— $— $— $— 
Risk Participation Agreements
To manage the credit risk exposure related to customer-facing swaps, Busey entered into risk participation agreements in conjunction with loan participation arrangements with other financial institutions. Under these risk participation agreements, Busey purchased credit risk participation, paying an up-front fee to a counterparty to accept a portion of its credit exposure, and will receive a payment from the counterparty if the swap customer defaults on its obligations. Busey also assumed additional risk participation agreements entered into by CrossFirst, in which CrossFirst purchased credit risk participation, and Busey will receive a payment from the counterparty if the swap customer defaults on its obligations.
In connection with the CrossFirst acquisition, Busey assumed risk participation agreements entered into by CrossFirst, under which CrossFirst sold credit risk participation, receiving an up-front fee from a counterparty in exchange for accepting a portion of the counterparty’s credit exposure. Under these agreements, Busey will be required to make a payment to the counterparty if the swap customer defaults on its obligations.
Notional amounts of the risk participation agreements reflect the participating banks’ pro-rata shares of the derivative instruments, consistent with their shares of the related participated loans. The risk participation agreements mature between October 2025 and October 2029, and are summarized as follows:
As of
(dollars in thousands)June 30,
2025		December 31,
2024
Risk participation agreements purchased
Number of risk participation agreements11 5 
Notional amount$59,045 $40,092 
Fair value34 5 
 
Risk participation agreements sold
Number of risk participation agreements13 — 
Notional amount$109,540 $— 
Fair value79 — 
First Busey Corporation (BUSE) | 58
Table of Contents
FIRST BUSEY CORPORATION
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.
Amounts and fair values of mortgage banking derivatives included on the Consolidated Balance Sheets (Unaudited) are summarized as follows:
As of June 30, 2025As of December 31, 2024
(dollars in thousands)LocationNotional
Amount		Fair
Value		Notional
Amount		Fair
Value
Mortgage banking derivative assets
Interest rate lock commitmentsOther assets$7,701 $163 $2,430 $28 
Forward sales commitmentsOther assets1,811 6 3,457 21 
Mortgage banking derivative assets$9,512 $169 $5,887 $49 
 
Mortgage banking derivative liabilities
Interest rate lock commitmentsOther liabilities$— $— $436 $4 
Forward sales commitmentsOther liabilities15,065 52 1,955 6 
Mortgage banking derivative liabilities$15,065 $52 $2,391 $10 
First Busey Corporation (BUSE) | 59
Table of Contents
FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Gains and losses relating to these derivative instruments are reported in noninterest income, and are summarized as follows for the periods presented:
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)Location2025 20242025 2024
Net gains (losses) on mortgage banking derivatives
Gains (losses) on interest rate lock commitmentsMortgage revenue$239 $186 $481 $448 
Gains (losses) on forward sales commitmentsMortgage revenue26 (32)(61)(74)
Net gains (losses) on mortgage banking derivatives$265 $154 $420 $374 
NOTE 13. FAIR VALUE MEASUREMENTS
The fair value of an asset or liability is the price that would be received by selling that asset or paid in transferring that liability (exit price) in an orderly transaction occurring in the principal market (or most advantageous market in the absence of a principal market) for such asset or liability. ASC Topic 820 “Fair Value Measurement” establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows:
•Level 1 Inputs—Unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.
•Level 2 Inputs—Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatility, prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated by market data by correlation or other means.
•Level 3 Inputs—Unobservable inputs for estimating the fair values of assets or liabilities that reflect the Company’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities.
A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. These valuation methodologies were applied to Busey’s assets and liabilities that are carried at fair value.
In general, fair value estimates are based upon quoted market prices, when available. If such quoted market prices are not available, fair values are estimated utilizing independent valuation techniques that consider identical or similar securities for which significant assumptions are derived primarily from or corroborated by observable data. Valuation adjustments may be made to ensure that financial instruments are recorded at their estimated fair values. These adjustments may include amounts to reflect, among other things, counterparty credit quality and the company's creditworthiness as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. While management believes Busey's valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to estimate the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.
First Busey Corporation (BUSE) | 60
Table of Contents
FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

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) | 61
Table of Contents
FIRST BUSEY CORPORATION
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 June 30, 2025
(dollars in thousands)Level 1
Inputs		Level 2
Inputs		Level 3
Inputs		Total
Fair Value
Debt securities available for sale:
Obligations of U.S. government corporations and agencies$— $115,557 $— $115,557 
Obligations of states and political subdivisions— 242,153 — 242,153 
Asset-backed securities— 373,621 — 373,621 
Commercial mortgage-backed securities— 138,026 — 138,026 
Residential mortgage-backed securities— 1,289,129 — 1,289,129 
Corporate debt securities— 59,302 — 59,302 
Equity securities177 15,994 — 16,171 
Derivative assets— 34,843 34 34,877 
Derivative liabilities— 48,633 79 48,712 
As of December 31, 2024
(dollars in thousands)Level 1
Inputs		Level 2
Inputs		Level 3
Inputs		Total
Fair Value
Debt securities available for sale:
Obligations of U.S. government corporations and agencies$— $1,400 $— $1,400 
Obligations of states and political subdivisions— 139,829 — 139,829 
Asset-backed securities— 336,557 — 336,557 
Commercial mortgage-backed securities— 92,174 — 92,174 
Residential mortgage-backed securities— 1,087,210 — 1,087,210 
Corporate debt securities— 153,051 — 153,051 
Equity securities5,567 10,295 — 15,862 
Derivative assets— 30,368 5 30,373 
Derivative liabilities— 58,099 — 58,099 
First Busey Corporation (BUSE) | 62
Table of Contents
FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Activity for risk participation agreements, which are financial assets measured at estimated fair value on a recurring basis using Level 3, is summarized in the table below:
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)Location2025202420252024
Beginning Balance$(39)$9 $5 $15 
Gains (losses) recognized in earningsOther expense2 (1)(7)(10)
Purchases(26)— (26)3 
Sales18 — 24 — 
Assumed in acquisition— — (41)— 
Ending Balance$(45)$8 $(45)$8 
___________________________________________
1.Amounts reported for the six months ended June 30, 2025 include the following correction for first quarter activity, which Busey deems to be immaterial: in March 2025, CrossFirst Bank amended one risk participation agreement sold, resulting in $6.0 thousand in new sales which was previously reported as a reduction to the losses recognized in earnings.
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Certain financial assets and financial liabilities are measured at estimated fair value on a non-recurring basis; that is, the instruments are not measured at estimated fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment).
Loans Evaluated Individually
Busey does not record portfolio loans at estimated fair value on a recurring basis. However, periodically, a loan is evaluated individually and is reported at the estimated fair value of the underlying collateral, less estimated costs to sell, if repayment is expected solely from the collateral. If the estimated collateral value is not sufficient, a specific reserve is recorded. Collateral values are estimated using a combination of observable inputs, including recent appraisals, and unobservable inputs based on customized discounting criteria. Due to the significance of unobservable inputs, fair values of individually evaluated collateral dependent loans have been classified as Level 3.
OREO and Other Repossessed Assets
Non-financial assets measured at fair value, upon initial recognition or subsequent impairment, include OREO and other repossessed assets. OREO properties and other repossessed assets are measured using a combination of observable inputs, including recent appraisals, and unobservable inputs. Due to the significance of unobservable inputs, the estimated fair values of all OREO and other repossessed assets have been classified as Level 3.
Bank Property Held for Sale
Bank property held for sale represents certain banking center office buildings which Busey has closed and consolidated with other existing banking centers. Bank property held for sale is measured at the lower of amortized cost or estimated fair value less estimated costs to sell. Fair value estimates were based upon discounted appraisals or real estate listing prices. Due to the significance of unobservable inputs, estimated fair values of all bank property held for sale have been classified as Level 3. Bank property held for sale is included in premises and equipment, net on Busey’s Consolidated Balance Sheets (Unaudited).
First Busey Corporation (BUSE) | 63
Table of Contents
FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

The following tables summarize financial assets and financial liabilities measured at estimated fair value on a non-recurring basis:
As of June 30, 2025
(dollars in thousands)Level 1
Inputs		Level 2
Inputs		Level 3
Inputs		Total
Fair Value
Loans evaluated individually, net of related allowance$— $— $32,734 $32,734 
OREO and other repossessed assets with subsequent impairment— — 3,431 3,431 
Bank property held for sale with impairment— — 2,653 2,653 
As of December 31, 2024
(dollars in thousands)Level 1
Inputs		Level 2
Inputs		Level 3
Inputs		Total
Fair Value
Loans evaluated individually, net of related allowance$— $— $616 $616 
Bank property held for sale with impairment— — 2,841 2,841 
The following table presents additional quantitative information about assets measured at estimated fair value on a non-recurring basis using Level 3 inputs:
As of June 30, 2025
(dollars in thousands)Fair ValueValuation
Techniques		Unobservable
Input		Range
(Weighted Average)
Loans evaluated individually, net of related allowance$32,734 Appraisal of collateralAppraisal adjustments
-1.6% to -100.0%
(-33.7)%
OREO and other repossessed assets with subsequent impairment3,431 Appraisal of collateralAppraisal adjustments
-7.4% to -24.1%
(-7.7)%
Bank property held for sale with impairment2,653 Appraisal of collateral or real estate listing priceAppraisal adjustments
-9.0% to -86.8%
(-55.0)%
As of December 31, 2024
(dollars in thousands)Fair ValueValuation
Techniques		Unobservable
Input		Range
(Weighted Average)
Loans evaluated individually, net of related allowance$616 Appraisal of collateralAppraisal adjustments
-25.0% to -100.0%
(-74.9)%
Bank property held for sale with impairment2,841 Appraisal of collateral or real estate listing priceAppraisal adjustments
-9.0% to -76.7%
(-51.8)%
First Busey Corporation (BUSE) | 64
Table of Contents
FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

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 June 30, 2025As of December 31, 2024
(dollars in thousands)Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Financial assets
Level 1 inputs:
Cash and cash equivalents$752,352 $752,352 $697,659 $697,659 
Level 2 inputs:
Debt securities held to maturity802,965 670,532 826,630 675,053 
Loans held for sale10,497 10,594 3,657 3,726 
Restricted bank stock77,112 77,112 49,930 49,930 
Accrued interest receivable79,169 79,169 45,141 45,141 
Level 3 inputs:
Portfolio loans, net13,625,285 13,687,223 7,613,683 7,426,158 
Mortgage servicing rights1,314 5,455 1,304 5,627 
Other servicing rights2,472 2,701 1,482 1,591 
 
Financial liabilities
Level 2 inputs:
Time deposits$2,632,456 $2,623,126 $1,490,635 $1,481,591 
Securities sold under agreements to repurchase158,030 158,030 155,610 155,610 
Long-term debt86,557 86,425 — — 
Junior subordinated debt owed to unconsolidated trusts 77,187 71,089 74,815 67,314 
Accrued interest payable29,896 29,896 21,129 21,129 
Level 3 inputs:
Subordinated notes, net of unamortized issuance costs103,169 96,480 227,723 219,043 
First Busey Corporation (BUSE) | 65
Table of Contents
FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

NOTE 14. EARNINGS PER COMMON SHARE
Basic earnings per common share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding, which include DSUs that are vested but not delivered. Net income available to common stockholders is net income less dividends that have been declared on Busey’s preferred stock (all of which is non-cumulative). Diluted earnings per common share is computed using the treasury stock method and reflects the potential dilution that could occur if Busey’s outstanding stock options and SSARs were exercised, stock units were vested, and ESPP shares were issued.
Earnings per common share have been computed as follows:
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands, except per share amounts)20252024
2025
2024
Net income$47,404 $27,357 $17,414 $53,582 
Dividends on preferred stock155 — 155 — 
Net income available to common stockholders$47,249 $27,357 $17,259 $53,582 
 
Weighted average number of common shares outstanding, basic89,645,04056,919,02579,139,70656,167,807
Dilutive effect of common stock equivalents:
SSARs278,568—185,138—
RSU awards896,697679,167817,859666,302
PSU awards47,360245,59981,970269,494
DSU awards4,7094,92314,88219,202
ESPP11,3374,51712,0227,060
Weighted average number of common shares outstanding, diluted90,883,71157,853,23180,251,57757,129,865
 
Basic earnings per common share$0.53 $0.48 $0.22 $0.95 
Diluted earnings per common share$0.52 $0.47 $0.22 $0.94 
Shares that were excluded from the computation of diluted earnings per common share because their effect would have been anti-dilutive are summarized in the table below for the periods presented:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Anti-dilutive common stock equivalents
Options15,10617,96615,10619,176
RSU awards—12,864—6,432
PSU awards13,45593,266208,043100,969
Total anti-dilutive common stock equivalents28,561124,096223,149126,577
First Busey Corporation (BUSE) | 66
Table of Contents
FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

