Equibles

8-K

FIRST BUSEY CORP /NV/ (BUSE)

8-K 2025-07-22 For: 2025-07-22
View Original
Added on April 08, 2026

UNITED STATESSECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of earliest event reported): July 22, 2025

__________________________________________

Busey_Blue.jpg

First Busey Corporation

(Exact name of Registrant as specified in its charter)

__________________________________________

Nevada 0-15950 37-1078406
(State of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.)
11440 Tomahawk Creek Parkway<br><br>Leawood, Kansas 66211
(Address of Principal Executive Offices)
(217) 365-4544
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report.)

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

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, $0.001 par value BUSE Nasdaq Stock Market LLC
Depositary Shares, each representing a 1/40th interest in a share of 8.25% Fixed-Rate Series B Non-Cumulative Perpetual Preferred Stock, $0.001 par value BUSEP Nasdaq Stock Market LLC

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

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02    Results of Operations and Financial Condition.

On July 22, 2025, First Busey Corporation (“Busey”) issued a press release (“Earnings Release”) disclosing financial results for the quarter ended June 30, 2025. A copy of the Earnings Release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

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

Item 7.01    Regulation FD Disclosure.

On July 22, 2025, Busey published its Earnings Investor Presentation discussing financial results for the quarter ended June 30, 2025. A copy is attached hereto as Exhibit 99.2 and is incorporated herein by reference.

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

Item 8.01    Other Events.

Franchise Tax Matter

As previously disclosed, in 2021, Busey received an inquiry from the Illinois Secretary of State (the “ISOS”), pursuant to which the ISOS 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 since the initial outreach from the ISOS in 2021 and in October 2024 delivered additional BCA forms requested by the ISOS, with a full reservation of rights by Busey. On March 20, 2025, the ISOS requested that Busey resubmit the requested forms using a proposed methodology for paid-in capital that First Busey views as inconsistent with the ISOS’s past practice, and existing statutory and case law. Accordingly, on May 14, 2025, within the ISOS’s requested timeframe, Busey informed the ISOS 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 ISOS 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 ISOS. In the notice, the ISOS requested a determination of an amount due that the ISOS preliminarily estimated to be in excess of $28 million, including in excess of $17.4 million in interest and in excess of $250.7 thousand in penalties. Busey disagrees with the ISOS’s preliminary estimate and believes that the ISOS’s request is contrary not only to the ISOS’s past practice, but also existing statutory and case law. Busey intends to vigorously defend itself against the ISOS’s notice, including through appropriate judicial relief, if necessary. 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 ISOS 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.

Item 9.01.    Financial Statements and Exhibits.

Exhibit Number Description of Exhibit
99.1 Earnings Release issued by First Busey Corporation, dated July 22, 2025
99.2 Earnings Investor Presentation issued by First Busey Corporation, dated July 22, 2025
104 Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101)

Signature

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

FIRST BUSEY CORPORATION
Date: July 22, 2025 By: /s/ SCOTT A. PHILLIPS
Scott A. Phillips
Interim Chief Financial Officer, Executive Vice President and Chief Accounting Officer

4

Document

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

A N N O U N C E S

2 0 2 5 S E C O N D Q U A R T E R

E A R N I N G S

Q 2  |  2 0 2 5

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www.busey.com
INVESTOR CONTACT: Scott A. Phillips, Interim Chief Financial Officer 239-689-7167

LEAWOOD, KS, July 22, 2025 (GLOBE NEWSWIRE) – First Busey Corporation (Nasdaq: BUSE) Announces 2025 Second Quarter Earnings.

Net Income Diluted EPS Net Interest Margin1 ROAA1 ROATCE1
$47.4 million<br><br>$57.4 million (adj)2 $0.52<br><br>$0.63 (adj)2 3.49%<br><br>3.33% (adj)2 1.00%<br><br>1.21% (adj)2 11.24%<br><br>13.61% (adj)2
MESSAGE FROM OUR CHAIRMAN & CEO CONTENTS
--- --- --- --- ---
This quarter's bank merger and data conversion represents a significant milestone for our organization, as we officially welcome CrossFirst Bank customers to Busey Bank. We are proud to offer a premier, full-service banking experience for both consumer and commercial clients, with 78 locations spanning 10 states. Our comprehensive services also include a robust wealth management platform and cutting-edge payment technology solutions through FirsTech, Inc. This transformational partnership allows us to enhance Busey’s rich 157-year legacy of service excellence, further advancing our organization for the benefit of all our Pillars—associates, customers, communities, and shareholders.<br><br>Van A. Dukeman<br><br>Chairman and Chief Executive Officer Financial Results 2
Balance Sheet Strength 7
Corporate Profile 11
Non-GAAP Financial Information 13
Forward-Looking Statements 19
End Notes 20

FINANCIAL RESULTS

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited)
Three Months Ended Six Months Ended
(dollars in thousands, except per share amounts) June 30,<br>2025 March 31,<br>2025 June 30,<br>2024 June 30,<br>2025 June 30,<br>2024
Total interest income $ 247,446 $ 166,815 $ 131,939 $ 414,261 $ 257,759
Total interest expense 94,263 63,084 49,407 157,347 99,373
Net interest income 153,183 103,731 82,532 256,914 158,386
Provision for credit losses1 5,700 45,593 1,908 51,293 6,268
Net interest income after provision for credit losses1 147,483 58,138 80,624 205,621 152,118
Total noninterest income 44,863 21,223 33,703 66,086 68,616
Total noninterest expense1 127,833 112,030 75,906 239,863 147,353
Income (loss) before income taxes 64,513 (32,669) 38,421 31,844 73,381
Income taxes 17,109 (2,679) 11,064 14,430 19,799
Net income (loss) 47,404 (29,990) 27,357 17,414 53,582
Dividends on preferred stock 155 — — 155 —
Net income (loss) available to common stockholders $ 47,249 $ (29,990) $ 27,357 $ 17,259 $ 53,582
Basic earnings (loss) per common share $ 0.53 $ (0.44) $ 0.48 $ 0.22 $ 0.95
Diluted earnings (loss) per common share $ 0.52 $ (0.44) $ 0.47 $ 0.22 $ 0.94
Effective income tax rate 26.52 % 8.20 % 28.80 % 45.31 % 26.98 %

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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.

First Busey Corporation (BUSE) | 2025 Q2 — 2

Following the acquisition of CrossFirst Bankshares, Inc. (“CrossFirst”) and its subsidiary CrossFirst Bank, by First Busey Corporation, the holding company for Busey Bank, in the first quarter of 2025, CrossFirst Bank was merged with and into Busey Bank (the “Bank Merger”) on June 20, 2025. At the time of the Bank Merger, CrossFirst Bank banking centers became banking centers of Busey Bank. Throughout this document, we refer to First Busey Corporation, together with its consolidated subsidiaries, as “Busey,” the “Company,” “we,” “us,” or “our.”

Busey’s net income for the second quarter of 2025 was $47.4 million, or $0.52 per diluted common share, compared to a net loss of $30.0 million, or $0.44 per diluted common share, for the first quarter of 2025, and net income of $27.4 million, or $0.47 per diluted common share, for the second quarter of 2024. Annualized return on average assets and annualized return on average tangible common equity2 were 1.00% and 11.24%, respectively, for the second quarter of 2025. The second quarter of 2025 represented the first full quarter in which the CrossFirst acquisition contributed to Busey’s financial results.

Busey views certain non-operating items, including acquisition-related expenses, restructuring charges, and nonrecurring strategic events, as adjustments to net income reported under U.S. generally accepted accounting principles ("GAAP"). We also adjust for net securities gains and losses to align with industry and research analyst reporting. The objective of our presentation of adjusted earnings and adjusted earnings metrics is to allow investors and analysts to more clearly identify quarterly trends in core earnings performance. Non-operating pre-tax adjustments for acquisition and restructuring expenses2 in the second quarter of 2025 were $16.6 million, with an additional $4.0 million adjustment to the initial provision for unfunded commitments resulting from the adoption of a new Current Expected Credit Losses (“CECL”) model. Further, net securities gains were $6.0 million, almost entirely 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. For more information and a reconciliation of these non-GAAP measures (which are identified with the End Note labeled as 2) in tabular form, see "Non-GAAP Financial Information" beginning on page 13.

Adjusted net income,2 which excludes the impact of non-GAAP adjustments, was $57.4 million, or $0.63 per diluted common share, for the second quarter of 2025, compared to $39.9 million, or $0.57 per diluted common share, for the first quarter of 2025 and $30.5 million, or $0.53 per diluted common share, for the second quarter of 2024. Annualized adjusted return on average assets2 and annualized adjusted return on average tangible common equity2 were 1.21% and 13.61%, respectively, for the second quarter of 2025.

Pre-Provision Net Revenue2

Pre-provision net revenue2 was $64.2 million for the second quarter of 2025, compared to $28.7 million for the first quarter of 2025 and $40.7 million for the second quarter of 2024. Pre-provision net revenue to average assets2 was 1.35% for the second quarter of 2025, compared to 0.78% for the first quarter of 2025, and 1.35% for the second quarter of 2024.

Adjusted pre-provision net revenue2 was $80.8 million for the second quarter of 2025, compared to $54.7 million for the first quarter of 2025 and $42.6 million for the second quarter of 2024. Adjusted pre-provision net revenue to average assets2 was 1.70% for the second quarter of 2025, compared to 1.50% for the first quarter of 2025 and 1.42% for the second quarter of 2024.

Net Interest Income and Net Interest Margin2

Net interest income was $153.2 million in the second quarter of 2025, compared to $103.7 million in the first quarter of 2025 and $82.5 million in the second quarter of 2024.

Net interest margin2 was 3.49% for the second quarter of 2025, compared to 3.16% for the first quarter of 2025 and 3.03% for the second quarter of 2024. Excluding purchase accounting accretion, adjusted net interest margin2 was 3.33% for the second quarter of 2025, compared to 3.08% in the first quarter of 2025 and 3.00% in the second quarter of 2024.

Components of the 33 basis point increase in net interest margin2 during the second quarter of 2025, which includes a full quarter of assets assumed in the CrossFirst acquisition, were as follows:

First Busey Corporation (BUSE) | 2025 Q2 — 3

•Increased loan portfolio and held for sale loan yields contributed +54 basis points

•Increased purchase accounting accretion contributed +8 basis points

•Securities repositioning executed in March contributed +4 basis points

•Decreased borrowing expense contributed +4 basis points, of which +2 basis points were related to the redemption of subordinated debt in June

•Increased non-maturity deposit funding costs contributed -25 basis points

•Decreased cash and securities portfolio yield contributed -12 basis points

Based on our most recent Asset Liability Management Committee (“ALCO”) model, a +100 basis point parallel rate shock is expected to increase net interest income by 2.8% over the subsequent twelve-month period. Busey continues to evaluate and execute off-balance sheet hedging and balance sheet repositioning strategies as well as embedding rate protection in our 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 we had excess earning cash during the second quarter of 2025. Brokered deposit balances were reduced by $368.6 million during the second quarter of 2025 and at June 30, 2025, the Bank had $353.6 million, or 2.2% of total deposits, of remaining brokered funding. Total deposit cost of funds increased, as expected, from 1.91% during the first quarter of 2025 to 2.21% during the second quarter of 2025. Deposit cost of funds increased due to a full quarter of the higher mix of acquired CrossFirst indexed/managed rate customer products and brokered deposits. Busey will continue to deploy excess cash to pay down non-core and non-relationship high cost funding, which we anticipate will compress the asset base in the short term while helping to reduce the Bank’s overall funding cost. We expect the deposit beta will lessen during the year and is expected to normalize in a range between 45% and 50% of the upper limit of the federal funds target range.

Noninterest Income

Three Months Ended Six Months Ended
(dollars in thousands) June 30,<br>2025 March 31,<br>2025 June 30,<br>2024 June 30,<br>2025 June 30,<br>2024
NONINTEREST INCOME
Wealth management fees $ 16,777 $ 17,364 $ 15,917 $ 34,141 $ 31,466
Payment technology solutions 4,956 5,073 5,915 10,029 11,624
Treasury management services 4,981 3,017 2,145 7,998 4,046
Card services and ATM fees 4,880 3,709 3,430 8,589 6,390
Other service charges on deposit accounts 1,513 1,533 2,321 3,046 4,669
Mortgage revenue 776 329 478 1,105 1,224
Income on bank owned life insurance 1,745 1,446 1,442 3,191 2,861
Realized net gains (losses) on the sale of mortgage servicing rights — — 277 — 7,742
Net securities gains (losses) 5,997 (15,768) (353) (9,771) (6,728)
Other noninterest income 3,238 4,520 2,131 7,758 5,322
Total noninterest income $ 44,863 $ 21,223 $ 33,703 $ 66,086 $ 68,616

Total noninterest income increased by 111.4% compared to the first quarter of 2025 and increased by 33.1% compared to the second quarter of 2024, primarily due to net securities gains and losses, as well as the benefit of a full quarter of income from the CrossFirst acquisition.

Excluding the impact of net securities gains and losses and the gains on the sale of mortgage servicing rights, adjusted noninterest income2 increased by 5.1% to $38.9 million, or 20.2% of operating revenue2, during the second quarter of 2025, compared to $37.0 million, or 26.3% of operating revenue2, for the first quarter of 2025. Compared to the second quarter of 2024, adjusted noninterest income2 increased by 15.1% from $33.8 million, or 29.0% of operating revenue.2

Our fee-based businesses continue to add revenue diversification. Wealth management fees, wealth management referral fees included in other noninterest income, and payment technology solutions contributed 56.4% of adjusted noninterest income2 for the second quarter of 2025.

First Busey Corporation (BUSE) | 2025 Q2 — 4

Noteworthy components of noninterest income are as follows:

•Wealth management fees declined by 3.4% compared to the first quarter of 2025. The decrease in the second quarter of 2025 was primarily related to seasonal fees, with a decrease in farm management fees, partially offset by higher tax preparation fees. Compared to the second quarter of 2024 wealth management fees increased by 5.4%. Busey’s Wealth Management division ended the second quarter of 2025 with $14.10 billion in assets under care, compared to $13.68 billion at the end of the first quarter of 2025 and $13.02 billion at the end of the second quarter of 2024. Our portfolio management team continues to focus on long-term returns and managing risk in the face of volatile markets and has outperformed its blended benchmark3 over the last three and five years.

•Payment technology solutions includes income from electronic payments, merchant processing, and lockbox. Revenue in this category declined by 2.3% compared the first quarter of 2025 and declined by 16.2% compared to the second quarter of 2024, primarily due to decreases in income from electronic payments.

•Treasury management services consist primarily of business analysis charges and wire transfer fees on commercial accounts. Income from treasury management services increased by 65.1% compared to the first quarter of 2025 and increased by 132.2% compared to the second quarter of 2024 due to the addition of CrossFirst commercial services.

•Card services and ATM fees, which include both commercial and consumer accounts, increased by 31.6% compared to the first quarter of 2025 and increased by 42.3% compared to the second quarter of 2024 primarily due to addition of CrossFirst corporate card services.

•Other service charges on deposit accounts declined by 1.3% compared to the first quarter of 2025 and declined by 34.8% compared to the second quarter of 2024. Declines are largely related to lower non-sufficient fund charges.

