buse-20250422

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
F I R S T
Q U A R T E R

R E S U L T S

Q 1 | 2 0 2 5


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

LEAWOOD, KS, April 22, 2025, (GLOBE NEWSWIRE) – First Busey Corporation (Nasdaq: BUSE) reports first quarter results.

Busey completed the transformative acquisition of CrossFirst Bankshares, Inc. on March 1, 2025, significantly impacting first quarter results and resetting the baseline for financial performance for future quarters in a multitude of positive ways.

Net Income (Loss)

Diluted EPS

Net Interest Margin1

ROAA1

ROATCE1

$(30.0) million

$39.9 million (adj)2

$(0.44)

$0.57 (adj)2

3.16%

3.08% (adj)2

(0.82)%

1.09% (adj)2

(7.99)%

10.64% (adj)2


MESSAGE FROM OUR CHAIRMAN & CEO	CONTENTS
The transformative partnership between Busey and CrossFirst takes our organization to new heights, combining our growing commercial bank with the power of Busey’s core deposit franchise, wealth management platform, and payment technology solutions at FirsTech, Inc. As we build upon Busey’s forward momentum, we are grateful for the opportunities to consistently earn the business of our customers, based on the contributions of our talented associates and the continued support of our loyal shareholders. Van A. Dukeman Chairman and Chief Executive Officer	Partnership with CrossFirst	2
	Financial Results	3
	Balance Sheet Strength	7
	Corporate Profile	11
	Non-GAAP Financial Information	12
	Forward-Looking Statements	18
	End Notes	19

PARTNERSHIP WITH CROSSFIRST

Effective March 1, 2025, First Busey Corporation (“Busey,” “Company,” “we,” “us,” or “our”), the holding company for Busey Bank, completed its previously announced acquisition (the “Merger”) of CrossFirst Bankshares, Inc. (“CrossFirst”) (NASDAQ: CFB), the holding company for CrossFirst Bank, pursuant to an Agreement and Plan of Merger, dated August 26, 2024, by and between Busey and CrossFirst (the “Merger Agreement”). This partnership creates a premier commercial bank in the Midwest, Southwest, and Florida, with 78 full-service locations across 10 states—Arizona, Colorado, Florida, Illinois, Indiana, Kansas, Missouri, New Mexico, Oklahoma, and Texas. The combined holding company will continue to operate under the First Busey Corporation name. Busey common stock will continue to trade on the Nasdaq under the “BUSE” stock ticker symbol.

Upon completion of the acquisition, each share of CrossFirst common stock converted to the right to receive 0.6675 of a share of Busey’s common stock, with the result that holders of Busey’s common stock owned approximately 63.5% of the combined company and holders of CrossFirst’s common stock owned approximately 36.5% of the combined company, on a fully-diluted basis. Further, upon completion of the acquisition, each share of CrossFirst preferred stock converted to the right to receive one share of Busey preferred stock.

CrossFirst Bank’s results of operations were included in Busey’s consolidated results of operations beginning March 1, 2025. Busey will operate CrossFirst Bank as a separate banking subsidiary until it is merged with and into Busey Bank, which is expected to occur on June 20, 2025. At the time of the bank merger, CrossFirst Bank locations will become banking centers of Busey Bank.

The acquisition was accretive to tangible book value, exceeding initial projections of a six-month earn back period.

Further details are included with Busey’s Current Report on Form 8‑K announcing completion of the acquisition, which was filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 3, 2025.