NOTE 15. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The following tables present changes in AOCI by component, net of tax, for the periods indicated:
Three Months Ended June 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, March 31, 2025$(137,725)$(21,426)$(13,659)$(172,810)
Unrealized holding gains (losses), net11,988 — 2,598 14,586 
Amounts reclassified from AOCI, net(8)— 1,693 1,685 
Amortization of unrecognized losses on securities transferred to held to maturity— 1,228 — 1,228 
Balance, June 30, 2025$(125,745)$(20,198)$(9,368)$(155,311)
Three Months Ended June 30, 2024
(dollars in thousands)Unrealized Gains (Losses) on Debt Securities Available For SaleUnrecognized Gains (Losses) on Debt Securities Held to MaturityUnrealized Gains (Losses) on Cash Flow HedgesTotal
Balance, March 31, 2024$(177,454)$(24,464)$(20,272)$(222,190)
Unrealized holding gains (losses), net1,205 — (1,996)(791)
Amounts reclassified from AOCI, net3 — 1,652 1,655 
Amortization of unrecognized losses on securities transferred to held to maturity— 1,000 — 1,000 
Balance, June 30, 2024$(176,246)$(23,464)$(20,616)$(220,326)
First Busey Corporation (BUSE) | 67
Table of Contents
FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Six Months Ended June 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), net28,569 — 7,239 35,808 
Amounts reclassified from AOCI, net11,366 — 3,198 14,564 
Amortization of unrecognized losses on securities transferred to held to maturity— 1,356 — 1,356 
Balance, June 30, 2025$(125,745)$(20,198)$(9,368)$(155,311)
Six Months Ended June 30, 2024
(dollars in thousands)Unrealized Gains (Losses) on Debt Securities Available For SaleUnrecognized Gains (Losses) on Debt Securities Held to MaturityUnrealized Gains (Losses) on Cash Flow HedgesTotal
Balance, December 31, 2023$(176,636)$(25,473)$(16,694)$(218,803)
Unrealized holding gains (losses), net(4,476)— (7,228)(11,704)
Amounts reclassified from AOCI, net4,866 — 3,306 8,172 
Amortization of unrecognized losses on securities transferred to held to maturity— 2,009 — 2,009 
Balance, June 30, 2024$(176,246)$(23,464)$(20,616)$(220,326)
NOTE 16. OPERATING SEGMENTS AND RELATED INFORMATION
Busey’s reportable segments are determined by its chief executive officer, who is the designated chief operating decision maker. Busey is organized into three reportable operating segments: Banking, Wealth Management, and FirsTech. These operating segments are strategic business units that are separately managed, as they offer different products and services and have different marketing strategies.
Banking
The Banking operating segment provides a full range of banking services to individual and corporate customers through First Busey Corporation’s wholly-owned bank subsidiary, Busey Bank.
Busey Bank has 78 banking centers located throughout Illinois; the St. Louis, Missouri MSA; southwest Florida; Indianapolis, Indiana; the Dallas-Fort MSA; the Kansas City MSA; Wichita Kansas; Oklahoma City and Tulsa Oklahoma; Phoenix and Tucson, Arizona; Denver and Colorado Springs, Colorado; and Clayton, New Mexico.
Banking services offered to individual customers include customary types of demand and savings deposits, money transfers, safe deposit services, individual retirement accounts and other fiduciary services, automated teller machines, and technology-based networks, as well as a variety of loan products including residential real estate, home equity lines of credit, and consumer loans. Banking services offered to corporate customers include commercial, CRE, real estate construction, and agricultural loans, as well as commercial depository services such as cash management.
First Busey Corporation (BUSE) | 68
Table of Contents
FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Wealth Management
The Wealth Management operating segment provides a full range of asset management, investment, brokerage, fiduciary, philanthropic advisory, tax preparation, and farm management services to individuals, businesses, and foundations. Services are provided through Busey Capital Management, Inc., a wholly-owned subsidiary of Busey Bank, and Busey Wealth Management, a division of Busey Bank.
Wealth management services tailored to individuals include trust and estate advisory services and financial planning. Business services include business succession planning and employee retirement plan services. Services for foundations include investment strategy consulting and fiduciary services.
FirsTech
The FirsTech operating segment provides comprehensive and innovative payment technology solutions through Busey Bank’s wholly-owned subsidiary, FirsTech. FirsTech's multi-channel payment platform allows businesses to collect payments from their customers in a variety of ways to enable fast, frictionless payments. Payment method vehicles include, but are not limited to, text-based mobile bill pay; interactive voice response; electronic payment concentration delivered to Automated Clearing House networks, money management, and credit card networks; walk-in payment processing for customers at retail pay agents; customer service payments made over a telephone; direct debit services; merchant services referral solutions serving partner Financial Institutions and their business customers; and lockbox remittance processing for customers to make payments by mail. FirsTech also provides additional tools to help clients with billing, reconciliation, bill reminders, and treasury services.
FirsTech's client base represents a diverse set of industries, with a higher concentration in highly regulated industries, such as financial institutions, utility, insurance, and telecommunications industries.
Segment Financial Information
The segment financial information provided below has been derived from information used by management to monitor and manage Busey’s financial performance. The accounting policies of Busey’s operating segments are the same as those described in the summary of significant accounting policies in “Note 1. Significant Accounting Policies” of Busey’s 2024 Annual Report. Busey accounts for intersegment revenue and transfers at current market prices.
Goodwill and total assets are summarized below by operating segment. The “other” category included in the tables below consists of the parent company and the elimination of intercompany transactions:
As of June 30, 2025
(dollars in thousands)BankingWealth ManagementFirsTechOtherTotal
Goodwill$358,694 $14,108 $8,992 $— $381,794 
Total assets18,708,690 137,756 46,681 25,613 18,918,740 
As of December 31, 2024
(dollars in thousands)BankingWealth ManagementFirsTechOtherTotal
Goodwill$310,595 $14,108 $8,992 $— $333,695 
Total assets11,856,651 126,180 57,737 6,154 12,046,722 
Financial results by operating segment, including significant expense categories provided to the chief operating decision maker, are summarized below:
First Busey Corporation (BUSE) | 69
Table of Contents
FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Three Months Ended June 30, 2025
(dollars in thousands)BankingWealth ManagementFirsTechOtherTotal
Interest income$247,444 $— $— $2 $247,446 
Intersegment interest income— — 17 (17)— 
Interest expense90,247 — — 4,016 94,263 
Intersegment interest expense866 — — (866)— 
Net interest income156,331 — 17 (3,165)153,183 
Provision for credit losses5,700 — — — 5,700 
Net interest income after provision for credit losses150,631 — 17 (3,165)147,483 
Noninterest income
Wealth management fees— 16,777 — — 16,777 
Payment technology solutions— — 4,956 — 4,956 
Treasury management services4,981 — — — 4,981 
Card services and ATM fees4,880 — — — 4,880 
Other service charges on deposit accounts1,513 — — — 1,513 
All other noninterest income5,556 209 — 5,991 11,756 
Intersegment noninterest income316 — 429 (745)— 
Noninterest income17,246 16,986 5,385 5,246 44,863 
Revenue173,577 16,986 5,402 2,081 198,046 
Noninterest expense
Salaries, wages, and employee benefits57,247 7,106 2,851 11,156 78,360 
Data processing12,381 622 922 96 14,021 
Amortization of intangible assets4,364 228 — — 4,592 
Interchange expense— — 1,297 — 1,297 
All other noninterest expense26,162 590 718 2,093 29,563 
Intersegment noninterest expense5,156 778 360 (6,294)— 
Noninterest expense105,310 9,324 6,148 7,051 127,833 
Income (loss) before income taxes62,567 7,662 (746)(4,970)64,513 
Income taxes16,729 1,839 (202)(1,257)17,109 
Net income$45,838 $5,823 $(544)$(3,713)$47,404 
First Busey Corporation (BUSE) | 70
Table of Contents
FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Three Months Ended June 30, 2024
(dollars in thousands)BankingWealth ManagementFirsTechOtherTotal
Interest income$131,928 $— $— $11 $131,939 
Intersegment interest income324 — 12 (336)— 
Interest expense45,126 — — 4,281 49,407 
Intersegment interest expense785 — — (785)— 
Net interest income86,341 — 12 (3,821)82,532 
Provision for credit losses1,908 — — — 1,908 
Net interest income after provision for credit losses84,433 — 12 (3,821)80,624 
Noninterest income
Wealth management fees— 15,917 — — 15,917 
Payment technology solutions— — 5,915 — 5,915 
Treasury management services2,145 — — — 2,145 
Card services and ATM fees3,430 — — — 3,430 
Other service charges on deposit accounts2,321 — — — 2,321 
All other noninterest income4,123 191 — (339)3,975 
Intersegment noninterest income316 — 264 (580)— 
Noninterest income12,335 16,108 6,179 (919)33,703 
Revenue98,676 16,108 6,191 (4,740)116,235 
Noninterest expense
Salaries, wages, and employee benefits30,382 6,466 2,471 4,159 43,478 
Data processing5,411 531 994 164 7,100 
Amortization of intangible assets2,335 294 — — 2,629 
Interchange expense— — 1,733 — 1,733 
All other noninterest expense17,990 726 598 1,652 20,966 
Intersegment noninterest expense2,848 774 357 (3,979)— 
Noninterest expense58,966 8,791 6,153 1,996 75,906 
Income (loss) before income taxes37,802 7,317 38 (6,736)38,421 
Income taxes11,105 1,756 10 (1,807)11,064 
Net income$26,697 $5,561 $28 $(4,929)$27,357 
First Busey Corporation (BUSE) | 71
Table of Contents
FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Six Months Ended June 30, 2025
(dollars in thousands)BankingWealth ManagementFirsTechOtherTotal
Interest income$414,256 $— $— $5 $414,261 
Intersegment interest income— — 30 (30)— 
Interest expense148,764 — — 8,583 157,347 
Intersegment interest expense1,357 — — (1,357)— 
Net interest income264,135 — 30 (7,251)256,914 
Provision for credit losses51,293 — — — 51,293 
Net interest income after provision for credit losses212,842 — 30 (7,251)205,621 
Noninterest income
Wealth management fees— 34,141 — — 34,141 
Payment technology solutions— — 10,029 — 10,029 
Treasury management services7,998 — — — 7,998 
Card services and ATM fees8,589 — — — 8,589 
Other service charges on deposit accounts3,046 — — — 3,046 
All other noninterest income(3,823)411 (2)5,697 2,283 
Intersegment noninterest income668 — 774 (1,442)— 
Noninterest income16,478 34,552 10,801 4,255 66,086 
Revenue280,613 34,552 10,831 (2,996)323,000 
Noninterest expense
Salaries, wages, and employee benefits103,973 14,137 5,332 22,481 145,923 
Data processing20,330 1,215 1,859 192 23,596 
Amortization of intangible assets7,205 470 — — 7,675 
Interchange expense— — 2,640 — 2,640 
All other noninterest expense45,987 1,327 1,335 11,380 60,029 
Intersegment noninterest expense9,821 1,558 729 (12,108)— 
Noninterest expense187,316 18,707 11,895 21,945 239,863 
Income (loss) before income taxes42,004 15,845 (1,064)(24,941)31,844 
Income taxes15,859 3,803 (281)(4,951)14,430 
Net income$26,145 $12,042 $(783)$(19,990)$17,414 