•Other noninterest income decreased by 28.4% compared to the first quarter of 2025, primarily due to declines in gains on commercial loan sales, loss on sales of other real estate owned and a related reduction in income from the sold property, and decreases in venture capital investments. Compared to the second quarter of 2024, other noninterest income increased by 51.9%, primarily due to increases in venture capital investments, commercial loan servicing income, and other loan fee income.

Operating Efficiency

Three Months Ended Six Months Ended
(dollars in thousands) June 30,<br>2025 March 31,<br>2025 June 30,<br>2024 June 30,<br>2025 June 30,<br>2024
NONINTEREST EXPENSE
Salaries, wages, and employee benefits $ 78,360 $ 67,563 $ 43,478 $ 145,923 $ 85,568
Data processing 14,021 9,575 7,100 23,596 13,650
Net occupancy expense of premises 7,832 5,799 4,590 13,631 9,310
Furniture and equipment expenses 2,409 1,744 1,695 4,153 3,508
Professional fees 2,874 9,511 2,495 12,385 4,748
Amortization of intangible assets 4,592 3,083 2,629 7,675 5,038
Interchange expense 1,297 1,343 1,733 2,640 3,344
FDIC insurance 2,424 2,167 1,460 4,591 2,860
Other noninterest expense1 14,024 11,245 10,726 25,269 19,327
Total noninterest expense1 $ 127,833 $ 112,030 $ 75,906 $ 239,863 $ 147,353

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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 other noninterest expense or total noninterest expense.

First Busey Corporation (BUSE) | 2025 Q2 — 5

Total noninterest expense increased by 14.1% compared to the first quarter of 2025 and increased by 68.4% compared to the second quarter of 2024. Growth in noninterest expense was primarily attributable to nonrecurring acquisition expenses related to the CrossFirst acquisition, added costs for operating expenses for two banks during the majority of the second quarter, until the banks were merged on June 20, 2025, and increased expense associated with the larger organization and branch network. Annual pre-tax expense synergy estimates resulting from the CrossFirst acquisition remain on track at $25.0 million, and we expect 50% of the identified synergies to be realized in 2025 and 100% in 2026.

Adjusted noninterest expense,2 which excludes acquisition and restructuring expenses and amortization of intangible assets, was $106.6 million in the second quarter of 2025, a 28.6% increase compared to $82.9 million in the first quarter of 2025 and a 50.1% increase compared to $71.1 million in the second quarter of 2024.

Noteworthy components of noninterest expense are as follows:

•Salaries, wages, and employee benefits expenses increased by $10.8 million compared to the first quarter of 2025, with acquisition and restructuring expenses declining by $4.3 million. In connection with the CrossFirst acquisition in March and the addition of 16 banking centers, Busey’s workforce expanded, which resulted in only one month of associated expenses during the first quarter of 2025 in contrast to a full quarter of associated expenses reflected in the Company’s results for the second quarter of 2025. Compared to the second quarter of 2024, salaries, wages, and employee benefits expenses increased by $34.9 million, of which $10.4 million was attributable to increases in acquisition and restructuring expenses. Including associates added in connection with the CrossFirst acquisition, Busey has added 430 FTEs over the past year.

•Data processing expense increased by $4.4 million compared to the first quarter of 2025 and by $6.9 million compared to the second quarter of 2024, of which $1.7 million and $3.6 million, respectively, was attributable to increases in acquisition and restructuring expenses. Busey has continued to make investments in technology enhancements and has also experienced inflation-driven price increases.

•Professional fees declined by $6.6 million compared to the first quarter of 2025, which was primarily driven by a $7.0 million decrease in acquisition and restructuring expenses. Compared to the second quarter of 2024, professional fees increased by $0.4 million, primarily due to increased audit and accounting fees and legal fees, partially offset by $0.1 million declines in acquisition and restructuring expenses.

•Amortization of intangible assets increased by $1.5 million compared to the first quarter of 2025, and by $2.0 million compared to the second quarter of 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 second quarter of 2025 and the first six months of 2025, respectively. Busey uses an accelerated amortization methodology.

•Other noninterest expense increased by $2.8 million compared to the first quarter of 2025, and increased by $3.3 million compared to the second quarter of 2024. Items contributing to the increases included marketing, business development, supplies, and onboarding costs as well as increases in acquisition and restructuring expenses of $0.2 million compared to the first quarter of 2025 and $0.5 million compared to the second quarter of 2024.

Busey’s efficiency ratio2 was 63.9% for the second quarter of 2025, compared to 77.1% for the first quarter of 2025 and 62.6% for the second quarter of 2024. Our adjusted efficiency2 ratio was 55.3% for the second quarter of 2025, compared to 58.7% for the first quarter of 2025, and 60.9% for the second quarter of 2024.

Busey’s annualized ratio of adjusted noninterest expense to average assets was 2.24% for the second quarter of 2025, compared to 2.27% for the first quarter of 2025 and 2.36% for the second quarter of 2024. As our business grows, Busey remains focused on prudently managing our expense base and operating efficiency.

First Busey Corporation (BUSE) | 2025 Q2 — 6

BALANCE SHEET STRENGTH

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
As of
(dollars in thousands, except per share amounts) June 30,<br>2025 March 31,<br>2025 June 30,<br>2024
ASSETS
Cash and cash equivalents $ 752,352 $ 1,200,292 $ 285,269
Debt securities available for sale 2,217,788 2,273,874 1,829,896
Debt securities held to maturity 802,965 815,402 851,261
Equity securities 16,171 10,828 9,618
Loans held for sale 10,497 7,270 11,286
Portfolio loans 13,808,619 13,868,357 7,998,912
Allowance for credit losses (183,334) (195,210) (85,226)
Restricted bank stock 77,112 53,518 6,884
Premises and equipment, net 181,394 182,003 121,647
Right of use assets 38,065 40,594 11,137
Goodwill and other intangible assets, net 488,181 496,118 370,580
Other assets 708,930 711,206 560,152
Total assets $ 18,918,740 $ 19,464,252 $ 11,971,416
LIABILITIES & STOCKHOLDERS' EQUITY
Liabilities
Deposits:
Noninterest-bearing deposits $ 3,590,363 $ 3,693,070 $ 2,832,776
Interest-bearing checking, savings, and money market deposits 9,578,953 9,675,324 5,619,470
Time deposits 2,632,456 3,091,076 1,523,889
Total deposits 15,801,772 16,459,470 9,976,135
Securities sold under agreements to repurchase 158,030 137,340 140,283
Short-term borrowings — 11,209 —
Long-term debt 189,726 313,535 227,245
Junior subordinated debt owed to unconsolidated trusts 77,187 77,117 74,693
Lease liabilities 39,235 41,111 11,469
Other liabilities 240,244 244,864 207,781
Total liabilities 16,506,194 17,284,646 10,637,606
Stockholders' equity
Retained earnings 273,799 249,484 261,820
Accumulated other comprehensive income (loss) (155,311) (172,810) (220,326)
Other stockholders' equity1 2,294,058 2,102,932 1,292,316
Total stockholders' equity 2,412,546 2,179,606 1,333,810
Total liabilities & stockholders' equity $ 18,918,740 $ 19,464,252 $ 11,971,416

___________________________________________

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

First Busey Corporation (BUSE) | 2025 Q2 — 7

AVERAGE BALANCES (unaudited)
Three Months Ended Six Months Ended
(dollars in thousands) June 30,<br>2025 March 31,<br>2025 June 30,<br>2024 June 30,<br>2025 June 30,<br>2024
ASSETS
Cash and cash equivalents $ 868,164 $ 861,021 $ 346,381 $ 864,613 $ 470,287
Investment securities 3,083,284 2,782,435 2,737,313 2,933,690 2,822,228
Loans held for sale 6,899 3,443 9,353 5,181 7,093
Portfolio loans 13,840,190 9,838,337 8,010,636 11,850,318 7,804,976
Interest-earning assets 17,700,356 13,363,594 11,000,785 15,543,955 11,003,344
Total assets 19,068,086 14,831,298 12,089,692 16,961,396 12,056,950
LIABILITIES & STOCKHOLDERS’ EQUITY
Noninterest-bearing deposits 3,542,617 3,036,127 2,816,293 3,290,770 2,762,439
Interest-bearing deposits 12,450,529 9,142,781 7,251,582 10,805,793 7,290,844
Total deposits 15,993,146 12,178,908 10,067,875 14,096,563 10,053,283
Federal funds purchased and securities sold under agreements to repurchase 141,978 144,838 144,370 143,400 161,514
Interest-bearing liabilities 12,985,015 9,627,841 7,725,832 11,315,702 7,778,744
Total liabilities 16,783,504 12,896,222 10,757,877 14,850,601 10,753,180
Stockholders' equity - preferred 103,619 2,669 — 53,423 —
Stockholders' equity - common 2,180,963 1,932,407 1,331,815 2,057,372 1,303,770
Tangible common equity1 1,686,490 1,521,387 955,591 1,604,394 939,150

___________________________________________

1.See “Non-GAAP Financial Information” for reconciliation.

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

Total assets were $18.92 billion as of June 30, 2025, compared to $19.46 billion as of March 31, 2025, and $11.97 billion as of June 30, 2024. Average interest-earning assets were $17.70 billion for the second quarter of 2025, compared to $13.36 billion for the first quarter of 2025, and $11.00 billion for the second quarter of 2024.

Portfolio Loans

We remain steadfast in our conservative approach to underwriting and our disciplined approach to pricing. Loan demand has been tempered with borrowers hesitant to invest because of lingering macroeconomic uncertainty. At the same time, our 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 paydowns within our commercial real estate portfolio through the remainder of 2025. Portfolio loans totaled $13.81 billion at June 30, 2025, compared to $13.87 billion at March 31, 2025, and $8.00 billion at June 30, 2024.

Average portfolio loans were $13.84 billion for the second quarter of 2025, compared to $9.84 billion for the first quarter of 2025 and $8.01 billion for the second quarter of 2024.

Asset Quality

Asset quality continues to be strong. Busey Bank maintains a well-diversified loan portfolio and, as a matter of policy and practice, limits concentration exposure in any particular loan segment. Following the Bank Merger in June, we are operating as one bank, with a singular credit policy, concentration limits, and monitoring that will continue to align with Busey Bank’s pillars of credit quality.

First Busey Corporation (BUSE) | 2025 Q2 — 8

ASSET QUALITY (unaudited)
As of
(dollars in thousands) June 30,<br>2025 March 31,<br>2025 June 30,<br>2024
Total assets $ 18,918,740 $ 19,464,252 $ 11,971,416
Portfolio loans 13,808,619 13,868,357 7,998,912
Loans 30 – 89 days past due 42,188 18,554 23,463
Non-performing loans:
Non-accrual loans 53,614 48,647 8,393
Loans 90+ days past due and still accruing 941 6,077 712
Non-performing loans 54,555 54,724 9,105
Other non-performing assets 3,596 4,757 90
Non-performing assets 58,151 59,481 9,195
Substandard (excludes 90+ days past due) 117,580 131,078 86,579
Classified assets $ 175,731 $ 190,559 $ 95,774
Allowance for credit losses $ 183,334 $ 195,210 $ 85,226
RATIOS
Non-performing loans to portfolio loans 0.40 % 0.39 % 0.11 %
Non-performing assets to total assets 0.31 % 0.31 % 0.08 %
Non-performing assets to portfolio loans and other non-performing assets 0.42 % 0.43 % 0.11 %
Allowance for credit losses to portfolio loans 1.33 % 1.41 % 1.07 %
Coverage ratio of the allowance for credit losses to non-performing loans 3.36 x 3.57 x 9.36 x
Classified assets to Bank Tier 1 capital1 and reserves 7.70 % 8.40 % 6.40 %

___________________________________________

1.Capital amounts for the second quarter of 2025 are not yet finalized and are subject to change.

Loans 30-89 days past due increased by $23.6 million compared to March 31, 2025, and increased by $18.7 million compared to June 30, 2024. Increases are primarily due to two commercial credits, one of which—representing approximately $12.5 million—was brought current after the end of the second quarter.

Non-performing loans decreased by $0.2 million compared to March 31, 2025, and increased by $45.5 million compared to June 30, 2024, with the increase compared to the prior year due to loans purchased with credit deterioration (“PCD” loans) assumed in the CrossFirst acquisition. Non-performing loans were 0.40% of portfolio loans as of June 30, 2025, a 1 basis point increase from March 31, 2025, and a 29 basis point increase from June 30, 2024.

Non-performing assets decreased by $1.3 million compared to March 31, 2025, and increased by $49.0 million compared to June 30, 2024, with the increase compared to the prior year due to the PCD loans assumed in the CrossFirst acquisition. Non-performing assets represented 0.31% of total assets as of both June 30, 2025, and March 31, 2025, which is a 23 basis point increase from June 30, 2024.

Classified assets decreased by $14.8 million compared to March 31, 2025, and increased by $80.0 million compared to June 30, 2024, with the increase compared to the prior year due to the PCD loans assumed in the CrossFirst acquisition.

The allowance for credit losses was $183.3 million as of June 30, 2025, representing 1.33% of total portfolio loans outstanding, and providing coverage of 3.36 times our non-performing loans balance.

First Busey Corporation (BUSE) | 2025 Q2 — 9

NET CHARGE-OFFS (RECOVERIES) AND PROVISION EXPENSE (RELEASE) (unaudited)
Three Months Ended Six Months Ended
(dollars in thousands) June 30,<br>2025 March 31,<br>2025 June 30,<br>2024 June 30,<br>2025 June 30,<br>2024
Net charge-offs (recoveries) $ 12,882 $ 31,429 $ 9,856 $ 44,311 $ 15,072
Provision for loan losses1 $ 1,005 $ 42,452 $ 2,277 $ 43,457 $ 7,315
Provision for unfunded commitments2 4,695 3,141 (369) 7,836 (1,047)
Provision for credit losses3 $ 5,700 $ 45,593 $ 1,908 $ 51,293 $ 6,268

___________________________________________

1.Amounts reported as provision for loan losses for periods ending prior to June 30, 2025, were previously reported as provision for credit losses. March 31, 2025, included $42.4 million to establish an initial allowance for credit losses for loans purchased without credit deterioration (“non-PCD” loans) following the close of the CrossFirst acquisition.

2.June 30, 2025, included an additional $4.0 million adjustment to the initial provision for unfunded commitments resulting from the adoption of a new CECL model. March 31, 2025, included $3.1 million to establish an initial allowance for unfunded commitments following the close of the CrossFirst acquisition.

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

Net charge-offs decreased by $18.5 million when compared to the first quarter of 2025, and increased by $3.0 million when compared with the second quarter of 2024. Net charge-offs during the second quarter of 2025 primarily related to one legacy-Busey medical office credit. Net charge-offs during the first quarter of 2025 included $29.6 million related to PCD loans acquired from CrossFirst Bank, which were fully reserved at acquisition and did not require recording additional provision expense.

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.

Deposits

Total deposits were $15.80 billion at June 30, 2025, compared to $16.46 billion at March 31, 2025, and $9.98 billion at June 30, 2024. Average deposits were $15.99 billion for the second quarter of 2025, compared to $12.18 billion for the first quarter of 2025 and $10.07 billion for the second quarter of 2024. The deliberate run-off of higher cost brokered deposits and listing service CD reductions accounted for $386.8 million of the quarter over quarter decrease as well as seasonal tax payments that put additional pressure on funding during the quarter.

