buse-20251028

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
T H I R D
Q U A R T E R

E A R N I N G S

Q 3 | 2 0 2 5


			www.busey.com
			INVESTOR CONTACT: Christopher H.M. Chan, Chief Financial Officer \| 913-647-9825

LEAWOOD, KS, October 28, 2025 (GLOBE NEWSWIRE) – First Busey Corporation (Nasdaq: BUSE) Announces 2025 Third Quarter Earnings.

Net Income

Diluted EPS

Net Interest Margin(1)

ROAA(1)

ROATCE(1)

$57.1 million

$62.5 million (adj)(2)

$0.58

$0.64 (adj)(2)

3.58%

3.45% (adj)(2)

1.21%

1.33% (adj)(2)

11.96%

13.20% (adj)(2)


MESSAGE FROM OUR CHAIRMAN & CEO	CONTENTS
We continued to optimize our balance sheet to be more efficient and profitable with adjusted return on average assets(2) improving to 1.33% and net interest margin(2) expanding 9 basis points to 3.58% in the third quarter, driven by the intentional runoff of $794.6 million high-cost, non-relationship deposits with a weighted average cost of 4.45%. Deposit costs continued to fall as spot deposit cost at the end of the quarter improved 21 basis points to 2.01%, an 84% beta versus the September rate cut. Capital remained strong and Common Equity Tier 1 Capital(3) grew to 12.33%. Tangible common equity to tangible assets(2) grew to 9.9%, with tangible book value per common share(2) increasing 10.1% since year end even as we continued to repurchase stock at attractive levels. Credit quality showed improvement with classified assets as a percentage of capital falling to 7.0% and net charge-offs at 0.17%. Loan balances fell modestly as higher than anticipated payoffs impacted the quarter. As we look ahead to the end of the year, we expect our balance sheet optimization to be largely complete and for relative stability in loans and deposits as we continue to execute on our disciplined organic growth strategy. Van A. Dukeman Chairman and Chief Executive Officer	Financial Results	2
	Balance Sheet Strength	8
	Corporate Profile	13
	Non-GAAP Financial Information	14
	Forward-Looking Statements	20
	End Notes	21

FINANCIAL RESULTS

Third quarter 2025 net income for First Busey Corporation, together with its consolidated subsidiaries (“Busey,” the “Company,” “we,” “us,”, or “our”) was $57.1 million, or $0.58 per diluted common share, compared to $47.4 million, or $0.52 per diluted common share, for the second quarter of 2025, and $32.0 million, or $0.55 per diluted common share, for the third quarter of 2024. Annualized return on average assets and annualized return on average tangible common equity(2) were 1.21% and 11.96%, respectively, for the third quarter of 2025.

First Busey Corporation (BUSE) | 2025 Q3 — 2


CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited)

	Three Months Ended									Nine Months Ended
(dollars in thousands, except per share amounts)	September 30, 2025			June 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Total interest income	$	244,505		$	247,446		$	134,606		$	658,766		$	392,365
Total interest expense	89,368			94,263			51,959			246,715			151,332
Net interest income	155,137			153,183			82,647			412,051			241,033
Provision for credit losses1	(985)			5,700			409			50,308			6,677
Net interest income after provision for credit losses1	156,122			147,483			82,238			361,743			234,356
Total noninterest income	41,198			44,863			35,845			107,284			104,461
Total noninterest expense1	120,018			127,833			75,519			359,881			222,872
Income before income taxes	77,302			64,513			42,564			109,146			115,945
Income taxes	20,204			17,109			10,560			34,634			30,359
Net income	57,098			47,404			32,004			74,512			85,586
Dividends on preferred stock	5,131			155			—			5,286			—
Net income available to common stockholders	$	51,967		$	47,249		$	32,004		$	69,226		$	85,586

Basic earnings per common share	$	0.58		$	0.53		$	0.56		$	0.84		$	1.52
Diluted earnings per common share	$	0.58		$	0.52		$	0.55		$	0.83		$	1.49
Effective income tax rate	26.14		%	26.52		%	24.81		%	31.73		%	26.18		%

___________________________________________

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.

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


	Three Months Ended September 30,						Nine Months Ended September 30,
(dollars in thousands)	September 30, 2025		June 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Pre-tax non-GAAP adjusting items
Realized net (gains) losses on the sale of mortgage servicing rights	$	—	$	—	$	18	$	—	$	(7,724)
Net securities (gains) losses	288		(5,997)		(822)		10,059		5,906
Other noninterest income	44		—		—		44		—
Provision for credit losses	—		4,030		—		49,602		—
Salaries, wages, and employee benefits	5,610		11,557		73		33,045		1,333
Data processing	424		3,964		90		6,690		534
Net occupancy expense of premises	9		—		—		9		5
Furniture and equipment expenses	66		1		27		67		88
Professional fees	358		317		1,371		7,969		1,908
Other noninterest expense	740		761		374		2,053		687
Total pre-tax non-GAAP adjustments	$	7,539	$	14,633	$	1,131	$	109,538	$	2,737

For more information and a reconciliation of non-GAAP measures—which are identified with the End Note labeled as (2)—in tabular form, see "Non-GAAP Financial Information" beginning on page 14.

First Busey Corporation (BUSE) | 2025 Q3 — 3

Adjusted net income available to common stockholders,(2) which excludes the impact of non-GAAP adjustments, was $57.4 million, or $0.64 per diluted common share, for the third quarter of 2025, compared to $57.2 million, or $0.63 per diluted common share, for the second quarter of 2025 and $32.9 million, or $0.57 per diluted common share, for the third quarter of 2024. Annualized adjusted return on average assets(2) and annualized adjusted return on average tangible common equity(2) were 1.33% and 13.20%, respectively, for the third quarter of 2025.

During the third quarter of 2025, dividends on preferred stock included the first dividend on Busey’s 8.25% Fixed-Rate Series B Non-Cumulative Perpetual Preferred Stock (“Series B Preferred Stock”). Based on the Certificate of Designation, dividends on the Series B Preferred Stock are calculated on the basis of a 360-day year of twelve 30-day months. This first dividend was calculated from the issuance date of May 20, 2025; therefore, it included additional days that resulted in additional dividends of $0.5 million in the third quarter, which is not expected to recur.

Pre-Provision Net Revenue(2)

Pre-provision net revenue(2) was $76.6 million for the third quarter of 2025, compared to $64.2 million for the second quarter of 2025 and $42.2 million for the third quarter of 2024. Pre-provision net revenue to average assets(2) was 1.63% for the third quarter of 2025, compared to 1.35% for the second quarter of 2025, and 1.40% for the third quarter of 2024.

Adjusted pre-provision net revenue(2) was $83.9 million for the third quarter of 2025, compared to $80.8 million for the second quarter of 2025 and $44.1 million for the third quarter of 2024. Adjusted pre-provision net revenue to average assets(2) was 1.78% for the third quarter of 2025, compared to 1.70% for the second quarter of 2025 and 1.46% for the third quarter of 2024.

First Busey Corporation (BUSE) | 2025 Q3 — 4

Net Interest Income and Net Interest Margin(2)

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


	Three Months Ended
	September 30, 2025		June 30, 2025				September 30, 2024
(dollars in thousands)	Average Balance		Yield/ Rate4		Average Balance			Yield/ Rate4		Average Balance		Yield/ Rate4
Assets
Interest-bearing bank deposits and federal funds sold	$	489,730	4.45	%	$	711,629		4.21	%	$	389,005	5.21	%
Investment securities1	2,963,467		3.24	%	3,083,284			3.31	%	2,666,269		2.71	%
Restricted bank stock	77,041		4.49	%	58,354			3.73	%	6,134		6.87	%
Loans held for sale	9,895		6.21	%	6,899			5.93	%	11,539		6.45	%
Portfolio loans1, 2	13,732,229		6.20	%	13,840,190			6.22	%	7,869,798		5.63	%
Total interest-earning assets1	17,272,362		5.63	%	17,700,356			5.63	%	10,942,745		4.91	%
Noninterest-earning assets	1,390,087				1,367,730					1,064,957
Total assets	$	18,662,449			$	19,068,086				$	12,007,702

Liabilities and stockholders’ equity
Interest-bearing transaction deposits	$	3,256,326	1.97	%	$	3,188,993		1.92	%	$	2,485,443	1.88	%
Savings and money market deposits	6,199,404		2.84	%	6,381,634			2.88	%	3,294,396		2.44	%
Time deposits	2,545,749		3.75	%	2,879,902			3.77	%	1,517,082		3.86	%
Federal funds purchased and repurchase agreements	150,260		2.58	%	141,978			2.50	%	132,688		2.94	%
Borrowings3	266,643		5.63	%	392,508			5.34	%	301,850		5.73	%
Total interest-bearing liabilities	12,418,382		2.86	%	12,985,015			2.91	%	7,731,459		2.67	%
Noninterest-bearing deposits	3,578,164				3,542,617					2,706,858
Other liabilities	239,995				255,872					205,008
Stockholders’ equity	2,425,908				2,284,582					1,364,377
Total liabilities and stockholders’ equity	$	18,662,449			$	19,068,086				$	12,007,702



Net interest margin1, 5			3.58	%				3.49	%			3.02	%

___________________________________________

1.On a tax-equivalent basis and assuming a federal income tax rate of 21.0%.

2.Non-accrual loans have been included in average portfolio loans.

3.Includes, as applicable, short-term borrowings, long-term borrowings, subordinated notes, and junior subordinated debt owed to unconsolidated trusts.

4.Annualized.

5.For a reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures, see “Non-GAAP Financial Information.”

Components of the 9 basis point increase in net interest margin(2) during the third quarter of 2025 were as follows:

•New and renewed loans continued to price at higher spreads, contributing +8 basis points

•Reduced funding costs on deposits, as we benefited from actions taken to reduce high-cost, non-relationship deposits, contributed +7 basis points

•Remaining benefit from the May 20, 2025, issuance of preferred stock and the June 1, 2025, subordinated debt redemption contributed +5 basis points

•Reduced rates and volume on cash and securities portfolio contributed -6 basis points

•Reduced purchase accounting accretion contributed -3 basis points

•Impact of fixed borrowing expenses contributed -2 basis points

First Busey Corporation (BUSE) | 2025 Q3 — 5

Based on our most recent Asset Liability Management Committee model, a -100 basis point parallel rate shock is expected to decrease net interest income by 1.3% (relative to a current base rate scenario) over the subsequent twelve-month period. Busey continues to evaluate and execute off-balance sheet hedging and balance sheet strategies as well as embedding rate protection in our asset originations to provide stabilization to net interest income in lower rate environments. Stability in core deposit balances as well as retail time deposit and savings specials have continued to provide sufficient funding flows to allow intentional runoff of brokered and high-cost, non-relationship funding with no incremental short-term borrowing during the quarter. This strategic targeted reduction of $794.6 million deposits bearing a weighted average cost of 4.45% included $228.2 million of brokered deposits. At September 30, 2025, the Bank had $125.4 million, or 0.8% of total deposits, of remaining brokered funding. Total deposit cost of funds decreased, as expected, from 2.21% during the second quarter of 2025 to 2.15% during the third quarter of 2025. At September 30, 2025, our spot rate on total deposits costs was 2.01%, compared to 2.22% at June 30, 2025.

Noninterest Income


	Three Months Ended						Nine Months Ended
(dollars in thousands)	September 30, 2025		June 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
NONINTEREST INCOME
Wealth management fees	$	17,184	$	16,777	$	15,378	$	51,325	$	46,844
Payment technology solutions	5,092		4,956		5,265		15,121		16,889
Treasury management services	4,598		4,981		2,201		12,596		6,247
Card services and ATM fees	4,799		4,880		3,557		13,388		9,947
Other service charges on deposit accounts	1,617		1,513		2,390		4,663		7,059
Mortgage revenue	657		776		355		1,762		1,579
Income on bank owned life insurance	1,623		1,745		1,189		4,814		4,050
Realized net gains (losses) on the sale of mortgage servicing rights	—		—		(18)		—		7,724
Net securities gains (losses)	(288)		5,997		822		(10,059)		(5,906)
Other noninterest income	5,916		3,238		4,706		13,674		10,028
Total noninterest income	$	41,198	$	44,863	$	35,845	$	107,284	$	104,461

Total noninterest income decreased by 8.2% compared to the second quarter of 2025 primarily due to a decrease in gains on net securities, as Busey recorded a second quarter gain on its approximately 3% equity ownership of a financial institution that was the target of an announced acquisition at a significant market premium. Compared to the third quarter of 2024, total noninterest income increased by 14.9% as we benefit from the CrossFirst acquisition and extend services into new markets.