First Busey Corporation (BUSE) | 72
Table of Contents
FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Six Months Ended June 30, 2024
(dollars in thousands)BankingWealth ManagementFirsTechOtherTotal
Interest income$257,738 $— $— $21 $257,759 
Intersegment interest income324 — 25 (349)— 
Interest expense90,449 — — 8,924 99,373 
Intersegment interest expense1,652 — — (1,652)— 
Net interest income165,961 — 25 (7,600)158,386 
Provision for credit losses6,268 — — — 6,268 
Net interest income after provision for credit losses159,693 — 25 (7,600)152,118 
Noninterest income
Wealth management fees— 31,466 — — 31,466 
Payment technology solutions— — 11,624 — 11,624 
Treasury management services4,046 — — — 4,046 
Card services and ATM fees6,390 — — — 6,390 
Other service charges on deposit accounts4,669 — — — 4,669 
All other noninterest income9,983 354 — 84 10,421 
Intersegment noninterest income632 — 526 (1,158)— 
Noninterest income25,720 31,820 12,150 (1,074)68,616 
Revenue191,681 31,820 12,175 (8,674)227,002 
Noninterest expense
Salaries, wages, and employee benefits57,743 13,225 4,920 9,680 85,568 
Data processing10,444 1,047 1,852 307 13,650 
Amortization of intangible assets4,437 601 — — 5,038 
Interchange expense— — 3,344 — 3,344 
All other noninterest expense33,681 1,506 1,183 3,383 39,753 
Intersegment noninterest expense5,726 1,548 720 (7,994)— 
Noninterest expense112,031 17,927 12,019 5,376 147,353 
Income (loss) before income taxes73,382 13,893 156 (14,050)73,381 
Income taxes20,193 3,334 42 (3,770)19,799 
Net income$53,189 $10,559 $114 $(10,280)$53,582 
First Busey Corporation (BUSE) | 73
Table of Contents
FIRST BUSEY CORPORATION
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (UNAUDITED)
SCOPE OF DISCUSSION
The following discussion and analysis are intended to assist readers in understanding Busey’s financial condition and results of operations during the three and six months ended June 30, 2025, and should be read in conjunction with Busey’s Consolidated Financial Statements (Unaudited) and the related Notes to the Consolidated Financial Statements (Unaudited) included in this Quarterly Report, as well as Busey’s 2024 Annual Report.
BUSINESS
First Busey Corporation is an $18.92 billion financial holding company headquartered in Leawood, Kansas. First Busey Corporation’s common stock is traded on The Nasdaq Global Select Market under the symbol “BUSE.”
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 78 banking centers located across six regions spanning 10 states.
Regions.jpg
Busey’s East Region
Busey Bank serves the suburban Chicago market with 17 banking centers, offering a full spectrum of financial services to individuals and businesses. The Chicago area is home to several Fortune 500 companies, featuring a diverse economic mix that includes manufacturing, logistics, information technology, and financial services. With a regionalized approach and a legacy of service excellence, Busey remains a trusted financial partner to the vibrant communities of northeastern Illinois.
First Busey Corporation (BUSE) | 74
Table of Contents
FIRST BUSEY CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Unaudited)
Busey Bank operates 20 banking centers in the St. Louis MSA, including eight banking centers in eastern Missouri and 12 banking centers in western Illinois. With a population exceeding 2.8 million, St. Louis has a diverse economy and major employment sectors that include healthcare, financial services, professional and business services, and retail. Busey continues to build on its legacy of serving dynamic urban and suburban markets in the region.
Busey Bank serves the southwest Florida banking market with three banking centers located in and around Fort Myers, an area which has experienced strong population growth, job expansion, and a vibrant housing market, as well as the benefits of a robust tourism and winter resort economy. These factors have contributed to a thriving environment for consumer banking and small business services.
Busey’s Midwest Region
Busey Bank serves the central Illinois banking market with 21 banking centers. The economy of central Illinois is agriculture-base, with manufacturing and services industries also featuring prominently. These industries, coupled with large healthcare and higher education sectors, anchor the communities in which they are located and have provided a comparatively stable foundation for housing, employment, and small business.
Busey Bank has one banking center in the Indianapolis, Indiana, area, which is the most populous city of Indiana with a diverse economy, due in part to it serving as the headquarters of many large corporations. Its strategic location and infrastructure have fostered steady economic performance, positioning Busey to meet the financial needs of both retail and commercial clients.
Busey’s Central Region
Busey Bank serves the Kansas banking market with three banking centers, including two locations in Leawood and one in Wichita. Leawood, part of the Kansas City MSA, is known for its desirable residential communities and concentration of corporate offices and financial institutions. Wichita, the largest city in Kansas, features strong aviation and manufacturing sectors, along with growing healthcare and education footprints. These markets offer Busey a well-balanced mix of consumer and commercial banking potential.
Busey Bank serves the Oklahoma banking market with three banking centers, including two in Oklahoma City and one in Tulsa. These cities anchor the state’s economy, with leading sectors including aerospace, energy, healthcare, and higher education. Both Oklahoma City and Tulsa have benefited from economic diversification efforts and urban revitalization, fostering resilience in employment and housing markets and providing opportunities for Busey to support local business and community needs.
Busey’s Texas Region
Busey Bank operates four banking centers across the Dallas-Fort Worth (“DFW”) MSA, including locations in Dallas, Frisco, and Fort Worth, Texas. The DFW MSA is the most populous metropolitan area in the southern United States, and serves as a key business and financial hub with a diverse economy spanning technology, healthcare, telecommunications, and logistics. The region’s rapid population growth, entrepreneurial energy, and deep talent pool have created strong demand for housing and commercial expansion, aligning well with Busey’s financial services model.
Busey’s West Region
Busey Bank has two banking centers in Arizona, located in Phoenix and Tucson. Phoenix, a fast-growing metropolitan area, features a broad-based economy with key sectors in advanced manufacturing, fintech, and education. Tucson, supported by a strong university presence and a vibrant tourism sector, has seen steady growth in small business development and residential communities. Busey’s presence supports a range of financial needs in both urban and suburban settings.
Busey Bank has two banking centers in Colorado, located in Denver and Colorado Springs. Denver stands out as a major economic center with thriving industries in technology, energy, and financial services, while Colorado Springs offers a more suburban environment anchored by defense, aerospace, and healthcare sectors. Both cities have experienced consistent population growth and infrastructure investment, creating opportunities for Busey to serve a dynamic customer base.
First Busey Corporation (BUSE) | 75
Table of Contents
FIRST BUSEY CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Unaudited)
Busey Bank operates one banking center in Clayton, New Mexico. Located in northeastern New Mexico, Clayton’s economy is primarily driven by agricultural, cattle ranching, and small-scale retail, with steady contributions from transportation services due to its proximity to major highways. The community also benefits from local tourism linked to nearby parks and attractions. Busey’s presence supports essential financial needs in this rural market, reinforcing its commitment to serving both metropolitan and underserved areas with tailored banking solutions.
Busey’s Verticals
Transcending geographical boundaries, Busey operates in several industry verticals, including Life Equity Lending, Sponsor Finance, Energy Lending, and SBA Lending.
Busey's Conservative Banking Strategy
Busey’s financial strength is built on a long-term conservative operating approach. The quality of Busey’s core deposit franchise is a critical value driver of the institution. Busey remains substantially core deposit1 funded, with robust liquidity and significant market share in the communities it serves. As of June 30, 2025, Busey’s loan to deposit ratio was 87.4% and core deposits represented 92.5% of total deposits. Furthermore, Busey has sufficient on- and off-balance sheet liquidity to manage deposit fluctuations and the liquidity needs of its customers.
Busey’s credit performance reflects its highly diversified, conservatively underwritten loan portfolio, which has been originated predominantly to established customers with tenured relationships with Busey. Busey’s approach to lending and its underwriting standards are designed to emphasize relationship banking rather than transactional banking. In addition, as a matter of both policy and practice, Busey limits concentration exposures in any particular loan segment.
Busey’s conservative banking strategy is reflected in the strength of its capital base. Busey strives to consistently maintain capital ratios well in excess of thresholds required to be designated as well capitalized by applicable regulatory guidelines, thereby ensuring financial strength and flexibility across economic and operating cycles. As of June 30, 2025, 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 12.2%, and its total capital to risk weighted assets ratio was 15.8%.
Mergers and Acquisitions
CrossFirst Bankshares, Inc.
On March 1, 2025, Busey completed its acquisition of CrossFirst and its wholly-owned subsidiary, CrossFirst Bank. This partnership creates a premier commercial bank in the Midwest, Southwest, and Florida, with 78 full-service locations across 10 states—Arizona, Colorado, Florida, Illinois, Indiana, Kansas, Missouri, New Mexico, Oklahoma, and Texas.
CrossFirst Bank’s results of operations were included in Busey’s results of operations beginning March 1, 2025. Busey operated CrossFirst Bank as a separate banking subsidiary until it was merged with and into Busey Bank on June 20, 2025. At the time of the bank merger, CrossFirst Bank’s banking centers became banking centers of Busey Bank.
Further information regarding Busey’s acquisitions is provided in Note 2. Mergers and Acquisitions in the Notes to the Consolidated Financial Statements (Unaudited).
1 Core deposits is a non-GAAP financial measure. For a reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures, see “Item 2. Management’s Discussion and Analysis—Non-GAAP Financial Information” included in this Quarterly Report.
First Busey Corporation (BUSE) | 76
Table of Contents
FIRST BUSEY CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Unaudited)
RESULTS OF OPERATIONS — THREE AND SIX MONTHS ENDED JUNE 30, 2025
Net Income
Results of Busey’s operations, by operating segment, are presented below:
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)2025202420252024
Net income
Banking
$45,838 $26,697 $26,145 $53,189 
Wealth Management
5,823 5,561 12,042 10,559 
FirsTech
(544)28 (783)114 
Other
(3,713)(4,929)(19,990)(10,280)
Net income
$47,404 $27,357 $17,414 $53,582 
Non-Operating Expenses and Non-GAAP Measures
Busey views certain non-operating expenses, including acquisition expenses, restructuring charges, and non-recurring strategic events, as adjustments to net income reported under GAAP. Non-operating expenses are summarized in the following table:
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)2025202420252024
Non-operating expenses by location on the Statements of Income
Provision for credit losses
$4,030 $— $49,602 $— 
Salaries, wages, and employee benefits
11,557 1,137 27,435 1,260 
Data processing
3,964 344 6,266 444 
Net occupancy expense of premises and furniture and equipment expenses
1 29 1 66 
Professional fees
317 400 7,611 537 
Other noninterest expense
761 302 1,313 313 
Total non-operating expenses
$20,630 $2,212 $92,228 $2,620 
Non-operating expenses by business objective
Initial provision for credit losses1
$4,030 $— $49,602 $— 
Other acquisition expenses2
16,600 2,212 42,626 2,497 
Restructuring expenses3
— — — 123 
Total non-operating expenses
$20,630 $2,212 $92,228 $2,620 
___________________________________________
1.During the three months ended June 30, 2025, the 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. During the six months ended June 30, 2025, in connection with the CrossFirst acquisition, Busey’s recorded expense for the initial provision for credit losses consisting of a Day 2 provision for loan losses of $42.4 million, a Day 2 provision for unfunded commitments of $3.1 million, and the aforementioned adjustment to the initial provision for unfunded commitments of $4.0 million.
2.Other acquisition expenses related to the acquisition of CrossFirst, which was completed on March 1, 2025, and the acquisition of M&M, which was completed on April 1, 2024.
3.Restructuring expenses were related to previously disclosed restructuring and efficiency plans.
A reconciliation of non-GAAP measures, which Busey believes facilitates the assessment of its financial results and peer comparability, is included in tabular form in this Quarterly Report. See “Item 2. Management’s Discussion and Analysis—Non-GAAP Financial Information.”
First Busey Corporation (BUSE) | 77
Table of Contents
FIRST BUSEY CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Unaudited)
Operating Performance Metrics
Operating performance metrics presented in the table below have been derived from information used by management to monitor and manage Busey’s financial performance. In addition to the non-operating expenses in the table above, adjusted operating performance metrics also reflect adjustments for strategic balance sheet repositioning and 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:
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands, except per share amounts)
2025202420252024
Net income (GAAP)
$47,404 $27,357 $17,414 $53,582 
Adjusted net income (Non-GAAP)1, 2
$57,394 $30,519 $97,292 $56,232 
Net income available to common stockholders (GAAP)
$47,249 $27,357 $17,259 $53,582 
Adjusted net income available to common stockholders (Non-GAAP)1
$57,239 $30,519 $97,137 $56,232 
 
Diluted earnings per common share (GAAP)
$0.52 $0.47 $0.22 $0.94 
Adjusted diluted earnings per common share (Non-GAAP)1, 2
$0.63 $0.53 $1.21 $0.98 
 
Return on average assets (Non-GAAP)1, 3
1.00 %0.91 %0.21 %0.89 %
Adjusted return on average assets (Non-GAAP)1, 2, 3
1.21 %1.02 %1.16 %0.94 %
 
Return on average tangible common equity (Non-GAAP)1, 3
11.24 %11.51 %2.17 %11.47 %
Adjusted return on average tangible common equity (Non-GAAP)1, 2, 3
13.61 %12.85 %12.21 %12.04 %
 
Pre-provision net revenue (Non-GAAP)1, 4
$64,216 $40,682 $92,908 $86,377 
Adjusted pre-provision net revenue (Non-GAAP)1, 4
$80,816 $42,617 $135,534 $81,255 
 
Pre-provision net revenue to average total assets (Non-GAAP)1, 3, 4
1.35 %1.35 %1.10 %1.44 %
Adjusted pre-provision net revenue to average total assets (Non-GAAP)1, 3, 4
1.70 %1.42 %1.61 %1.36 %
___________________________________________
1.For a reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures, see “Item 2. Management’s Discussion and Analysis—Non-GAAP Financial Information” included in this Quarterly Report.
2.Beginning in 2025, Busey revised its calculation of adjusted net income for all periods presented to include, as applicable, adjustments for net securities gains and losses, realized net gains and losses on the sale of mortgage servicing rights, and non-recurring deferred tax adjustments.
3.Annualized measure.
4.Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments so that it is now included within the provision for credit losses, affecting the calculation of pre-provision net revenue and related measures and ratios.
First Busey Corporation (BUSE) | 78
Table of Contents
FIRST BUSEY CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Unaudited)
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.
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) | 79
Table of Contents
FIRST BUSEY CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Unaudited)
Three Months Ended June 30,
20252024
(dollars in thousands)Average
Balance		Income/
Expense
Yield/
Rate5
Average
Balance		Income/
Expense
Yield/
Rate5
Assets
Interest-bearing bank deposits and federal funds sold$711,629 $7,461 4.21 %$236,605 $3,027 5.15 %
Investment securities:
U.S. Government obligations115,958 1,446 5.00 %6,008 53 3.55 %
Obligations of states and political subdivisions1
241,568 2,691 4.47 %148,647 1,068 2.89 %
Other securities2,725,758 21,331 3.14 %2,582,658 18,130 2.82 %
Restricted bank stock58,354 543 3.73 %6,878 98 5.73 %
Loans held for sale6,899 102 5.93 %9,353 158 6.79 %
Portfolio loans1, 2
13,840,190 214,663 6.22 %8,010,636 109,807 5.51 %
Total interest-earning assets1, 3
17,700,356 $248,237 5.63 %11,000,785 $132,341 4.84 %
Cash and due from banks156,535 109,776 
Premises and equipment182,174 122,958 
ACL(195,527)(93,187)
Other assets1,224,548 949,360 
Total assets$19,068,086 $12,089,692 
Liabilities and stockholders’ equity
Interest-bearing transaction deposits$3,188,993 $15,288 1.92 %$2,393,016 $10,005 1.68 %
Savings and money market deposits6,381,634 45,782 2.88 %3,269,075 18,746 2.31 %
Time deposits2,879,902 27,077 3.77 %1,589,491 14,958 3.78 %
Federal funds purchased and repurchase agreements141,978 886 2.50 %144,370 1,040 2.90 %
Borrowings4
315,367 3,838 4.88 %255,248 3,599 5.67 %
Junior subordinated debt issued to unconsolidated trusts77,141 1,392 7.24 %74,632 1,059 5.71 %
Total interest-bearing liabilities12,985,015 $94,263 2.91 %7,725,832 $49,407 2.57 %
Net interest spread1
2.72 %2.27 %
Noninterest-bearing deposits3,542,617 2,816,293 
Other liabilities255,872 215,752 
Stockholders’ equity2,284,582 1,331,815 
Total liabilities and stockholders’ equity$19,068,086 $12,089,692 
Interest income / earning assets1, 3
$17,700,356 $248,237 5.63 %$11,000,785 $132,341 4.84 %
Interest expense / earning assets17,700,356 94,263 2.14 %11,000,785 49,407 1.81 %
Net interest margin1
$153,974 3.49 %$82,934 3.03 %
___________________________________________
1.On a tax-equivalent basis and assuming a federal income tax rate of 21.0%. For a reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures, see “Item 2. Management’s Discussion and Analysis—Non-GAAP Financial Information” included in this Quarterly Report.
2.Non-accrual loans have been included in average portfolio loans.
3.Interest income includes tax-equivalent adjustments of $0.8 million and $0.4 million for the three months ended June 30, 2025 and 2024, respectively.
4.Includes short-term and long-term borrowings. Interest expense includes non-usage fees on a revolving loan.
5.Annualized.
First Busey Corporation (BUSE) | 80
Table of Contents
FIRST BUSEY CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Unaudited)
Six Months Ended June 30,
20252024
(dollars in thousands)
Average
Balance
Income/
Expense
Yield/
Rate5
Average
Balance
Income/
Expense
Yield/
Rate5
Assets
Interest-bearing bank deposits and federal funds sold$699,996 $15,045 4.33 %$362,608 $9,498 5.27 %
Investment securities:
U.S. Government obligations79,048 1,949 4.97 %9,206 115 2.51 %
Obligations of states and political subdivisions1
217,410 4,222 3.92 %157,047 2,215 2.84 %
Other securities2,637,232 38,407 2.94 %2,655,975 36,949 2.80 %
Restricted bank stock54,770 1,302 4.79 %6,439 185 5.78 %
Loans held for sale5,181 157 6.11 %7,093 230 6.52 %
Portfolio loans1, 2
11,850,318 354,507 6.03 %7,804,976 209,418 5.40 %
Total interest-earning assets1, 3
15,543,955 $415,589 5.39 %11,003,344 $258,610 4.73 %
Cash and due from banks164,617 107,679 
Premises and equipment161,447 122,625 
ACL(163,840)(92,662)
Other assets1,255,217 915,964 
Total assets$16,961,396 $12,056,950 
Liabilities and stockholders’ equity
Interest-bearing transaction deposits$2,919,452 $26,216 1.81 %$2,458,886 $20,816 1.70 %
Savings and money market deposits5,417,935 73,374 2.73 %3,172,640 35,134 2.23 %
Time deposits2,468,406 45,869 3.75 %1,659,318 31,727 3.85 %
Federal funds purchased and repurchase agreements143,400 1,762 2.48 %161,514 2,412 3.00 %
Borrowings4
290,131 7,379 5.13 %253,065 7,236 5.75 %
Junior subordinated debt issued to unconsolidated trusts76,378 2,747 7.25 %73,321 2,048 5.62 %
Total interest-bearing liabilities11,315,702 $157,347 2.80 %7,778,744 $99,373 2.57 %
Net interest spread1
2.59 %2.16 %
Noninterest-bearing deposits3,290,770 2,762,439 
Other liabilities244,129 211,997 
Stockholders’ equity2,110,795 1,303,770 
Total liabilities and stockholders’ equity$16,961,396 $12,056,950 
Interest income / earning assets1, 3
$15,543,955 $415,589 5.39 %$11,003,344 $258,610 4.73 %
Interest expense / earning assets15,543,955 157,347 2.04 %11,003,344 99,373 1.82 %
Net interest margin1
$258,242 3.35 %$159,237 2.91 %
___________________________________________
1.On a tax-equivalent basis and assuming a federal income tax rate of 21.0%. For a reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures, see “Item 2. Management’s Discussion and Analysis—Non-GAAP Financial Information” included in this Quarterly Report.
2.Non-accrual loans have been included in average portfolio loans.
3.Interest income includes tax-equivalent adjustments of $1.3 million and $0.9 million for the six months ended June 30, 2025 and 2024, respectively.
4.Includes short-term and long-term borrowings. Interest expense includes non-usage fees on a revolving loan.
5.Annualized.
First Busey Corporation (BUSE) | 81
Table of Contents
FIRST BUSEY CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Unaudited)
Notable changes in average assets and average liabilities are summarized as follows:
Three Months Ended June 30,
(dollars in thousands)20252024Change% Change
Average interest-earning assets$17,700,356 $11,000,785 $6,699,571 60.9 %
Average interest-bearing liabilities12,985,015 7,725,832 5,259,183 68.1 %
Average noninterest-bearing deposits3,542,617 2,816,293 726,324 25.8 %
 