Core deposits2 accounted for 92.5% of total deposits as of June 30, 2025. The quality of our core deposit franchise is a critical value driver of our institution. We estimated that 33% of our deposits were uninsured and uncollateralized4 as of June 30, 2025, and we have sufficient on- and off-balance sheet liquidity to manage deposit fluctuations and the liquidity needs of our customers.

We have executed various deposit campaigns to attract term funding and savings accounts at a lower rate than our marginal cost of funds. New certificate of deposit production in the second quarter of 2025 had a weighted average term of 8.0 months at a rate of 3.74%, which was 80 basis points below our average marginal wholesale equivalent-term funding cost during the quarter.

Borrowings

On June 1, 2025, Busey redeemed the entire $125.0 million outstanding principal amount of its 5.25% Fixed-to-Floating Rate Subordinated Notes due 2030 (the “Subordinated Notes”). The aggregate principal amount of the Subordinated Notes, plus accrued and unpaid interest thereon up to, but excluding, June 1, 2025, was $128.3 million.

First Busey Corporation (BUSE) | 2025 Q2 — 10

Liquidity

As of June 30, 2025, Busey’s available sources of on- and off-balance sheet liquidity5 totaled $7.95 billion. Furthermore, Busey’s balance sheet liquidity profile continues to be aided by the cash flows expected from Busey’s relatively short-duration securities portfolio. Those cash flows were approximately $123.1 million in the second quarter of 2025. Cash flows from maturing securities within our portfolio are expected to be approximately $181.0 million for the remainder of 2025, with a current book yield of 2.52%, and approximately $289.7 million for 2026, with a current book yield of 2.58%.

Capital Strength

The strength of our balance sheet is also reflected in our capital foundation. Although still impacted by the strategic deployment of capital for the CrossFirst acquisition, as well as by Busey’s active share repurchase program, our capital ratios remain strong, and as of June 30, 2025, our estimated regulatory capital ratios6 continued to provide a buffer of more than $870 million above levels required to be designated well-capitalized. Busey’s Common Equity Tier 1 ratio is estimated6 to be 12.22% at June 30, 2025, compared to 12.00% at March 31, 2025, and 13.20% at June 30, 2024. Our Total Capital to Risk Weighted Assets ratio is estimated6 to be 15.75% at June 30, 2025, compared to 14.88% at March 31, 2025, and 17.50% at June 30, 2024.

Busey’s tangible common equity2 was $1.71 billion at June 30, 2025, compared to $1.68 billion at March 31, 2025, and $963.2 million at June 30, 2024. Tangible common equity2 represented 9.27% of tangible assets at June 30, 2025, compared to 8.83% at March 31, 2025, and 8.30% at June 30, 2024.

Busey’s tangible book value per common share2 was $19.18 at June 30, 2025, compared to $18.62 at March 31, 2025, and $16.97 at June 30, 2024, reflecting a 13.0% year-over-year increase.

Dividends

Busey's strong capital levels, coupled with its earnings, have allowed the Company to provide a steady return to its stockholders through dividends. During the second quarter of 2025, Busey paid a dividend of $0.25 per share on its common stock. Busey has consistently paid dividends to its common stockholders since the bank holding company was organized in 1980. Additionally, during the second quarter of 2025, Busey paid a dividend of $20.00 per share on its Series A Non-cumulative Perpetual Preferred Stock, which was issued in connection with the CrossFirst acquisition.

Series B Preferred Stock Issuance

On May 20, 2025, Busey issued an aggregate of 8,600,000 depositary shares (the “Depositary Shares”), each representing a 1/40th interest in a share of Busey’s 8.25% Fixed-Rate Series B Non-Cumulative Perpetual Preferred Stock, $0.001 par value (the “Series B Preferred Stock”), with a liquidation preference of $1,000 per share of Series B Preferred Stock (equivalent to $25 per Depositary Share). Additional information about the Depositary Shares and Series B Preferred Stock issuance can be found in Busey’s 8-K filed with the SEC on May20, 2025, and the related exhibits thereto.

Share Repurchases

During the second quarter of 2025, Busey’s board of directors authorized the purchase of up to 2,000,000 additional shares of the Company’s common stock under Busey’s stock repurchase plan. Busey purchased 1,012,000 shares of its common stock under the plan during the second quarter of 2025 at a weighted average price of $21.40 per share for a total of $21.7 million. As of June 30, 2025, Busey had 2,687,275 shares remaining available for repurchase under the plan.

SECOND QUARTER EARNINGS INVESTOR PRESENTATION

For additional information on Busey’s financial condition and operating results, please refer to our Q2 2025 Earnings Investor Presentation furnished via Form 8‑K on July 22, 2025, in connection with this earnings release.

CORPORATE PROFILE

As of June 30, 2025, First Busey Corporation (Nasdaq: BUSE) was a $18.92 billion financial holding company headquartered in Leawood, Kansas.

First Busey Corporation (BUSE) | 2025 Q2 — 11

Busey Bank, a wholly-owned bank subsidiary of First Busey Corporation headquartered in Champaign, Illinois, had total assets of $18.87 billion as of June 30, 2025. Busey Bank currently has 78 banking centers, with 21 in Central Illinois markets, 17 in suburban Chicago markets, 20 in the St. Louis Metropolitan Statistical Area, four in the Dallas-Fort Worth-Arlington Metropolitan Statistical Area, three in the Kansas City Metropolitan Statistical Area, three in Southwest Florida, one in Indianapolis, two in Oklahoma City, one in Tulsa, one in Wichita, one in Denver, one in Colorado Springs, one in Phoenix, one in Tucson, and one in New Mexico. More information about Busey Bank can be found at busey.com.

Through Busey’s Wealth Management division, the Company provides a full range of asset management, investment, brokerage, fiduciary, philanthropic advisory, tax preparation, and farm management services to individuals, businesses, and foundations. Assets under care totaled $14.10 billion as of June 30, 2025. More information about Busey’s Wealth Management services can be found at busey.com/wealth-management.

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

For the fourth consecutive year, Busey was named among Forbes’ 2025’s America’s Best Banks. In 2025, Forbes also recognized Busey as a Best-in-State Bank, based on rankings of customer service, quality of financial advice, fee structures, ease of digital services, accessing help at branch locations and the degree of trust inspired. Busey was also named among the 2024 Best Banks to Work For by American Banker and the 2024 Best Places to Work in Money Management by Pensions and Investments. We are honored to be consistently recognized as an outstanding financial services organization with an engaged culture of integrity and commitment to community development.

First Busey Corporation (BUSE) | 2025 Q2 — 12

NON-GAAP FINANCIAL INFORMATION

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

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

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

First Busey Corporation (BUSE) | 2025 Q2 — 13

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)

Pre-Provision Net Revenue and Related Measures
Three Months Ended Six Months Ended
(dollars in thousands) June 30,<br>2025 March 31,<br>2025 June 30,<br>2024 June 30,<br>2025 June 30,<br>2024
Net interest income (GAAP) $ 153,183 $ 103,731 $ 82,532 $ 256,914 $ 158,386
Total noninterest income (GAAP) 44,863 21,223 33,703 66,086 68,616
Net security (gains) losses (GAAP) (5,997) 15,768 353 9,771 6,728
Total noninterest expense (GAAP)1 (127,833) (112,030) (75,906) (239,863) (147,353)
Pre-provision net revenue (Non-GAAP) [a] 64,216 28,692 40,682 92,908 86,377
Acquisition and restructuring expenses, excluding initial provision expenses 16,600 26,026 2,212 42,626 2,620
Realized net (gains) losses on the sale of mortgage service rights — — (277) — (7,742)
Adjusted pre-provision net revenue (Non-GAAP) [b] $ 80,816 $ 54,718 $ 42,617 $ 135,534 $ 81,255
Average total assets [c] $ 19,068,086 $ 14,831,298 $ 12,089,692 $ 16,961,396 $ 12,056,950
Pre-provision net revenue to average total assets (Non-GAAP)2 [a÷c] 1.35 % 0.78 % 1.35 % 1.10 % 1.44 %
Adjusted pre-provision net revenue to average total assets (Non-GAAP)2 [b÷c] 1.70 % 1.50 % 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) | 2025 Q2 — 14

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)

Adjusted Net Income, Average Tangible Common Equity, and Related Ratios
Three Months Ended Six Months Ended
(dollars in thousands, except per share amounts) June 30,<br>2025 March 31,<br>2025 June 30,<br>2024 June 30,<br>2025 June 30,<br>2024
Net income (loss) (GAAP) [a] $ 47,404 $ (29,990) $ 27,357 $ 17,414 $ 53,582
Day 2 provision for credit losses1 — 45,572 — 45,572 —
Adjustment of initial provision for unfunded commitments due to adoption of new model1 4,030 — — 4,030 —
Other acquisition expenses 16,600 26,026 2,212 42,626 2,497
Restructuring expenses — — — — 123
Net securities (gains) losses (5,997) 15,768 353 9,771 6,728
Realized net (gains) losses on the sale of mortgage servicing rights — — (277) — (7,742)
Related tax (benefit) expense2 (4,971) (22,069) (572) (27,040) (402)
Non-recurring deferred tax adjustment3 328 4,591 1,446 4,919 1,446
Adjusted net income (Non-GAAP)4 [b] 57,394 39,898 30,519 97,292 56,232
Preferred dividends [c] 155 — — 155 —
Adjusted net income available to common stockholders (Non-GAAP) [d] $ 57,239 $ 39,898 $ 30,519 $ 97,137 $ 56,232
Weighted average number of common shares outstanding, diluted (GAAP) [e] 90,883,711 68,517,647 57,853,231 80,251,577 57,129,865
Diluted earnings (loss) per common share (GAAP) [(a-c)÷e] $ 0.52 $ (0.44) $ 0.47 $ 0.22 $ 0.94
Weighted average number of common shares outstanding, diluted (Non-GAAP)5 [f] 90,883,711 69,502,717 57,853,231 80,251,577 57,129,865
Adjusted diluted earnings per common share (Non-GAAP)5,6 [d÷f] $ 0.63 $ 0.57 $ 0.53 $ 1.21 $ 0.98
Average total assets [g] $ 19,068,086 $ 14,831,298 $ 12,089,692 $ 16,961,396 $ 12,056,950
Return on average assets (Non-GAAP)6 [a÷g] 1.00 % (0.82) % 0.91 % 0.21 % 0.89 %
Adjusted return on average assets (Non-GAAP)4,6 [b÷g] 1.21 % 1.09 % 1.02 % 1.16 % 0.94 %
Average common equity $ 2,180,963 $ 1,932,407 $ 1,331,815 $ 2,057,372 $ 1,303,770
Average goodwill and other intangible assets, net (494,473) (411,020) (376,224) (452,978) (364,620)
Average tangible common equity (Non-GAAP) [h] $ 1,686,490 $ 1,521,387 $ 955,591 $ 1,604,394 $ 939,150
Return on average tangible common equity (Non-GAAP)6 [(a-c)÷h] 11.24 % (7.99) % 11.51 % 2.17 % 11.47 %
Adjusted return on average tangible common equity (Non-GAAP)4,6 [d÷h] 13.61 % 10.64 % 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.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.

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

4.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.

5.Dilution includes shares that would have been dilutive if there had been net income during the period.

6.Annualized measure.

First Busey Corporation (BUSE) | 2025 Q2 — 15

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 Six Months Ended
(dollars in thousands) June 30,<br>2025 March 31,<br>2025 June 30,<br>2024 June 30,<br>2025 June 30,<br>2024
Net interest income (GAAP) $ 153,183 $ 103,731 $ 82,532 $ 256,914 $ 158,386
Tax-equivalent adjustment1 791 537 402 1,328 851
Tax-equivalent net interest income (Non-GAAP) [a] 153,974 104,268 82,934 258,242 159,237
Purchase accounting accretion related to business combinations (7,119) (2,728) (812) (9,847) (1,016)
Adjusted net interest income (Non-GAAP) [b] $ 146,855 $ 101,540 $ 82,122 $ 248,395 $ 158,221
Average interest-earning assets (Non-GAAP) [c] $ 17,700,356 $ 13,363,594 $ 11,000,785 $ 15,543,955 $ 11,003,344
Net interest margin (Non-GAAP)2 [a÷c] 3.49 % 3.16 % 3.03 % 3.35 % 2.91 %
Adjusted net interest margin (Non-GAAP)2 [b÷c] 3.33 % 3.08 % 3.00 % 3.22 % 2.89 %

___________________________________________

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

2.Annualized measure.

First Busey Corporation (BUSE) | 2025 Q2 — 16

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 Six Months Ended
(dollars in thousands) June 30,<br>2025 March 31,<br>2025 June 30,<br>2024 June 30,<br>2025 June 30,<br>2024
Net interest income (GAAP) [a] $ 153,183 $ 103,731 $ 82,532 $ 256,914 $ 158,386
Tax-equivalent adjustment1 791 537 402 1,328 851
Tax-equivalent net interest income (Non-GAAP) [b] 153,974 104,268 82,934 258,242 159,237
Total noninterest income (GAAP) 44,863 21,223 33,703 66,086 68,616
Net security (gains) losses (5,997) 15,768 353 9,771 6,728
Noninterest income excluding net securities gains and losses (Non-GAAP) [c] 38,866 36,991 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 $ 36,991 $ 33,779 $ 75,857 $ 67,602
Tax-equivalent revenue (Non-GAAP) [e = b+c] $ 192,840 $ 141,259 $ 116,990 $ 334,099 $ 234,581
Adjusted tax-equivalent revenue (Non-GAAP) [f = b+d] 192,840 141,259 116,713 334,099 226,839
Operating revenue (Non-GAAP) [g = a+d] 192,049 140,722 116,311 332,771 225,988
Adjusted noninterest income to operating revenue (Non-GAAP) [d÷g] 20.24 % 26.29 % 29.04 % 22.80 % 29.91 %
Total noninterest expense (GAAP)2 $ 127,833 $ 112,030 $ 75,906 $ 239,863 $ 147,353
Amortization of intangible assets (4,592) (3,083) (2,629) (7,675) (5,038)
Noninterest expense excluding amortization of intangible assets (Non-GAAP)2 [h] 123,241 108,947 73,277 232,188 142,315
Acquisition and restructuring expenses, excluding initial provision expenses (16,600) (26,026) (2,212) (42,626) (2,620)
Adjusted noninterest expense (Non-GAAP)2 [i] $ 106,641 $ 82,921 $ 71,065 $ 189,562 $ 139,695
Efficiency ratio (Non-GAAP)2 [h÷e] 63.91 % 77.13 % 62.64 % 69.50 % 60.67 %
Adjusted efficiency ratio (Non-GAAP)2 [i÷f] 55.30 % 58.70 % 60.89 % 56.74 % 61.58 %
Average total assets [j] $ 19,068,086 $ 14,831,298 $ 12,089,692 $ 16,961,396 $ 12,056,950
Adjusted noninterest expense to average assets (Non-GAAP)2,3 [i÷j] 2.24 % 2.27 % 2.36 % 2.25 % 2.33 %

___________________________________________

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

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

3.Annualized measure.