Busey continues to benefit from its diverse set of product offerings. Wealth management fees, wealth management referral fees included in other noninterest income, payment technology solutions, treasury management services, and corporate credit card interchange income contributed 67.9% of noninterest income excluding net securities gains and losses(2) for the third quarter of 2025.

Noteworthy changes in noninterest income during the quarter include:

•Wealth management fees increased by 2.4% compared to the second quarter of 2025 primarily due to increases in trust and estate fees, partially offset by seasonally lower tax preparation fees. Busey’s Wealth Management division ended the third quarter of 2025 with $14.96 billion in assets under care, compared to $14.10 billion at the end of the second quarter of 2025 and $13.69 billion at the end of the third quarter of 2024. Our portfolio management team continues to focus on long-term returns and managing risk in the face of volatile markets and has outperformed its blended benchmark(4) over the last three and five years.

•Other noninterest income increased by $2.7 million, or 82.7%, compared to the second quarter of 2025, primarily due to gains on private equity investments and increased swap origination fee income.

First Busey Corporation (BUSE) | 2025 Q3 — 6

Operating Efficiency


	Three Months Ended						Nine Months Ended
(dollars in thousands)	September 30, 2025		June 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
NONINTEREST EXPENSE
Salaries, wages, and employee benefits	$	74,145	$	78,360	$	44,593	$	220,068	$	130,161
Data processing	9,714		14,021		6,910		33,310		20,560
Net occupancy expense of premises	7,982		7,832		4,633		21,613		13,943
Furniture and equipment expenses	2,143		2,409		1,647		6,296		5,155
Professional fees	2,931		2,874		3,118		15,316		7,866
Amortization of intangible assets	4,507		4,592		2,548		12,182		7,586
Interchange expense	1,336		1,297		1,352		3,976		4,696
FDIC insurance	3,151		2,424		1,413		7,742		4,273
Other noninterest expense1	14,109		14,024		9,305		39,378		28,632
Total noninterest expense1	$	120,018	$	127,833	$	75,519	$	359,881	$	222,872

___________________________________________

Total noninterest expense decreased by 6.1% compared to the second quarter of 2025 and increased by 58.9% compared to the third quarter of 2024. Compared to the prior year, growth in noninterest expense was primarily attributable to nonrecurring acquisition expenses related to the CrossFirst acquisition and increased expense associated with the combined organization and branch network. Annual pre-tax expense synergy estimates resulting from the CrossFirst acquisition remain on track at $25.0 million, 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 $108.3 million in the third quarter of 2025, a 1.6% increase compared to $106.6 million in the second quarter of 2025 and a 52.5% increase compared to $71.0 million in the third quarter of 2024.

Noteworthy changes in noninterest expense during the quarter include:

•Salaries, wages, and employee benefits expenses declined by $4.2 million compared to the second quarter of 2025, with acquisition and restructuring expenses declining by $5.9 million. Compared to the third quarter of 2024, salaries, wages, and employee benefits expenses increased by $29.6 million, of which $5.5 million was attributable to increases in acquisition and restructuring expenses. In connection with the CrossFirst acquisition in March 2025 and the addition of 16 banking centers, Busey’s workforce expanded, with a net addition of 412 full-time equivalent associates over the past year.

•Data processing expense declined by $4.3 million compared to the second quarter of 2025, of which $3.5 million was attributable to decreases in acquisition and restructuring expenses. Additionally, synergies were realized resulting from the bank merger late in the second quarter. When compared with the third quarter of 2024 data processing expense increased by $2.8 million, of which $0.3 million 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.

Busey’s efficiency ratio(2) was 58.5% for the third quarter of 2025, compared to 63.9% for the second quarter of 2025 and 61.8% for the third quarter of 2024. Our adjusted efficiency(2) ratio was 54.8% for the third quarter of 2025, compared to 55.3% for the second quarter of 2025, and 60.2% for the third quarter of 2024. As our business grows, Busey remains focused on prudently managing our expense base and operating efficiently.

First Busey Corporation (BUSE) | 2025 Q3 — 7

BALANCE SHEET STRENGTH

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


CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

	As of
(dollars in thousands)	September 30, 2025		June 30, 2025		September 30, 2024
ASSETS
Cash and cash equivalents	$	385,474	$	752,352	$	553,709
Investment securities	2,900,011		3,036,924		2,667,315
Loans held for sale	8,943		10,497		11,523
Portfolio loans	13,598,266		13,808,619		7,809,097
Allowance for credit losses	(174,181)		(183,334)		(84,981)
Restricted bank stock	77,006		77,112		6,000
Premises and equipment, net	190,721		181,394		120,279

Goodwill and other intangible assets, net	485,203		488,181		368,249
Other assets	717,185		746,995		535,648
Total assets	$	18,188,628	$	18,918,740	$	11,986,839

LIABILITIES & STOCKHOLDERS' EQUITY
Liabilities
Total deposits	$	15,070,162	$	15,801,772	$	9,943,241
Securities sold under agreements to repurchase	147,152		158,030		128,429
Borrowings	272,971		266,913		302,236

Other liabilities	249,508		279,479		210,049
Total liabilities	15,739,793		16,506,194		10,583,955

Stockholders' equity
Retained earnings	303,077		273,799		279,868
Accumulated other comprehensive income (loss)	(136,801)		(155,311)		(170,913)
Other stockholders' equity1	2,282,559		2,294,058		1,293,929
Total stockholders' equity	2,448,835		2,412,546		1,402,884
Total liabilities & stockholders' equity	$	18,188,628	$	18,918,740	$	11,986,839

___________________________________________

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

Investment Securities

Busey’s investment securities were comprised of the following:


	As of
(dollars in thousands)	September 30, 2025		June 30, 2025		September 30, 2024
INVESTMENT SECURITIES
Debt securities available for sale	$	2,099,259	$	2,217,788	$	1,818,117
Debt securities held to maturity	784,821		802,965		838,883
Equity securities	15,931		16,171		10,315
Total investment securities	$	2,900,011	$	3,036,924	$	2,667,315

First Busey Corporation (BUSE) | 2025 Q3 — 8

Portfolio Loans

Busey’s loan portfolio was comprised of the following:


	As of
(dollars in thousands)	September 30, 2025		June 30, 2025		September 30, 2024
PORTFOLIO LOANS
Commercial loans
C&I and other commercial	$	4,395,871	$	4,476,869	$	1,877,497
CRE	5,424,095		5,569,759		3,355,807
Real estate construction	1,099,524		1,041,803		397,977
Total commercial loans	10,919,490		11,088,431		5,631,281
Retail loans
Retail real estate	2,196,246		2,228,959		1,708,771
Retail other	482,530		491,229		469,045
Total retail loans	2,678,776		2,720,188		2,177,816
Total portfolio loans	$	13,598,266	$	13,808,619	$	7,809,097

We remain steadfast in our conservative approach to underwriting and our disciplined approach to pricing. We experienced elevated payoffs during the quarter that outpaced new production momentum. We expect continued pressure, particularly from commercial real estate payoffs through the remainder of 2025.

First Busey Corporation (BUSE) | 2025 Q3 — 9

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.




	As of
(dollars in thousands)	September 30, 2025			June 30, 2025			September 30, 2024
Total assets	$	18,188,628		$	18,918,740		$	11,986,839
Portfolio loans	13,598,266			13,808,619			7,809,097
Loans 30 – 89 days past due	18,914			42,188			10,141
Non-performing loans:
Non-accrual loans	46,096			53,614			8,192
Loans 90+ days past due and still accruing	1,418			941			25
Non-performing loans	47,514			54,555			8,217
Other non-performing assets	10,210			3,596			64
Non-performing assets	57,724			58,151			8,281
Substandard (excludes 90+ days past due)	103,329			117,580			80,704
Classified assets	$	161,053		$	175,731		$	88,985

Allowance for credit losses	$	174,181		$	183,334		$	84,981

RATIOS
Non-performing loans to portfolio loans	0.35		%	0.40		%	0.11		%
Non-performing assets to total assets	0.32		%	0.31		%	0.07		%
Non-performing assets to portfolio loans and other non-performing assets	0.42		%	0.42		%	0.11		%
Allowance for credit losses to portfolio loans	1.28		%	1.33		%	1.09		%
Coverage ratio of the allowance for credit losses to non-performing loans	3.67 x			3.36 x			10.34 x
Classified assets to Bank Tier 1 capital1 and reserves	7.03		%	7.70		%	5.89		%

___________________________________________

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

Non-performing assets decreased by $0.4 million compared to June 30, 2025, and increased by $49.4 million compared to September 30, 2024, with the increase compared to the prior year due primarily to the loans purchased with credit deterioration (“PCD”) assumed in the CrossFirst acquisition. Non-performing assets represented 0.32% of total assets as of September 30, 2025, a 1 basis point increase from June 30, 2025, and a 25 basis point increase from September 30, 2024.

Classified assets decreased by $14.7 million compared to June 30, 2025, and increased by $72.1 million compared to September 30, 2024, with the increase compared to the prior year due primarily to the PCD loans assumed in the CrossFirst acquisition.

The allowance for credit losses was $174.2 million as of September 30, 2025, representing 1.28% of total portfolio loans outstanding, and providing coverage of 3.67 times our non-performing loans balance.

First Busey Corporation (BUSE) | 2025 Q3 — 10

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




	Three Months Ended						Nine Months Ended
(dollars in thousands)	September 30, 2025		June 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Net charge-offs	$	5,848	$	12,881	$	247	$	50,158	$	15,319

Provision for loan losses1	$	(3,305)	$	1,005	$	2	$	40,152	$	7,317
Provision for unfunded commitments2	2,320		4,695		407		10,156		(640)
Provision for credit losses3	$	(985)	$	5,700	$	409	$	50,308	$	6,677

___________________________________________

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

2.The three months ended June 30, 2025, included a $4.0 million adjustment to the initial provision for unfunded commitments resulting from the adoption of a new CECL model. Including the adjustment recorded in the second quarter, the nine months ended September 30, 2025, included a total of $7.2 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 $7.0 million when compared to the second quarter of 2025, and increased by $5.6 million when compared with the third quarter of 2024. Net charge-offs during the nine months ended September 30, 2025, included $35.5 million related to PCD loans acquired from CrossFirst Bank, which were fully reserved at acquisition and did not require recording additional provision expense.

The $3.3 million provision reversal for loan losses recorded in the third quarter of 2025 included a provision release of $7.1 million for PCD loans due to payoffs/paydowns and a provision expense of $3.8 million for non-PCD loans to support charge-offs and qualitative factor adjustments.

Deposits

Busey’s deposits were comprised of the following:


	As of
(dollars in thousands)	September 30, 2025		June 30, 2025		September 30, 2024
DEPOSITS
Noninterest-bearing deposits	$	3,554,936	$	3,590,363	$	2,683,543
Interest-bearing transaction deposits	3,171,255		3,216,601		2,455,217
Savings deposits and money market deposits	5,910,183		6,362,352		3,284,556
Time deposits	2,433,788		2,632,456		1,519,925
Total deposits	$	15,070,162	$	15,801,772	$	9,943,241

In the third quarter of 2025, Busey executed a strategic targeted reduction of high-cost, non-relationship deposits, resulting in the intentional runoff of $794.6 million of deposits, including $228.2 million of brokered deposits, bearing a weighted average cost of 4.45%. Excluding this targeted runoff, deposits grew by $63.0 million during the third quarter of 2025.