First Busey Corporation (BUSE) | 2025 Q1 — 2

FINANCIAL RESULTS


CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited)

	Three Months Ended
(dollars in thousands, except per share amounts)	March 31, 2025			December 31, 2024			March 31, 2024
Net interest income	$	103,731		$	81,578		$	75,854
Provision for credit losses	42,452			1,273			5,038
Total noninterest income	21,223			35,221			34,913
Total noninterest expense	115,171			78,167			70,769
Income (loss) before income taxes	(32,669)			37,359			34,960
Income taxes	(2,679)			9,254			8,735
Net income (loss)	$	(29,990)		$	28,105		$	26,225

Basic earnings (loss) per common share	$	(0.44)		$	0.49		$	0.47
Diluted earnings (loss) per common share	$	(0.44)		$	0.49		$	0.46
Effective income tax rate	8.20		%	24.77		%	24.99		%

Busey’s results of operations for the first quarter of 2025 was a net loss of $(30.0) million, or $(0.44) per diluted common share, compared to net income of $28.1 million, or $0.49 per diluted common share, for the fourth quarter of 2024, and $26.2 million, or $0.46 per diluted common share, for the first quarter of 2024. Annualized return on average assets and annualized return on average tangible common equity2 were (0.82)% and (7.99)%, respectively, for the first quarter of 2025.

Busey views certain non-operating items, including acquisition-related expenses, restructuring charges, and one-time strategic events, as adjustments to net income reported under U.S. generally accepted accounting principles ("GAAP"). We also adjust for net securities gains and losses to align with industry and research analyst reporting. The objective of our presentation of adjusted earnings and adjusted earnings metrics is to allow investors and analysts to more clearly identify quarterly trends in core earnings performance. Non-operating pre-tax adjustments for acquisition and restructuring expenses2 in the first quarter of 2025 were $26.0 million. Further, $3.1 million other noninterest expense was recorded to establish an initial allowance for Unfunded Commitments2 and $42.4 million provision expense was recorded to establish an initial Allowance for Credit Losses for loans purchased without credit deterioration (“non-PCD” loans) immediately following the close of the acquisition in accordance with Accounting Standards Codification 326-20-30-15. Additionally, net securities losses were $15.8 million, primarily related to the execution of a strategic balance sheet repositioning. Lastly, $4.6 million in one-time deferred tax valuation expense2 was recorded in connection with the CrossFirst acquisition, which is expected to lower our effective blended state tax rate in future periods but created a negative adjustment to the carrying value of our deferred tax asset in the current period. For more information and a reconciliation of these non-GAAP measures (which are identified with the endnote labeled as 2) in tabular form, see "Non-GAAP Financial Information" beginning on page 12.

Adjusted net income2, which excludes the impact of non-GAAP adjustments, was $39.9 million, or $0.57 per diluted common share, for the first quarter of 2025, compared to $30.9 million, or $0.53 per diluted common share, for the fourth quarter of 2024 and $25.7 million or $0.46 per diluted common share for the first quarter of 2024. Annualized adjusted return on average assets2 and annualized adjusted return on average tangible common equity2 were 1.09% and 10.64%, respectively, for the first quarter of 2025.

Pre-Provision Net Revenue2

Pre-provision net revenue2 was $25.6 million for the first quarter of 2025, compared to $38.8 million for the fourth quarter of 2024 and $46.4 million for the first quarter of 2024. Pre-provision net revenue to average assets2 was 0.70% for the first quarter of 2025, compared to 1.28% for the fourth quarter of 2024, and 1.55% for the first quarter of 2024.

Adjusted pre-provision net revenue2 was $54.7 million for the first quarter of 2025, compared to $42.0 million for the fourth quarter of 2024 and $38.6 million for the first quarter of 2024. Adjusted pre-provision net revenue to average assets2 was 1.50% for the first quarter of 2025, compared to 1.38% for the fourth quarter of 2024 and 1.29% for the first quarter of 2024.

First Busey Corporation (BUSE) | 2025 Q1 — 3

Net Interest Income and Net Interest Margin2

Net interest income was $103.7 million in the first quarter of 2025, compared to $81.6 million in the fourth quarter of 2024 and $75.9 million in the first quarter of 2024.

Net interest margin2 was 3.16% for the first quarter of 2025, compared to 2.95% for the fourth quarter of 2024 and 2.79% for the first quarter of 2024. Excluding purchase accounting accretion, adjusted net interest margin2 was 3.08% for the first quarter of 2025, compared to 2.92% in the fourth quarter of 2024 and 2.78% in the first quarter of 2024.