First Busey Corporation (BUSE) | 2025 Q2 — 17

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,<br>2025 March 31,<br>2025 June 30,<br>2024
Total assets (GAAP) $ 18,918,740 $ 19,464,252 $ 11,971,416
Goodwill and other intangible assets, net (488,181) (496,118) (370,580)
Tangible assets (Non-GAAP)1 [a] $ 18,430,559 $ 18,968,134 $ 11,600,836
Total stockholders' equity (GAAP) $ 2,412,546 $ 2,179,606 $ 1,333,810
Preferred stock and additional paid in capital on preferred stock (215,197) (7,750) —
Common equity [b] 2,197,349 2,171,856 1,333,810
Goodwill and other intangible assets, net (488,181) (496,118) (370,580)
Tangible common equity (Non-GAAP)1 [c] $ 1,709,168 $ 1,675,738 $ 963,230
Tangible common equity to tangible assets (Non-GAAP)1 [c÷a] 9.27 % 8.83 % 8.30 %
Ending number of common shares outstanding (GAAP) [d] 89,104,678 90,008,178 56,746,937
Book value per common share (Non-GAAP) [b÷d] $ 24.66 $ 24.13 $ 23.50
Tangible book value per common share (Non-GAAP) [c÷d] $ 19.18 $ 18.62 $ 16.97

___________________________________________

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,<br>2025 March 31,<br>2025 June 30,<br>2024
Total deposits (GAAP) $ 15,801,772 $ 16,459,470 $ 9,976,135
Brokered deposits, excluding brokered time deposits of 250,000 or more (353,614) (722,224) (43,089)
Time deposits of 250,000 or more (827,762) (867,035) (314,461)
Core deposits (Non-GAAP) $ 14,620,396 $ 14,870,211 $ 9,618,585
Core deposits to total deposits (Non-GAAP) 92.52 % 90.34 % 96.42 %

All values are in US Dollars.

First Busey Corporation (BUSE) | 2025 Q2 — 18

FORWARD-LOOKING STATEMENTS

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

A number of factors, many of which are beyond Busey’s ability to control or predict, could cause actual results to differ materially from those in any forward-looking statements. These factors include, among others, the following: (1) the strength of the local, state, national, and international economies and financial markets (including effects of inflationary pressures, the threat or implementation of tariffs, trade wars, and changes to immigration policy); (2) changes in, and the interpretation and prioritization of, local, state, and federal laws, regulations, and governmental policies (including those concerning Busey's general business); (3) the economic impact of any future terrorist threats or attacks, widespread disease or pandemics, 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.

First Busey Corporation (BUSE) | 2025 Q2 — 19

END NOTES

1 Annualized measure.
2 Represents a non-GAAP financial measure. For a reconciliation to the most directly comparable financial measure calculated and presented in accordance with Generally Accepted Accounting Principles (“GAAP”), see "Non-GAAP Financial Information.”
3 The blended benchmark consists of 60% MSCI All Country World Index and 40% Bloomberg Intermediate US Government/Credit Total Return Index.
4 Estimated uninsured and uncollateralized deposits consist of account balances in excess of the $250,000 Federal Deposit Insurance Corporation insurance limit, less intercompany accounts, fully collateralized accounts (including preferred deposits), and pass-through accounts where clients have deposit insurance at the correspondent financial institution.
5 On- and off-balance sheet liquidity is comprised of cash and cash equivalents, debt securities excluding those pledged as collateral, brokered deposits, and Busey’s borrowing capacity through its revolving credit facility, the FHLB, the Federal Reserve Bank, and federal funds purchased lines.
6 Capital amounts and ratios for the second quarter of 2025 are not yet finalized and are subject to change.

First Busey Corporation (BUSE) | 2025 Q2 — 20

First Busey Corporation

11440 Tomahawk Creek Parkway, Leawood, KS 66211

NASDAQ: BUSE

Busey 2025 | All Rights Reserved

Busey’s Financial Suite of Services

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ehlwhitea.jpg Member FDIC busey.com

buse_20250722x25q2xex992

Q2 2025 EARNINGS INVESTOR PRESENTATION July 22, 2025

2 22Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE This presentation may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to First Busey Corporation’s (“Busey’s”) financial condition, results of operations, plans, objectives, future performance, and business. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of Busey’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should,” “position,” or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and Busey undertakes no obligation to update any statement in light of new information or future events. A number of factors, many of which are beyond Busey’s ability to control or predict, could cause actual results to differ materially from those in any forward-looking statements. These factors include, among others, the following: (1) the strength of the local, state, national, and international economies and financial markets (including effects of inflationary pressures, the threat or implementation of tariffs, trade wars, and changes to immigration policy); (2) changes in, and the interpretation and prioritization of, local, state, and federal laws, regulations, and governmental policies (including those concerning Busey's general business); (3) the economic impact of any future terrorist threats or attacks, widespread disease or pandemics, 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. Forward-Looking Statements Forward-Looking Statements

3 32Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Table of Contents Overview of First Busey Corporation (BUSE) 4 2Q25 Review 5 Appendix: 28 Investment Highlights 6 Experienced Management Team 29 Diversified Company with Comprehensive & Innovative Financial Solutions 7 Fully Integrated Wealth Platform 30 Combined Markets Ripe for Growth 8 FirsTech, A Uniquely Positioned Payment Technology Company 31 Compelling Regional Operating Model 9 Purchase Accounting Projections 33 Earnings Performance 10 Non-GAAP Financial Information 34 Fortress Balance Sheet 11 Steadily Building Franchise Value 12 High Quality, Diversified Loan Portfolio 13 High Quality Loan Portfolio: CRE 14 High Quality Loan Portfolio: C&I 15 Credit Profile Bolstered by Strong Reserves 16 Pristine Credit Quality 17 Top Tier Core Deposit Franchise 18 Deposit Cost Trends 19 Net Interest Margin 20 Diversified and Significant Sources of Noninterest Income 21 Wealth Management 22 FirsTech 23 Balanced, Low-Risk, Short-Duration Investment Portfolio 24 Actively Managing Well-Positioned Balance Sheet 25 Focused Control on Expenses 26 Robust Capital Foundation 27

4 42Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Overview of First Busey Corporation (NASDAQ: BUSE) 157+ year old financial institution Corporate headquarters in Leawood, KS Payment Technology Solutions $18.9 Billion Total Assets $14.1 Billion Wealth Assets Under Care 15.8% Total Capital Ratio1 $2.2 Billion Market Cap Premier Commercial Banking Franchise Full-service Trust Company 1 2Q25 capital ratios are preliminary estimates

5 52Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 1 2Q25 capital ratios are preliminary estimates | 2 Non-GAAP calculations, see Appendix | 3 1Q25 reflected one-month contribution from CrossFirst Bank ▪ Successful merger of CrossFirst Bank ($7.5 billion in assets) into Busey Bank on 6/20/25. Acquisition of CrossFirst Bankshares was completed on 3/1/25. ▪ Core systems fully converted with minimal residual data challenges ▪ Adoption of fully integrated customer relationship management, pricing & profitability, and credit lifecycle management tools ▪ Limited client impact evidenced by client call volume experiencing a moderate spike and then normalizing within 10 business days ▪ Balance sheet optimization strategy continued, achieving substantial improvement in net interest margin (+33 bps QoQ excluding purchase accretion), with higher earning asset yields combining with initiatives to reduce high cost non-relationship funding ▪ Hired 3 new Managing Directors for wealth management in the Central region; experiencing early success with new assets generated during 2Q25 and building strong pipelines ▪ Closed $215 million preferred stock offering (Nasdaq ticker: BUSEP) priced at 8.25% fixed for life on 5/20/25 ▪ Proceeds primarily used to pay off $125 million of subordinated debt scheduled to start floating in the mid-9% range on 6/1/25 ▪ Tier 1 capital ratio1 increased to 13.7% at 6/30/25 from 12.0% at 3/31/25 ▪ Continued strategic share repurchase program, returning $21.7 million to shareholders during the quarter (weighted average purchase price of $21.40 per share) CrossFirst Transaction Strategic Highlights ▪ Enhances Busey’s growth profile with expansion into attractive new markets of Kansas City, Dallas, Denver, Phoenix, Oklahoma City and Wichita ▪ Leverages excess capital to generate significantly enhanced profitability and return to shareholders while maintaining Busey’s hallmark fortress balance sheet ▪ Combines Busey's low-cost funding base and high-quality commercial portfolio with CrossFirst's attractive markets and commercial loan engine ▪ CrossFirst’s client base is particularly well-suited for Busey’s wealth management and payment technology solutions offerings ▪ Provides economies of scale to drive operating efficiency ▪ Bolsters executive leadership depth and succession 2Q25 Review 2Q25 Key Initiatives Financial Results (Non-GAAP) Metric 2 1Q25 3 2Q25 Adj. Diluted EPS $0.57 $0.63 Adj. Net Income $40 million $57 million Adj. Pre-Provision Net Revenue $55 million $81 million Adj. PPNR ROAA 1.50% 1.70% Adj. ROAA 1.09% 1.21% Adj. ROATCE 10.64% 13.61% Net Interest Margin 3.16% 3.49% Adj. Noninterest Income $37 million $39 million Adj. Efficiency Ratio 58.7% 55.3% BUSE Historical Total Assets Trend ($ billions) $3.7 $18.9 2014 YE 2015 YE 2016 YE 2017 YE 2018 YE 2019 YE 2020 YE 2021 YE 2022 YE 2023 YE 2024 YE 2025 Q2 $0.0 $10.0 $20.0

6 62Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Attractive Profitability and Returns Disciplined Growth Strategy Driven by Regional Operating Model Powerful Combination of Banking, Wealth, and Payments Business Lines 1 Non-GAAP calculation, see Appendix | 2 Most recent quarter reported for KRX components as of 7/21/25 | 3 Market Data for BUSE updated to close on 7/21/25 4 Based on consensus median net income of covering analysts as of 7/21/25 Investment Highlights BUILT ON A FORTRESS BALANCE SHEET Pristine asset quality, highly diversified loan portfolio, & capital levels significantly in excess of well-capitalized minimums ▪ Long history of quality earnings performance ▪ CrossFirst transaction delivers estimated EPS accretion of 18%+ in 2026 (excl. one time merger charges and assuming full realization of expected cost saves) and strong improvements in ROAA, ROATCE, Net Interest Margin, and Efficiency Ratio ▪ Quarterly dividend of $0.25 (4.1% yield)2 ▪ Organic growth across key business lines driven by an approach that brings the full weight of commercial, wealth, payments, and treasury management operations to market under a regional operating model sales structure ▪ Efficient branch network — average deposits per branch of $203 million at 6/30/25 ▪ Leverage track record as proven successful acquirer to expand operations through disciplined M&A. Closed TBV-accretive acquisition of CrossFirst on 3/1/25 and merged CrossFirst Bank ($7.5 billion assets) into Busey Bank on 6/20/25 ▪ Sizable business lines provide for a full suite of solutions for our clients across their lifecycle and drives full client relationships ▪ Significant revenue derived from diverse and complementary fee income sources ▪ Noninterest income represented 20.2% of operating revenue for 2Q25 (excludes net securities gains) $ in millions 2023 2024 2Q25 KRX Median MRQ 2 Total Assets $12,283 $12,047 $18,919 $30,112 Total Loans $7,651 $7,697 $13,809 $20,690 Total Deposits $10,291 $9,982 $15,802 $24,628 Total Equity $1,272 $1,383 $2,413 $3,535 Total Wealth AUC $12,137 $13,834 $14,102 NM NPA/Assets 0.06 % 0.19 % 0.31 % 0.44 % Net Interest Margin 1 2.89 % 2.95 % 3.49 % 3.36 % Adj. Nonint. Income % of Operating Revenue 1 27.8 % 30.0 % 20.2 % 18.0 % Adj. PPNR ROAA 1 1.41 % 1.39 % 1.70 % NA Adj. ROAA 1 1.03 % 0.99 % 1.21 % 1.13 % Adj. ROATCE 1 15.0 % 12.3 % 13.6 % 12.9 % Adj. Efficiency Ratio 1 58.6 % 61.3 % 55.3 % 56.9 % Financial Highlights Price Per Share $24.14 Market Cap $2.2B Dividend Yield 4.1% Price/TBV 1.3x Price/2025E 4 9.7x BUSE Stock 3

7 72Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 1 Consolidated | 2 Banking segment, excluding Wealth Management & FirsTech; excludes intracompany eliminations and consolidations | 3 Consolidated; Non-GAAP calculation. Based on a four-quarter average of average tangible common equity | 4 Wealth Management segment | 5 LTM total payments processed | 6 FirsTech segment, excludes intracompany eliminations $11 Billion 45 Million Payments Processed 5 Transactions Processed (LTM) Full suite of diversified financial products for individuals and businesses Wealth & asset management services for individuals and businesses Payment platform that enables the collection of payments across a variety of modules $18.9 Billion Assets 1 12.3% Adj. ROATCE (LTM) 3 $14.1 Billion Assets Under Care 45.7% PT Margin (LTM) $704.0 Million 2Q25 Revenue Annualized 2 $67.7 Million LTM Revenue 4 $21.7 Million LTM Revenue 6 Diversified Company with Comprehensive & Innovative Financial Solutions

8 82Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Combined Markets Ripe for Growth 1 Market Nominal GDP as of 2023 per FRED, Federal Reserve Bank of St. Louis | Note: Does not include markets with populations under 500,000 Source: S&P Capital IQ Pro; Census.gov; BEA.gov 1

9 92Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Compelling Regional Operating Model Integrated enterprise-wide go-to-market strategy focused on combining the power of commercial & wealth to provide a broad set of financial solutions to well-capitalized individuals and the companies they own & operate Life Equity Lending Sponsor Finance Energy Lending SBA Lending $5B deposits $5B deposits $3B loans $9B AUC $4B AUC $4B loans Midwest Central IL, Indy West Phoenix, Denver, New Mexico Dallas Dallas/Fort Worth, Energy Lending Chicago Chicago suburbs, Joliet St. Louis St. Louis MSA, MO-IL Florida Southwest Florida Central Kansas City, Wichita, Oklahoma City, Tulsa $4B deposits $2B loans $1B deposits $1B loans $1B deposits $2B loans $1.5B loans

10 102Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE $30.5 $32.9 $30.9 $39.9 $57.2 $0.53 $0.57 $0.53 $0.57 $0.63 Adj. Net Income Adj. EPS 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 $42.6 $44.1 $42.0 $54.7 $80.8 1.42% 1.46% 1.38% 1.50% 1.70% Adj. PPNR Adj. PPNR / Avg Assets 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 12.9% 13.2% 11.9% 10.6% 13.6% 1.02% 1.09% 1.02% 1.09% 1.21% Adj. ROATCE Adj. ROAA 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 1 Non-GAAP calculation, see Appendix Earnings Performance Adjusted Net Income & Earnings Per Share 1 Adjusted ROATCE & Adjusted ROAA 1 Adjusted Pre-Provision Net Revenue / Avg. Assets 1 Historical Key Rates 2 $ in millions $ in millions 5.38% 5.34% 5.33% 5.16% 4.53% 4.23% 4.59% 4.71% 3.66% 4.25% 3.84% 4.21% 4.33% 3.58% 4.38% 3.88% 4.20% 4.36% 3.81% 4.58% SOFR 2-yr UST 5-yr UST 10-Yr UST 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 2026 Pro Forma Proj.3 ROAA: 1.2%+ 2026 Pro Forma Proj.3 ROATCE: 13%+ $0.35 $0.63 2015 Q2 2016 Q2 2017 Q2 2018 Q2 2019 Q2 2020 Q2 2021 Q2 2022 Q2 2023 Q2 2024 Q2 2025 Q2 $0.00 $0.25 $0.50 $0.75 Earnings Track Record: Adj. EPS 10-Year Trend 2026 Pro Forma Proj.3 ROATCE: 13%+