Core deposits(2) accounted for 93.8% of total deposits as of September 30, 2025. The quality of our core deposit franchise is a critical value driver of our institution. We estimated that 35% of our deposits were uninsured and uncollateralized(5) as of September 30, 2025, and we have ample on- and off-balance sheet liquidity to manage deposit fluctuations and the liquidity needs of our customers.

We have executed various deposit campaigns to attract term funding and savings accounts at a lower rate than our marginal cost of funds. New certificate of deposit production in the third quarter of 2025 had a weighted average term of 7.6 months at a rate of 3.79%, which was 50 basis points below our average marginal wholesale equivalent-term funding cost during the quarter.

First Busey Corporation (BUSE) | 2025 Q3 — 11

Borrowings

Busey’s borrowings were comprised of the following:


	As of
(dollars in thousands)	September 30, 2025		June 30, 2025		September 30, 2024
BORROWINGS

Long-term borrowings	$	92,431	$	86,557	$	—

Subordinated notes, net of unamortized issuance costs	103,283		103,169		227,482
Junior subordinated debt owed to unconsolidated trusts	77,257		77,187		74,754
Total borrowings	$	272,971	$	266,913	$	302,236

Total borrowings increased by 2.3% when compared to the second quarter of 2025, and decreased by 9.7% when compared with the third quarter of 2024. Busey had no short-term borrowings as of September 30, 2025, June 30, 2025, or September 30, 2024.

Subsequent to quarter end, on October 24, 2025, Busey issued a conditional notice of full redemption of its $4.0 million 5.25% Subordinated Note maturing December 4, 2030, which was acquired on April 1, 2024, in connection with the acquisition of Merchants and Manufacturers Bank Corporation. The redemption of the Subordinated Note is subject to and conditioned upon regulatory approval from the Board of Governors of the Federal Reserve System. Assuming the requisite approvals are retained, the Subordinated Note will be redeemed on its optional redemption date of December 4, 2025.

Liquidity

As of September 30, 2025, Busey’s available sources of on- and off-balance sheet liquidity(6) totaled $7.85 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 $170.3 million in the third quarter of 2025. Cash flows from maturing securities within our portfolio are expected to be approximately $90.5 million for the fourth quarter of 2025, with a current book yield of 2.53%, and approximately $305.9 million for 2026, with a current book yield of 2.66%.

Capital Strength

The strength of our balance sheet is also reflected in our capital foundation. Our capital ratios remain strong, and as of September 30, 2025, our estimated regulatory capital ratios(3) continued to provide a buffer of more than $810 million above levels required in order to refrain from restrictions on dividends, equity repurchases, and discretionary bonus payments. The following table presents Busey’s capital estimates(3) and tangible equity position:


	As of
(dollars in thousands, except per share amounts)	September 30, 2025			June 30, 2025			September 30, 2024
Common equity Tier 1 capital to risk weighted assets1	12.33		%	12.22		%	13.78		%

Total capital to risk weighted assets1	15.89		%	15.75		%	18.19		%

Tangible common equity2	$	1,748,435		$	1,709,168		$	1,034,635
Tangible common equity to tangible assets2	9.88		%	9.27		%	8.90		%
Tangible book value per common share2	$	19.69		$	19.18		$	18.19

___________________________________________

1.Capital amounts and ratios as of September 30, 2025, are not yet finalized and are subject to change.

2.For a reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures, see “Non-GAAP Financial Information.”

First Busey Corporation (BUSE) | 2025 Q3 — 12

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 third quarter of 2025, Busey paid dividends of $0.25 per share on its common stock, $20.00 per share on its Series A Non-Cumulative Perpetual Preferred Stock, which was issued in connection with the CrossFirst acquisition, and $0.578646 per depositary share, each representing a 1/40th interest in a share of Busey’s 8.25% Fixed-Rate Series B Non-Cumulative Perpetual Preferred Stock.

Share Repurchases

During the third quarter of 2025, under its stock repurchase plan, Busey purchased 580,000 shares of its common stock at a weighted average price of $23.36 per share for a total of $13.5 million. As of September 30, 2025, Busey had 2,107,275 shares remaining available for repurchase under the plan.

THIRD QUARTER EARNINGS INVESTOR PRESENTATION

For additional information on Busey’s financial condition and operating results, please refer to our Q3 2025 Earnings Investor Presentation furnished via Form 8‑K on October 28, 2025, in connection with this earnings release.

CORPORATE PROFILE

As of September 30, 2025, First Busey Corporation (Nasdaq: BUSE) was an $18.19 billion financial holding company headquartered in Leawood, Kansas.

Busey Bank, a wholly-owned bank subsidiary of First Busey Corporation headquartered in Champaign, Illinois, had total assets of $18.14 billion as of September 30, 2025. Busey Bank currently has 79 banking centers, with 21 in central Illinois markets, 17 in suburban Chicago markets, 20 in the St. Louis Metropolitan Statistical Area, four in the Dallas-Fort Worth Metropolitan Statistical Area, three in the Kansas City Metropolitan Statistical Area, three in southwest Florida, three in Oklahoma, three in Colorado, two in Arizona, one in Indianapolis, Indiana, one in Wichita, Kansas, and one in Clayton, New Mexico. More information about Busey Bank can be found at busey.com.

Through Busey’s Wealth Management division, the Company provides a full range of asset management, investment, brokerage, fiduciary, philanthropic advisory, tax preparation, and farm management services to individuals, businesses, and foundations. Assets under care totaled $14.96 billion as of September 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, Inc. (“FirsTech”) specializes in the evolving financial technology needs of small and medium-sized businesses, highly regulated enterprise industries, and financial institutions. FirsTech provides comprehensive and innovative payment technology solutions, including online, mobile, and voice-recognition bill payments; money and data movement; merchant services; direct debit services; lockbox remittance processing for payments made by mail; and walk-in payments at retail agents. Additionally, FirsTech simplifies client workflows through integrations enabling support with billing, reconciliation, bill reminders, and treasury services. More information about FirsTech can be found at firstechpayments.com.

For the fourth consecutive year, Busey was named among Forbes’ 2025’s America’s Best Banks. In 2025, Forbes also recognized Busey as a Best-in-State Bank, based on rankings of customer service, quality of financial advice, fee structures, ease of digital services, accessing help at branch locations and the degree of trust inspired. Busey was also named among the 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 Q3 — 13

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 Q3 — 14

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)


Pre-Provision Net Revenue and Related Measures

		Three Months Ended									Nine Months Ended
(dollars in thousands)		September 30, 2025			June 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Net interest income (GAAP)		$	155,137		$	153,183		$	82,647		$	412,051		$	241,033
Total noninterest income (GAAP)		41,198			44,863			35,845			107,284			104,461
Net security (gains) losses (GAAP)		288			(5,997)			(822)			10,059			5,906
Total noninterest expense (GAAP)1		(120,018)			(127,833)			(75,519)			(359,881)			(222,872)
Pre-provision net revenue (Non-GAAP)	[a]	76,605			64,216			42,151			169,513			128,528
Acquisition and restructuring (income) expenses, excluding initial provision expenses		7,251			16,600			1,935			49,877			4,555


Realized net (gains) losses on the sale of mortgage service rights		—			—			18			—			(7,724)
Adjusted pre-provision net revenue (Non-GAAP)	[b]	$	83,856		$	80,816		$	44,104		$	219,390		$	125,359

Average total assets	[c]	$	18,662,449		$	19,068,086		$	12,007,702		$	17,534,644		$	12,040,414

Pre-provision net revenue to average total assets (Non-GAAP)2	[a÷c]	1.63		%	1.35		%	1.40		%	1.29		%	1.43		%
Adjusted pre-provision net revenue to average total assets (Non-GAAP)2	[b÷c]	1.78		%	1.70		%	1.46		%	1.67		%	1.39		%

___________________________________________

2.Annualized measure.

First Busey Corporation (BUSE) | 2025 Q3 — 15

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)


Adjusted Net Income, Average Tangible Common Equity, and Related Ratios

		Three Months Ended									Nine Months Ended
(dollars in thousands, except per share amounts)		September 30, 2025			June 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Net income (GAAP)	[a]	$	57,098		$	47,404		$	32,004		$	74,512		$	85,586
Day 2 provision for credit losses1		—			—			—			45,572			—
Adjustment of initial provision for unfunded commitments due to adoption of new model2		—			4,030			—			4,030			—
Other acquisition (income) expenses		7,251			16,600			1,935			49,877			4,432
Restructuring expenses		—			—			—			—			123
Net securities (gains) losses		288			(5,997)			(822)			10,059			5,906
Realized net (gains) losses on the sale of mortgage servicing rights		—			—			18			—			(7,724)
Related tax (benefit) expense3		(2,141)			(4,971)			(207)			(29,181)			(608)
Non-recurring deferred tax adjustment4		—			328			—			4,919			1,446
Adjusted net income (Non-GAAP)5	[b]	62,496			57,394			32,928			159,788			89,161
Preferred dividends	[c]	5,131			155			—			5,286			—
Adjusted net income available to common stockholders (Non-GAAP)	[d]	$	57,365		$	57,239		$	32,928		$	154,502		$	89,161

Weighted average number of common shares outstanding, diluted (GAAP)	[e]	90,218,382			90,883,711			57,967,848			83,609,999			57,411,299
Diluted earnings per common share (GAAP)	[(a-c)÷e]	$	0.58		$	0.52		$	0.55		$	0.83		$	1.49


Adjusted diluted earnings per common share (Non-GAAP)5	[d÷e]	$	0.64		$	0.63		$	0.57		$	1.85		$	1.55

Average total assets	[f]	$	18,662,449		$	19,068,086		$	12,007,702		$	17,534,644		$	12,040,414
Return on average assets (Non-GAAP)6	[a÷f]	1.21		%	1.00		%	1.06		%	0.57		%	0.95		%
Adjusted return on average assets (Non-GAAP)5,6	[b÷f]	1.33		%	1.21		%	1.09		%	1.22		%	0.99		%

Average common equity		$	2,210,711		$	2,180,963		$	1,364,377		$	2,109,046		$	1,324,119
Average goodwill and other intangible assets, net		(486,625)			(494,473)			(369,720)			(464,316)			(366,331)
Average tangible common equity (Non-GAAP)	[g]	$	1,724,086		$	1,686,490		$	994,657		$	1,644,730		$	957,788

Return on average tangible common equity (Non-GAAP)6	[(a-c)÷g]	11.96		%	11.24		%	12.80		%	5.63		%	11.94		%
Adjusted return on average tangible common equity (Non-GAAP)5,6	[d÷g]	13.20		%	13.61		%	13.17		%	12.56		%	12.43		%

___________________________________________

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

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

3.Tax benefits were calculated for the year-to-date periods using tax rates of 26.64% and 22.21% for the nine months ended September 30, 2025 and 2024, respectively. Tax benefits for the quarterly periods were calculated as the year-to-date tax amounts less the tax reported for previous quarters during the year.

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

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

6.Annualized measure.

First Busey Corporation (BUSE) | 2025 Q3 — 16

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									Nine Months Ended
(dollars in thousands)		September 30, 2025			June 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Net interest income (GAAP)		$	155,137		$	153,183		$	82,647		$	412,051		$	241,033
Tax-equivalent adjustment1		788			791			396			2,116			1,247
Tax-equivalent net interest income (Non-GAAP)	[a]	155,925			153,974			83,043			414,167			242,280
Purchase accounting accretion related to business combinations		(5,854)			(7,119)			(1,338)			(15,701)			(2,354)
Adjusted net interest income (Non-GAAP)	[b]	$	150,071		$	146,855		$	81,705		$	398,466		$	239,926

Average interest-earning assets (Non-GAAP)	[c]	$	17,272,362		$	17,700,356		$	10,942,745		$	16,126,422		$	10,982,997

Net interest margin (Non-GAAP)2	[a÷c]	3.58		%	3.49		%	3.02		%	3.43		%	2.95		%
Adjusted net interest margin (Non-GAAP)2	[b÷c]	3.45		%	3.33		%	2.97		%	3.30		%	2.92		%

___________________________________________

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

2.Annualized measure.