Total average deposits15,993,146 10,067,875 5,925,271 58.9 %
Total average liabilities16,783,504 10,757,877 6,025,627 56.0 %
 
Average noninterest-bearing deposits as a percent of total average deposits22.2 %28.0 %(580) bps
Total average deposits as a percent of total average liabilities95.3 %93.6 %170 bps
Six Months Ended June 30,
(dollars in thousands)20252024Change% Change
Average interest-earning assets$15,543,955 $11,003,344 $4,540,611 41.3 %
Average interest-bearing liabilities11,315,702 7,778,744 3,536,958 45.5 %
Average noninterest-bearing deposits3,290,770 2,762,439 528,331 19.1 %
 
Total average deposits14,096,563 10,053,283 4,043,280 40.2 %
Total average liabilities14,850,601 10,753,180 4,097,421 38.1 %
 
Average noninterest-bearing deposits as a percent of total average deposits23.3 %27.5 %(420) bps
Total average deposits as a percent of total average liabilities94.9 %93.5 %140 bps
First Busey Corporation (BUSE) | 82
Table of Contents
FIRST BUSEY CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Unaudited)
Changes in net interest income and net interest margin are summarized as follows:
Three Months Ended June 30,
(dollars in thousands)20252024Change% Change
Net interest income
Interest income, on a tax-equivalent basis1
$248,237 $132,341 $115,896 87.6 %
Interest expense(94,263)(49,407)(44,856)(90.8)%
Net interest income, on a tax-equivalent basis1
$153,974 $82,934 $71,040 85.7 %
 
Net interest margin1, 2
3.49 %3.03 %46 bps
Six Months Ended June 30,
(dollars in thousands)20252024Change% Change
Net interest income
Interest income, on a tax-equivalent basis1
$415,589 $258,610 $156,979 60.7 %
Interest expense(157,347)(99,373)(57,974)(58.3)%
Net interest income, on a tax-equivalent basis1
$258,242 $159,237 $99,005 62.2 %
 
Net interest margin1, 2
3.35 %2.91 %44 bps
___________________________________________
1.Assuming a federal income tax rate of 21.0%. For a reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures, see “Item 2. Management’s Discussion and Analysis—Non-GAAP Financial Information” included in this Quarterly Report.
2.Net interest income expressed as a percentage of average earning assets, stated on a tax-equivalent basis.
Busey continues to evaluate and execute off-balance sheet hedging and balance sheet repositioning strategies as well as embedding rate protection in its asset originations to provide stabilization to net interest income in lower rate environments. Time deposit and savings specials have continued to stabilize the funding base, and Busey had excess earning cash during the second quarter of 2025. A portion of the acquired CrossFirst Bank securities portfolio was liquidated when the acquisition was finalized, providing additional excess cash that has allowed Busey to start unwinding non-core funding. As brokered CDs mature, Busey continues to deploy excess cash to reduce wholesale funding levels during subsequent quarters.
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 June 30,Six Months Ended June 30,
2025202420252024
Net interest spread1
2.72 %2.27 %2.59 %2.16 %
___________________________________________
1.Net interest spread is calculated on a tax-equivalent basis.
Annualized net interest margins for the quarterly periods indicated were as follows:
20252024
First Quarter3.16 %2.79 %
Second Quarter3.49 %3.03 %
Third Quarter3.02 %
Fourth Quarter2.95 %
First Busey Corporation (BUSE) | 83
Table of Contents
FIRST BUSEY CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Unaudited)
Management attempts to mitigate the effects of an unpredictable interest-rate environment through effective portfolio management, prudent loan underwriting and pricing discipline, and operational efficiencies. For a description of accounting policies underlying the recognition of interest income and expense, refer to the Notes to Consolidated Financial Statements in Busey’s 2024 Annual Report.
Noninterest Income
Changes in noninterest income are summarized as follows:
Three Months Ended June 30,
(dollars in thousands)20252024Change% Change
Noninterest income
Wealth management and payment technology income:
Wealth management fees$16,777 $15,917 $860 5.4 %
Payment technology solutions4,956 5,915 (959)(16.2)%
Combined, wealth management fees and payment technology solutions21,733 21,832 (99)(0.5)%
 
Treasury management services4,981 2,145 2,836 132.2 %
Card services and ATM fees4,880 3,430 1,450 42.3 %
Other service charges on deposit accounts1,513 2,321 (808)(34.8)%
Mortgage revenue776 478 298 62.3 %
Income on bank owned life insurance1,745 1,442 303 21.0 %
Realized net gains (losses) on the sale of mortgage servicing rights— 277 (277)(100.0)%
 
Securities income:
Realized net gains (losses) on securities1 (4)5 125.0 %
Unrealized net gains (losses) recognized on equity securities5,996 (349)6,345 NM
Net securities gains (losses)5,997 (353)6,350 NM
 
Other noninterest income3,238 2,131 1,107 51.9 %
Total noninterest income$44,863 $33,703 $11,160 33.1 %
First Busey Corporation (BUSE) | 84
Table of Contents
FIRST BUSEY CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Unaudited)
Six Months Ended June 30,
(dollars in thousands)20252024Change% Change
Noninterest income
Wealth management and payment technology solutions income:
Wealth management fees$34,141 $31,466 $2,675 8.5 %
Payment technology solutions10,029 11,624 (1,595)(13.7)%
Combined, wealth management fees and payment technology solutions44,170 43,090 1,080 2.5 %
 
Treasury management services7,998 4,046 $3,952 97.7 %
Card services and ATM fees8,589 6,390 $2,199 34.4 %
Other service charges on deposit accounts3,046 4,669 $(1,623)(34.8)%
Mortgage revenue1,105 1,224 (119)(9.7)%
Income on bank owned life insurance3,191 2,861 330 11.5 %
Realized net gains (losses) on the sale of mortgage servicing rights— 7,742 (7,742)(100.0)%
 
Securities income:
Realized net gains (losses) on securities(15,536)(6,806)(8,730)(128.3)%
Unrealized net gains (losses) recognized on equity securities5,765 78 5,687 NM
Net securities gains (losses)(9,771)(6,728)(3,043)(45.2)%
 
Other noninterest income7,758 5,322 2,436 45.8 %
Total noninterest income$66,086 $68,616 $(2,530)(3.7)%
 
Assets under care as of period end$14,102,022 $13,019,583 $1,082,439 8.3 %
Total noninterest income was $44.9 million for the three months ended June 30, 2025, an increase of 33.1% from the comparable period in 2024, primarily due to unrealized net gains recognized on equity securities, as well as the benefit of a full quarter of income from the CrossFirst acquisition. Total noninterest income was $66.1 million for the six months ended June 30, 2025, a decrease of 3.7% from the comparable period in 2024. The six months ended June 30, 2025 includes four months of income from the CrossFirst acquisition, offset by net securities losses that were recorded in the first quarter of 2025 in connection with a strategic balance sheet repositioning. Additionally, the prior year included $7.7 million of realized net gains on the sale of mortgage servicing rights, which was not repeated in the current year.
Wealth management fees were $16.8 million for the three months ended June 30, 2025, a 5.4% increase from the comparable period in 2024, and were $34.1 million for the six months ended June 30, 2025, an 8.5% increase from the comparable period for 2024, primarily due to increases in trust fee income. On a segment basis, Busey’s Wealth Management division contributed $17.0 million, or 37.9%, of Busey’s noninterest income for the three months ended June 30, 2025, which included approximately $0.2 million reported as other noninterest income, and contributed $34.6 million, or 52.3%, of Busey’s noninterest income for the six months ended June 30, 2025, which included approximately $0.4 million reported as other noninterest income. Busey’s Wealth Management division ended the second quarter of 2025 with $14.10 billion in assets under care, an increase of 8.3% compared to the balance on June 30, 2024. Busey’s portfolio management team continues to focus on long-term returns and managing risk in the face of volatile markets.
First Busey Corporation (BUSE) | 85
Table of Contents
FIRST BUSEY CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Unaudited)
Payment technology solutions relates to Busey’s payment processing company, FirsTech. Income from payment technology solutions was $5.0 million for the three months ended June 30, 2025, a 16.2% decrease from the comparable period in 2024, and was $10.0 million for the six months ended June 30, 2025, a 13.7% decrease from the comparable period in 2024, primarily due to decreases in income from online bill payments. On a segment basis, FirsTech contributed $5.4 million, or 12.0%, of Busey’s noninterest income for the three months ended June 30, 2025, and $10.8 million, or 16.3%, of Busey’s noninterest income for the six months ended June 30, 2025.
Combined, noninterest income from wealth management fees and payment technology solutions represented 48.4% and 66.8% of Busey’s noninterest income for the three and six months ended June 30, 2025, respectively, providing a complement to spread-based revenue from traditional banking activities.
Treasury management services consist primarily of business analysis charges and wire transfer fees on commercial accounts. Income from treasury management services increased by 132.2% and 97.7% compared to the three and six months ended June 30, 2024, respectively, due to the addition of CrossFirst commercial services.
Card services and ATM fees, which include both commercial and consumer accounts, increased by 42.3% and 34.4% compared to the three and six months ended June 30, 2024, respectively, primarily due to addition of CrossFirst corporate card services.
Other service charges on deposit accounts were $1.5 million and $3.0 million for the three and six months ended June 30, 2025, respectively, which was a decline of 34.8% compared to both the three and six months ended June 30, 2024. Declines are largely related to lower non-sufficient fund charges, reflecting changes Busey made to its fee structure in 2025.
Mortgage revenue was $0.8 million for the three months ended June 30, 2025, a 62.3% increase from the comparable period in 2024, and was $1.1 million for the six months ended June 30, 2025, a 9.7% decrease from the comparable period in 2024. General economic conditions and interest rate volatility may impact future mortgage revenue.
Income on bank owned life insurance was $1.7 million for the three months ended June 30, 2025, a 21.0% increase from the comparable period in 2024, as a result of a $0.5 million increase in the cash surrender value of the policies, partially offset by a $0.2 million decrease in earnings on death proceeds. Income on bank owned life insurance was $3.2 million for the six months ended June 30, 2025, an 11.5% increase from the comparable period in 2024, as a result of a $0.8 million increase in the cash surrender value of the policies, partially offset by a $0.4 million decrease in earnings on death proceeds.
During the six months ended June 30, 2025, Busey did not record any realized gains on the sale of mortgage servicing rights. In comparison, during the six months ended June 30, 2024, Busey recognized a $7.7 million gain on the sale of mortgage servicing rights in connection with a strategic two-part balance sheet repositioning. For more information, see “Busey executed a two-part balance sheet repositioning strategy” in the Management Discussion and Analysis included in Busey’s Quarterly Report for the first quarter of 2024, filed with the SEC on May 7, 2024.
Net securities gains were $6.0 million for the three months ended June 30, 2025, an increase over the net securities losses from the comparable period in 2024. The increase was related to unrealized gains on Busey’s approximately 3% equity ownership of a financial institution that was the target of an announced acquisition at a significant market premium. Net securities losses of $9.8 million during the six months ended June 30, 2025, were greater than the net securities losses realized during the comparable period in 2024. Losses for the six months ended June 30, 2025, were comprised of $15.5 million of realized net losses on securities associated with a strategic balance sheet repositioning in the first quarter of 2025, partially offset by $5.8 million of unrealized net gains recognized on equity securities in the second quarter of 2025.
First Busey Corporation (BUSE) | 86
Table of Contents
FIRST BUSEY CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Unaudited)
Other noninterest income was $3.2 million for the three months ended June 30, 2025, a 51.9% increase from the comparable period in 2024, and was $7.8 million for the six months ended June 30, 2025, a 45.8% increase from the comparable period in 2024. Increases were attributable to fluctuations in income recognized on venture capital investments, gains on commercial loan sales, commercial loan servicing income, other loan fee income, swap origination fees and OREO gains and losses.
Noninterest Expense
Changes in noninterest expense are summarized as follows:
Three Months Ended June 30,
(dollars in thousands)20252024Change% Change
Noninterest expense
Salaries, wages, and employee benefits$78,360 $43,478 $34,882 80.2 %
Data processing14,021 7,100 6,921 97.5 %
 
Premises expenses:
Net occupancy expense of premises7,832 4,590 3,242 70.6 %
Furniture and equipment expenses2,409 1,695 714 42.1 %
Combined, net occupancy expense of premises and furniture and equipment expenses10,241 6,285 3,956 62.9 %
 
Professional fees2,874 2,495 379 15.2 %
Amortization of intangible assets4,592 2,629 1,963 74.7 %
Interchange expense1,297 1,733 (436)(25.2)%
FDIC insurance2,424 1,460 964 66.0 %
Other noninterest expense14,024 10,726 3,298 30.7 %
Total noninterest expense$127,833 $75,906 $51,927 68.4 %
 
Income taxes$17,109 $11,064 $6,045 54.6 %
Effective income tax rate26.5 %28.8 %(230) bps
 
Efficiency ratio (Non-GAAP)1
63.9 %62.6 %130 bps
Adjusted efficiency ratio (Non-GAAP)1
55.3 %60.9 %(560) bps
___________________________________________
1.The efficiency ratio and adjusted efficiency ratio are non-GAAP financial measures. For a reconciliation of non-GAAP measures to the most directly comparable financial GAAP measures, see “Item 2. Management’s Discussion and Analysis—Non-GAAP Financial Information” included in this Quarterly Report.
First Busey Corporation (BUSE) | 87
Table of Contents
FIRST BUSEY CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Unaudited)
Six Months Ended June 30,
(dollars in thousands)20252024Change% Change
Noninterest expense
Salaries, wages, and employee benefits$145,923 $85,568 $60,355 70.5 %
Data processing23,596 13,650 9,946 72.9 %
 