11 112Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE ▪ Leverage ratio of 11.3%, CET1 ratio of 12.2%, and Total RBC of 15.8% at 6/30/255 ▪ TCE/TA ratio of 9.27% at 6/30/252, up from 8.30% at 6/30/24 ▪ TBV per share of $19.18 at 6/30/252 compared to median consensus estimate of $19.01, and an increase of +13.0% from $16.97 at 6/30/24 Robust Capital Foundation High Quality, Resilient Loan Portfolio ▪ Diversified portfolio, by sector and geographically, conservatively underwritten with low levels of concentration ▪ Non-performing (0.31% of total assets) and classified assets (7.7% of capital1) both remain low ▪ Very strong reserve levels: ACL/Loans 1.33% | ACL/NPLs 3.36x ▪ 100 / 300 Test: 46% C&D | 231% CRE ▪ Robust holding company and bank-level liquidity ▪ Strong, low-cost core deposit franchise (2.21% total cost of deposits in 2Q25) ▪ 87.4% loan-to-deposit ratio, 92.5% core deposits2 ▪ 22.7% of total deposits are noninterest-bearing ▪ Low level of estimated uninsured & uncollateralized deposits3 at 33% of total deposits at 6/30/25 ▪ Available sources of on- and off-balance sheet liquidity4 total $7.9 billion, including $0.8 billion of cash and cash equivalents ▪ Substantial sources of available off-balance sheet contingent funding totaling $5.0 billion, representing an additional 1.0x coverage of estimated uninsured & uncollateralized deposits3 at 6/30/25 ▪ Untapped borrowing capacity ($5.0 billion in aggregate): $1.9 billion with FHLB, $1.4 billion with FRB discount window, $0.5 billion with Unsecured Fed Funds lines, and $1.2 billion brokered deposit capacity Strong Core Deposit Franchise & Ample Liquidity 1 Capital calculated as Bank Tier 1 Capital (preliminary estimates) + Allowance for credit losses | 2 Non-GAAP calculation, see Appendix | 3 Estimated uninsured & uncollateralized deposits consists of the excess of accounts over $250K FDIC insurance limit, less internal accounts, fully-collateralized accounts (including preferred deposits) and pass-through accounts where clients have deposit insurance at the correspondent financial institution | 4 On- and off-balance sheet liquidity is comprised of cash and cash equivalents, debt securities excluding those pledged as collateral, brokered deposits, and Busey’s borrowing capacity through its revolving credit facility, the FHLB, the Federal Reserve Bank, and federal funds purchased lines. | 5 Capital ratios are preliminary estimates Fortress Balance Sheet

12 122Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Steadily Building Franchise Value $11.40 $20.92 2015 Q2 2016 Q2 2017 Q2 2018 Q2 2019 Q2 2020 Q2 2021 Q2 2022 Q2 2023 Q2 2024 Q2 2025 Q2 10 15 20 +6.3% 10-Year CAGR BUSE Tangible Common Book Value / Share (ex-AOCI) 1 Dividend payout ratio has ranged from 40-50% While executing nine strategic acquisitions with disciplined pricing, enhancing franchise value without unduly diluting shareholders Ten years of cultivating long-term value through varied economic environments TBV/Share (ex-AOCI) Dividend 2015 Q2 2016 Q2 2017 Q2 2018 Q2 2019 Q2 2020 Q2 2021 Q2 2022 Q2 2023 Q2 2024 Q2 2025 Q2 1 TBV per share as reported in quarterly filings with add-back of after-tax AOCI at each period-end Note: Downward shift in 1Q25 primarily due to securities repositioning and realized loss of embedded AOCI $26.5 million returned to shareholders YTD 2025 via share repurchases

13 132Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Funded Draws & Line Utilization Rate 4 Commercial & Industrial 32% Owner Occupied CRE 10% Non-Owner Occupied CRE 30% C&D 8% 1-4 Family Residential 14% HELOC 2% Other 4% 43% 43% 43% 50% 52%52% 49% 50% 59% 65% 43% 43% 43% 44% 43% C&I Utilization CRE & Construction Utilization Retail & Other Utilization 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 1 Capital is Busey Bank Tier 1 Capital (preliminary estimates) + Allowance for credit losses | 2 Based on loan origination | 3 Revolving Line of Credit 4 Excludes credit card & overdraft protection & includes tranche loan commitments/associated sub notes West (AZ, CO, NM) 7% Central (KC, Wich., OKC, Tulsa) 15% Texas (Dallas/FW) 14% Midwest (Central IL, Indy) 23% East (Chi., STL, SW FL) 30% Verticals 11% $7,588 $7,999 $7,809 $7,696 $9,351 $1,828 $1,943 $1,877 $1,904 $3,332 $3,445 $3,356 $3,270 $5,570 $446 $411 $398 $378 $1,051 $1,982 $2,200 $2,178 $2,145 $2,730 C&I CRE Construction Retail Real Estate & Other 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 $ in millions LTM Core Growth 3 LTM Commercial Growth 3 +82.8% +98.7% Classified Loans / Capital 1 NPLs / Total Loans 7.7% 0.40% High Quality, Diversified Loan Portfolio Loans Trend Loan Portfolio Regional Segmentation 2 Loan Portfolio Composition LTM Growth +82.8% 2Q25 Total Loan Portfolio: $13.8 Billion Consolidation of CrossFirst into Busey resulted in a diversified commercial portfolio with a: Portfolio 2025 Q1 QoQ ∆ 2025 Q2 % of Total East (Chicago, St. Louis, SW FL) $4,194 -$126 $4,068 29 % Midwest (Central IL, Indy) $3,195 +$21 $3,216 23 % Central (KC, Wichita, OKC, Tulsa) $2,059 -$50 $2,009 15 % Texas (Dallas, Fort Worth) $2,015 -$59 $1,956 15 % West (AZ, CO, NM) $947 +$71 $1,018 7 % Verticals $1,458 +$85 $1,543 11 % Total Loans $13,868 -$58 $13,810 100 % Excluding payoffs of ~$69 million in PCD loans risk rated watch or worse, legacy CrossFirst markets posted $31 million of loan growth, or +2.5% annualized, during 2Q25 East decline during 2Q25 primarily tied to Chicagoland, pressured by a few large RLOC3 paydowns where the commitments remain active to fund the next investment opportunity Life Equity Lending, Energy Lending, and Sponsor Finance/Family Office Lending verticals experienced net loan growth during 2Q25 $ in thousands Draws continue on existing Construction lines, while not adding significant new production commitment volume in recent quarters 7.86% 7.69% 7.12% 6.91% 7.13% 5.51% 5.63% 5.47% 5.76% 6.22% 5.33% 5.16% 4.53% 4.33% 4.32% Net New Funding Yield Loan Yield SOFR 30D 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 Loan Yield Seeing some hesitancy to invest, slower loan demand due to uncertain macroenvironment ▪ Larger share of C&I ▪ Unchanged NOOCRE distribution ▪ Lower Residential and Consumer lending exposure And a continued focus on strong asset quality:

14 142Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 1 Investor owned CRE (CRE-I) includes C&D, Multifamily and non-owner occupied CRE | 2 Fixed Charge Coverage Ratio | 3 Debt Service Coverage Ratio 4 Net Operating Income of property divided by Loan Amount $ in millions Property Type 6/30/25 Balances % of Total Loans 6/30/25 Classified Balances Apartments $908.0 6.6 % $0.0 Industrial/Warehouse 893.6 6.5 % 0.1 LAD 788.8 5.7 % 0.3 Retail 753.5 5.5 % 6.2 Traditional Office 483.2 3.5 % 0.5 Hotel 355.5 2.6 % 0.0 Student Housing 249.0 1.8 % 3.6 Specialty 180.4 1.3 % 0.0 Medical Office 158.3 1.1 % 2.8 Senior Housing 157.2 1.1 % 0.0 Nursing Homes 109.8 0.8 % 0.0 1-4 Family 83.3 0.6 % 0.2 Health Care 20.0 0.1 % 0.0 Restaurant 30.1 0.2 % 0.0 Other 29.5 0.2 % 0.0 Grand Total $5,200.2 37.6 % $13.7 $ in millions Property Type 6/30/25 Balances % of Total Loans 6/30/25 Classified Balances Industrial/Warehouse $446.2 3.2 % $8.7 Specialty 292.4 2.1 % 8.6 Traditional Office 198.2 1.4 % 1.4 Medical Office 140.2 1.0 % 0.0 Restaurant 115.5 0.8 % 0.0 Retail 114.5 0.8 % 2.7 1-4 Family 36.2 0.3 % 1.4 LAD 9.2 0.1 % 0.0 Nursing Homes 1.6 0.0 % 0.0 Health Care 0.4 0.0 % 0.0 Other 84.8 0.6 % 1.6 Grand Total $1,439.2 10.3 % $24.4 Owner Occupied CRE Loans by Property Type High Quality Loan Portfolio: CRE Investor Owned CRE Loans by Property Type 1 All data as of 6/30/25 $ in millions Investor Owned CRE Metric Traditional Office Medical Office Top 10 Largest Office Loans Total Balances $483.2 $158.3 $198.7 % of Total CRE-I 9.3 % 3.0 % 3.8 % % of Total Office CRE-I 75.3 % 24.7 % 31.0 % # of Loans 220 63 10 Average Loan Size $2.2 $2.5 $19.9 Total Classified $0.5 $2.8 $0.0 Weighted Avg Current LTV 59 % 61 % 62% Weighted Average DSCR3: Weighted Average Debt Yield4: WAvg 1-Year Lease Rollover: WAvg 2-Year Lease Rollover: Top Ten Largest Office Loans 1.35 10.3% 3.7% 6.7% Only 0.3% of total CRE-I loans are classified 100/300 Test: 46% C&D 231% CRE-I Limited office and metro central business district exposure; granting credit to well-capitalized in-market borrowers Only 1.7% of total OOCRE loans are classified OOCRE properties are underwritten to operating cash flow and guidance requires a 1.20x FCCR2 Lower risk profiles as underwritten to the primary occupying business and are not as exposed to lease turnover risks

15 152Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE ▪ 32% of total loan portfolio ▪ Legacy CrossFirst Bank contributed 50%+ of total C&I loan portfolio ▪ Includes CrossFirst’s energy loan portfolio which totaled $320 million at 6/30/25 ▪ C&I loans are generally underwritten to a 1.20x FCCR1 requirement and RLOCs greater than $1 million require a monthly borrowing base ▪ C&I lines of credits have an overall utilization of 52%, demonstrating substantial borrowing capacity and appropriate revolving of most lines ▪ Diversified portfolio results in low levels of concentrated exposure ▪ Top concentration in one industry - Finance & Insurance - is 17% of C&I loans, or 6% of total loans ▪ The majority of the Finance & Insurance portfolio is secured by marketable securities ▪ Substantial diversification among the subsectors in the manufacturing portfolio, with strong core credits ▪ 2.8% of C&I loans are classified, compared to 2.8% in 1Q25 and 2.5% in 2Q24 1 Fixed Charge Coverage Ratio High Quality Loan Portfolio: C&I C&I Loans by Sector $ in millions NAICS Sector 6/30/25 Balances % of Total Loans 6/30/25 Classified Balances Finance and Insurance $766.9 5.6 % $6.0 Manufacturing 516.2 3.7 % 41.5 Real Estate and Rental and Leasing 403.4 2.9 % 7.3 Food Services and Drinking Places 394.4 2.9 % 0.9 Mining, Quarrying, Oil, Gas Extraction 320.7 2.3 % 0.0 Construction 310.6 2.2 % 4.2 Transportation 232.7 1.7 % 4.4 Other Services (except Public Admin.) 222.5 1.6 % 0.8 Retail Trade 214.6 1.6 % 3.1 Wholesale Trade 210.1 1.5 % 20.1 Agriculture, Forestry, Fishing, Hunting 169.2 1.2 % 3.6 Health Care and Social Assistance 136.7 1.0 % 6.2 Educational Services 133.9 1.0 % 0.1 Professional, Scientific, Tech. Svcs. 101.7 0.7 % 17.9 Arts, Entertainment, and Recreation 83.7 0.6 % 1.2 Information 63.6 0.5 % 2.4 Public Administration 46.1 0.3 % 0.0 Accommodation 42.9 0.3 % 0.0 Waste Management Services 32.5 0.2 % 0.0 Administrative and Support Services 18.5 0.1 % 0.0 Mgt of Cos. and Enterprises 16.8 0.1 % 0.2 Utilities 4.9 0.0 % 2.8 Other 7.7 0.1 % 0.0 Grand Total $4,450.1 32.1 % $122.5 ▪ ▪ <5% of Loan Portfolio are shared national credits. Both companies have historically only participated in syndications with borrowers that have had a long-standing relationships with the banks. For participations, to manage exposure CFB typically has sold participation balances that almost offset participations purchased. Ended year-end in approximately net +$200mm purchased position, but can change by quarter and based on draws.