First Busey Corporation (BUSE) | 2025 Q3 — 17

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)


Adjusted Noninterest Income, Revenue Measures, Adjusted Noninterest Expense, and Efficiency Ratios

		Three Months Ended									Nine Months Ended
(dollars in thousands)		September 30, 2025			June 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Net interest income (GAAP)	[a]	$	155,137		$	153,183		$	82,647		$	412,051		$	241,033
Tax-equivalent adjustment1		788			791			396			2,116			1,247
Tax-equivalent net interest income (Non-GAAP)	[b]	155,925			153,974			83,043			414,167			242,280

Total noninterest income (GAAP)		41,198			44,863			35,845			107,284			104,461
Net security (gains) losses		288			(5,997)			(822)			10,059			5,906
Noninterest income excluding net securities gains and losses (Non-GAAP)	[c]	41,486			38,866			35,023			117,343			110,367
Acquisition and restructuring (gain) loss		44			—			—			44			—
Realized net (gains) losses on the sale of mortgage service rights		—			—			18			—			(7,724)
Adjusted noninterest income (Non-GAAP)	[d]	$	41,530		$	38,866		$	35,041		$	117,387		$	102,643

Tax-equivalent revenue (Non-GAAP)	[e = b+c]	$	197,411		$	192,840		$	118,066		$	531,510		$	352,647
Adjusted tax-equivalent revenue (Non-GAAP)	[f = b+d]	197,455			192,840			118,084			531,554			344,923
Operating revenue (Non-GAAP)	[g = a+d]	196,667			192,049			117,688			529,438			343,676

Adjusted noninterest income to operating revenue (Non-GAAP)	[d÷g]	21.12		%	20.24		%	29.77		%	22.17		%	29.87		%

Total noninterest expense (GAAP)2		$	120,018		$	127,833		$	75,519		$	359,881		$	222,872
Amortization of intangible assets		(4,507)			(4,592)			(2,548)			(12,182)			(7,586)
Noninterest expense excluding amortization of intangible assets (Non-GAAP)2	[h]	115,511			123,241			72,971			347,699			215,286
Acquisition and restructuring (income) expenses, excluding initial provision expenses		(7,207)			(16,600)			(1,935)			(49,833)			(4,555)


Adjusted noninterest expense (Non-GAAP)2	[i]	$	108,304		$	106,641		$	71,036		$	297,866		$	210,731

Efficiency ratio (Non-GAAP)2	[h÷e]	58.51		%	63.91		%	61.81		%	65.42		%	61.05		%
Adjusted efficiency ratio (Non-GAAP)2	[i÷f]	54.85		%	55.30		%	60.16		%	56.04		%	61.10		%

___________________________________________

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.

First Busey Corporation (BUSE) | 2025 Q3 — 18

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)


Tangible Assets, Tangible Common Equity, and Related Measures and Ratio

		As of
(dollars in thousands, except per share amounts)		September 30, 2025			June 30, 2025			September 30, 2024
Total assets (GAAP)		$	18,188,628		$	18,918,740		$	11,986,839
Goodwill and other intangible assets, net		(485,203)			(488,181)			(368,249)
Tangible assets (Non-GAAP)1	[a]	$	17,703,425		$	18,430,559		$	11,618,590

Total stockholders' equity (GAAP)		$	2,448,835		$	2,412,546		$	1,402,884
Preferred stock and additional paid in capital on preferred stock		(215,197)			(215,197)			—
Common equity	[b]	2,233,638			2,197,349			1,402,884
Goodwill and other intangible assets, net		(485,203)			(488,181)			(368,249)
Tangible common equity (Non-GAAP)1	[c]	$	1,748,435		$	1,709,168		$	1,034,635

Tangible common equity to tangible assets (Non-GAAP)1	[c÷a]	9.88		%	9.27		%	8.90		%

Ending number of common shares outstanding (GAAP)	[d]	88,789,043			89,104,678			56,872,241
Book value per common share (Non-GAAP)	[b÷d]	$	25.16		$	24.66		$	24.67
Tangible book value per common share (Non-GAAP)	[c÷d]	$	19.69		$	19.18		$	18.19

___________________________________________

1.Beginning in 2025, Busey revised its calculation of tangible assets and tangible common equity for all periods presented to exclude any tax adjustment.


Core Deposits and Related Ratio

		As of
(dollars in thousands)		September 30, 2025			June 30, 2025			September 30, 2024
Total deposits (GAAP)	[a]	$	15,070,162		$	15,801,772		$	9,943,241
Brokered deposits, excluding brokered time deposits of $250,000 or more		(125,432)			(353,614)			(13,089)
Time deposits of $250,000 or more		(807,378)			(827,762)			(338,808)

Core deposits (Non-GAAP)	[b]	$	14,137,352		$	14,620,396		$	9,591,344

Core deposits to total deposits (Non-GAAP)	[b÷a]	93.81		%	92.52		%	96.46		%

First Busey Corporation (BUSE) | 2025 Q3 — 19

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 a prolonged government shut-down, inflationary pressures, the threat or implementation of tariffs, trade wars, and changes to immigration policy); (2) changes in, and the interpretation and prioritization of, local, state, and federal laws, regulations, and governmental policies (including those concerning Busey's general business); (3) the economic impact of any future terrorist threats or attacks, widespread disease or pandemics, or other adverse external events that could cause economic deterioration or instability in credit markets (including Russia’s invasion of Ukraine and the conflict in the Middle East); (4) unexpected results of acquisitions, including the acquisition of CrossFirst, which may include the failure to realize the anticipated benefits of the acquisitions and the possibility that the transaction and integration costs may be greater than anticipated; (5) the imposition of tariffs or other governmental policies impacting the value of products produced by Busey's commercial borrowers; (6) new or revised accounting policies and practices as may be adopted by state and federal regulatory banking agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission, or the Public Company Accounting Oversight Board; (7) changes in interest rates and prepayment rates of Busey’s assets (including the impact of sustained elevated interest rates); (8) increased competition in the financial services sector (including from non-bank competitors such as credit unions 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 Q3 — 20

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)			Capital amounts and ratios as of September 30, 2025, are not yet finalized and are subject to change.
(4)			The blended benchmark consists of 60% MSCI All Country World Index and 40% Bloomberg Intermediate US Government/Credit Total Return Index.

(5)			Estimated uninsured and uncollateralized deposits consist of account balances in excess of the $250,000 Federal Deposit Insurance Corporation insurance limit, less intercompany accounts, fully collateralized accounts (including preferred deposits), and pass-through accounts where clients have deposit insurance at the correspondent financial institution.
(6)			On- and off-balance sheet liquidity is comprised of cash and cash equivalents, debt securities excluding those pledged as collateral, brokered deposits, and Busey’s borrowing capacity through its revolving credit facility, the FHLB, the Federal Reserve Bank, and federal funds purchased lines.

First Busey Corporation (BUSE) | 2025 Q3 — 21

First Busey Corporation

11440 Tomahawk Creek Parkway, Leawood, KS 66211

NASDAQ: BUSE

Busey’s Financial Suite of Services


Member FDIC						busey.com

Q3 2025 EARNINGS INVESTOR PRESENTATION October 28, 2025

23Q25 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 a prolonged government shut-down, inflationary pressures, the threat or implementation of tariffs, trade wars, and changes to immigration policy); (2) changes in, and the interpretation and prioritization of, local, state, and federal laws, regulations, and governmental policies (including those concerning Busey's general business); (3) the economic impact of any future terrorist threats or attacks, widespread disease or pandemics, or other adverse external events that could cause economic deterioration or instability in credit markets (including Russia’s invasion of Ukraine and the conflict in the Middle East); (4) unexpected results of acquisitions, including the acquisition of CrossFirst, which may include the failure to realize the anticipated benefits of the acquisitions and the possibility that the transaction and integration costs may be greater than anticipated; (5) the imposition of tariffs or other governmental policies impacting the value of products produced by Busey's commercial borrowers; (6) new or revised accounting policies and practices as may be adopted by state and federal regulatory banking agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission, or the Public Company Accounting Oversight Board; (7) changes in interest rates and prepayment rates of Busey’s assets (including the impact of sustained elevated interest rates); (8) increased competition in the financial services sector (including from non-bank competitors such as credit unions 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

33Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Table of Contents Overview of First Busey Corporation (BUSE) 4 3Q25 Review 5 Investment Highlights 6 Earnings Performance 7 Attractive Markets Positioned for Growth 8 Strategically Configured Regional Operating Model 9 High Quality Loan Portfolio 10 Well-Diversified & Conservatively Underwritten Portfolio 11 Pristine Credit Quality 12 Top Tier Core Deposit Franchise 13 Deposit Cost Trends 14 Net Interest Margin 15 Diversified and Significant Sources of Noninterest Income 16 Wealth Management 17 Expansive Payments and Cash Management Capabilities 18 Focused Control on Expenses 19 Actively Managing Well-Positioned Balance Sheet 20 Robust Capital Foundation 21 Appendix: 22 Seasoned Leadership Team 23 Purchase Accounting Projections 24 Non-GAAP Financial Information 25

43Q25 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 and Treasury Management Services $18.2 Billion Total Assets $15.0 Billion Wealth Assets Under Care $2.1 Billion Market Cap 1 ▪ Premier Commercial Banking Franchise with attractive market footprint ▪ Full-service Trust Company 1 Market cap as of 10/24/25 Powerful Combination of Banking, Wealth, and Payments Business Lines Sizable business lines that provide a full suite of solutions to our clients at every stage of their business and personal life

53Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 1 Non-GAAP calculations, see Appendix | 2 Purchase accounting accretion | 3 3Q25 capital ratios are preliminary estimates 3Q25 Review Financial Results (Non-GAAP) Metric 1 2Q25 3Q25 Adj. Diluted EPS $0.63 $0.64 Adj. Net Income to Common S/H $57 million $57 million Total Operating Revenue $192 million $197 million Net Interest Margin 3.49% 3.58% Net Interest Income $153 million $155 million Adj. Noninterest Income $39 million $42 million Adj. Pre-Provision Net Revenue $81 million $84 million Adj. PPNR ROAA 1.70% 1.78% Adj. ROAA 1.21% 1.33% Adj. ROATCE 13.61% 13.20% Adj. Efficiency Ratio 55.3% 54.8% Total Assets $18.9 billion $18.2 billion Total Loans $13.8 billion $13.6 billion Total Deposits $15.8 billion $15.1 billion TBV / Share $19.18 $19.69 ▪ Experienced further NIM improvement as balance sheet optimization strategies continued and with benefit of higher loan repricing Net Interest Margin continues upward trajectory ▪ Stable credit metrics combined with loan contraction and PCD loan payoffs resulted in net release of provision during quarter Credit Quality remains strong ▪ Adding high-level talent throughout the organization, including new Chief Financial Officer, President of Regional Banking and 45+ producers on the sales-side since 3/1/25 ▪ New Wealth managing directors experiencing early success in new growth markets, adding ~$60 million of AUC with $100 million+ at later stages of the pipeline Successfully attracting and retaining talent ▪ TBV per share up $1.81/share, or 10%, since 12/31/24 ▪ Continued capital build during quarter: TCE % and CET1 % increased QoQ by 61 bps and 11 bps to 9.9% and 12.3%, respectively3 Tangible Book Value continues to compound ▪ $584 million in new loan production and net line of credit draws were offset by elevated payoffs totaling $575 million, which included $134 million of PCD loan payoffs, and amortization of $219 million Loan contraction ▪ Profitability accelerated to a 1.33% adj. ROAA1 and 54.8% adj. efficiency ratio1 as synergies continue to be realized from transformational acquisition completed 3/1/25 and bank merger on 6/20/25 Optimizing Profitability NIM QoQ Δ +9 bps +12 bps Reported Ex-PAA2 ▪ During 3Q25, returned $13.5 million to shareholders (580k shares at a weighted average price of $23.36 per share), for a YTD total of $40 million and ~2% of outstanding shares Active share repurchase plan Loan Yields 6.20% 7.06% Total Portfolio Loans 3Q25 Net New Fundings Targeted intentional runoff of high-cost non-relationship and brokered deposits totaling $795 million of deposits at a weighted avg rate of 4.45%. Ex-intentional reduction: ~$60 million of core deposit growth during 3Q25

63Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Attractive Profitability and Returns Disciplined Growth Strategy Driven by Regional Operating Model Balance Sheet Strength 1 Non-GAAP calculation, see Appendix | 2 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 | 3 3Q25 capital ratios are preliminary estimates | 4 Most recent quarter reported for KRX components as of 10/24/25 | 5 Market Data for BUSE updated to close on 10/24/25 | 6 Based on consensus median net income of covering analysts as of 10/24/25 Investment Highlights ▪ Long history of quality earnings performance ▪ Substantial improvements in ROAA, ROATCE, Net Interest Margin, and Efficiency Ratio1 in 2025 as synergy realization ramps from recently integrated acquisition ▪ Quarterly common stock dividend of $0.25 (4.3% yield)5 and active share repurchase program with $40 million, or ~2% of outstanding shares, repurchased YTD ▪ Organic growth powered by an approach that brings the full capabilities of commercial, wealth, and payments to each community through local leadership and autonomy ▪ Anticipated primary organic growth drivers are expansion in new high-growth markets, successful hiring/retaining of top-tier talent, and delivering the full suite of solutions to the entirety of the client base ▪ Efficient branch network — average deposits per branch of $191 million at 9/30/25 ▪ Executed nine strategic acquisitions over the last decade to enhance franchise value without unduly diluting shareholders, including the TBV-accretive acquisition of $7.5 billion asset CrossFirst Bank in 2025 ▪ High quality, commercially-oriented loan portfolio is well-diversified by sector and geographic location and conservatively underwritten with low levels of concentration; strong reserve levels with ACL/Loans at 1.28% ▪ Stable, low-cost core deposit franchise: 93.8% core deposits1, 23.6% of total deposits are noninterest-bearing, 2.15% total cost of deposits in 3Q25, 2.01% total deposit spot cost at 9/30/25 ▪ Resilient liquidity profile with available sources of on- and off-balance sheet liquidity2 totaling $7.9 billion, including $0.4 billion of cash and cash equivalents ▪ Robust capital foundation with capital ratios at $810 million+ excess over well-capitalized minimums with capital buffer: TCE/TA of 9.9%, CET1 of 12.3%, and Total Capital of 15.9% at 9/30/253 $ in billions FY 2024 3Q25 Metrics better than KRX median in bold KRX Median MRQ 4 Total Assets $12.0 $18.2 $32.1 Total Loans $7.7 $13.6 $21.6 Total Deposits $10.0 $15.1 $25.9 Total Wealth AUC $13.8 $15.0 NM TCE Ratio 8.8 % 9.9 % 8.7 % CET1 Ratio3 14.1 % 12.3 % 12.1 % NPA/Assets 0.19 % 0.32 % 0.44 % Net Interest Margin 1 2.95 % 3.58 % 3.48 % Adj. Nonint. Income % of Operating Revenue 1 30.0 % 21.1 % 18.1 % Adj. PPNR ROAA 1 1.39 % 1.78 % 1.75 % Adj. ROAA 1 0.99 % 1.33 % 1.30 % Adj. ROATCE 1 12.3 % 13.2 % 14.8 % Adj. Efficiency Ratio 1 61.3 % 54.8 % 54.5 % Market Cap 5 $2.1 $4.3 Dividend Yield 5 4.3% 3.3 % Price / TBV 5 1.2x 1.5x Price / 2026E 6 8.9x 9.8x Financial Highlights

73Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE $16.47 $29.69 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 2025 Q3 $15 $20 $25 $30 $32.9 $30.9 $39.9 $57.2 $57.4 $0.57 $0.53 $0.57 $0.63 $0.64 Adj. Net Income Avail. to Common S/H Adj. EPS 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 $44.1 $42.0 $54.7 $80.8 $83.9 1.46% 1.38% 1.50% 1.70% 1.78% Adj. PPNR Adj. PPNR / Avg Assets 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 13.2% 11.9% 10.6% 13.6% 13.2% 1.09% 1.02% 1.09% 1.21% 1.33% Adj. ROATCE Adj. ROAA 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 1 Non-GAAP calculation, see Appendix | 2 Includes cumulative dividends per share and cumulative repurchases per share over the period. | 3 Market Data for BUSE updated to close on 10/24/25 Earnings Performance Adjusted Net Income & Earnings Per Common Share 1 Adjusted ROATCE & Adjusted ROAA 1 Adjusted Pre-Provision Net Revenue / Avg. Assets 1 $ in millions $ in millions $0.38 $0.64 2015 Q3 2016 Q3 2017 Q3 2018 Q3 2019 Q3 2020 Q3 2021 Q3 2022 Q3 2023 Q3 2024 Q3 2025 Q3 $0.25 $0.50 $0.75 Earnings Track Record: Adj. EPS 10-Year Trend +10.8% CAGR +$13.22 Current common stock dividend yield of 4.3%3 Tangible Common Book Value 1 / Share (ex-AOCI) + Dividends + Share Repurchases 2 Share repurchases YTD totals $40 million, or ~2% of outstanding shares During 3Q25, dividends on preferred stock included the first dividend on Busey’s 8.25% Fixed-Rate Series B Non- Cumulative Perpetual Preferred Stock. The Series B dividend is calculated on the basis of a 360-day year of twelve 30-day months. This first dividend was calculated from the issuance date of 5/20/25; therefore, it included additional days that resulted in additional dividends of $0.5 million in the third quarter, which is not expected to recur. Note on Series B Preferred Stock:

83Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Attractive Markets Positioned for Growth 1 Market Nominal GDP as of 2023 per FRED, Federal Reserve Bank of St. Louis | Source: S&P Capital IQ Pro; Census.gov; BEA.gov | Note: Chart does not include markets with populations under 500,000 people 1

93Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Strategically Configured Regional Operating Model Focused on bringing the full breadth of commercial, wealth, and payments to provide a broad set of financial solutions to well-capitalized individuals and the companies they own & operate Life Equity Lending Sponsor Finance Energy Lending SBA Lending $5B deposits $5B deposits $3B loans $11B 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 $3B deposits $2B loans $1B deposits $1B loans $1B deposits $2B loans $1.6B loans Enterprise-wide sales structure is organized by region – bringing full capabilities and the complete Busey experience to each community through local leadership and autonomy Note: Balances based on origination location and rounded to nearest billion dollars

103Q25 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% 50% 52% 49%49% 50% 59% 65% 62% 43% 43% 44% 43% 40% C&I Utilization CRE & Construction Utilization Retail & Other Utilization 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 1 Capital is Busey Bank Tier 1 Capital (preliminary estimates) + Allowance for credit losses | 2 Based on loan origination Classified Loans / Capital 1 NPLs / Total Loans 7.0% 0.35% High Quality Loan Portfolio Loan Portfolio Regional Segmentation 2 Loan Portfolio Composition Total Loan Portfolio: $13.6 Billion Commercially-oriented portfolio is well-diversified by sector and geographic location and conservatively underwritten with low levels of concentration Portfolio 2025 Q2 QoQ ∆ 2025 Q3 % of Total East (Chicago, St. Louis, SW FL) $4,046 -$105 $3,941 29 % Midwest (Central IL, Indy) $3,227 +$27 $3,254 24 % Central (KC, Wichita, OKC, Tulsa) $2,046 -$142 $1,904 14 % Texas (Dallas, Fort Worth) $1,945 +$13 $1,958 15 % West (AZ, CO, NM) $1,010 -$23 $987 7 % Verticals $1,534 +$21 $1,555 11 % Total Loans $13,809 -$210 $13,598 100 % Excluding payoffs of ~$27 million in PCD loans risk rated watch or worse, West would have had loan growth during 3Q25 East decline during 3Q25 primarily attributable to Chicagoland, pressured by a few larger line of credit paydowns & payoffs Central region pressured by ~$75 million of PCD loan payoffs as well as substantial anticipated CRE payoffs with loans taken out in secondary market $ in thousands Draws continue on existing Construction lines, while not adding significant new production commitment volume in recent quarters 7.69% 7.12% 6.91% 7.13% 7.06% 5.63% 5.47% 5.76% 6.22% 6.20% 5.16% 4.53% 4.33% 4.32% 4.31% Net New Funding Yield Loan Yield SOFR 30D 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 Loan Yield Maintaining a focus on strong asset quality: +$407 +$177 -$134 -$441 -$219 New Loan Production Net Line of Credit Draws PCD Loan Payoffs Other Payoffs & Maturities Amortization -$250 $0 +$250 +$500 Commercial Loans / Total Portfolio 80% 100/300 Test 48% C&D / 227% CRE 3Q25 Loan Balances Change Loan production momentum in verticals led by Life Equity Lending and SBA Lending in 3Q25 Recent launch of loan pricing software has further driven focus on pricing discipline

113Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 1 Investor owned CRE (CRE-I) includes C&D, Multifamily and non-owner occupied CRE | 2 Debt Service Coverage Ratio | 3 Net Operating Income of property divided by Loan Amount $ in millions Property Type 9/30/25 Balances % of Total Loans 9/30/25 Classified Balances Apartments $914.9 6.7 % $0.0 Land Acq. & Dev. 779.1 5.7 % 0.3 Retail 750.3 5.5 % 5.2 Industrial/Warehouse 715.7 5.3 % 0.1 Traditional Office 527.7 3.9 % 0.5 Hotel 335.1 2.5 % 0.0 Student Housing 260.7 1.9 % 3.5 Specialty 181.9 1.3 % 0.0 Medical Office 167.0 1.2 % 0.0 Senior Housing 163.4 1.2 % 0.0 Self-Storage 145.1 1.1 % 0.0 Other 204.2 1.5 % 0.0 Grand Total $5,145.1 37.8 % $9.6 $ in millions Property Type 9/30/25 Balances % of Total Loans 9/30/25 Classified Balances Industrial/Warehouse $454.3 3.3 % $12.8 Specialty 321.6 2.4 % 5.6 Traditional Office 211.4 1.6 % 1.3 Medical Office 131.7 1.0 % 0.0 Retail 116.2 0.9 % 1.4 Restaurant 114.0 0.8 % 0.0 Other 53.8 0.4 % 3.7 Grand Total $1,403.0 10.4 % $24.8 Well-Diversified & Conservatively Underwritten Portfolio In ve st or O w ne d C RE 1 All data as of 9/30/25 $ in millions Investor Owned CRE Metric Traditional Office Medical Office Top 10 Largest Office Loans Total Balances $527.7 $167.0 $199.0 % of Total CRE-I 10.3 % 3.2 % 3.9 % % of Total Office CRE-I 76.0 % 24.0 % 28.6 % # of Loans 223 70 10 Average Loan Size $2.4 $2.4 $19.9 Total Classified $0.5 $0.0 $0.0 Weighted Avg Current LTV 59 % 63 % 62% Weighted Average DSCR2: Weighted Average Debt Yield3: Top Ten Largest Office Loans 1.33x 11.2% Only 0.2% of total CRE-I loans are classified 100/300 Test: 48% C&D 227% CRE-I Only 1.8% of total OOCRE loans are classified C&I lines of credits have an overall utilization of 49%, demonstrating substantial borrowing capacity and appropriate revolving of most lines Lower risk profiles as underwritten to the primary occupying business and are not as exposed to lease turnover risks $ in millions NAICS Sector 9/30/25 Balances % of Total Loans 9/30/25 Classified Balances Finance and Insurance $861.7 6.3 % $0.0 Manufacturing 467.7 3.4 % 30.5 Food Services, Drinking Places 370.3 2.7 % 1.0 Real Estate, Rental, Leasing 367.3 2.7 % 4.1 Construction 303.0 2.2 % 4.1 Mining, Quarrying, Oil, Gas 300.9 2.2 % 0.0 Wholesale Trade 243.5 1.8 % 17.1 Other Services (ex. Public Admin) 212.8 1.6 % 2.3 Transportation 191.3 1.4 % 9.2 Retail Trade 186.9 1.4 % 4.1 Agriculture, Forestry, Fishing 178.9 1.3 % 3.8 Educational Services 134.5 1.0 % 0.1 Health Care, Social Assistance 130.2 1.0 % 5.6 Professional, Scientific, Technical 107.8 0.8 % 17.2 Other 310.6 2.3 % 4.1 Grand Total $4,367.4 32.1 % $103.2 O w ne r O cc up ie d C RE C om m er ci al & In du st ria l ( C &I ) Majority of the Finance & Insurance portfolio (represents 20% of C&I loans, or 6% of total loans) is secured by marketable securities

123Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE ▪ 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) ▪ Loans 90+ days past due and still accruing at $1.4 million, or 0.01% of total loans, and loans 30-89 days past due represent 0.14% of total loans ▪ Classified assets as a percentage of capital of 7.0%1 at 9/30/25, compared to KRX median of 13.1% as of 6/30/25 ▪ Allowance to NPLs coverage of 3.67 x ▪ 3Q25 net charge-offs totaled $5.8 million, $4.2 million attributable to PCD loans and $1.6 million of Non-PCD ▪ OREO and repossessed asset balances total $10.2 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 NCOs / Average Loans (Annualized) 2 0.13% 0.06% 0.19% 0.31% 0.32% 0.23% 0.31% 0.46% 0.41% Busey KRX Median 2022 YE 2023 YE 2024 YE 2025 Q2 2025 Q3 $ in millions $ in millions BUSE NPAs $16.6 $7.9 $23.3 $58.2 $57.7 BUSE NCOs $0.9 $2.3 $18.2 $12.9 $5.8 0.01% 0.03% 0.23% 0.37% 0.17% 0.05% 0.16% 0.19% 0.18% Busey KRX Median 2022 YE 2023 YE 2024 YE 2025 Q2 2025 Q3 $183.3 -$4.3 -$7.1 -$1.5 $3.8 $174.2 2Q25 ACL PCD¹ Charge-Offs and Recoveries Release of PCD Provision Non PCD Charge- Offs and Recoveries Non PCD Provision Expense 3Q25 ACL Non-PCD provision to support charge- offs and as a response to economic factors Release due to payoffs and paydowns of PCD loan balances 1.33% Allowance to Loans 1.28% Allowance to Loans Net provision release during 3Q25: Allowance / Loans 1.19% 1.20% 1.08% 1.33% 1.28% 1.07% 1.17% 1.17% 1.19% Busey KRX Median 2022 YE 2023 YE 2024 YE 2025 Q2 2025 Q3 ▪ Provision release of $7.1 million for PCD loans due to payoffs/paydowns ▪ Provision expense of $3.8 million for non-PCD loans to support charge-offs and qualitative factor adjustments

133Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Non-Int DDA 24% Int DDA 21% Savings & MMDA 39% 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 Loan to Deposit Ratio 90.2% Core Deposits 1 93.8% MRQ Avg Cost of Total Deposits 2.15% MRQ Avg Cost of Non-Time Deposits 1.84% Avg Deposits per Branch $191 million $10,004 $10,050 $12,179 $15,993 $15,580 78.5% 77.1% 84.3% 87.4% 90.2% Retail Commercial Public Other ² Avg Deposits LDR 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 Top Tier Core Deposit Franchise Deposit Portfolio Composition Total Deposits & Loan-to-Deposit Ratio $9,943 $9,982 $16,459 $15,802 $15,070 $ in millions Total Deposits: $15.1 Billion Deposit Portfolio Regional Segmentation Portfolio 2025 Q2 QoQ ∆ 2025 Q3 % of Total East (Chicago, St. Louis, SW FL) $4,747 +$199 $4,946 33 % Midwest (Central IL, Indy) $5,202 +$112 $5,314 35 % Central (KC, Wichita, OKC, Tulsa) $3,516 -$441 $3,075 20 % Texas (Dallas, Fort Worth) $936 -$239 $697 5 % West (AZ, CO, NM) $867 -$52 $815 5 % Verticals $533 -$310 $223 2 % Total Loans $15,801 -$731 $15,070 100 % Result of targeted ~$200 million reduction in high-cost non-relationship deposits “Verticals” deposit balances were also pressured by the the targeted reduction initiative $ in thousands Notable decrease in “Other” with targeted reduction of ~$230 million in brokered deposits and ~$100 million of high-cost ICS Retail deposits up $22 million QoQ Total commercial deposits down $289 million QoQ, directly attributable to a ~$450 million targeted reduction in high-cost non-relationship deposits Majority of Central region outflows attributed to targeted reduction of ~$230 million in corporate brokered deposits and ~$160 million of other high-cost non-relationship deposits Deposit Optimization Strategy $111 $369 $795 $111 $369 $228 $566 Targeted Brokered Reduction Targeted High-Cost Non-Relationship Reduction 2025 Q1 2025 Q2 2025 Q3 An additional ~$115 million of intentional brokered and non- relationship runoff (at 4.3% rate) anticipated in 4Q25, but expected to be mitigated by organic growth $ in millions WAvg Rate of Deposit Runoff 4.73% 4.59% 4.45% About half of East region inflows were related to increased balances from commercial depositors and the other half from seasonal public funds flows that are expected to decline over the next two quarters, consistent with prior years

143Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 1.85% 1.75% 1.91% 2.21% 2.15% 2.33% 2.19% 2.00% 2.00% Busey KRX Median 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 1.00% 1.50% 2.00% 2.50% 3.00% BUSE Cost of Deposits Effective Fed Funds Rate (Qtr Avg)¹ 3Q15 3Q16 3Q17 3Q18 3Q19 3Q20 3Q21 3Q22 3Q23 3Q24 3Q25 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 - 3Q25 Cost of deposits had been at ~30% of Fed Funds over the last three cycles (2 tightening, 1 easing) fully lagged. Anticipate running at ~50% of Fed Funds going forward. 1 Quarterly effective Fed Funds per FRED, Federal Reserve Bank of St. Louis. Average during quarter, not seasonally adjusted. ▪ 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 ▪ This met with a concurrent increase in loan yields resulted in a substantial improvement to NIM ▪ Rate assumptions include one Fed Funds upper limit rate cut of 25 bps at October meeting and a second 25 bps cut in December 2025 ▪ With assumed rate cuts and final phase of balance sheet optimization, expect total cost of deposits to further decrease in 4Q25 ▪ Short duration non-brokered CD portfolio has a weighted average remaining life of 4.8 months and weighted average rate of 3.7% Spot Deposit Costs At 6/30/25 At 9/30/25 Change Total Deposits 2.22% 2.01% -21 bps Non-Time Deposits 1.91% 1.69% -22 bps

153Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE $83.0 $82.0 $104.3 $154.0 $155.9 $81.7 $81.2 $101.6 $146.9 $150.0$1.3 $0.8 $2.7 $7.1 $5.9 Net Interest Income ¹ Purchase Accounting Accretion 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 4.91% 4.75% 5.08% 5.63% 5.63% 1.98% 1.89% 2.02% 2.29% 2.22% 3.02% 2.95% 3.16% 3.49% 3.58% Earning Assets Cost of Funds NIM 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 3.49% +0.08% +0.07% +0.05% -0.06% -0.02% -0.03% 3.58% 2Q25 NIM Loan Rate Deposit Funding Cost Preferred Stock Issuance and Sub Debt Payoff Reduction in Earning Cash and Securities Funding Mix Purchase Accounting Contribution 3Q25 NIM 1 Tax-equivalent adjusted amounts; Non-GAAP, see Appendix $ in millions New and renewed loans continue to price at higher spreads Net Interest Margin Bridge Factors contributing to +9 bps NIM expansion during quarter Net Interest Margin Trend 1Net Interest Income Trend 1 Net Interest Margin Deceleration in purchase accounting accretion from recent transaction Benefit from actions taken to reduce brokered and other high-cost non- relationship deposits Note: Company Purchase Accounting Schedule in appendix Lower excess earning cash balances and paydowns/maturities in the securities portfolio during the quarter Remaining full quarter impact from paying off $125 million of subordinated debt with preferred stock issuance closed on May 20 Avg IE Assets ($B) $10.94 $11.05 $13.36 $17.70 $17.27 Impact from fixed corporate debt expense

163Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Minimal contribution from other service charges such as NSF, overdraft, and consumer deposit fees Payment Technology Solutions is the consolidated revenue from FirsTech, which includes lockbox/ACH payment processing, merchant services, online payments, and other electronic payments Treasury Management Services includes commercial cash management services, wires, and other commercial business service charges 1 3Q25 adjusted noninterest income contributed 21.1% of total operating revenue (excludes net securities gains) | 267.9% of 3Q25 adjusted noninterest income is contributed by wealth management fees, wealth management referral income included in other noninterest income, payment technology solutions revenue, and revenue lines managed by treasury management division (treasury management services revenue and corporate credit card interchange) | 3 Non-GAAP calculation, see Appendix | 4 Approximately $0.2 million of Other Noninterest Income was attributable to the wealth segment in 3Q24 and 3Q25 $117.7 $117.0 $140.7 $192.0 $196.7 $35.0 $35.4 $37.0 $38.9 $41.5 $82.6 $81.6 $103.7 $153.2 $155.1 29.8% 30.3% 26.3% 20.2% 21.1% Adj. Nonint. Inc. Net Interest Income Adj. Nonint. Inc./Op. Rev. 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 $ in millions Noninterest Income Detail 2024 Q3 YoY Change 2025 Q3 % of Total (Adj.) Wealth Management Fees $15,378 +12 % $17,184 41 % Payment Technology Solutions 5,265 -3 % 5,092 12 % Treasury Management Services 2,201 +109 % 4,598 11 % Card Services and ATM Fees 3,557 +35 % 4,799 12 % Other Service Charges on Deposit Accounts 2,390 -32 % 1,617 4 % Mortgage Revenue 355 +85 % 657 2 % Income on Bank Owned Life Insurance 1,189 +37 % 1,623 4 % Other Noninterest Income4 4,706 +26 % 5,916 14 % Acquisition loss on fixed asset disposal — 44 — Adjusted Noninterest Income $35,041 +19 % $41,530 100 % Acquisition (loss) on fixed asset disposal — (44) Gain Reversal on Mortgage Servicing Rights Sale (18) — Net Securities Gains (Losses) 822 (288) Total Noninterest Income $35,845 +15 % $41,198 $ in thousands Adjusted Noninterest Income / Operating Revenue 3 Sources of Noninterest Income Diversified and Significant Sources of Noninterest Income Other Noninterest Income positively impacted in 3Q25 by gain from fintech fund investment 21.1% 67.9% Wealth + Payment Tech + Treasury Management / Total Noninterest Income 2 Adjusted Noninterest Income / Total Revenue 1 3Q25 includes $1.1 million of interchange from corporate credit cards that are managed within Treasury Management division Net interest income became a larger share of total operating revenue with significant NIM expansion and recent acquisition

173Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE $16.2 $17.0 $17.6 $17.0 $17.4 $7.4 $7.7 $8.2 $7.7 $7.5 45.7% 45.4% 46.6% 45.1% 43.0% Revenue Pre-Tax Net Income Pre-Tax Profit Margin 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 $13,690 $13,834 $13,678 $14,102 $14,959 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 ▪ Assets Under Care (AUC) up $0.9 billion QoQ and up $1.3 billion YoY, or +9% 1 Wealth Management segment 2 Busey Wealth Management’s blended portfolio 3-year and 5-year returns vs. blended benchmark of 60% MSCI All-Country World Index and 40% Bloomberg Intermediate Govt/Credit Index $ in millions $ in millions Wealth Management $16.2 $17.0 $17.6 $17.0 $17.3 Trust Brokerage Tax Planning Estate Settlement Ag Services Other 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 Wealth Revenue Composition 1 % of Total WM Revenue 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 Trust / Agency 83 % 84 % 81 % 83 % 86 % Brokerage 7 % 8 % 8 % 8 % 8 % Ag Services 2 % 2 % 9 % 2 % 1 % Tax & Financial Planning 1 % 1 % 0 % 4 % 1 % Estate Settlement 1 % 4 % 1 % 2 % 3 % Other 6 % 1 % 1 % 1 % 1 % Total 100 % 100 % 100 % 100 % 100 % $15.0 Billion Assets Under Care LTM Revenue1$68.9 Million ▪ New Managing Director hires in Dallas and Denver started in 3Q25 ▪ This follows the hiring of 3 new Managing Directors in the Kansas City, Wichita, and Oklahoma City markets during 2Q25 ▪ Also adding talented portfolio managers in our fully internalized investment office to further support growth ▪ Early wins in Western markets - new accounts opened YTD representing ~$60 million of AUC, with another $100 million+ of AUC at later stages of the pipeline ▪ Track record of organic AUC growth in new markets: since 2014, 50%+ of AUC growth has been organic ▪ 3Q25 Wealth segment revenue of $17.4 million, a YoY increase of +7% ▪ Pre-tax net income of $7.5 million, a YoY increase of +1% ▪ Pre-tax profit margin of 43.0% in 3Q25 and 45.0% over the last twelve months Wealth Revenue and Pre-Tax Income1Assets Under Care Early wins in new Western markets Integrated comprehensive capabilities to serve Personal & Institutional Clients ▪ Fully internalized investment office that utilizes a tailored, tax-efficient approach for each client, producing long-term returns that continue to outperform benchmarks2

183Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Integrated Receivables 24% Merchant Processing 25% Online Payments 21% Other Electronic Payments 30% Expansive Payments and Cash Management Capabilities 1 Revenue equates to all revenue sources tied to FirsTech and excludes intracompany eliminations 2 3Q25 Treasury Management Services noninterest income of $4.6 million + 3Q25 interchange from corporate credits cards of $1.1 million (included in Card Services and ATM Fees), annualized ▪ FirsTech’s long-term core integrated receivables offerings have historically acted as a lead-in opportunity to expand services with existing clients ▪ During 3Q25, signed significant partnership in healthcare revenue cycle management and further expanded wallet share in other lines of business with additional volume wins ▪ Merchant is the primary referral opportunity for many new commercial 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 ▪ 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 3Q25 FirsTech Revenue Mix Integrated Receivables Transactions Processed LTM46 Million LTM Revenue 1$21.7 Million A growing component of the Banking segment Annualized 3Q25 TM Services Revenue + Corporate Card Interchange Revenue2$22.8 Million ▪ Substantially enhanced Treasury Management capabilities with recent bank acquisition ▪ Treasury Management has a mutually supportive relationship with commercial deposit gathering and C&I lending ▪ Commercial cash management ▪ Wires ▪ Corporate credit cards ▪ Other commercial business service charges Treasury Management team manages: Go-to-market strategy focused on key competencies of integrated receivables, merchant processing, and online payments

193Q25 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 accelerate as synergies continue to be realized from transformational acquisition completed on 3/1/25 and bank merger on 6/20/25 ▪ Adjusted core expenses1 of $108.3 million in 3Q25 ▪ Non-operating other expenses during 3Q25 were comprised of $7.2 million related to the CrossFirst acquisition $75.5 $78.6 $112.0 $127.8 $120.0 60.2% 61.8% 58.7% 55.3% 54.8% Expenses ex-Acq. Acquisition & Restruct. Exp. Adj. Efficiency Ratio¹ 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 $ in millions Noninterest Exp. $75.5 $78.6 $112.0 $127.8 $120.0 Acquisition & Restruct. Exp. $1.9 $3.6 $26.0 $16.6 $7.2 NIE ex-Acquisition & Restructuring Expense 1 $73.6 $75.0 $86.0 $111.2 $112.8 Amort. of Intangibles $2.5 $2.5 $3.1 $4.6 $4.5 Adjusted NIE 1 $71.0 $72.6 $82.9 $106.6 $108.3 Noninterest Expense Focused Control on Expenses 2025 Q2 2025 Q3 Compensation & Benefits $66.8 $68.5 Data processing $10.1 $9.3 Occupancy & Equipment $10.2 $10.1 Professional fees $2.6 $2.6 Other NIE $17.0 $17.9 Adjusted NIE 1 $106.6 $108.3 ▪ Continue to be diligent on expenses; focused on employing top-tier talent and deploying a best-in-class product set to position the company for future growth ▪ Operating expenses increased QoQ, primarily because of elevated compensation costs due to lower expense deferral associated with reduced loan production during 3Q25 ▪ Returns on people investments to be realized in coming quarters as recent hires build their books of business; have added 45+ producers on the sales-side since acquisition close on 3/1/25 ▪ Expect 4Q25 NIE ex-acquisition & restructuring exp. to be ~$112 million (includes amortization of intangibles) Adjusted Core NIE Summary ▪ The anticipated 3Q25 cost savings from the CrossFirst acquisition (primarily personnel) were realized but were partially offset by new opportunistic hires ▪ Total announced cost saves of ~$25 million remain on track to be fully out of the expense base by 1Q26 ▪ Exited 3Q25 with ~90% of those savings taken out of expense run rate and anticipate 100% out of expense run rate by year-end Acquisition-related cost savings

203Q25 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 3Q25 Consolidated Deposit Cost of Funds Rate Shock Year 1 NII Impact Year 2 NII Impact +200 bps +2.3 % +3.2 % +100 bps +2.0 % +2.6 % -100 bps -1.3 % -2.5 % -200 bps -1.6 % -4.4 % Floating 55% Variable 8%Fixed 37% Based on Static Balance Sheet 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% 48% Total Cost of Deposits as % of Fed Funds ¹ 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 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, 4.50% (1Q25, 2Q25) and 4.47% for 3Q25 Recent launch of loan pricing software has further driven focus on pricing discipline and term structure for both loans and deposits 4Q25 2026 2027 2028 Roll Off Cash Flow ($ millions) $90 $306 $265 $315 Approximate Roll Off Yield 2.5 % 2.7 % 2.9 % 3.2 % 4Q25 2026 2027 2028 Balances ($ millions) $263 $1,016 $1,011 $736 Weighted Average Rate 4.7 % 4.6 % 4.8 % 5.4 % Balance sheet well-positioned for rate neutrality Scheduled Maturities / Repricing of Fixed Rate Loans Roll Off of AFS Securities SOFR 70% Prime 28% Treasury 2% Substantial amount of low-yield loans & securities scheduled to roll off Floating Index Rates 3Q25 Net New Loan Funding Yield: 7.06% New Securities coming on at: ~4.50%

213Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE $1,220 $1,237 $1,872 $1,888 $1,908 13.8% 14.1% 12.0% 12.2% 12.3% 7.0% Common Equity Tier 1 CET1 Ratio Min + Buffer Ratio 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 $1,035 $1,017 $1,676 $1,709 $1,748 8.9% 8.7% 8.8% 9.3% 9.9% TCE TCE Ratio 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 Tangible Common Equity 1 1 Non-GAAP calculation, see Appendix | 2 3Q25 capital ratios are preliminary estimates. 3 Common dividends and share repurchases during period divided by adjusted net income available to common shareholders during period $ in millions Common Equity Tier 1 Ratio Tier 1 Capital Ratio Total Capital Ratio Capital Ratio 12.3 % 13.8 % 15.9 % Minimum Well Capitalized with Capital Buffer 7.0 % 8.5 % 10.5 % Amount of Capital $1,908 $2,131 $2,459 Well Capitalized Minimum with Buffer $1,083 $1,315 $1,625 Excess over Well Cap. Min. with Buffer $825 $816 $834 $ in millions $ in millions Robust Capital Foundation Common Equity Tier 1 2 Consolidated Capital as of 9/30/25 2 36% 39% 39% 48% 77% 63% Dividend Payout Ratio Payout Ratio with Dividends & Share Repurchases 2025 Q1 2025 Q2 2025 Q3 20% 40% 60% 80% Adjusted Common Stock Payout Ratio 3

Appendix

233Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Seasoned Leadership Team Has served as Vice Chairman & President of First Busey Corporation and President & CEO of Busey Bank since March 2025. Prior to its merger with Busey in 2025, Mike served as President and CEO of CrossFirst Bankshares, Inc. since June 2020, and CEO of CrossFirst Bank since November 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. Has served as Chairman & CEO of First Busey since 2007 and became Chairman of the Board effective July 2020. Offers 40 years of diverse financial services experience and extensive board involvement with a conservative operating philosophy and management style that focuses on Busey’s associates, customers, communities and shareholders. Van A. Dukeman Chairman & CEO, First Busey Corp. Chairman, Busey Bank Mike J. Maddox Vice Chairman & President, First Busey Corp. President & CEO, Busey Bank Joined Busey in 2008 and has nearly 30 years of financial and leadership experience. Oversees various areas at Busey and its subsidiaries, including human resources, corporate communications, executive administration, marketing, the overall Busey experience, enterprise and strategic projects, as well as consumer and digital banking. Prior to Busey, Amy worked for 10+ years with CliftonLarsonAllen LLP. Amy L. Randolph Chief Operating Officer Joined Busey in January 2020 with over 25 years of financial leadership experience, including a 16-year tenure with KeyCorp. Oversees various areas at Busey and its subsidiaries, including enterprise, operational and third-party risk management, compliance, fair and responsible banking, vendor management, model risk, business continuity and information security. Monica L. Bowe Chief Risk Officer Joined Busey in March 2025 with the CrossFirst Bankshares merger and oversees various areas at Busey and its subsidiaries, including all information technology and business services and systems, service support, enterprise lending services, enterprise deposits and payments, and facilities. Previously, Amy held multiple executive leadership roles with CrossFirst Bank, most recently serving as Chief Operating Officer. Amy J. Fauss Chief Information & Technology Officer Joined Busey in 2011 and has over 20 years of experience in the financial services industry. Chip oversees all aspects of credit administration at Busey Bank, including commercial and consumer credit, portfolio monitoring and special assets. Before being named Chief Credit Officer in 2025, he has held the roles of President of Credit and Bank Administration, Co-Chief Banking Officer, and Regional President for Commercial Banking. Chip Jorstad Chief Credit Officer Joined Busey in September 2025. Chris previously served as Chief Strategy Officer at First National Bank, the largest subsidiary of F.N.B. Corporation—a diversified financial services organization, based in Pittsburgh, PA, with total assets of nearly $50 billion, as of June 30, 2025. In addition to serving as the head of FNB’s Corporate Strategy and Investor Relations areas, he was responsible for advancing FNB’s digital and data strategy, with oversight of Digital Channels, Data Science, Artificial Intelligence and Data Management and Governance. Chris earned his Bachelor of Arts degree from Dartmouth. Chris H.M. Chan Chief Financial 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. John J. Powers General Counsel 2025 Proxy Statement: Executive Compensation Performance Measures Weighting Short-term incentives Adjusted EPS 35% Asset Quality Ratio 25% Fee Revenue from Wealth, Payment Technology Solutions, and Treasury Management 20% Core Deposit Growth 10% Strategic Integration of CrossFirst 6% Regulatory Ratings 4% Total 100% Long-term incentives Adjusted ROATCE 50% Relative Total Shareholder Return vs. KRX components 50% Total 100% Executive compensation reinforces corporate priorities following the acquisition of CrossFirst and is aligned with driving long-term shareholder value

243Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Estimated accretion schedule of loan discounts based on anticipated contractual cash flows In addition to CrossFirst Bankshares acquisition completed 3/1/25, these projections include remaining purchase accounting impact from prior M&A transactions, including acquisition of Merchants & Manufacturers Bank Corporation completed on 4/1/24 Purchase Accounting Projections ($ in thousands) Actuals Accretion/Amortization Impact Item ($ in thousands) 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 4Q26 Thereafter Loans Accretion 2,272 6,576 6,088 5,935 5,435 5,043 4,638 4,319 66,647 CD Accretion 659 921 135 -5 -8 -6 -7 -5 289 Borrowings Amortization -203 -378 -369 -366 -357 -358 -358 -359 -3,075 Net NII Impact 2,728 7,119 5,854 5,564 5,070 4,679 4,273 3,955 63,861 Core Deposit Intangible & Wealth Intangibles Amortization -3,083 -4,592 -4,507 -4,427 -4,287 -4,227 -4,147 -4,078 -80,714 Total Pre-Tax Income Impact -355 2,527 1,347 1,137 783 452 126 -123 -16,853 1 1 3Q25 loan accretion variance from prior quarter’s projections due to accelerated PCD loan payoffs in excess of scheduled accretion

253Q25 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.