Premises expenses:
Net occupancy expense of premises13,631 9,310 4,321 46.4 %
Furniture and equipment expenses4,153 3,508 645 18.4 %
Combined, net occupancy expense of premises and furniture and equipment expenses17,784 12,818 4,966 38.7 %
 
Professional fees12,385 4,748 7,637 160.8 %
Amortization of intangible assets7,675 5,038 2,637 52.3 %
Interchange expense2,640 3,344 (704)(21.1)%
FDIC insurance4,591 2,860 1,731 60.5 %
Other noninterest expense25,269 19,327 5,942 30.7 %
Total noninterest expense$239,863 $147,353 $92,510 62.8 %
 
Income taxes$14,430 $19,799 $(5,369)(27.1)%
Effective income tax rate45.3 %27.0 %1,830 bps
 
Efficiency ratio (Non-GAAP)1
69.5 %60.7 %880 bps
Adjusted efficiency ratio (Non-GAAP)1
56.7 %61.6 %(490) bps
 
Full-time equivalent associates as of period-end1,9501,52043028.3 %
___________________________________________
1.The efficiency ratio and adjusted efficiency ratio are non-GAAP financial measures. For a reconciliation of non-GAAP measures to the most directly comparable financial GAAP measures, see “Item 2. Management’s Discussion and Analysis—Non-GAAP Financial Information” included in this Quarterly Report.
Total noninterest expense was $127.8 million for the three months ended June 30, 2025, a 68.4% increase from the comparable period in 2024. Total noninterest expense was $239.9 million for the six months ended June 30, 2025, a 62.8% increase from the comparable period in 2024. Growth in noninterest expense was primarily attributable to acquisition and restructuring expenses related to the CrossFirst acquisition, added costs for operating expenses for two banks from March 1, 2025, until the banks were merged on June 20, 2025, and increased expenses associated with the larger organization and branch network. Acquisition and restructuring expenses contributed $16.6 million to total noninterest expense for the three months ended June 30, 2025, compared to $2.2 million for the comparable period in 2024. Acquisition and restructuring expenses contributed $42.6 million to total noninterest expense for the six months ended June 30, 2025, compared to $2.6 million for the comparable period in 2024.
Annual pre-tax expense synergy estimates resulting from the CrossFirst acquisition remain on track at $25.0 million. Busey anticipates a 50% rate of synergy realization in 2025 and 100% in 2026.
First Busey Corporation (BUSE) | 88
Table of Contents
FIRST BUSEY CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Unaudited)
Salaries, wages, and employee benefits were $78.4 million for the three months ended June 30, 2025, an 80.2% increase from the comparable period in 2024 and were $145.9 million for the six months ended June 30, 2025, a 70.5% increase from the comparable period in 2024. Acquisition and restructuring expenses were $11.6 million and $27.4 million for the three and six months ended June 30, 2025, respectively, with additional severance, retention, and stock-based compensation expenses related to the CrossFirst acquisition. Further, in connection with the CrossFirst acquisition in March and the addition of 16 banking centers, Busey’s workforce expanded. In total, Busey has added 430 full time equivalent associates over the past year, mostly as a result of the CrossFirst acquisition.
Data processing expense was $14.0 million for the three months ended June 30, 2025, a 97.5% increase from the comparable period in 2024. Excluding acquisition and restructuring expenses, data processing expense was $10.1 million for the three months ended June 30, 2025, a 48.9% increase from the comparable period in 2024. Data processing expense was $23.6 million for the six months ended June 30, 2025, a 72.9% increase from the comparable period in 2024. Excluding acquisition and restructuring expenses, data processing expense was $17.3 million for the six months ended June 30, 2025, a 31.2% increase from the comparable period in 2024. Busey has continued to make investments in technology enhancements and has also experienced inflation-driven price increases.
Combined, net occupancy expense of premises and furniture and equipment expense totaled $10.2 million for the three months ended June 30, 2025, a 62.9% increase from the comparable period in 2024, and $17.8 million for the six months ended June 30, 2025, a 38.7% increase from the comparable period in 2024. The CrossFirst acquisition added 16 banking centers and primary cost drivers in these expense categories include lease costs, repairs and maintenance, depreciation expense, real estate taxes, and utilities.
Professional fees were $2.9 million for the three months ended June 30, 2025, a 15.2% increase from the comparable period in 2024 and were $12.4 million for the six months ended June 30, 2025, a 160.8% increase from the comparable period in 2024. Acquisition and restructuring expenses were $0.3 million and $7.6 million for the three and six months ended June 30, 2025, respectively.
Amortization of intangible assets was $4.6 million for the three months ended June 30, 2025, a 74.7% increase from the comparable period in 2024, and $7.7 million for the six months ended June 30, 2025, a 52.3% increase from the comparable period for 2024. The CrossFirst acquisition added an estimated $81.8 million of finite-lived intangible assets with amortization of $2.4 million and $3.1 million during the three and six months ended June 30, 2025, respectively. Busey uses an accelerated amortization methodology.
Interchange expense was $1.3 million for the three months ended June 30, 2025, a 25.2% decrease from the comparable period in 2024, and was $2.6 million for the six months ended June 30, 2025, a 21.1% decrease from the comparable period in 2024. Fluctuations in interchange expense relate to payment and volume activity at FirsTech.
FDIC insurance expense was $2.4 million for the three months ended June 30, 2025, a 66.0% increase from the comparable period in 2024, and $4.6 million for the six months ended June 30, 2025, a 60.5% increase from the comparable period in 2024. Additional FDIC insurance assessments were the result of Busey’s growth in average assets in connection with the CrossFirst acquisition.
Other noninterest expense was $14.0 million for the three months ended June 30, 2025, a 30.7% increase from the comparable period in 2024, and was $25.3 million for the six months ended June 30, 2025, also a 30.7% increase from the comparable period in 2024. Increases in other noninterest expense are attributable to multiple items, including marketing, business development, and supplies, as well as increases in acquisition and restructuring expenses of $0.5 million and $1.0 million compared to the three and six months ended June 30, 2024, respectively.
First Busey Corporation (BUSE) | 89
Table of Contents
FIRST BUSEY CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Unaudited)
Efficiency Ratio
The efficiency ratio2, which is a measure commonly used by management and the banking industry, measures the amount of expense incurred to generate a dollar of revenue. Busey’s efficiency ratio was 63.9% for the three months ended June 30, 2025, compared to 62.6% for the same period in 2024, and was 69.5% for the six months ended June 30, 2025, compared to 60.7% for the same period in 2024.
Busey’s adjusted efficiency ratio2 was 55.3% for the three months ended June 30, 2025, compared to 60.9% for the same period in 2024, and was 56.7% for the six months ended June 30, 2025, compared to 61.6% for the same period in 2024.
Taxes
Busey’s effective income tax rate of 26.5% for the three months ended June 30, 2025, was lower than the combined federal and state statutory rate due to tax exempt interest income, such as municipal bond interest and bank owned life insurance income. Busey’s effective income tax rate of 45.3% for the six months ended June 30, 2025, was impacted by the first quarter loss due to the CrossFirst acquisition and non-recurring adjustments. The three and six months ended June 30, 2025, were impacted by a $0.3 million write-off of deferred tax assets related to non-deductible compensation and acquisition-related expenses. Further, the six months ended June 30, 2025, includes a $4.6 million non-recurring deferred tax valuation expense in connection with the CrossFirst acquisition which is expected to lower the effective blended state tax rate in future periods but created a negative adjustment to the carrying value of deferred tax asset in the current period.
Busey continues to monitor evolving federal and state tax legislation and its potential impact on operations on an ongoing basis. As of June 30, 2025, Busey Bank was under examination by the Florida Department of Revenue for its 2020 to 2022 corporate income tax filings and by the Illinois Department of Revenue for M&M’s tax filings for the tax years 2022 and 2023.
2 The efficiency ratio and adjusted efficiency ratio are non-GAAP financial measures. For a reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures, see “Item 2. Management’s Discussion and Analysis—Non-GAAP Financial Information” included in this Quarterly Report.
First Busey Corporation (BUSE) | 90
Table of Contents
FIRST BUSEY CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Unaudited)
FINANCIAL CONDITION
Balance Sheet
Changes in significant items on Busey’s Consolidated Balance Sheets (Unaudited) are summarized as follows:
As of
(dollars in thousands)June 30,
2025		December 31,
2024		Change% Change
Assets
Debt securities available for sale$2,217,788 $1,810,221 $407,567 22.5 %
Debt securities held to maturity802,965 826,630 (23,665)(2.9)%
Portfolio loans, net of ACL13,625,285 7,613,683 6,011,602 79.0 %
Total assets18,918,740 12,046,722 6,872,018 57.0 %
 
Liabilities
Deposits:
Noninterest-bearing3,590,363 2,719,907 870,456 32.0 %
Interest-bearing12,211,409 7,262,583 4,948,826 68.1 %
Total deposits15,801,772 9,982,490 5,819,282 58.3 %
Securities sold under agreements to repurchase158,030 155,610 2,420 1.6 %
Long-term debt86,557 — 86,557 100.0 %
Subordinated notes, net of unamortized issuance costs103,169 227,723 (124,554)(54.7)%
Junior subordinated debt owed to unconsolidated trusts77,187 74,815 2,372 3.2 %
Total liabilities16,506,194 10,663,453 5,842,741 54.8 %
 