Components of the 21 basis point increase in net interest margin2 during the first quarter of 2025, which includes approximately +12 basis points contributed by CrossFirst Bank, are as follows:

•Increased loan portfolio and held for sale loan yields contributed +36 basis points

•Increased purchase accounting accretion contributed +5 basis points

•Decreased borrowing expense contributed +3 basis points

•Decreased expense on rate swaps contributed +2 basis points

•Increased non-maturity deposit funding costs contributed -17 basis points

•Decreased cash and securities portfolio yield contributed -8 basis points

Based on our most recent Asset Liability Management Committee (“ALCO”) model, a +100 basis point parallel rate shock is expected to increase net interest income by 1.8% over the subsequent twelve-month period. Busey continues to evaluate and execute off-balance sheet hedging and balance sheet repositioning strategies as well as embedding rate protection in our asset originations to provide stabilization to net interest income in lower rate environments. Time deposit and savings specials have provided funding flows, and we had excess earning cash during the first quarter of 2025. A portion of the acquired CrossFirst Bank securities portfolio was liquidated when the acquisition was finalized, providing additional excess cash that will allow us to unwind non-core funding. As brokered CDs mature, Busey will continue to deploy excess cash to reduce wholesale funding levels during subsequent quarters. Total deposit cost of funds increased from 1.75% during the fourth quarter of 2024 to 1.91% during the first quarter of 2025. Deposit betas increased with the higher mix of acquired indexed and wholesale deposits and a full quarter of the consolidated Company’s funding base is projected to increase total deposit cost of funds during the second quarter of 2025. With the expectation of Busey paying down non-core funding, the deposit beta will lessen during the year and is expected to normalize in the 45% to 50% beta range. Growth in higher yielding earning assets is expected to offset the increased cost of funds pressure and we project further net interest margin expansion during the second quarter of 2025.

Noninterest Income


	Three Months Ended
(dollars in thousands)	March 31, 2025		December 31, 2024		March 31, 2024
NONINTEREST INCOME
Wealth management fees	$	17,364	$	16,786	$	15,549
Fees for customer services	8,128		7,911		7,056

Payment technology solutions	5,073		5,094		5,709
Mortgage revenue	329		496		746
Income on bank owned life insurance	1,446		1,080		1,419
Realized net gains (losses) on the sale of mortgage servicing rights	—		—		7,465
Net securities gains (losses)	(15,768)		(196)		(6,375)
Other noninterest income	4,651		4,050		3,344
Total noninterest income	$	21,223	$	35,221	$	34,913

Total noninterest income decreased by 39.7% compared to the fourth quarter of 2024 and decreased by 39.2% compared to the first quarter of 2024, primarily due to net securities losses that were recorded in connection with a strategic balance sheet repositioning.

First Busey Corporation (BUSE) | 2025 Q1 — 4

Excluding the impact of net securities gains and losses and the gains on the sale of mortgage servicing rights, adjusted noninterest income2 increased by 4.4% to $37.0 million, or 26.3% of operating revenue2, during the first quarter of 2025, compared to $35.4 million, or 30.3% of operating revenue2, for the fourth quarter of 2024. Compared to the first quarter of 2024, adjusted noninterest income2 increased by 9.4% from $33.8 million, or 30.8% of operating revenue2.

Our fee-based businesses continue to add revenue diversification. Wealth management fees, wealth management referral fees included in other noninterest income, and payment technology solutions contributed 61.1% of adjusted noninterest income2 for the first quarter of 2025.

Noteworthy components of noninterest income are as follows:

•Wealth management fees increased by 3.4% compared to the fourth quarter of 2024. Compared to the first quarter of 2024 wealth management fees increased by 11.7%. Busey’s Wealth Management division ended the first quarter of 2025 with $13.68 billion in assets under care, compared to $13.83 billion at the end of the fourth quarter of 2024 and $12.76 billion at the end of the first quarter of 2024. Our portfolio management team continues to focus on long-term returns and managing risk in the face of volatile markets and has outperformed its blended benchmark3 over the last three and five years. The Wealth Management segment reported another quarter of record high revenue for the first quarter of 2025.