263Q25 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 Nine Months Ended (dollars in thousands) September 30, 2025 June 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Net interest income (GAAP) $ 155,137 $ 153,183 $ 82,647 $ 412,051 $ 241,033 Total noninterest income (GAAP) 41,198 44,863 35,845 107,284 104,461 Net security (gains) losses (GAAP) 288 (5,997) (822) 10,059 5,906 Total noninterest expense (GAAP)1 (120,018) (127,833) (75,519) (359,881) (222,872) Pre-provision net revenue (Non-GAAP) [a] 76,605 64,216 42,151 169,513 128,528 Acquisition and restructuring (income) expenses, excluding initial provision expenses 7,251 16,600 1,935 49,877 4,555 Realized net (gains) losses on the sale of mortgage service rights — — 18 — (7,724) Adjusted pre-provision net revenue (Non-GAAP) [b] $ 83,856 $ 80,816 $ 44,104 $ 219,390 $ 125,359 Average total assets [c] $ 18,662,449 $ 19,068,086 $ 12,007,702 $ 17,534,644 $ 12,040,414 Pre-provision net revenue to average total assets (Non-GAAP)2 [a÷c] 1.63 % 1.35 % 1.40 % 1.29 % 1.43 % Adjusted pre-provision net revenue to average total assets (Non-GAAP)2 [b÷c] 1.78 % 1.70 % 1.46 % 1.67 % 1.39 %

273Q25 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 Nine Months Ended (dollars in thousands, except per share amounts) September 30, 2025 June 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Net income (GAAP) [a] $ 57,098 $ 47,404 $ 32,004 $ 74,512 $ 85,586 Day 2 provision for credit losses1 — — — 45,572 — Adjustment of initial provision for unfunded commitments due to adoption of new model2 — 4,030 — 4,030 — Other acquisition (income) expenses 7,251 16,600 1,935 49,877 4,432 Restructuring expenses — — — — 123 Net securities (gains) losses 288 (5,997) (822) 10,059 5,906 Realized net (gains) losses on the sale of mortgage servicing rights — — 18 — (7,724) Related tax (benefit) expense3 (2,141) (4,971) (207) (29,181) (608) Non-recurring deferred tax adjustment4 — 328 — 4,919 1,446 Adjusted net income (Non-GAAP)5 [b] 62,496 57,394 32,928 159,788 89,161 Preferred dividends [c] 5,131 155 — 5,286 — Adjusted net income available to common stockholders (Non-GAAP) [d] $ 57,365 $ 57,239 $ 32,928 $ 154,502 $ 89,161 Weighted average number of common shares outstanding, diluted (GAAP) [e] 90,218,382 90,883,711 57,967,848 83,609,999 57,411,299 Diluted earnings per common share (GAAP) [(a-c)÷e] $ 0.58 $ 0.52 $ 0.55 $ 0.83 $ 1.49 Adjusted diluted earnings per common share (Non-GAAP)5 [d÷f] $ 0.64 $ 0.63 $ 0.57 $ 1.85 $ 1.55 Average total assets [g] $ 18,662,449 $ 19,068,086 $ 12,007,702 $ 17,534,644 $ 12,040,414 Return on average assets (Non-GAAP)6 [a÷g] 1.21 % 1.00 % 1.06 % 0.57 % 0.95 % Adjusted return on average assets (Non-GAAP)5,6 [b÷g] 1.33 % 1.21 % 1.09 % 1.22 % 0.99 % Average common equity $ 2,210,711 $ 2,180,963 $ 1,364,377 $ 2,109,046 $ 1,324,119 Average goodwill and other intangible assets, net (486,625) (494,473) (369,720) (464,316) (366,331) Average tangible common equity (Non-GAAP) [h] $ 1,724,086 $ 1,686,490 $ 994,657 $ 1,644,730 $ 957,788 Return on average tangible common equity (Non-GAAP)6 [(a-c)÷h] 11.96 % 11.24 % 12.80 % 5.63 % 11.94 % Adjusted return on average tangible common equity (Non-GAAP)5,6 [d÷h] 13.20 % 13.61 % 13.17 % 12.56 % 12.43 % ___________________________________________ 1. The Day 2 provision represents the initial provision for credit losses recorded in connection with the CrossFirst acquisition to establish an allowance on non-PCD loans and unfunded commitments and is reflected within the provision for credit losses line on the Statement of Income. 2. In the second quarter of 2025, Busey recorded an adjustment to the initial provision for unfunded commitments for CrossFirst acquisition-date balances based on revised estimates resulting from implementation of a new Current Expected Credit Losses model 3. Tax benefits were calculated for the year-to-date periods using tax rates of 26.64% and 22.21% for the nine months ended September 30, 2025 and 2024, respectively. Tax benefits for the quarterly periods were calculated as the year-to-date tax amounts less the tax reported for previous quarters during the year. 4. A deferred valuation tax adjustment in 2025 was recorded in connection with the CrossFirst acquisition and the expansion of Busey’s footprint into new states. Additionally, 2025 includes a write-off of deferred tax assets related to non-deductible acquisition-related expenses. A deferred tax valuation adjustment in 2024 resulted from a change to Busey’s Illinois apportionment rate due to recently enacted regulations. Deferred tax adjustments are reflected within the income taxes line on the Statement of Income. 5. Beginning in 2025, Busey revised its calculation of adjusted net income for all periods presented to include, as applicable, adjustments for net securities gains and losses, realized net gains and losses on the sale of mortgage servicing rights, and one-time deferred tax valuation adjustments. In 2024, these adjusting items were previously presented as further adjustments to adjusted net income. 6. Annualized measure.

283Q25 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 Nine Months Ended (dollars in thousands) September 30, 2025 June 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Net interest income (GAAP) $ 155,137 $ 153,183 $ 82,647 $ 412,051 $ 241,033 Tax-equivalent adjustment1 788 791 396 2,116 1,247 Tax-equivalent net interest income (Non-GAAP) [a] 155,925 153,974 83,043 414,167 242,280 Purchase accounting accretion related to business combinations (5,854) (7,119) (1,338) (15,701) (2,354) Adjusted net interest income (Non-GAAP) [b] $ 150,071 $ 146,855 $ 81,705 $ 398,466 $ 239,926 Average interest-earning assets (Non-GAAP) [c] $ 17,272,362 $ 17,700,356 $ 10,942,745 $ 16,126,422 $ 10,982,997 Net interest margin (Non-GAAP)2 [a÷c] 3.58 % 3.49 % 3.02 % 3.43 % 2.95 % Adjusted net interest margin (Non-GAAP)2 [b÷c] 3.45 % 3.33 % 2.97 % 3.30 % 2.92 % ___________________________________________ 1. Tax-equivalent adjustments were calculated using an estimated federal income tax rate of 21%, applied to non-taxable interest income on investments and loans. 2. Annualized measure.

293Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Non-GAAP Financial Information (Unaudited) ___________________________________________ 1. Tax-equivalent adjustments were calculated using an estimated federal income tax rate of 21%, applied to non-taxable interest income on investments and loans. 2. Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments so that it is now included within the provision for credit losses; therefore, it is no longer included within total noninterest expense. This change affects all measures and ratios derived from total noninterest expense. Adjusted Noninterest Income, Revenue Measures, Adjusted Noninterest Expense, and Efficiency Ratios Three Months Ended Nine Months Ended (dollars in thousands) September 30, 2025 June 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Net interest income (GAAP) [a] $ 155,137 $ 153,183 $ 82,647 $ 412,051 $ 241,033 Tax-equivalent adjustment1 788 791 396 2,116 1,247 Tax-equivalent net interest income (Non-GAAP) [b] 155,925 153,974 83,043 414,167 242,280 Total noninterest income (GAAP) 41,198 44,863 35,845 107,284 104,461 Net security (gains) losses 288 (5,997) (822) 10,059 5,906 Noninterest income excluding net securities gains and losses (Non-GAAP) [c] 41,486 38,866 35,023 117,343 110,367 Acquisition and restructuring (gain) loss 44 — — 44 — Realized net (gains) losses on the sale of mortgage service rights — — 18 — (7,724) Adjusted noninterest income (Non-GAAP) [d] $ 41,530 $ 38,866 $ 35,041 $ 117,387 $ 102,643 Tax-equivalent revenue (Non-GAAP) [e = b+c] $ 197,411 $ 192,840 $ 118,066 $ 531,510 $ 352,647 Adjusted tax-equivalent revenue (Non-GAAP) [f = b+d] 197,455 192,840 118,084 531,554 344,923 Operating revenue (Non-GAAP) [g = a+d] 196,667 192,049 117,688 529,438 343,676 Adjusted noninterest income to operating revenue (Non-GAAP) [d÷g] 21.12 % 20.24 % 29.77 % 22.17 % 29.87 % Total noninterest expense (GAAP)2 $ 120,018 $ 127,833 $ 75,519 $ 359,881 $ 222,872 Amortization of intangible assets (4,507) (4,592) (2,548) (12,182) (7,586) Noninterest expense excluding amortization of intangible assets (Non-GAAP)2 [h] 115,511 123,241 72,971 347,699 215,286 Acquisition and restructuring (income) expenses, excluding initial provision expenses (7,207) (16,600) (1,935) (49,833) (4,555) Adjusted noninterest expense (Non-GAAP)2 [i] $ 108,304 $ 106,641 $ 71,036 $ 297,866 $ 210,731 Efficiency ratio (Non-GAAP)2 [h÷e] 58.51 % 63.91 % 61.81 % 65.42 % 61.05 % Adjusted efficiency ratio (Non-GAAP)2 [i÷f] 54.85 % 55.30 % 60.16 % 56.04 % 61.10 %

303Q25 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) September 30, 2025 June 30, 2025 September 30, 2024 Total assets (GAAP) $ 18,188,628 $ 18,918,740 $ 11,986,839 Goodwill and other intangible assets, net (485,203) (488,181) (368,249) Tangible assets (Non-GAAP)1 [a] $ 17,703,425 $ 18,430,559 $ 11,618,590 Total stockholders' equity (GAAP) $ 2,448,835 $ 2,412,546 $ 1,402,884 Preferred stock and additional paid in capital on preferred stock (215,197) (215,197) — Common equity [b] $ 2,233,638 $ 2,197,349 $ 1,402,884 Goodwill and other intangible assets, net (485,203) (488,181) (368,249) Tangible common equity (Non-GAAP)1 [c] $ 1,748,435 $ 1,709,168 $ 1,034,635 Tangible common equity to tangible assets (Non-GAAP)1 [c÷a] 9.88 % 9.27 % 8.90 % Ending number of common shares outstanding (GAAP) [d] 88,789,043 89,104,678 56,872,241 Book value per common share (Non-GAAP) [b÷d] $ 25.16 $ 24.66 $ 24.67 Tangible book value per common share (Non-GAAP) [c÷d] $ 19.69 $ 19.18 $ 18.19 Core Deposits and Related Ratio As of (dollars in thousands) September 30, 2025 June 30, 2025 September 30, 2024 Total deposits (GAAP) [a] $ 15,070,162 $ 15,801,772 $ 9,943,241 Brokered deposits, excluding brokered time deposits of $250,000 or more (125,432) (353,614) (13,089) Time deposits of $250,000 or more (807,378) (827,762) (338,808) Core deposits (Non-GAAP) [b] $ 14,137,352 $ 14,620,396 $ 9,591,344 Core deposits to total deposits (Non-GAAP) [b÷a] 93.81 % 92.52 % 96.46 %


Nevada	0-15950	37-1078406
(State of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

	11440 Tomahawk Creek Parkway 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.)


☐			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))


Exhibit Number						Description of Exhibit
99.1						Earnings Release issued by First Busey Corporation, dated October 28, 2025
99.2						Earnings Investor Presentation issued by First Busey Corporation, dated October 28, 2025
104						Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101)