16 162Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE $21,268 $16,590 $7,941 $23,300 $58,151 4.13 5.52 11.55 3.58 3.15 Busey Bank NPAs Allowance/NPAs (x) 2021 YE 2022 YE 2023 YE 2024 YE 2025 Q2 $195.2 -$1.6 -$11.8 -$11.3 $12.8 $183.3 1Q25 ACL PCD¹ Charge-Offs and Recoveries Release of PCD Provision Non PCD Charge-Offs and Recoveries Non PCD Provision Expense 2Q25 ACL Credit Profile Bolstered by Strong Reserves Non-PCD provision to support charge-offs and adjust for loan portfolio mix and economic factors Charge-off of one legacy Busey medical office credit in Chicagoland that was downgraded to criticized in 1Q24 and then to classified in 1Q25 Release primarily attributable to the resolution of one fully-marked legacy CrossFirst verticals credit that had been rated classified 1.41% Allowance to Loans 1.33% Allowance to Loans Allowance / NPLs Multiple Allowance / NPAs Multiple $ in thousands$ in thousands $16,852 $15,740 $7,816 $23,237 $54,555 5.22 5.82 11.74 3.59 3.36 Busey Bank NPLs Allowance/NPLs (x) 2021 YE 2022 YE 2023 YE 2024 YE 2025 Q2 Increase due to CrossFirst Bank contribution of ~$48 million of NPLs in 1Q25 Majority represented by charge-off of one C&I credit identified and marked down ~75% during due diligence Increase due to CrossFirst Bank contribution of ~$52 million of NPAs in 1Q25 ▪ Provision for unfunded commitments, formerly reported within noninterest expense, was moved to provision expense during 2Q25 to align with best practices ▪ $4.7 million total unfunded provision was booked during quarter, $4.0 million of which was a nonrecurring provision expense related to adjustment of the initial provision as a result of the adoption of a new CECL model 1 Purchase credit deteriorated; purchased financial assets with credit deterioration are acquired individual financial assets (or acquired groups of financial assets with shared risk characteristics) that, as of the date of acquisition, have experienced a more-than-insignificant deterioration in credit quality since origination, as determined by an acquirer’s assessment Provision for Unfunded Commitments

17 172Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE $1,329 $1,398 $1,455 $1,522 $2,282 6.9% 7.7% 5.0% 5.6% 7.7% Bank Tier 1 Capital + ACL Classified/Capital 2021 YE 2022 YE 2023 YE 2024 YE 2025 Q2 ▪ Conservative underwriting structures have resulted in a legacy of pristine credit quality ▪ Strong portfolio management that identifies early warning indicators and proactively engages the special assets group early in the credit review process (special assets group has remained intact since the 2008-2009 recession) ▪ Post-acquisition of CrossFirst, classified assets as a percentage of capital increased from 5.6% at 12/31/24 to a still low 7.7% at 6/30/25 ▪ Loans 90+ days past due and still accruing remained low at $0.9 million at 6/30/25. Loans 30-89 days past due increased by $23.6 million compared to 3/31/25, with the increase primarily attributable to two commercial credits, one of which representing approximately $12.5 million was brought current after the end of 2Q25. ▪ 2Q25 net charge-offs totaled $12.9 million, primarily related to one legacy Busey medical office credit in Chicagoland that was downgraded to criticized in 1Q24 and then to classified in 1Q25 ▪ OREO balances total $3.6 million 1 Capital calculated as Busey Bank Tier 1 Capital (preliminary estimates) + Allowance for credit losses 2 Average loans was calculated as the average of the ending portfolio loan balances over the most recent four quarters Pristine Credit Quality NPAs / Assets Classifieds / Capital 1 NCOs / Average Loans 2 0.17% 0.13% 0.06% 0.19% 0.31% 0.58% 0.20% 0.34% 0.52% 0.25% 0.23% 0.31% 0.46% Busey CrossFirst KRX Median 2021 YE 2022 YE 2023 YE 2024 YE 2025 Q2 $ in millions $ in millions $ in millions BUSE NPAs $21.3 $16.6 $7.9 $23.3 $58.2 BUSE NCOs $2.2 $0.9 $2.3 $18.2 $12.9 BUSE Classified Assets $91.8 $107.1 $72.3 $85.3 $175.7 0.03% 0.01% 0.03% 0.23% 0.37% 0.30% 0.08% 0.09% 0.09%0.06% 0.05% 0.16% 0.19% Busey CrossFirst KRX Median 2021 YE 2022 YE 2023 YE 2024 YE 2025 Q2 (Annualized)

18 182Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Non-Int DDA 23% Int DDA 20% Savings & MMDA 41% CD <250k 11% CD >250k 5% 1 Non-GAAP calculation, see Appendix | 2 Other deposits include brokered MMA, brokered CDs, ICS Demand & Savings, CDAR CDs Core Deposits 1 92.5% MRQ Avg Cost of Total Deposits 2.21% MRQ Avg Cost of Non-Time Deposits 1.87% Avg Deposits per Branch $203 million $10,068 $10,004 $10,050 $12,179 $15,993 80.2% 78.5% 77.1% 84.3% 87.4% Retail Commercial Public Other ² Avg Deposits LDR 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 $9,627 $9,619 $9,591 $9,635 $14,870 $15,802 $9,812 $10,002 $9,671 $9,677 $9,650 $15,000 96.7% 96.4% 96.5% 96.5% 90.3% 92.5% Core Deposits Avg Core Deposits Core/Total Deposits 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 $ in millions Top Tier Core Deposit Franchise Deposit Portfolio Composition Total Deposits & Loan-to-Deposit Ratio Core Deposits 2 / Total Deposits $9,976 $9,943 $9,982 $16,459 $15,801 $ in millions Total Deposits: $15.8 Billion ▪ Asset base compressed and we continue to work toward a more efficient balance sheet with runoff of brokered and other higher cost non-relationship deposits ▪ Deposit growth projected to be in-line with loan growth in 2H25 ▪ Core deposit growth is a key strategic priority and is a component of performance metrics for incentive plans ▪ Long-run optimal operating target of ~85% loan-to-deposit ratio and 95%+ core deposits Deposit Portfolio Regional Segmentation Portfolio 2025 Q1 QoQ ∆ 2025 Q2 % of Total East (Chicago, St. Louis, SW FL) $4,627 +$120 $4,747 30 % Midwest (Central IL, Indy) $5,184 +$18 $5,202 33 % Central (KC, Wichita, OKC, Tulsa) $4,232 -$716 $3,516 22 % Texas (Dallas, Fort Worth) $1,054 -$118 $936 6 % West (AZ, CO, NM) $929 -$62 $867 6 % Verticals $433 +$100 $533 3 % Total Loans $16,459 -$658 $15,801 100 % Result of targeted $422 million reduction in corporate wholesale deposits, as well as seasonal tax payments by the client base Increase primarily attributable to public fund inflows Outflows noted from active clients due to seasonal tax payments and other typical business activities; no significant client losses noted $ in thousands 96.4% 96.5% 96.5% 90.3% 92.5% 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 Core Deposits 1 / Total Deposits Notable $422 million decrease in “Other” with targeted reduction in brokered deposits $174 million and $257 million QoQ declines in Commercial and Retail, respectively, largely reflective of seasonal tax outflows that are partially counterbalanced by public deposit inflows Public deposits up $195 million, demonstrating typical seasonality with inflows occurring in 2Q & 3Q

19 192Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 1.75% 1.85% 1.75% 1.91% 2.21% 2.27% 2.33% 2.19% 2.00% Busey KRX Median 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 1.00% 1.50% 2.00% 2.50% 3.00% BUSE Cost of Deposits Effective Fed Funds Rate (Qtr Avg)¹ 2Q 15 2Q 16 2Q 17 2Q 18 2Q 19 2Q 20 2Q 21 2Q 22 2Q 23 2Q 24 2Q 25 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 5.5% 6.0% Deposit Cost Trends Total Cost of Deposits vs. Peers Historical Cost of Deposits, 2Q15 - 2Q25 Cost of deposits had been at ~30% of Fed Funds over the last three cycles (2 tightening, 1 easing) fully lagged. Busey will run at ~50% of Fed Funds going forward, which will slowly shrink with continued actions to reduce wholesale funding reliance. 1 Quarterly effective Fed Funds per FRED, Federal Reserve Bank of St. Louis. Average during quarter, not seasonally adjusted $589 $220 $65 $10 2025 Q1 2025 Q2 2025 Q3 2025 Q4 Brokered CD Quarter-End Balances $ in millions Future quarter projections based on scheduled maturities 4.4% WAvg Rate on remaining Brokered CDs ▪ Post-acquisition of CrossFirst, implemented balance sheet optimization strategy with reduction of wholesale and other high-cost non-relationship funding to drive down combined cost of deposits ▪ Brokered CD balances reduced by $369 million during 2Q25 and another $155 million reduction anticipated in 3Q25 ▪ An overall higher mix of indexed & wholesale deposits and a full quarter of the combined funding base increased total deposit costs from 1Q25 to 2Q25, met with a concurrent increase in loan yields ▪ Shifted rate assumptions to one Fed Funds upper limit rate cut of 25 bps in Oct. 2025 and a second 25 bps cut in Dec. 2025 ▪ With assumed rate cuts and continued optimization of the balance sheet, expect total cost of deposits in a range of 2.00-2.15% for 2H25 ▪ Short duration non-brokered CD portfolio has a weighted average remaining life of 4.7 months and weighted average rate of 3.7%

20 202Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE $82.9 $83.0 $82.0 $104.3 $154.0 $82.1 $81.7 $81.2 $101.6 $146.9$0.8 $1.3 $0.8 $2.7 $7.1 Net Interest Income ¹ Purchase Accounting Accretion 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 4.83% 4.90% 4.75% 5.08% 5.63% 1.88% 1.98% 1.89% 2.02% 2.29% 3.03% 3.02% 2.95% 3.16% 3.49% 0.03% 0.05% 0.03% 0.08% 0.16% Earning Assets Cost of Funds NIM Accretion 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 3.16% +0.54% +0.04% +0.02% -0.25% -0.12% +0.02% +0.08% 3.49% 1Q25 NIM Loan Rate/ Volume March 2025 Securities Repositioning Preferred Stock Issuance & Sub Debt Payoff Deposit Funding Cost Other Cash & Securities Impact Funding Mix Purchase Accounting Contribution 2Q25 NIM 1 Tax-equivalent adjusted amounts; Non-GAAP, see Appendix $ in millions Primarily the impact of loan production and contribution of a full quarter of CrossFirst Bank Full quarter impact of higher funding costs associated with the CrossFirst deposit base Net Interest Margin Bridge Factors contributing to +33 bps NIM expansion during quarter (+25 bps excluding accretion) Net Interest Margin Trend 1Net Interest Income Trend 1 Net Interest Margin Mix reduction of securities/ restricted stock and lower yielding cash contributions Increased purchase accounting accretion from CrossFirst transaction Impact from repositioning of legacy Busey investment portfolio executed in late March, selling $203 million of AFS securities at a $15.5 million income statement loss 2025 Q2 Projected NIM: 3.40%+ Note: Company Purchase Accounting Schedule in appendix Item 1Q25 2Q25 Loan Yield 3/31/2025 3/1/2025 Securities Yield Total Interest Earning Assets Yield Total Cost of Deposits Cost of Borrowings Total Interest Bearing Liablilities Net Interest Margin NIM less Purch. Acct. Accr.* Average Earnings Assets Mix reduction with borrowings becoming a significantly less material piece of interest expense Impact from paying off $125 million of subordinated debt with preferred stock issuance closed on May 20 Avg IE Assets ($B) $11.00 $10.94 $11.05 $13.36 $17.70 NIM excluding accretion up 25 bps QoQ

21 212Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Minimal contribution from other service charges such as NSF, overdraft, and consumer deposit fees Payment Technology Solutions is the consolidated revenue from FirsTech, which includes lockbox/ACH payment processing, merchant services, online payments, and other electronic pmts Treasury Management Services includes commercial cash mgt services, wires, and other commercial business service charges 1 Non-GAAP calculation, see Appendix 2 Approximately $0.1 million and $0.2 million of Other Noninterest Income was attributable to the wealth segment in 2Q24 and 2Q25, respectively $116.3 $117.7 $117.0 $140.7 $192.0 $33.8 $35.0 $35.4 $37.0 $38.9 $82.5 $82.6 $81.6 $103.7 $153.2 29.0% 29.8% 30.3% 26.3% 20.2% Adj. Nonint. Inc. Net Interest Income Adj. Nonint. Inc./Op. Rev. 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 $ in millions Noninterest Income Detail 2024 Q2 YoY Change 2025 Q2 % of Total (Adj.) Wealth Management Fees $15,917 +5 % $16,777 43 % Payment Technology Solutions 5,915 -16 % 4,956 13 % Treasury Management Services 2,145 +132 % 4,981 13 % Card Services and ATM Income 3,430 +42 % 4,880 13 % Other Service Charges on Deposit Accounts 2,321 -35 % 1,513 4 % Mortgage Revenue 478 +62 % 776 2 % Income on Bank Owned Life Insurance 1,442 +21 % 1,745 4 % Other Noninterest Income2 2,131 +52 % 3,238 8 % Noninterest Income (ex-securities gains/losses) $33,779 +15 % $38,866 100 % Gain on Mortgage Servicing Rights Sale 277 — Net Securities Gains (Losses) (353) 5,997 Total Noninterest Income $33,703 +33 % $44,863 $ in thousands Adjusted Noninterest Income / Operating Revenue 1 Sources of Noninterest Income Diversified and Significant Sources of Noninterest Income 2Q25 net securities gain is related to BUSE’s ~3% equity stake in a financial institution that was the target of announced acquisition at a 50%+ market premium during the quarter 2Q25 adjusted noninterest income contributed 20.2% of total operating revenue (excludes net securities gains) 20.2% 69.2% 69.2% of 2Q25 adjusted noninterest income is contributed by wealth management fees, wealth management referral income included in other noninterest income, payment technology solutions revenue, and treasury management services revenue Wealth + Payment Tech + Treasury Management / Total Noninterest Income Adjusted Noninterest Income / Total Revenue 2Q25 includes $1.2 million of interchange from corporate credit cards that are managed within Treasury Management division

22 222Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE $16.1 $16.2 $17.0 $17.6 $17.0 $7.3 $7.4 $7.7 $8.2 $7.7 45.4% 45.7% 45.4% 46.6% 45.1% Revenue Pre-Tax Net Income Pre-Tax Profit Margin 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 $13,020 $13,690 $13,834 $13,678 $14,102 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 ▪ Assets Under Care (AUC) of $14.1 billion, a QoQ increase of $0.4 billion and a YoY increase of $1.1 billion, or +8% ▪ 2Q25 Wealth segment revenue of $17.0 million, a YoY increase of +5% ▪ Pre-tax net income of $7.7 million, a YoY increase of +5% ▪ Pre-tax profit margin of 45.1% in 2Q25 and 45.7% over the last twelve months ▪ Hired 3 new Managing Directors in the Central region; have experienced early success with new assets generated during 2Q25 and building strong pipelines ▪ Significant volume of applicants and strong talent pipeline under review for the next targeted expansion regions of West and Texas ▪ Our fully internalized investment team continues to produce excellent returns, focused on long-term outperformance of benchmarks ▪ The team’s blended portfolio has outperformed the blended benchmark2 over the last 3 years and over the last 5 years 1 Wealth Management segment | 2 Blended benchmark consists of 60% MSCI All-Country World Index and 40% Bloomberg Intermediate Govt/Credit Index $ in millions $ in millions Wealth Management Assets Under Care Wealth - Revenue and Pre-tax Income 1 $16.1 $16.2 $17.0 $17.6 $17.0 Trust Brokerage Tax Planning Estate Settlement Ag Services Other 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 Wealth Revenue Composition 1 $ in millions

23 232Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Integrated Receivables 24% Merchant Processing 24% Online Payments 21% Other Electronic Payments 31% ▪ 2Q25 segment revenue of $5.4 million ▪ Shift to new go-to-market strategy in 3Q24 that is focused on key competencies of integrated receivables, merchant services, and online payments has slowed growth in near-term ▪ Recent client wins under new go-to- market is projected to result in revenue ramp in late 2025 and into 2026 ▪ New go-to-market resulting in solid pipeline growth with enterprise and financial institutions ▪ Winning new opportunities within client’s payments ecosystems due to higher quality service levels and ability to onboard new clients much quicker than competitors Transactions processed LTM 45 million $11 billion Payments processed LTM FirsTech 1 Revenue equates to all revenue sources tied to FirsTech and excludes intracompany eliminations ▪ FirsTech’s long-term core integrated receivables offerings have historically acted as a lead-in opportunity to expand services with existing clients ▪ Two largest deals in FirsTech history signed in 2024 ▪ During 3Q24, opened processing site in Glenview, IL to support scale in Chicagoland; multiple new client opportunities generated because of this new capture location ▪ Merchant is the primary referral opportunity for many new commercial clients, including legacy CrossFirst clients ▪ High referral rate from Busey Bank and successful partnerships closed with existing commercial clients ▪ Diversified revenue stream that is serving over 1,000 merchant accounts and has experienced increasing deal size ▪ Recent launch of innovative and configurable consumer payment platform has driven refreshed client interest ▪ Early success from new and existing customers, indicated by strong Net Promoter Score (NPS) results ▪ PayFusion product (comprehensive payments platform for businesses) has continued to receive positive feedback from customers & partners ▪ Expansion with enterprise customers and financial institutions is showing promising results Merchant Processing Online Payments $21.7 million LTM Revenue1 2Q25 FirsTech Revenue Mix Integrated Receivables