•Payment technology solutions revenue decreased slightly compared the fourth quarter of 2024. Compared to the first quarter of 2024, payment technology solutions revenue decreased by 11.1% primarily due to decreases in income from electronic, online, and interactive voice response payments, partially offset by increases in lockbox and merchant services income.

•Fees for customer services increased by 2.7% compared to the fourth quarter of 2024 primarily due to increases in income from analysis charges and interchange fees, offset by lower non-sufficient funds charges. Compared to the first quarter of 2024, fees for customer services increased by 15.2% primarily due to increases in analysis charges, automated teller machine fees, and interchange fees, offset by lower non-sufficient funds charges. Increases in fees for customer services are primarily attributable to the inclusion of one month of CrossFirst’s income in our first quarter results.

•Other noninterest income increased by 14.8% compared to the fourth quarter of 2024 and by 39.1% compared to the first quarter of 2024. The increase for both periods was driven by increases in swap origination fee income, commercial loan sales gains, letter of credit fee income, and other real estate owned income, offset by decreases in venture capital income.

First Busey Corporation (BUSE) | 2025 Q1 — 5

Operating Efficiency


	Three Months Ended
(dollars in thousands)	March 31, 2025		December 31, 2024		March 31, 2024
NONINTEREST EXPENSE
Salaries, wages, and employee benefits	$	67,563	$	45,458	$	42,090
Data processing expense	9,575		6,564		6,550
Net occupancy expense of premises	5,799		4,794		4,720
Furniture and equipment expense	1,744		1,650		1,813
Professional fees	9,511		4,938		2,253
Amortization of intangible assets	3,083		2,471		2,409
Interchange expense	1,343		1,305		1,611
FDIC insurance	2,167		1,330		1,400
Other noninterest expense	14,386		9,657		7,923
Total noninterest expense	$	115,171	$	78,167	$	70,769

Total noninterest expense increased by 47.3% compared to the fourth quarter of 2024 and increased by 62.7% compared to the first quarter of 2024. Growth in noninterest expense was primarily attributable to one-time acquisition expenses related to the CrossFirst acquisition as well as added costs for operating expenses for two banks during one month of the quarter. Annual pre-tax expense synergy estimates resulting from the CrossFirst acquisition remain on track at $25.0 million. Busey anticipates a 50% rate of synergy realization in 2025 and 100% in 2026.

Adjusted noninterest expense2, which excludes acquisition and restructuring expenses, amortization of intangible assets, and the provision for unfunded commitments, was $82.9 million in the first quarter of 2025, compared to $72.6 million in the fourth quarter of 2024 and $68.6 million in the first quarter of 2024. As our business grows, Busey remains focused on prudently managing our expense base and operating efficiency.

Noteworthy components of noninterest expense are as follows:

•Salaries, wages, and employee benefits expenses increased by $22.1 million compared to the fourth quarter of 2024, and by $25.5 million compared to the first quarter of 2024, of which $15.6 million and $15.8 million, respectively, was attributable to increases in non-operating expenses, with additional severance, retention, and stock-based compensation. Busey has added 501 full time equivalent associates (“FTEs”) over the past year, mostly as a result of acquisitions, including 437 CrossFirst Bank FTEs added in March 2025 and 46 Merchants & Manufacturers Bank FTEs added in April 2024.

•Data processing expense increased by $3.0 million compared to both the fourth quarter of 2024 and the first quarter of 2024, of which $2.3 million and $2.2 million, respectively, was attributable to increases in non-operating expenses. Busey has continued to make investments in technology enhancements and has also experienced inflation-driven price increases.

•Professional fees increased by $4.6 million compared to the fourth quarter of 2024, of which $4.3 million was attributable to increases in non-operating expenses. Compared to the first quarter of 2024, professional fees increased by $7.3 million, of which $7.2 million was attributable to increases in non-operating expenses.