Stockholders’ equity2,412,546 1,383,269 1,029,277 74.4 %
Portfolio Loans
Busey believes that making sound and profitable loans is a necessary and desirable means of employing funds available for investment. Busey maintains lending policies and procedures designed to focus lending efforts on the types, locations, and duration of loans most appropriate for its business model and markets. While not specifically limited, Busey attempts to focus its lending on short to intermediate-term loans (0-10 years) in geographic areas within 125 miles of its lending offices. Loans originated outside of these areas are generally to existing customers of Busey Bank. 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) | 91
Table of Contents
FIRST BUSEY CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Unaudited)
At no time is a borrower’s total borrowing relationship permitted to exceed Busey Bank’s regulatory lending limit. Busey generally limits such relationships to amounts substantially less than the regulatory limit. Loans to related parties, including executive officers and directors of First Busey Corporation and its subsidiaries, are reviewed for compliance with regulatory guidelines.
Busey maintains an independent loan review department that reviews loans for compliance with Busey’s loan policy on a periodic basis. In addition, the loan review department reviews risk assessments made by Busey’s credit department, lenders, and loan committees. Results of these reviews are presented to management and the audit committee at least quarterly.
Busey Bank’s lending can be summarized into five primary lending activities, which can be further categorized as either commercial or retail lending. Commercial lending activities consist of C&I and other commercial loans, CRE loans, and real estate construction loans while retail lending activities consist of retail real estate loans and retail other loans. A description of each of the five primary areas can be found in “Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations—Portfolio Loans” of Busey’s 2024 Annual Report.
Portfolio Composition
The composition of Busey’s loan portfolio as of the dates indicated, as well as changes in portfolio loan balances, were as follows:
As of
(dollars in thousands)June 30,
2025		December 31,
2024		Change% Change
Commercial loans
C&I and other commercial$4,476,869 $1,904,515 $2,572,354 135.1 %
CRE5,569,759 3,269,564 2,300,195 70.4 %
Real estate construction1,041,803 378,209 663,594 175.5 %
Total commercial loans11,088,431 5,552,288 5,536,143 99.7 %
Retail loans
Retail real estate2,228,959 1,696,457 532,502 31.4 %
Retail other491,229 448,342 42,887 9.6 %
Total retail loans2,720,188 2,144,799 575,389 26.8 %
Total portfolio loans13,808,619 7,697,087 6,111,532 79.4 %
ACL(183,334)(83,404)(99,930)119.8 %
Portfolio loans, net$13,625,285 $7,613,683 $6,011,602 79.0 %
Total portfolio loans were $13.81 billion at June 30, 2025, compared to $7.70 billion at December 31, 2024. The $6.11 billion growth in the loan portfolio during the first half of 2025 was attributable to the CrossFirst acquisition. Busey remains steadfast in its conservative approach to underwriting and disciplined approach to pricing. Loan demand has been tempered, with borrowers hesitant to invest because of lingering macroeconomic uncertainty. At the same time, Busey’s commercial real estate portfolio continues to season, resulting in payoffs as properties are completed, stabilized, and refinanced to permanent markets or sold. We expect continued pressure from pay downs within our commercial real estate portfolio through the remainder of 2025.
First Busey Corporation (BUSE) | 92
Table of Contents
FIRST BUSEY CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Unaudited)
Concentration of Credit Risk
As a matter of policy and practice, Busey limits the level of concentration exposure in any particular loan segment with the goal of maintaining a well-diversified loan portfolio. The following table presents the percentage of total portfolio loans for each lending activity:
As of
June 30,
2025		December 31,
2024
Commercial loans
C&I and other commercial32.4 %24.8 %
CRE40.3 %42.5 %
Real estate construction7.6 %4.9 %
Total commercial loans80.3 %72.2 %
Retail loans
Retail real estate16.1 %22.0 %
Retail other3.6 %5.8 %
Total retail loans19.7 %27.8 %
Total portfolio loans100.0 %100.0 %
Busey Bank originates loans across its regional operating model. Busey’s regions are defined as follows:
•East – Suburban Chicago markets, the St. Louis MSA, and southwest Florida
•Midwest – Central Illinois and Indianapolis, Indiana
•Central – The Kansas City MSA, central Kansas, and Oklahoma
•Texas – The Dallas-Fort Worth MSA
•West – Colorado, New Mexico, and Arizona
•Verticals – Busey’s Life Equity Lending, Sponsor Finance, Energy Lending, and SBA Lending products
The geographic distribution of Busey Bank loans outstanding as of June 30, 2025, that were originated in each of these markets is presented in the table below:
As of June 30, 2025
(dollars in thousands)C&I and other commercialCREReal estate constructionRetail real estateRetail otherTotal
Loans by region of origination
East
$1,119,140 $1,786,474 $136,456 $895,403 $108,934 $4,046,407 
Midwest
829,956 1,404,010 236,085 749,057 7,937 3,227,045 
Central
597,171 900,003 170,393 362,558 16,253 2,046,378 
Texas
668,766 810,674 337,306 123,456 4,492 1,944,694 
West
244,358 528,893 146,358 89,823 945 1,010,377 
Verticals
1,017,478 139,705 15,205 8,662 352,668 1,533,718 
Total portfolio loans
$4,476,869 $5,569,759 $1,041,803 $2,228,959 $491,229 13,808,619 
ACL
(183,334)
Portfolio loans, net of ACL
$13,625,285 
First Busey Corporation (BUSE) | 93
Table of Contents
FIRST BUSEY CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Unaudited)
Prior to the CrossFirst acquisition on March 1, 2025, Busey Bank’s loan origination occurred in the Illinois, Missouri, Florida, and Indiana markets. The geographic distribution of Busey Bank loans outstanding as of December 31, 2024, that were originated in each of these markets is presented in the table below:
As of December 31, 2024
(dollars in thousands)C&I and other commercialCREReal estate constructionRetail real estateRetail otherTotal
Loans by state of origination
Illinois$1,493,670 $2,285,915 $232,898 $1,275,834 $443,164 $5,731,481 
Missouri276,140 560,337 40,816 211,878 3,731 1,092,902 
Florida58,277 245,918 30,826 128,352 683 464,056 
Indiana76,428 177,394 73,669 80,393 764 408,648 
Total portfolio loans$1,904,515 $3,269,564 $378,209 $1,696,457 $448,342 7,697,087 
ACL(83,404)
Portfolio loans, net of ACL$7,613,683 
CRE loans made up 40.3% of Busey’s total loan portfolio as of June 30, 2025, and were 25.6% owner occupied. CRE loans are made across a variety of industries, as depicted in the table below. Balances reflected in the table below do not include loan origination fees or costs, purchase accounting adjustments, SBA discounts, or negative escrow amounts.
As of June 30, 2025
CRE LoansOwned By% of CRE Loans That Are Owner Occupied
(dollars in thousands)InvestorOccupant
Industry
Industrial and warehousing$1,319,292 $873,061 $446,231 33.8 %
Retail859,112 744,581 114,531 13.3 %
Apartments850,596 850,596 — — %
Traditional office662,478 464,304 198,174 29.9 %
Specialty472,791 180,384 292,407 61.8 %
Hotel350,045 350,045 — — %
Medical office278,545 138,319 140,226 50.3 %
Student housing210,572 210,572 — — %
Senior housing145,344 145,344 — — %
Restaurant143,817 28,325 115,492 80.3 %
Nursing homes107,828 106,230 1,598 1.5 %
1-4 Family63,540 27,384 36,156 56.9 %
Healthcare20,407 20,000 407 2.0 %
Land acquisition and development15,581 6,399 9,182 58.9 %
Group homes3,615 3,615 — — %
Other109,101 24,348 84,753 77.7 %
Total$5,612,664 $4,173,507 $1,439,157 25.6 %
First Busey Corporation (BUSE) | 94
Table of Contents
FIRST BUSEY CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Unaudited)
Allowance for Credit Losses and Provision for Loan Losses
The ACL is a significant estimate on Busey’s unaudited consolidated financial statements, affecting both earnings and capital. The methodology adopted influences, and is influenced by, Busey’s overall credit risk management processes. The ACL is recorded in accordance with GAAP to provide an adequate reserve for expected credit losses that is reflective of management’s best estimate of what is expected to be collected. Estimates of credit losses are based on a careful consideration of all significant factors affecting the collectability as of the evaluation date. The ACL is established through the provision for credit loss expense charged to income. Provision for loan losses expenses were recorded as follows:
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)2025202420252024
Provision for loan losses$1,005 $2,277 $43,457 $7,315 
The $1.0 million provision for loan losses recorded in the second quarter of 2025 included a release of the PCD provision of $11.8 million due to PCD loan payoffs/paydowns and non-PCD provision expense of $12.8 million to support charge-offs, to adjust for the loan portfolio mix, and as a response to economic factors. The provision for loan losses for the six months ended June 30, 2025, included $42.4 million provision expense recorded to establish an initial allowance for non-PCD loans immediately following the close of the CrossFirst acquisition in accordance with ASC 326-20-30-15.
The ACL and the ratio of ACL to portfolio loan balances is presented below by lending activity:
As of June 30, 2025As of December 31, 2024
(dollars in thousands)Portfolio LoansACLRatio of ACL to
Portfolio Loans		Portfolio LoansACLRatio of ACL to
Portfolio Loans
Commercial
C&I and other commercial$4,476,869 $68,578 1.53 %$1,904,515 $21,589 1.13 %
CRE5,569,759 70,935 1.27 %3,269,564 32,301 0.99 %
Real estate construction1,041,803 13,072 1.25 %378,209 3,345 0.88 %
Total commercial11,088,431 152,585 1.38 %5,552,288 57,235 1.03 %
Retail
Retail real estate2,228,959 29,042 1.30 %1,696,457 23,711 1.40 %
Retail other491,229 1,707 0.35 %448,342 2,458 0.55 %
Total retail2,720,188 30,749 1.13 %2,144,799 26,169 1.22 %
Total$13,808,619 $183,334 1.33 %$7,697,087 $83,404 1.08 %
As of June 30, 2025, management believed the level of the ACL to be appropriate based upon the information available. However, additional losses may be identified in the loan portfolio as new information is obtained. Factors that influence Busey’s calculation of its ACL include changes in economic conditions and forecasts, originated and acquired loan portfolio composition, credit performance trends, portfolio duration, and other factors.
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.
First Busey Corporation (BUSE) | 95
Table of Contents
FIRST BUSEY CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Unaudited)
Typically, loans are secured by collateral. When a loan is classified as non-accrual and determined to be collateral dependent, it is appropriately reserved or charged down through the ACL to the fair value of Busey’s interest in the underlying collateral less estimated costs to sell. Busey’s loan portfolio is collateralized primarily by real estate.
The following table sets forth information concerning non-performing assets and asset quality ratios:
As of
(dollars in thousands)June 30,
2025		December 31,
2024		Change% Change
Portfolio loans$13,808,619 $7,697,087 $6,111,532 79.4 %
Loans 30 – 89 days past due42,188 8,124 34,064 419.3 %
Total assets18,918,740 12,046,722 6,872,018 57.0 %
 
Non-performing assets
Non-performing loans:
Non-accrual loans$53,614 $22,088 $31,526 142.7 %
Loans 90+ days past due and still accruing941 1,149 (208)(18.1)%
Total non-performing loans54,555 23,237 31,318 134.8 %
OREO and other repossessed assets3,596 63 3,533 NM
Total non-performing assets58,151 23,300 34,851 149.6 %
Substandard (excludes 90+ days past due)117,580 62,023 55,557 89.6 %
Classified assets$175,731 $85,323 $90,408 106.0 %
 
ACL$183,334 $83,404 $99,930 119.8 %
Bank Tier 1 Capital2,098,016 1,438,296 659,720 45.9 %
 
Ratios
ACL to portfolio loans1.33 %1.08 %25 bps
ACL to non-accrual loans3.42 x3.78 x(3,565) bps
ACL to non-performing loans3.36 x3.59 x(2,287) bps
ACL to non-performing assets3.15 x3.58 x(4,268) bps
Non-accrual loans to portfolio loans0.39 %0.29 %10 bps
Non-performing loans to portfolio loans0.40 %0.30 %10 bps
Non-performing assets to total assets0.31 %0.19 %12 bps
Non-performing assets to portfolio loans and OREO and other repossessed assets0.42 %0.30 %12 bps
Classified assets to Bank Tier 1 Capital and ACL7.70 %5.61 %209 bps
Busey’s total assets grew by 57.0% to $18.92 billion as of June 30, 2025, compared to $12.05 billion as of December 31, 2024, largely in connection with the CrossFirst acquisition. Further, Busey’s loan portfolio grew by 79.4% to $13.81 billion as of June 30, 2025, compared to $7.70 billion as of December 31, 2024.
Asset quality continues to be strong. Following the CrossFirst Bank Merger in June, Busey is operating as one bank, with a singular credit policy, concentration limits, and monitoring that will continue to align with Busey’s pillars of credit quality. Busey’s operating mandate and focus remain on emphasizing credit quality over asset growth.
First Busey Corporation (BUSE) | 96
Table of Contents
FIRST BUSEY CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Unaudited)
Non-performing loan balances increased to $54.6 million as of June 30, 2025, compared to $23.2 million as of December 31, 2024, due to PCD loans assumed in the CrossFirst acquisition. Non-performing loans represented 0.40% of portfolio loans as of June 30, 2025, compared to 0.30% as of December 31, 2024. Busey’s allowance for credit losses provided coverage of 3.36 times non-performing loans at June 30, 2025, compared to 3.59 times at December 31, 2024.
Non-performing assets, which includes non-performing loans, OREO, and other repossessed assets, increased to $58.2 million as of June 30, 2025, compared to $23.3 million as of December 31, 2024, due to PCD loans assumed in the CrossFirst acquisition. Non-performing assets represented 0.31% of total assets as of June 30, 2025, compared to 0.19% as of December 31, 2024. Busey’s allowance for credit losses provided coverage of 3.15 times non-performing assets at June 30, 2025, compared to 3.58 times at December 31, 2024.
Classified assets, which includes non-performing assets and substandard loans, increased to $175.7 million as of June 30, 2025, compared to $85.3 million as of December 31, 2024, due to PCD loans assumed in the CrossFirst acquisition. Classified assets represented 7.70% of the Bank’s Tier 1 capital and ACL at June 30, 2025, compared to 5.61% at December 31, 2024.
Net charge-offs totaled $12.9 million and $44.3 million for the three and six months ended June 30, 2025, respectively, compared to $9.9 million and $15.1 million for the comparable periods in 2024. Net charge-offs for the six months ended June 30, 2025, include $31.1 million related to PCD loans acquired from CrossFirst Bank, which were fully reserved at acquisition and did not require recording additional provision expense.
Asset quality metrics remain dependent upon market-specific economic conditions, and specific measures may fluctuate from period to period. If economic conditions were to deteriorate, Busey would expect the credit quality of its loan portfolio to decline and loan defaults to increase.
Potential Problem Loans
Potential problem loans are loans classified as substandard which are not individually evaluated, non-accrual, or 90+ days past due, but where current information indicates that the borrower may not be able to comply with loan repayment terms. Management assesses the potential for loss on such loans and considers the effect of any potential loss in determining its provision for expected credit losses. Potential problem loans increased to $105.3 million as of June 30, 2025, compared to $62.0 million as of December 31, 2024. Management continues to monitor these loans and work with the borrowers on restructurings, guarantees, additional collateral, or other planned actions. As of June 30, 2025, management identified no other loans that represent or result from trends or uncertainties that would be expected to materially impact future operating results, liquidity, or capital resources.
Deposits
Total deposits increased by 58.3% to $15.80 billion as of June 30, 2025, compared to $9.98 billion as of December 31, 2024, in connection with the CrossFirst acquisition. Busey focuses on deepening its customer relationships to maintain and protect its strong core deposit3 franchise. Core deposits include non-brokered transaction accounts, money market and savings deposit accounts, and time deposits of $250,000 or less. Core deposits represented 92.5% of total deposits as of June 30, 2025.
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 $6.66 billion, or 42% of total deposits, as of June 30, 2025, compared to $3.78 billion, or 38% of total deposits, as of December 31, 2024. Excluding intercompany accounts, fully collateralized accounts (including preferred deposits), and pass-through accounts where clients have deposit insurance at the correspondent financial institution, the portion of Busey’s deposit base that was uninsured and not otherwise collateralized was $5.25 billion, or 33% of total deposits, as of June 30, 2025, compared to $2.96 billion, or 30% of total deposits, as of December 31, 2024.
3 Core deposits is a non-GAAP financial measure. For a reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures, see “Item 2. Management’s Discussion and Analysis—Non-GAAP Financial Information” included in this Quarterly Report.
First Busey Corporation (BUSE) | 97
Table of Contents
FIRST BUSEY CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Unaudited)
Liquidity
Liquidity management is the process by which Busey ensures that adequate liquid funds are available to meet the present and future cash flow obligations arising in the daily operations of its business. These financial obligations consist of needs for funds to meet commitments to borrowers for extensions of credit, fund capital expenditures, honor withdrawals by customers, pay dividends to stockholders, and pay operating expenses. Busey’s most liquid assets are cash and due from banks, interest-bearing bank deposits, and federal funds sold. Balances of these assets are dependent on Busey’s operating, investing, lending, and financing activities during any given period.
Average liquid assets are summarized in the table below:
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)2025202420252024
Average liquid assets
Cash and due from banks$156,535 $109,776 $164,617 $107,679 
Interest-bearing bank deposits711,629 236,605 699,996 362,608 
Less: Restricted and pledged cash and bank deposits(78,659)$(34,210)(74,740)$(34,210)
Total average liquid assets$789,505 $312,171 $789,873 $436,077 
 