24 242Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE U.S. Treas. & Agencies 4% Municipals 8% CMOs 30% Residential MBS 27% Commercial MBS 17% CLOs 12% Corporate 2% $2,937 $2,859 $2,882 $3,290 $3,214 $2,086 $2,020 $2,055 $2,475 $2,411 $851 $839 $827 $815 $803 2.73% 2.70% 2.66% 3.20% 3.27% Amortized Cost AFS Amortized Cost HTM Tax Equivalent Yield 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 Balanced, Low-Risk, Short Duration Investment Portfolio Securities Portfolio - Amortized Cost vs. TE YieldInvestment Portfolio Composition 94% of Municipal holdings rated AA or better and 6% rated A $ in millions AFS % of Amortized Cost 75% HTM % of Amortized Cost 25% Total Securities (Amortized Cost): $3.2 Billion ▪ Post-CrossFirst acquisition, shifted the mix of the combined securities portfolio to achieve optimal balance across risk & income spectrum via repositioning of both the marked CrossFirst portfolio and the legacy AFS Busey portfolio ▪ Carrying value of investment portfolio is 17% of total assets, down from 24% in 4Q24 ▪ Tax equivalent yield increased by +7 bps QoQ, following a +54 bps increase in 1Q25 ▪ BUSE carried $803 million in held-to-maturity (HTM) securities as of 6/30/25 (HTM AOCI of -$20 million at 6/30/25) ▪ After-tax net AFS unrealized loss position of $128 million and accumulated loss position of $9 million on cash flow hedges (captured in total AOCI) Duration 4.9 years Ex-HTM Duration 4.6 years Collateralized Loan Obligation portfolio consists of 86% rated AAA and 14% rated AA 97% of Corporate holdings are investment grade All Mortgage-Backed Securities & Collateralized Mortgage Obligations are Agency

25 252Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Balance sheet is projected over one- & two-year time horizons and net interest income is calculated under current market rates assuming permanent instantaneous shifts Actively Managing Well-Positioned Balance Sheet Net Interest Income Rate SensitivityRate Structures of Loan Portfolio in 2Q25 Consolidated Deposit Cost of Funds Rate Shock Year 1 NII Impact Year 2 NII Impact +200 bps +5.6 % +5.8 % +100 bps +2.8 % +2.9 % -100 bps -2.1 % -3.2 % -200 bps -3.5 % -6.2 % Floating 54% Variable 9%Fixed 37% Based on Static Balance Sheet Cost of funds increased with the higher mix of acquired indexed/managed rate client deposits and brokered funding. Continue to roll off brokered and higher cost non-relationship funding which is anticipated to compress the asset base in the short term but also help to reduce overall funding cost. Presented below is a trend of illustratively combined historical deposit costs for Busey Bank + CrossFirst Bank as a percentage of the Fed funds upper limit quarterly average. A long-run normalized funding cost of the deposit book is anticipated to range between 45%-50% of the upper limit of the Fed funds target range. 32% 32% 34% 36% 42% 49% Total Cost of Deposits as % of Fed Funds ¹ 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 1 Cost of deposits as a percentage of Fed Funds are calculated based on an average fed funds target rate of 5.50% (1Q24, 2Q24), 5.43% for 3Q24, 4.82% for 4Q24, and 4.50% for 1Q25 & 2Q25 Recent launch of loan pricing software has further driven focus on pricing discipline and term structure for both loans and deposits 2H25 2026 2027 2028 Roll Off Cash Flow ($ millions) $181 $290 $263 $343 Approximate Roll Off Yield 2.5 % 2.6 % 3.0 % 3.5 % 2H25 2026 2027 2028 Balances ($ millions) $453 $784 $895 $706 Weighted Average Rate 5.0 % 4.5 % 4.7 % 5.5 % Balance sheet well-positioned for rate neutrality Repricing / Maturity of Fixed Rate Loans Roll Off of AFS Securities SOFR 65% Prime 26% Treasury 9% Substantial amount of low-yield loans & securities scheduled to roll off Floating & Variable Index Rates 2Q25 Net New Funding Yield: 7.13%

26 262Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 1 Non-GAAP, see Appendix| Note: Certain totals above may not tie exactly due to rounding. Detail amounts can be found in Non-GAAP table within Appendix ▪ Efficiency gains accelerated with integration of CrossFirst Bank into Busey ▪ Continue to be mindful and diligent on expenses; focused on employing the best talent and deploying a best-in-class product set to position the company for future growth ▪ Adjusted core expenses1 of $106.6 million in 2Q25 ▪ Adjusted core expense to average assets1 of 2.24% for 2Q25 ▪ $11.8 million of average earning assets per employee for 2Q25 ▪ Non-operating other expenses during 2Q25 were comprised of $16.6 million of expenses related to the CrossFirst acquisition ▪ Provision for unfunded commitments, formerly reported within noninterest expense, was moved to provision expense during 2Q25 to align with best practices $75.9 $75.5 $78.6 $112.0 $127.8 60.9% 60.2% 61.8% 58.7% 55.3% Expenses ex-Acq. Acquistion & Restruct. Exp. Adj. Efficiency Ratio¹ 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 $ in millions Noninterest Exp. $75.9 $75.5 $78.6 $112.0 $127.8 Amort. of Intangibles $2.6 $2.5 $2.5 $3.1 $4.6 NIE ex- Intangibles Amort. 1 $73.3 $73.0 $76.1 $108.9 $123.2 Acquisition & Restruct. Exp. $2.2 $1.9 $3.6 $26.0 $16.6 Adjusted NIE 1 $71.1 $71.1 $72.5 $82.9 $106.6 Noninterest Expense Focused Control on Expenses Item Expectations at Announcement Actual Results & Updated Expectations at Close Closing Date 3/31/2025 3/1/2025 TBV Dilution (0.6) % Accretive TBV Earnback ~6 months Accretive 2026 EPS Accretion (excl. one-time charges and with fully realized cost saves) 20%+ 18%+ Loan Mark $208 million $200 million Core Deposit Intangible $51 million $82 million 2025 Cost Saves ~$25 million (5% of combined NIE) ~$25 million (5% of combined NIE) One-Time Merger Charges (non-capitalized) $75.3 million $77.8 million Total Risk Based Capital 14.1 % 15.1 % ▪ Expected cost saves of ~$25 million (~70% personnel) from the CrossFirst acquisition remain on track ▪ Exited 2Q25 with ~70% of savings implemented in expense run rate (primarily personnel) and anticipate 100% implemented in run rate when exiting 4Q25 ▪ Projecting 50% of the identified $25 million cost saves total to be realized in the 2025 expense base and 100% realized in 2026 ▪ Anticipate ~$20 million of remaining acquisition expenses related to the CrossFirst transaction with most to be recognized over the next 4 to 5 quarters CrossFirst Bankshares acquisition expense impacts

27 272Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE $1,589 $1,610 $1,626 $2,323 $2,435 $908 $885 $877 $1,561 $1,546 $681 $725 $749 $761 $889 17.5% 18.2% 18.5% 14.9% 15.8% 10.0% Well Cap Min Excess over Min Total Capital Ratio Min Ratio 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 $963 $1,035 $1,017 $1,676 $1,709 8.3% 8.9% 8.7% 8.8% 9.3% 13.2% 13.8% 14.1% 12.0% 12.2% TCE TCE Ratio CET1 Ratio 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 Tangible Common Equity 1 & CET1 Ratios 2 1 Non-GAAP calculation, see Appendix | 2 2Q25 capital ratios are preliminary estimates | 3 1Q25 leverage ratio skewed high due to only one-month of CrossFirst in average total assets $1,275 $1,297 $1,314 $1,880 $2,112 10.7% 11.0% 11.1% 12.9% 11.3% 4.0% Tier 1 Capital Leverage Ratio Min Ratio 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 $ in millions Common Equity Tier 1 Ratio Tier 1 Capital Ratio Total Capital Ratio Capital Ratio 12.2 % 13.7 % 15.8 % Minimum Well Capitalized Ratio 6.5 % 8.0 % 10.0 % Amount of Capital $1,889 $2,112 $2,435 Well Capitalized Minimum $1,005 $1,237 $1,546 Excess over Well Capitalized Minimum $884 $875 $889 $ in millions $ in millions $ in millions Robust Capital Foundation Total Capital Ratio 2 Leverage Ratio 2 Consolidated Capital as of 6/30/25 2 (3) Capital position remains robust even after impact from the strategic deployment of capital for the CrossFirst acquisition and Busey’s active share repurchase program ($21.7 million and $4.8 million returned to shareholders in 2Q25 and 1Q25, respectively)

Appendix

29 292Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Has served as Vice Chairman & President of First Busey Corporation and President & CEO of Busey Bank since March 2025. He also serves as Chairman of FirsTech, Inc. Prior to its merger with Busey in 2025, Mr. Maddox served as President and CEO of CrossFirst Bankshares, Inc. since June 1, 2020, and CEO of CrossFirst Bank since November 28, 2008. He served as President of CrossFirst Bank from November 2008 until June 2022 when the roles of CEO and President of the Bank were split. He is involved with a number of community organizations, including the Kansas City Civic Council. Has served as Chairman & CEO of First Busey since 2007 and became Chairman of the Board effective July 2020. Also serves as Chairman of Busey Bank, along with a director of FirsTech. Offers 40 years of diverse financial services experience and extensive board involvement with a conservative operating philosophy and management style that focuses on Busey’s associates, customers, communities and shareholders. He also serves on the board of directors for Desert Mountain Club and the Champaign Illinois Kennel Club. Van A. Dukeman Chairman & CEO of First Busey Corporation Chairman of Busey Bank Experienced Management Team Mike J. Maddox Vice Chairman & President of First Busey Corporation President & CEO of Busey Bank Joined Busey in 2008 and has nearly 30 years of financial and leadership experience. Oversees various areas at Busey and its subsidiaries, including human resources, corporate communications, executive administration, marketing, the overall Busey experience, enterprise and strategic projects, as well as consumer and digital banking. Prior to Busey, Mrs. Randolph worked for 10+ years with CliftonLarsonAllen LLP. She also serves on the board of directors for the Illinois Bankers Association and Illinois Bankers Business Services. Amy L. Randolph EVP & Chief Operating Officer Joined Busey in January 2020 with over 25 years of financial leadership experience, including a 16-year tenure with KeyCorp. Oversees various areas at Busey and its subsidiaries, including enterprise, operational and third- party risk management, compliance, fair and responsible banking, vendor management, model risk, business continuity and information security. She is the Chair of the Board for the Cleveland Hearing and Speech Center and also serves on the ProSight Financial Association Board of Directors. Monica L. Bowe EVP & Chief Risk Officer Joined Busey in 2025 with the CrossFirst Bankshares merger and oversees various areas at Busey and its subsidiaries, including all information technology and business services and systems, service support, enterprise lending services, enterprise deposits and payments, and facilities. Prior to Busey’s acquisition of CrossFirst Bankshares, Inc. in March 2025, Ms. Fauss held multiple executive leadership roles with CrossFirst Bank, most recently serving as Chief Operating Officer. She serves as Secretary of the Down Syndrome Innovations Board of Directors, on the Kansas City Board of Directors as Immediate Past President of Breakthrough T1D (formerly JDRF) and is involved with the American Heart Association’s Go Red for Women. Amy J. Fauss EVP & Chief Information and Technology Officer Joined Busey in 2011 and has over 20 years of experience in the financial services industry, including more than 18 years in banking. Mr. Jorstad oversees all aspects of credit administration at Busey Bank, including commercial and consumer credit, portfolio monitoring and special assets. In addition, he oversees Busey’s Life Equity Lending (LEL) group. Before being named Chief Credit Officer in 2025, he was President of Credit and Bank Administration for three years after serving as Co-Chief Banking Officer from 2020 to 2022. Mr. Jorstad has also held the role of Regional President for Commercial Banking—overseeing business banking efforts, including Agricultural, Commercial, Construction and Real Estate financing. He also serves on the board of directors for Intersect Illinois and the St. Matthew Education Commission in Champaign, IL. Chip Jorstad EVP & Chief Credit Officer Joined Busey in 2019 and was named Interim Chief Financial Officer in February 2025. Mr. Phillips is a Certified Public Accountant. Prior to his current role, he served as Corporate Controller and Principal Accounting Officer for Busey. With more than 20 years professional experience— 15 of which are in banking—Mr. Phillips started his career as a Senior Auditor at Deloitte and Touche before becoming the SEC Reporting Project Manager at BB&T Corporation (now Truist Financial). He also served as the Director of Financial Reporting and Chief Accounting Officer for Florida Community Bank. Mr. Phillips is an active member of the American Institute of Certified Public Accountants (AICPA). Scott A. Phillips EVP & Interim Chief Financial Officer and Chief Accounting Officer Joined Busey in December 2011 and has over 40 years of legal experience. He oversees all legal matters and leads Busey’s corporate governance efforts. Prior to joining Busey, he was a shareholder in the law firm of Meyer Capel. Mr. Powers serves on the board of trustees for Holy Cross Church and the board of directors for St. Thomas More High School in Champaign, IL. John J. Powers EVP & General Counsel

30 302Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE $14.1 Billion Assets Under Care LTM Revenue1 $67.7 Million PT Margin LTM 45.7% Core Principles I. Client-Focused Strategy Trusted fiduciaries that identify prudent financial solutions to meet client-specific needs and objectives and help clients make better decisions about their wealth II. Team-Based Approach Collaborative team of experienced, credentialed professionals with broad resources that excels in developing unique solutions for clients III. Comprehensive Wealth Management Fully internalized investment office and an investment philosophy that uses a tailored approach to provide proactive advice, empowering clients to make appropriate financial choices to meet their goals in every aspect of their financial health INVESTMENT MANAGEMENT ▪ Preserving and growing wealth with enhanced asset allocation & tax efficient strategies As of 6/30/25 Fully Integrated Wealth Platform PERSONAL SERVICES ▪ Family Office ▪ High Net Worth ▪ Mass Affluent and Emerging Wealth INSTITUTIONAL SERVICES ▪ Retirement Plans ▪ Corporations & Municipalities ▪ Foundations and Endowments ▪ Not-for-Profit Organizations Wealth Client Segments TAX PLANNING & PREPARATION ▪ Deduction maximization, capital event planning, tax-advantaged savings & investment strategies FIDUCIARY ADMINISTRATION ▪ Trust services, estate planning, and philanthropic advisory PRIVATE CLIENT ▪ Concierge banking with one point of contact that coordinates all banking needs AG SERVICES ▪ Farm management and brokerage RETIREMENT PLANNING ▪ Goal-based advisory including life insurance, long-term care, executive stock option strategies Integrated Core Capabilities to Service Personal & Institutional Clients 1 Wealth Management segment