•Amortization of intangible assets increased by $0.6 million compared to the fourth quarter of 2024, and by $0.7 million compared to the first quarter of 2024. The CrossFirst acquisition added an estimated $81.8 million of finite-lived intangible assets, which will be amortized using an accelerated amortization methodology.

•Other noninterest expense increased by $4.7 million compared to the fourth quarter of 2024, and increased by $6.5 million compared to the first quarter of 2024, of which $0.3 million and $0.5 million, respectively, resulted from increases in non-operating expenses related to acquisition and restructuring expenses. Further, $3.1 million of non-operating expenses was recorded for the Day 2 provision for unfunded commitments. Multiple expense items contributed to the remaining fluctuations in this expense category, including marketing, business development, regulatory expenses, mortgage servicing rights valuation expenses, and other real estate owned.

First Busey Corporation (BUSE) | 2025 Q1 — 6

Busey’s efficiency ratio2 was 79.3% for the first quarter of 2025, compared to 64.5% for the fourth quarter of 2024 and 58.1% for the first quarter of 2024. Our adjusted efficiency2 ratio was 58.7% for the first quarter of 2025, compared to 61.8% for the fourth quarter of 2024, and 62.3% for the first quarter of 2024.

Busey’s annualized ratio of adjusted noninterest expense to average assets was 2.27% for the first quarter of 2025, compared to 2.39% for the fourth quarter of 2024 and 2.30% for the first quarter of 2024.

BALANCE SHEET STRENGTH


CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

	As of
(dollars in thousands, except per share amounts)	March 31, 2025		December 31, 2024		March 31, 2024
ASSETS
Cash and cash equivalents	$	1,200,292	$	697,659	$	591,071
Debt securities available for sale	2,273,874		1,810,221		1,898,072
Debt securities held to maturity	815,402		826,630		862,218
Equity securities	10,828		15,862		9,790
Loans held for sale	7,270		3,657		6,827



Portfolio loans	13,868,357		7,697,087		7,588,077

Allowance for credit losses	(195,210)		(83,404)		(91,562)
Restricted bank stock	53,518		49,930		6,000
Premises and equipment, net	182,003		118,820		121,506
Right of use assets	40,594		10,608		10,590
Goodwill and other intangible assets, net	496,118		365,975		351,455
Other assets	711,206		533,677		533,414
Total assets	$	19,464,252	$	12,046,722	$	11,887,458

LIABILITIES & STOCKHOLDERS' EQUITY
Liabilities




Total deposits	$	16,459,470	$	9,982,490	$	9,960,191

Securities sold under agreements to repurchase	137,340		155,610		147,175
Short-term borrowings	11,209		—		—
Long-term debt	306,509		227,723		223,100
Junior subordinated debt owed to unconsolidated trusts	77,117		74,815		72,040
Lease liabilities	41,111		11,040		10,896
Other liabilities	251,890		211,775		191,405
Total liabilities	17,284,646		10,663,453		10,604,807

Stockholders' equity
Retained earnings	249,484		294,054		248,412
Accumulated other comprehensive income (loss)	(172,810)		(207,039)		(222,190)
Other stockholders' equity1	2,102,932		1,296,254		1,256,429
Total stockholders' equity	2,179,606		1,383,269		1,282,651
Total liabilities & stockholders' equity	$	19,464,252	$	12,046,722	$	11,887,458

SHARE AND PER SHARE AMOUNTS
Book value per common share2	$	24.13	$	24.31	$	23.19
Tangible book value per common share2	$	18.62	$	17.88	$	16.84
Ending number of common shares outstanding	90,008,178		56,895,981		55,300,008

___________________________________________

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

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

First Busey Corporation (BUSE) | 2025 Q1 — 7


AVERAGE BALANCES (unaudited)

	Three Months Ended
(dollars in thousands)	March 31, 2025		December 31, 2024		March 31, 2024
ASSETS
Cash and cash equivalents	$	861,021	$	776,572	$	594,193
Investment securities	2,782,435		2,597,309		2,907,144
Loans held for sale	3,443		6,306		4,833
Portfolio loans	9,838,337		7,738,772		7,599,316
Interest-earning assets	13,363,594		11,048,350		11,005,903
Total assets	14,831,298		12,085,993		12,024,208