Average liquid assets as a percent of average total assets4.1 %2.6 %4.7 %3.6 %
Unencumbered cash and securities on Busey’s Consolidated Balance Sheets (Unaudited) are summarized as follows:
As of
(dollars in thousands)June 30,
2025		December 31,
2024
Unencumbered cash and securities
Total cash and cash equivalents$752,352 $697,659 
Restricted and pledged cash and bank deposits(106,499)(65,830)
Debt securities available for sale2,217,788 1,810,221 
Debt securities available for sale pledged as collateral(566,150)(653,454)
Cash and unencumbered securities$2,297,491 $1,788,596 
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)June 30,
2025		December 31,
2024
Additional available borrowing capacity
FHLB$1,915,607 $1,679,463 
Federal Reserve Bank1,369,913 664,083 
Federal funds purchased485,000 477,500 
Revolving credit facility40,000 40,000 
Additional borrowing capacity$3,810,520 $2,861,046 
Further, Busey could utilize brokered deposits as additional sources of liquidity, as needed.
First Busey Corporation (BUSE) | 98
Table of Contents
FIRST BUSEY CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Unaudited)
As of June 30, 2025, management believed that adequate liquidity existed to meet all projected cash flow obligations. Busey seeks to achieve a satisfactory degree of liquidity by actively managing both assets and liabilities. Asset management guides the proportion of liquid assets to total assets, while liability management monitors future funding requirements and prices liabilities accordingly.
Off-Balance-Sheet Arrangements
Busey Bank routinely enters into commitments to extend credit and standby letters of credit in the normal course of business to meet the financing needs of its customers. The balance of commitments to extend credit represents future cash requirements and some of these commitments may expire without being drawn upon.
The following table summarizes Busey’s outstanding commitments and reserves for unfunded commitments:
As of
(dollars in thousands)June 30,
2025		December 31,
2024
Outstanding loan commitments and standby letters of credit$4,406,199 $2,548,178 
Reserve for unfunded commitments13,803 5,967 
The following table summarizes Busey’s provision for unfunded commitments expenses (releases):
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)Location2025202420252024
Provision for unfunded commitments expense (release)1
Provision for credit losses$4,695 $(369)$7,836 $(1,047)
___________________________________________
1.During the three months ended June 30, 2025, an additional $4.0 million adjustment to the initial provision for unfunded commitments was recorded, resulting from the adoption of a new CECL model. The six months ended June 30, 2025, also included $3.1 million to establish an initial allowance for unfunded commitments following the close of the CrossFirst acquisition.
Busey anticipates that it will have sufficient funds available to meet current loan commitments, including loan applications received and in process prior to the issuance of firm commitments.
Capital Resources
Busey’s capital ratios are in excess of those required to be considered “well-capitalized” pursuant to applicable regulatory guidelines. The Federal Reserve uses capital adequacy guidelines in its examination and regulation of bank holding companies and their subsidiary banks. Risk-based capital ratios are established by allocating assets and certain off-balance-sheet commitments into risk-weighted categories. These balances are then multiplied by the factor appropriate for that risk-weighted category. In order to refrain from restrictions on dividends, equity repurchases, and discretionary bonus payments, banking institutions must maintain capital in excess of regulatory minimum capital requirements. The table below presents minimum capital ratios that include the capital conservation buffer in comparison to the capital ratios for First Busey and its subsidiary bank as of June 30, 2025:
Minimum Capital Requirements with
Capital Buffer		As of June 30, 2025
First
Busey		Busey
Bank
Common Equity Tier 1 Capital to Risk Weighted Assets7.00 %12.22 %13.62 %
Tier 1 Capital to Risk Weighted Assets8.50 %13.66 %13.62 %
Total Capital to Risk Weighted Assets10.50 %15.75 %14.53 %
Leverage Ratio of Tier 1 Capital to Average Assets6.50 %11.26 %11.22 %
For further discussion of capital resources and requirements, see “Note 8: Regulatory Capital.”
First Busey Corporation (BUSE) | 99
Table of Contents
FIRST BUSEY CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Unaudited)
NON-GAAP FINANCIAL INFORMATION
This Quarterly Report contains certain financial information determined by methods other than in accordance with GAAP. Management uses these non-GAAP financial measures and non-GAAP ratios, together with the related GAAP financial measures, in analysis of Busey’s performance and in making business decisions, as well as for comparison to Busey’s peers. Busey believes the adjusted measures are useful for investors and management to understand the effects of certain non-core and non-recurring noninterest items and provide additional perspective on Busey’s performance over time.
Non-GAAP disclosures have inherent limitations and are not audited. They should not be considered in isolation or as a substitute for the results reported in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Tax effected numbers included in these non-GAAP disclosures are based on estimated statutory rates, estimated federal income tax rates, or effective tax rates as noted with the tables below.
The following tables present reconciliations between these non-GAAP measures and what management believes to be the most directly comparable GAAP financial measures.
First Busey Corporation (BUSE) | 100
Table of Contents    Contents of Item 2. MD&A
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)
Pre-Provision Net Revenue and Related Measures
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)2025202420252024
Net interest income (GAAP)
$153,183 $82,532 $256,914 $158,386 
Total noninterest income (GAAP)
44,863 33,703 66,086 68,616 
Net security (gains) losses (GAAP)
(5,997)353 9,771 6,728 
Total noninterest expense (GAAP)1
(127,833)(75,906)(239,863)(147,353)
Pre-provision net revenue (Non-GAAP)
[a]64,216 40,682 92,908 86,377 
Acquisition and restructuring expenses, excluding initial provision expenses
16,600 2,212 42,626 2,620 
Realized net (gains) losses on the sale of mortgage service rights
— (277)— (7,742)
Realized net (gains) losses on the sale of mortgage service rights
[b]$80,816 $42,617 $135,534 $81,255 
Average total assets
[c]19,068,086 12,089,692 16,961,396 12,056,950 
Pre-provision net revenue to average total assets (Non-GAAP)2
[a÷c]1.35 %1.35 %1.10 %1.44 %
Adjusted pre-provision net revenue to average total assets (Non-GAAP)2
[b÷c]1.70 %1.42 %1.61 %1.36 %
___________________________________________
1.Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments so that it is now included within the provision for credit losses; therefore, it is no longer included within total noninterest expense.
2.Annualized measure.
First Busey Corporation (BUSE) | 101
Table of Contents    Contents of Item 2. MD&A
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)
Adjusted Net Income, Average Tangible Common Equity, and Related Ratios
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands, except per share amounts)2025202420252024
Net income (loss) (GAAP)
[a]$47,404 $27,357 $17,414 $53,582 
Day 2 provision for credit losses1
— — 45,572 — 
Adjustment of initial provision for unfunded commitments due to adoption of new model2
4,030 — 4,030 — 
Other acquisition expenses
16,600 2,212 42,626 2,497 
Restructuring expenses
— — — 123 
Net securities (gains) losses
(5,997)353 9,771 6,728 
Realized net (gains) losses on the sale of mortgage servicing rights
— (277)— (7,742)
Related tax (benefit) expense3
(4,971)(572)(27,040)(402)
Non-recurring deferred tax adjustment4
328 1,446 4,919 1,446 
Adjusted net income (Non-GAAP)5
[b]57,394 30,519 97,292 56,232 
Preferred dividends
[c]155 — 155 — 
Adjusted net income available to common stockholders (Non-GAAP)
[d]$57,239 $30,519 $97,137 $56,232 
Weighted average number of common shares outstanding, diluted (GAAP)
[e]90,883,711 57,853,231 80,251,577 57,129,865 
Diluted earnings per common share (GAAP)
[(a-c)÷e]$0.52 $0.47 $0.22 $0.94 
Adjusted diluted earnings per common share (Non-GAAP)6
[d÷e]$0.63 $0.53 $1.21 $0.98 
Average total assets
[f]19,068,086 12,089,692 16,961,396 12,056,950 
Return on average assets (Non-GAAP)6
[a÷f]1.00 %0.91 %0.21 %0.89 %
Adjusted return on average assets (Non-GAAP)5, 6
[b÷f]1.21 %1.02 %1.16 %0.94 %
Average common equity
$2,180,963 $1,331,815 $2,057,372 $1,303,770 
Average goodwill and other intangible assets, net
(494,473)(376,224)(452,978)(364,620)
Average tangible common equity (Non-GAAP)
[g]$1,686,490 $955,591 $1,604,394 $939,150 
Return on average tangible common equity (Non-GAAP)6
[(a-c)÷g]11.24 %11.51 %2.17 %11.47 %
Adjusted return on average tangible common equity (Non-GAAP)6
[d÷g]13.61 %12.85 %12.21 %12.04 %
___________________________________________
1.The Day 2 provision represents the initial provision for credit losses recorded in connection with the CrossFirst acquisition to establish an allowance on non-PCD loans and unfunded commitments and is reflected within the provision for credit losses line on the Statement of Income.
2.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 for the year-to-date periods using tax rates of 26.51% and 25.03% for the six months ended June 30, 2025 and 2024, respectively. Tax benefits for the quarterly periods were calculated as the year-to-date tax amounts less the tax reported for previous quarters during the year.
4.A deferred valuation tax adjustment in 2025 was recorded in connection with the CrossFirst acquisition and the expansion of Busey’s footprint into new states. Additionally, 2025 includes a write-off of deferred tax assets related to non-deductible compensation and acquisition-related expenses. A deferred tax valuation adjustment in 2024 resulted from a change to Busey’s Illinois apportionment rate due to recently enacted regulations. Deferred tax adjustments are reflected within the income taxes line on the Statement of Income.
5.Beginning in 2025, Busey revised its calculation of adjusted net income for all periods presented to include, as applicable, adjustments for net securities gains and losses, realized net gains and losses on the sale of mortgage servicing rights, and one-time deferred tax valuation adjustments. In 2024, these adjusting items were presented as further adjustments to adjusted net income.
6.Annualized measure.
First Busey Corporation (BUSE) | 102
Table of Contents    Contents of Item 2. MD&A
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)
Tax-Equivalent Net Interest Income, Adjusted Net Interest Income, Net Interest Margin, and Adjusted Net Interest Margin
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)2025202420252024
Net interest income (GAAP)
$153,183 $82,532 $256,914 $158,386 
Tax-equivalent adjustment1
791 402 1,328 851 
Tax-equivalent net interest income (Non-GAAP)
[a]153,974 82,934 258,242 159,237 
Purchase accounting accretion related to business combinations
(7,119)(812)(9,847)(1,016)
Adjusted net interest income (Non-GAAP)
[b]$146,855 $82,122 $248,395 $158,221 
Average interest-earning assets (Non-GAAP)
[c]17,700,356 11,000,785 15,543,955 11,003,344 
Net interest margin (Non-GAAP)2
[a÷c]3.49 %3.03 %3.35 %2.91 %
Adjusted net interest margin (Non-GAAP)2
[b÷c]3.33 %3.00 %3.22 %2.89 %
___________________________________________
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.
First Busey Corporation (BUSE) | 103
Table of Contents    Contents of Item 2. MD&A
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)
Adjusted Noninterest Income, Revenue Measures, Adjusted Noninterest Expense, Efficiency Ratios, and Adjusted Noninterest Expense to Average Assets
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)2025202420252024
Net interest income (GAAP)
[a]$153,183 $82,532 $256,914 $158,386 
Tax-equivalent adjustment1
791 402 1,328 851 
Tax-equivalent net interest income (Non-GAAP)
[b]153,974 82,934 258,242 159,237 
Total noninterest income (GAAP)
44,863 33,703 66,086 68,616 
Net security (gains) losses
(5,997)353 9,771 6,728 
Noninterest income excluding net securities gains and losses (Non-GAAP)
[c]38,866 34,056 75,857 75,344 
Realized net (gains) losses on the sale of mortgage service rights
— (277)— (7,742)
Adjusted noninterest income (Non-GAAP)
[d]38,866 33,779 75,857 67,602 
Tax-equivalent revenue (Non-GAAP)
[e = b+c]$192,840 $116,990 $334,099 $234,581 
Adjusted tax-equivalent revenue (Non-GAAP)
[f = b+d]$192,840 $116,713 $334,099 $226,839 
Operating revenue (Non-GAAP)
[g = a+d]$192,049 $116,311 $332,771 $225,988 
Adjusted noninterest income to operating revenue (Non-GAAP)
[d÷g]20.24 %29.04 %22.80 %29.91 %
Total noninterest expense (GAAP)2
$127,833 $75,906 $239,863 $147,353 
Amortization of intangible assets
(4,592)(2,629)(7,675)(5,038)
Noninterest expense excluding amortization of intangible assets (Non-GAAP)2
[h]123,241 73,277 232,188 142,315 
Acquisition and restructuring expenses, excluding initial provision expenses
(16,600)(2,212)(42,626)(2,620)
Adjusted noninterest expense (Non-GAAP)2
[i]$106,641 $71,065 $189,562 $139,695 
Efficiency ratio (Non-GAAP)2
[h÷e]63.91 %62.64 %69.50 %60.67 %
Adjusted efficiency ratio (Non-GAAP)2
[i÷f]55.30 %60.89 %56.74 %61.58 %
Average total assets
[j]19,068,086 12,089,692 16,961,396 12,056,950 
Adjusted noninterest expense to average assets (Non-GAAP)2, 3
[i÷j]2.24 %2.36 %2.25 %2.33 %
___________________________________________
1.Tax-equivalent adjustments were calculated using an estimated federal income tax rate of 21.0%, applied to non-taxable interest income on investments and loans.
2.Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments so that it is now included within the provision for credit losses; therefore, it is no longer included within total noninterest expense. This change affects all measures and ratios derived from total noninterest expense.
3.Annualized measure.
First Busey Corporation (BUSE) | 104
Table of Contents    Contents of Item 2. MD&A
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)
Tangible Assets, Tangible Common Equity, and Related Measures and Ratio
As of
(dollars in thousands, except per share amounts)June 30,
2025		December 31,
2024
Total assets (GAAP)
18,918,740 12,046,722 
Goodwill and other intangible assets, net
(488,181)(365,975)
Tangible assets (Non-GAAP)1
[a]18,430,559 11,680,747 
Total stockholders' equity (GAAP)
2,412,546 1,383,269 
Preferred stock and additional paid in capital on preferred stock
(215,197)— 
Common equity
[b]2,197,349 1,383,269 
Goodwill and other intangible assets, net
(488,181)(365,975)
Tangible common equity (Non-GAAP)1
[c]1,709,168 1,017,294 
Tangible common equity to tangible assets (Non-GAAP)1
[c÷a]9.27 %8.71 %
Ending number of common shares outstanding (GAAP)
[d]89,104,67856,895,981
Book value per common share (Non-GAAP)
[b÷d]$24.66 $24.31 
Tangible book value per common share (Non-GAAP)
[c÷d]$19.18 $17.88 
___________________________________________
1.Beginning in 2025, Busey revised its calculation of tangible assets and tangible common equity for all periods presented to exclude any tax adjustment.
Core Deposits and Related Ratio
As of
(dollars in thousands)June 30,
2025		December 31,
2024
Total deposits (GAAP)
[a]15,801,772 9,982,490 
Brokered deposits, excluding brokered time deposits of $250,000 or more
(353,614)(13,090)
Time deposits of $250,000 or more
(827,762)(334,503)
Deposits acquired in business combinations, prior to integration
— — 
Core deposits (Non-GAAP)
[b]14,620,396 9,634,897 
Core deposits to total deposits (Non-GAAP)
[b÷a]92.52 %96.52 %
First Busey Corporation (BUSE) | 105
Table of Contents    Contents of Item 2. MD&A
FORWARD-LOOKING STATEMENTS
This Quarterly Report may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to Busey’s financial condition, results of operations, plans, objectives, future performance, and business. Forward-looking statements, which may be based upon beliefs, expectations, and assumptions of Busey’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should,” “position,” or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and Busey undertakes no obligation to update any statement in light of new information or future events.