31 312Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE FirsTech, A Uniquely Positioned Payment Technology Company Integrated Receivables Electronic Payments Merchant Services Services Services Services Sales Channels Sales Channels Sales Channels Lines of Business Lines of BusinessLines of Business ▪ Lockbox ▪ eLockbox ▪ Online (Core) ▪ Customer Service Rep., Mobile, Interactive Voice Response (IVR) ▪ Internet Agent Service, Walk-in ▪ Statement of Work (SOW), Time & Materials ▪ Point of Sale ▪ Online ▪ Enterprise Sales Team ▪ Financial Institutions (FI) Sales Team ▪ FI Reseller Sales ▪ Partnerships ▪ Enterprise Sales Team ▪ FI Sales Team ▪ FI Reseller Sales ▪ Partnerships ▪ Merchant Sales Team ▪ Agent Referrals ▪ FI Reseller Sales ▪ Partnerships ▪ Financial Institutions ▪ Municipalities, Government ▪ Utilities, Telecom, Insurance ▪ Health ▪ Financial Institutions ▪ Municipalities, Government ▪ Utilities, Telecom, Insurance ▪ Health ▪ Small and medium-sized businesses (SMB) ▪ Financial Institutions ▪ Municipalities, Government ▪ Utilities, Telecom, Insurance ▪ Health ▪ SMB Payments Segments $11 Billion Payments Processed LTM Transactions Processed LTM 45 Million LTM Revenue 1 $21.7 Million As of 6/30/25 1 Revenue equates to all revenue sources tied to FirsTech and excludes intracompany eliminations

32 322Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE FirsTech, A Uniquely Positioned Payment Technology Company Through continued growth of the Busey/FirsTech relationship and new opportunities for collaboration, FirsTech is uniquely positioned to leverage our relationship to grow in both Enterprise and FI verticals. Verticals & Products

33 332Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Estimated accretion schedule of loan discounts based on anticipated contractual cash flows assuming forward curve In addition to CrossFirst Bankshares acquisition completed 3/1/25, these projections include remaining purchase accounting impact from prior M&A transactions, including acquisition of Merchants & Manufacturers Bank Corporation completed on 4/1/24 Purchase Accounting Projections ($ in thousands) Actuals Accretion/Amortization Impact Item ($ in thousands) 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 4Q26 Thereafter Loans Accretion 2,272 6,576 5,364 4,787 4,317 4,095 3,856 3,573 72,102 CD Accretion 659 921 135 -5 -8 -6 -7 -5 289 Borrowings Amortization -203 -378 -369 -370 -367 -358 -358 -359 -3,693 Net NII Impact 2,728 7,119 5,130 4,412 3,942 3,731 3,491 3,209 68,698 Core Deposit Intangible & Wealth Intangibles Amortization -3,083 -4,592 -4,503 -4,427 -4,287 -4,227 -4,147 -4,078 -80,719 Total Pre-Tax Income Impact -355 2,527 627 -15 -345 -496 -656 -869 -12,021 1 1 2Q25 loan accretion variance from prior quarter’s projections due to accelerated PCD loan payoffs in excess of scheduled accretion

34 342Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Non-GAAP Financial Information This presentation contains certain financial information determined by methods other than U.S. Generally Accepted Accounting Principles (“GAAP”). Management uses these non-GAAP measures, together with the related GAAP measures, in analysis of Busey’s performance and in making business decisions, as well as for comparison to Busey’s peers. Busey believes the adjusted measures are useful for investors and management to understand the effects of certain non-core and non-recurring items and provide additional perspective on Busey’s performance over time. Included in the Appendix are tables that present reconciliations between these non-GAAP measures and what management believes to be the most directly comparable GAAP financial measures. These non-GAAP disclosures have inherent limitations and are not audited. They should not be considered in isolation or as a substitute for operating results reported in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Tax effected numbers included in these non-GAAP disclosures are based on estimated statutory rates, estimated federal income tax rates, or effective tax rates, as noted with the tables below.

35 352Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE ___________________________________________ 1. Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments so that it is now included within the provision for credit losses; therefore, it is no longer included within total noninterest expense. 2. Annualized measure. Non-GAAP Financial Information (Unaudited) Pre-Provision Net Revenue and Related Measures Three Months Ended Six Months Ended (dollars in thousands) June 30, 2025 March 31, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Net interest income (GAAP) $ 153,183 $ 103,731 $ 82,532 $ 256,914 $ 158,386 Total noninterest income (GAAP) 44,863 21,223 33,703 66,086 68,616 Net security (gains) losses (GAAP) (5,997) 15,768 353 9,771 6,728 Total noninterest expense (GAAP)1 (127,833) (112,030) (75,906) (239,863) (147,353) Pre-provision net revenue (Non-GAAP) [a] 64,216 28,692 40,682 92,908 86,377 Acquisition and restructuring expenses, excluding initial provision expenses 16,600 26,026 2,212 42,626 2,620 Realized net (gains) losses on the sale of mortgage service rights — — (277) — (7,742) Adjusted pre-provision net revenue (Non-GAAP) [b] $ 80,816 $ 54,718 $ 42,617 $ 135,534 $ 81,255 Average total assets [c] $ 19,068,086 $ 14,831,298 $ 12,089,692 $ 16,961,396 $ 12,056,950 Pre-provision net revenue to average total assets (Non-GAAP)2 [a÷c] 1.35 % 0.78 % 1.35 % 1.10 % 1.44 % Adjusted pre-provision net revenue to average total assets (Non-GAAP)2 [b÷c] 1.70 % 1.50 % 1.42 % 1.61 % 1.36 %

36 362Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Non-GAAP Financial Information (Unaudited) Adjusted Net Income, Average Tangible Common Equity, and Related Ratios Three Months Ended Six Months Ended (dollars in thousands, except per share amounts) June 30, 2025 March 31, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Net income (loss) (GAAP) [a] $ 47,404 $ (29,990) $ 27,357 $ 17,414 $ 53,582 Day 2 provision for credit losses1 — 45,572 — 45,572 — Adjustment of initial provision for unfunded commitments due to adoption of new model 4,030 — — 4,030 — Other acquisition expenses 16,600 26,026 2,212 42,626 2,497 Restructuring expenses — — — — 123 Net securities (gains) losses (5,997) 15,768 353 9,771 6,728 Realized net (gains) losses on the sale of mortgage servicing rights — — (277) — (7,742) Related tax (benefit) expense2 (4,971) (22,069) (572) (27,040) (402) Non-recurring deferred tax adjustment3 328 4,591 1,446 4,919 1,446 Adjusted net income (Non-GAAP)4 [b] 57,394 39,898 30,519 97,292 56,232 Preferred dividends [c] 155 — — 155 — Adjusted net income available to common stockholders (Non-GAAP) [d] $ 57,239 $ 39,898 $ 30,519 $ 97,137 $ 56,232 Weighted average number of common shares outstanding, diluted (GAAP) [e] 90,883,711 68,517,647 57,853,231 80,251,577 57,129,865 Diluted earnings (loss) per common share (GAAP) [(a-c)÷e] $ 0.52 $ (0.44) $ 0.47 $ 0.22 $ 0.94 Weighted average number of common shares outstanding, diluted (Non-GAAP)5 [f] 90,883,711 69,502,717 57,853,231 80,251,577 57,129,865 Adjusted diluted earnings per common share (Non-GAAP)5,6 [d÷f] $ 0.63 $ 0.57 $ 0.53 $ 1.21 $ 0.98 Average total assets [g] $ 19,068,086 $ 14,831,298 $ 12,089,692 $ 16,961,396 $ 12,056,950 Return on average assets (Non-GAAP)6 [a÷g] 1.00 % (0.82) % 0.91 % 0.21 % 0.89 % Adjusted return on average assets (Non-GAAP)4,6 [b÷g] 1.21 % 1.09 % 1.02 % 1.16 % 0.94 % Average common equity $ 2,180,963 $ 1,932,407 $ 1,331,815 $ 2,057,372 $ 1,303,770 Average goodwill and other intangible assets, net (494,473) (411,020) (376,224) (452,978) (364,620) Average tangible common equity (Non-GAAP) [h] $ 1,686,490 $ 1,521,387 $ 955,591 $ 1,604,394 $ 939,150 Return on average tangible common equity (Non-GAAP)6 [(a-c)÷h] 11.24 % (7.99) % 11.51 % 2.17 % 11.47 % Adjusted return on average tangible common equity (Non-GAAP)4,6 [d÷h] 13.61 % 10.64 % 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. 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. 3. A deferred valuation tax adjustment in 2025 was recorded in connection with the CrossFirst acquisition and the expansion of Busey’s footprint into new states. Additionally, 2025 includes a write-off of deferred tax assets related to non-deductible acquisition-related expenses. A deferred tax valuation adjustment in 2024 resulted from a change to Busey’s Illinois apportionment rate due to recently enacted regulations. Deferred tax adjustments are reflected within the income taxes line on the Statement of Income. 4. Beginning in 2025, Busey revised its calculation of adjusted net income for all periods presented to include, as applicable, adjustments for net securities gains and losses, realized net gains and losses on the sale of mortgage servicing rights, and one-time deferred tax valuation adjustments. In 2024, these adjusting items were previously presented as further adjustments to adjusted net income. 5. Dilution includes shares that would have been dilutive if there had been net income during the period. 6. Annualized measure.

37 372Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Non-GAAP Financial Information (Unaudited) Tax-Equivalent Net Interest Income, Adjusted Net Interest Income, Net Interest Margin, and Adjusted Net Interest Margin Three Months Ended Six Months Ended (dollars in thousands) June 30, 2025 March 31, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Net interest income (GAAP) $ 153,183 $ 103,731 $ 82,532 $ 256,914 $ 158,386 Tax-equivalent adjustment1 791 537 402 1,328 851 Tax-equivalent net interest income (Non-GAAP) [a] 153,974 104,268 82,934 258,242 159,237 Purchase accounting accretion related to business combinations (7,119) (2,728) (812) (9,847) (1,016) Adjusted net interest income (Non-GAAP) [b] $ 146,855 $ 101,540 $ 82,122 $ 248,395 $ 158,221 Average interest-earning assets (Non-GAAP) [c] $ 17,700,356 $ 13,363,594 $ 11,000,785 $ 15,543,955 $ 11,003,344 Net interest margin (Non-GAAP)2 [a÷c] 3.49 % 3.16 % 3.03 % 3.35 % 2.91 % Adjusted net interest margin (Non-GAAP)2 [b÷c] 3.33 % 3.08 % 3.00 % 3.22 % 2.89 % ___________________________________________ 1. Tax-equivalent adjustments were calculated using an estimated federal income tax rate of 21%, applied to non-taxable interest income on investments and loans. 2. Annualized measure.

38 382Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Non-GAAP Financial Information (Unaudited) ___________________________________________ 1. Tax-equivalent adjustments were calculated using an estimated federal income tax rate of 21%, applied to non-taxable interest income on investments and loans. 2. Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments so that it is now included within the provision for credit losses; therefore, it is no longer included within total noninterest expense. This change affects all measures and ratios derived from total noninterest expense. 3. Annualized measure. Adjusted Noninterest Income, Revenue Measures, Adjusted Noninterest Expense, Efficiency Ratios, and Adjusted Noninterest Expense to Average Assets Three Months Ended Six Months Ended (dollars in thousands) June 30, 2025 March 31, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Net interest income (GAAP) [a] $ 153,183 $ 103,731 $ 82,532 $ 256,914 $ 158,386 Tax-equivalent adjustment1 791 537 402 1,328 851 Tax-equivalent net interest income (Non-GAAP) [b] 153,974 104,268 82,934 258,242 159,237 Total noninterest income (GAAP) 44,863 21,223 33,703 66,086 68,616 Net security (gains) losses (5,997) 15,768 353 9,771 6,728 Noninterest income excluding net securities gains and losses (Non-GAAP) [c] 38,866 36,991 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 $ 36,991 $ 33,779 $ 75,857 $ 67,602 Tax-equivalent revenue (Non-GAAP) [e = b+c] $ 192,840 $ 141,259 $ 116,990 $ 334,099 $ 234,581 Adjusted tax-equivalent revenue (Non-GAAP) [f = b+d] 192,840 141,259 116,713 334,099 226,839 Operating revenue (Non-GAAP) [g = a+d] 192,049 140,722 116,311 332,771 225,988 Adjusted noninterest income to operating revenue (Non-GAAP) [d÷g] 20.24 % 26.29 % 29.04 % 22.80 % 29.91 % Total noninterest expense (GAAP)2 $ 127,833 $ 112,030 $ 75,906 $ 239,863 $ 147,353 Amortization of intangible assets (4,592) (3,083) (2,629) (7,675) (5,038) Noninterest expense excluding amortization of intangible assets (Non-GAAP)2 [h] 123,241 108,947 73,277 232,188 142,315 Acquisition and restructuring expenses, excluding initial provision expenses (16,600) (26,026) (2,212) (42,626) (2,620) Adjusted noninterest expense (Non-GAAP)2 [i] $ 106,641 $ 82,921 $ 71,065 $ 189,562 $ 139,695 Efficiency ratio (Non-GAAP)2 [h÷e] 63.91 % 77.13 % 62.64 % 69.50 % 60.67 % Adjusted efficiency ratio (Non-GAAP)2 [i÷f] 55.30 % 58.70 % 60.89 % 56.74 % 61.58 % Average total assets [j] $ 19,068,086 $ 14,831,298 $ 12,089,692 $ 16,961,396 $ 12,056,950 Adjusted noninterest expense to average assets (Non-GAAP)2,3 [i÷j] 2.24 % 2.27 % 2.36 % 2.25 % 2.33 %

39 392Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE ___________________________________________ 1. Beginning in 2025, Busey revised its calculation of tangible assets and tangible common equity for all periods presented to exclude any tax adjustment. Non-GAAP Financial Information (Unaudited) Tangible Assets, Tangible Common Equity, and Related Measures and Ratio As of (dollars in thousands, except per share amounts) June 30, 2025 March 31, 2025 June 30, 2024 Total assets (GAAP) $ 18,918,740 $ 19,464,252 $ 11,971,416 Goodwill and other intangible assets, net (488,181) (496,118) (370,580) Tangible assets (Non-GAAP)1 [a] $ 18,430,559 $ 18,968,134 $ 11,600,836 Total stockholders' equity (GAAP) $ 2,412,546 $ 2,179,606 $ 1,333,810 Preferred stock and additional paid in capital on preferred stock (215,197) (7,750) — Common equity [b] $ 2,197,349 $ 2,171,856 $ 1,333,810 Goodwill and other intangible assets, net (488,181) (496,118) (370,580) Tangible common equity (Non-GAAP)1 [c] $ 1,709,168 $ 1,675,738 $ 963,230 Tangible common equity to tangible assets (Non-GAAP)1 [c÷a] 9.27 % 8.83 % 8.30 % Ending number of common shares outstanding (GAAP) [d] 89,104,678 90,008,178 56,746,937 Book value per common share (Non-GAAP) [b÷d] $ 24.66 $ 24.13 $ 23.50 Tangible book value per common share (Non-GAAP) [c÷d] $ 19.18 $ 18.62 $ 16.97 Core Deposits and Related Ratio As of (dollars in thousands) June 30, 2025 March 31, 2025 June 30, 2024 Total deposits (GAAP) [a] $ 15,801,772 $ 16,459,470 $ 9,976,135 Brokered deposits, excluding brokered time deposits of $250,000 or more (353,614) (722,224) (43,089) Time deposits of $250,000 or more (827,762) (867,035) (314,461) Core deposits (Non-GAAP) [b] $ 14,620,396 $ 14,870,211 $ 9,618,585 Core deposits to total deposits (Non-GAAP) [b÷a] 92.52 % 90.34 % 96.42 %

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