LIABILITIES & STOCKHOLDERS’ EQUITY
Noninterest-bearing deposits	3,036,127		2,724,344		2,708,586
Interest-bearing deposits	9,142,781		7,325,662		7,330,105
Total deposits	12,178,908		10,050,006		10,038,691
Federal funds purchased and securities sold under agreements to repurchase	144,838		135,728		178,659
Interest-bearing liabilities	9,627,841		7,763,729		7,831,655
Total liabilities	12,896,222		10,689,054		10,748,484
Stockholders' equity - preferred	2,669		—		—
Stockholders' equity - common	1,932,407		1,396,939		1,275,724
Tangible common equity1	1,521,387		1,029,539		922,710

___________________________________________

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

Busey’s financial strength is built on a long-term conservative operating approach. That focus will not change now or in the future.

Total assets were $19.46 billion as of March 31, 2025, compared to $12.05 billion as of December 31, 2024, and $11.89 billion as of March 31, 2024. Average interest-earning assets were $13.36 billion for the first quarter of 2025, compared to $11.05 billion for the fourth quarter of 2024, and $11.01 billion for the first quarter of 2024.

Portfolio Loans

We remain steadfast in our conservative approach to underwriting and our disciplined approach to pricing, particularly given our outlook for the economy in the coming quarters. Portfolio loans totaled $13.87 billion at March 31, 2025, compared to $7.70 billion at December 31, 2024, and $7.59 billion at March 31, 2024. Busey Bank’s portfolio loans grew by $133.6 million during the first quarter of 2025, with growth centered in the commercial category. In addition, as of March 31, 2024, CrossFirst Bank added $6.04 billion in loans to Busey’s loan portfolio.

Average portfolio loans were $9.84 billion for the first quarter of 2025, compared to $7.74 billion for the fourth quarter of 2024 and $7.60 billion for the first quarter of 2024.

Asset Quality

Asset quality continues to be strong. Busey Bank maintains a well-diversified loan portfolio and, as a matter of policy and practice, limits concentration exposure in any particular loan segment. CrossFirst Bank’s policies are similar in nature to Busey Bank’s policies and Busey is in the process of migrating the legacy CrossFirst portfolio toward Busey Bank’s policies.

First Busey Corporation (BUSE) | 2025 Q1 — 8


ASSET QUALITY (unaudited)

	As of
(dollars in thousands)	March 31, 2025			December 31, 2024			March 31, 2024
Total assets	$	19,464,252		$	12,046,722		$	11,887,458
Portfolio loans	13,868,357			7,697,087			7,588,077
Loans 30 – 89 days past due	18,554			8,124			7,441
Non-performing loans:
Non-accrual loans	48,647			22,088			17,465
Loans 90+ days past due and still accruing	6,077			1,149			88
Non-performing loans	54,724			23,237			17,553




Other non-performing assets	4,757			63			65
Non-performing assets	59,481			23,300			17,618
Substandard (excludes 90+ days past due)	131,078			62,023			87,830
Classified assets	$	190,559		$	85,323		$	105,448

Allowance for credit losses	$	195,210		$	83,404		$	91,562

RATIOS
Non-performing loans to portfolio loans	0.39		%	0.30		%	0.23		%
Non-performing assets to total assets	0.31		%	0.19		%	0.15		%
Non-performing assets to portfolio loans and other non-performing assets	0.43		%	0.30		%	0.23		%
Allowance for credit losses to portfolio loans	1.41		%	1.08		%	1.21		%
Coverage ratio of the allowance for credit losses to non-performing loans	3.57 x			3.59 x			5.22 x
Classified assets to Bank Tier 1 capital1 and reserves	8.40		%	5.61		%	7.24		%

___________________________________________

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

Loans 30-89 days past due increased by $10.4 million compared to December 31, 2024, and increased by $11.1 million compared to March 31, 2024. Busey Bank’s loans 30-89 days past due were $6.1 million, a decrease of $2.0 million compared to December 31, 2024. CrossFirst Bank’s loans 30-89 days past due were $12.5 million as of March 31, 2025.