A number of factors, many of which are beyond Busey’s ability to control or predict, could cause actual results to differ materially from those in any forward-looking statements. These factors include, among others, the following: (1) the strength of the local, state, national, and international economies and financial markets (including effects of inflationary pressures, the threat or implementation of tariffs, trade wars, and changes to immigration policy); (2) changes in, and the interpretation and prioritization of, local, state, and federal laws, regulations, and governmental policies (including those concerning Busey's general business); (3) the economic impact of any future terrorist threats or attacks, widespread disease or pandemics, or other adverse external events that could cause economic deterioration or instability in credit markets (including Russia’s invasion of Ukraine and the conflict in the Middle East); (4) unexpected results of acquisitions, including the acquisition of CrossFirst, which may include the failure to realize the anticipated benefits of the acquisitions and the possibility that the transaction and integration costs may be greater than anticipated; (5) the imposition of tariffs or other governmental policies impacting the value of products produced by Busey's commercial borrowers; (6) new or revised accounting policies and practices as may be adopted by state and federal regulatory banking agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission, or the Public Company Accounting Oversight Board; (7) changes in interest rates and prepayment rates of Busey’s assets (including the impact of sustained elevated interest rates); (8) increased competition in the financial services sector (including from non-bank competitors such as credit unions and fintech companies) and the inability to attract new customers; (9) technological changes implemented by us and other parties, including our third-party vendors, which may have unforeseen consequences to us and our customers, including the development and implementation of tools incorporating artificial intelligence; (10) the loss of key executives or associates, talent shortages, and employee turnover; (11) unexpected outcomes and costs of existing or new litigation, investigations, or other legal proceedings, inquiries, and regulatory actions involving Busey (including with respect to Busey’s Illinois franchise taxes); (12) fluctuations in the value of securities held in Busey’s securities portfolio, including as a result of changes in interest rates; (13) credit risk and risk from concentrations (by type of borrower, geographic area, collateral, and industry), within Busey's loan portfolio and large loans to certain borrowers (including commercial real estate loans); (14) the concentration of large deposits from certain clients who have balances above current Federal Deposit Insurance Corporation insurance limits and may withdraw deposits to diversify their exposure; (15) the level of non-performing assets on Busey’s balance sheets; (16) interruptions involving information technology and communications systems or third-party servicers; (17) breaches or failures of information security controls or cybersecurity-related incidents; (18) the economic impact on Busey and its customers of climate change, natural disasters, and exceptional weather occurrences such as tornadoes, hurricanes, floods, blizzards, and droughts; (19) the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact Busey's cost of funds; (20) the ability to maintain an adequate level of allowance for credit losses on loans; (21) the effectiveness of Busey’s risk management framework; and (22) the ability of Busey to manage the risks associated with the foregoing. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.
Additional information concerning Busey and its business, including additional factors that could materially affect Busey’s financial results, is included in Busey’s filings with the Securities and Exchange Commission including Busey’s 2024 Annual Report.
CRITICAL ACCOUNTING ESTIMATES
Busey has established various accounting policies that govern the application of GAAP in the preparation of its unaudited consolidated financial statements. Significant accounting policies are described in “Note 1. Significant Accounting Policies” of Busey’s 2024 Annual Report.
First Busey Corporation (BUSE) | 106
Table of Contents    Contents of Item 2. MD&A
Critical accounting estimates are those that are critical to the portrayal and understanding of Busey’s financial condition and results of operations and require management to make assumptions that are subjective or complex. These estimates involve judgments, assumptions, and uncertainties that are susceptible to change. In the event that different assumptions or conditions were to prevail, and depending on the severity of such changes, the possibility of a materially different financial condition or materially different results of operations is a reasonable likelihood. Further, changes in accounting standards could impact Busey’s critical accounting estimates. Management has reviewed these critical accounting estimates and related disclosures with Busey’s Audit Committee. The following estimates could be deemed critical:
Fair Value of Assets Acquired and Liabilities Assumed in Business Combinations
Business combinations are accounted for using the acquisition method of accounting. Under the acquisition method of accounting, assets acquired and liabilities assumed are recorded at their estimated fair value on the date of acquisition. Fair values are determined based on the definition of “fair value” defined in ASC Topic 820 “Fair Value Measurement” as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” The determination of fair values is based on valuations using management’s assumptions of future growth rates, future attrition, discount rates, multiples of earnings or other relevant factors. In addition, Busey engages third party specialists to assist in the development of fair values.
The fair value of a loan portfolio acquired in a business combination generally requires greater levels of management estimates and judgment than other assets acquired or liabilities assumed. Acquired loans are within the scope of ASC Topic 326 “Financial Instruments-Credit Losses.” However, the offset to record the allowance on acquired loans at the date of acquisition depends on whether or not the loan is classified as PCD. The allowance for PCD loans is recorded through a gross-up effect, while the allowance for acquired non-PCD loans is recorded through provision expense, consistent with originated loans. Thus, the determination of which loans are PCD and non-PCD can have a significant effect on the accounting for these loans.
Goodwill
Goodwill represents the excess of purchase price over the fair value of net assets acquired using the acquisition method of accounting. Goodwill is not amortized; instead, Busey assesses the potential for impairment on an annual basis or more frequently if events and circumstances indicate that goodwill might be impaired. Management applies significant judgement when testing goodwill for impairment, such as the valuation approach chosen, market multiples for competitors used in the calculation, and forecasts of business outlook.
Income Taxes
Busey is subject to the income tax laws of U.S., as well as the tax laws of the individual states and municipalities in which the Company conducts its operations. These laws are often complex and subject to nuanced interpretations.
Income taxes are estimated for the tax effects of the transactions reported on Busey’s unaudited consolidated financial statements and consist of an expense for taxes currently due plus assets and/or liabilities for deferred taxes. Deferred taxes represent the future tax consequences of differences between the tax basis and accounting basis of certain assets and liabilities, which will either be taxable or deductible when the assets and liabilities are recovered or settled. Deferred tax assets and liabilities are estimates that are reflected at income tax rates applicable to the period in which the deferred tax assets or liabilities are expected to be realized or settled. Deferred taxes are reported in other assets or other liabilities on the Consolidated Balance Sheets (Unaudited). Estimated income tax expense is reported on the Consolidated Statements of Income (Unaudited).
First Busey Corporation (BUSE) | 107
Table of Contents    Contents of Item 2. MD&A
In establishing its provision for income taxes and its estimates of deferred tax assets and liabilities, Busey must make judgments and interpretations about the application of inherently complex tax laws. Busey must also make estimates about when in the future certain items will affect taxable income. Disputes over interpretations of the tax laws may be subject to review and adjudication by the court systems of the various tax jurisdictions or may be settled with the taxing authority upon examination or audit. Although Busey’s management believes that its judgments are sound and its tax estimates are reasonable, interpretations of tax law applied by the taxing jurisdictions could differ. As such, Busey may be exposed to losses or gains, which could be material. An unfavorable tax settlement would result in an increase in Busey’s effective income tax rate in the period of resolution. A favorable tax settlement would result in a reduction in Busey’s effective income tax rate in the period of resolution.
Allowance for Credit Losses
Busey calculates the ACL at each reporting date. Busey recognizes an allowance for the lifetime expected credit losses for the amount it does not expect to collect. Measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported book value. The calculation also contemplates that Busey may not be able to make or obtain such forecasts for the entire life of the financial assets and requires a reversion to historical credit loss information.
In determining the ACL, management relies predominantly on a disciplined credit review and approval process that extends to the full range of Busey’s credit exposure. The ACL must be determined on a collective (pool) basis when similar risk characteristics exist. On a case-by-case basis, Busey may conclude that a loan should be evaluated on an individual basis based on disparate risk characteristics.
Loans deemed uncollectible are charged against and reduce the ACL. A provision for credit losses is charged to current expense and acts to replenish the ACL in order to maintain the ACL at a level that management deems adequate.
Determining the ACL involves significant judgments and assumptions. Macroeconomic forecasts provided by a third party and the economic indices sourced are significant judgments used in determining the allowance. Changes in these economic forecasts could significantly affect the ACL and lead to materially different amounts from one period to the next. Additionally, prepayment assumptions impact model output. Further, Busey completes a quarterly evaluation of several qualitative factors to determine if there should be adjustments made to the ACL. These factors include economic conditions, collateral, concentrations, delinquency trends, portfolio composition, underwriting, and certain other risks. Significant downturns relating to loan quality and economic conditions could result in a requirement for an additional allowance. Likewise, an upturn in loan quality and improved economic conditions may allow for a reduction in the required allowance. Because of the nature of the judgments and assumptions made by management, actual results may differ from these judgments and assumptions.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Market risk is the risk of changes in asset values due to movements in underlying market rates and prices. Interest rate risk is a type of market risk to earnings and capital arising from movements in interest rates. Interest rate risk is the most significant market risk affecting Busey as other types of market risk, such as foreign currency exchange rate risk and commodity price risk, have a minimal impact or do not arise in the normal course of Busey’s business activities.
Busey has an asset-liability committee, whose policy is to meet at least quarterly, to review current market conditions and to structure the Consolidated Balance Sheets (Unaudited) to optimize stability in net interest income in consideration of projected future changes in interest rates.
First Busey Corporation (BUSE) | 108
Table of Contents
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, +/-200, +/-300, and +/-400 bps. The model assumes immediate and sustained shifts in the federal funds rate and other market rate indices and corresponding shifts in other non-market rate indices based on their historical changes relative to changes in the federal funds rate and other market indices. Assets and liabilities are assumed to remain constant as of the measurement date; variable-rate assets and liabilities are repriced based on repricing frequency; and prepayment speeds on loans are projected for both declining and rising rate environments.
Busey’s interest rate risk resulting from immediate and sustained changes in interest rates, expressed as a change in net interest income as a percentage of the net interest income calculated in the constant base model, was as follows:
Year-One: Basis Point ChangesYear-Two: Basis Point Changes
June 30,
2025		December 31,
2024		June 30,
2025		December 31,
2024
+40011.28 %8.50 %12.30 %10.85 %
+3008.41 %6.26 %9.14 %8.01 %
+2005.57 %4.05 %6.06 %5.24 %
+1002.79 %1.96 %3.05 %2.59 %
-100(2.07)%(1.81)%(3.27)%(3.35)%
-200(3.51)%(3.39)%(6.37)%(6.65)%
-300(4.30)%(4.03)%(9.20)%(9.47)%
-400(5.00)%(4.41)%(11.26)%(12.43)%
Interest rate risk is monitored and managed within approved policy limits and any temporary exceptions to policy in periods of rapid rate movement are approved and documented. The calculation of potential effects of hypothetical interest rate changes is based on numerous assumptions and should not be relied upon as indicative of actual results. Actual results would likely differ from simulated results due to the timing, magnitude, and frequency of interest rate changes as well as changes in market conditions and management strategies.
ITEM 4. CONTROLS AND PROCEDURES
EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES
An evaluation of Busey’s disclosure controls and procedures, as defined in Rule 13a-15(e) under the Exchange Act, was carried out as of June 30, 2025, under the supervision and with the participation of its Chief Executive Officer, Interim Chief Financial Officer, and several other members of senior management. Based on this evaluation, Busey’s Chief Executive Officer and Interim Chief Financial Officer concluded that, as of June 30, 2025, Busey’s disclosure controls and procedures were effective in ensuring that the information Busey is required to disclose in the reports Busey files or submits under the Exchange Act was (1) accumulated and communicated to Busey’s management (including the Chief Executive Officer and Chief Financial Officer) to allow timely decisions regarding required disclosure, and (2) recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms.
CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING
During the three months ended June 30, 2025, no change occurred in Busey’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, Busey’s internal control over financial reporting.
PART II—OTHER INFORMATION
First Busey Corporation (BUSE) | 109
Table of Contents
ITEM 1. LEGAL PROCEEDINGS
As part of the ordinary course of business, First Busey Corporation and its subsidiaries are parties to litigation that is incidental to their regular business activities.
There is no material pending litigation, other than ordinary routine litigation incidental to its business, in which First Busey Corporation or any of its subsidiaries is involved or of which any of their property is the subject. Furthermore, there is no pending legal proceeding that is adverse to Busey in which any director, officer, or affiliate of Busey, or any associate of any such director or officer, is a party, or has a material interest.
ITEM 1A. RISK FACTORS
There have been no material changes to the factors discussed in Part II—Item 1A of Busey’s 2024 Annual Report.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS, AND ISSUER PURCHASES OF EQUITY SECURITIES
UNREGISTERED SALES OF EQUITY SECURITIES
None.
ISSUER PURCHASES OF EQUITY SECURITIES
On February 3, 2015, Busey's board of directors approved the Stock Repurchase Plan authorizing, but not obligating, Busey to repurchase shares of its common stock. The Stock Repurchase Plan may be terminated, or the number of shares authorized for repurchase may be increased or decreased by Busey's board of directors at its discretion at any time.
The following table summarizes share repurchase activity during the second quarter of 2025.
PeriodTotal Number of Common Shares PurchasedWeighted Average Price Paid per Common ShareNumber of Common Shares Purchased as Part of Publicly Announced Plans or Programs
Maximum Number of Common Shares That May Yet Be Purchased Under the Plans or Programs1
April 1-30, 2025420,000$20.22 420,0001,279,275
May 1-31, 2025302,00021.86 302,0002,977,275
June 1-30, 2025290,00022.62 290,0002,687,275
Three months ended June 30, 20251,012,000$21.40 1,012,000
 
Six Months ended June 30, 20251,232,000$21.50 1,232,000
___________________________________________
1.On May 29, 2025, the board authorized an additional 2,000,000 shares to be repurchased under the plan.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURES
Not Applicable.
First Busey Corporation (BUSE) | 110
Table of Contents
ITEM 5. OTHER INFORMATION
During the fiscal quarter ended June 30, 2025, none of Busey’s directors or executive officers adopted or terminated any contract, instruction, or written plan for the purchase or sale of 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) | 111
Table of Contents
ITEM 6. EXHIBITS
Incorporated herein by reference
Exhibit
Number		Description of ExhibitFiling Entity1
(File No.)		FormExhibitFiling DateFiled
Herewith
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)

First Busey Corporation (BUSE) | 112
Table of Contents
SIGNATURES
Pursuant to the requirements of the Exchange Act, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, as of August 5, 2025.
FIRST BUSEY CORPORATION
(Registrant)
By:/s/ VAN A. DUKEMAN
Van A. Dukeman
Chairman and Chief Executive Officer
(Principal Executive Officer)
By:/s/ SCOTT A. PHILLIPS
Scott A. Phillips
Interim Chief Financial Officer, Executive Vice President and Chief Accounting Officer
(Principal Financial Officer, Principal Accounting Officer)
First Busey Corporation (BUSE) | 113

What is the market capitalization of a company?

The market capitalization sometimes referred as Marketcap, is the value of a publicly listed company.
In most cases it can be easily calculated by multiplying the share price with the amount of outstanding shares.

DISCLAIMER

CompaniesMarketCap is not associated in any way with CoinMarketCap.com
Stock prices are delayed, the delay can range from a few minutes to several hours.
Company logos are from the CompaniesLogo.com logo database and belong to their respective copyright holders. Companies Marketcap displays them for editorial purposes only.

Contact

For inquiries or if you want to report a problem write to hello@8marketcap.com

Links

- Privacy policy

- Terms and conditions

© 2025 CompaniesMarketcap.com