Non-performing loans increased by $31.5 million compared to December 31, 2024, and increased by $37.2 million compared to March 31, 2024. Busey Bank’s non-performing loans were $6.8 million, a decrease of $16.4 million compared to December 31, 2024. CrossFirst Bank’s non-performing loans were $47.9 million as of March 31, 2025. Continued disciplined credit management resulted in non-performing loans as a percentage of portfolio loans of 0.39% as of March 31, 2025, a 9 basis point increase from December 31, 2024, and a 16 basis point increase from March 31, 2024.

Non-performing assets increased by $36.2 million compared to December 31, 2024, and increased by $41.9 million compared to March 31, 2024. Busey Bank’s non-performing assets were $7.1 million, a decrease of $16.2 million compared to December 31, 2024. CrossFirst Bank’s non-performing assets were $52.4 million as of March 31, 2025. Non-performing assets represented 0.31% of total assets as of March 31, 2025, a 12 basis point increase from December 31, 2024, and a 16 basis point increase from March 31, 2024.

Classified assets increased by $105.2 million compared to December 31, 2024, and increased by $85.1 million compared to March 31, 2024. Busey Bank’s classified assets were $81.3 million, a decrease of $4.0 million compared to December 31, 2024. CrossFirst Bank’s classified assets were $109.3 million as of March 31, 2025.

The allowance for credit losses was $195.2 million as of March 31, 2025, representing 1.41% of total portfolio loans outstanding, and providing coverage of 3.57 times our non-performing loans balance. In connection with the CrossFirst acquisition, the Day 1 allowance recorded for loans that were purchased with credit deterioration (“PCD” loans) was $100.8 million. The Day 1 PCD allowance was recorded as an adjustment to the fair value of the PCD loans.

First Busey Corporation (BUSE) | 2025 Q1 — 9


NET CHARGE-OFFS (RECOVERIES) AND PROVISION EXPENSE (RELEASE) (unaudited)

	Three Months Ended
(dollars in thousands)	March 31, 2025		December 31, 2024		March 31, 2024
Net charge-offs (recoveries)	$	31,429	$	2,850	$	5,216
Provision expense (release)	42,452		1,273		5,038

Net charge-offs increased by $28.6 million when compared to the fourth quarter of 2024, and by $26.2 million when compared with the first quarter of 2024. Net charge-offs include $29.6 million related to PCD loans acquired from CrossFirst Bank, which were fully reserved at acquisition and did not require recording additional provision expense.

Busey’s results for the first quarter of 2025 include $42.5 million provision expense for credit losses, which includes $42.4 million that was recorded to establish an initial allowance for credit losses on non-PCD acquired loans.

Deposits

Total deposits were $16.46 billion at March 31, 2025, compared to $9.98 billion at December 31, 2024, and $9.96 billion at March 31, 2024. Average deposits were $12.18 billion for the first quarter of 2025, compared to $10.05 billion for the fourth quarter of 2024 and $10.04 billion for the first quarter of 2024.

Core deposits2 accounted for 89.7% of total deposits as of March 31, 2025. The quality of our core deposit franchise is a critical value driver of our institution. We estimated that 32% of our deposits were uninsured and uncollateralized4 as of March 31, 2025, and we have sufficient on- and off-balance sheet liquidity to manage deposit fluctuations and the liquidity needs of our customers.

We have executed various deposit campaigns to attract term funding and savings accounts at a lower rate than our marginal cost of funds. New certificate of deposit production in the first quarter of 2025 had a weighted average term of 7.8 months at a rate of 3.58%, which was 96 basis points below our average marginal wholesale equivalent-term funding cost during the quarter.

Borrowings

As of March 31, 2025, Busey Bank held $16.7 million of long-term Federal Home Loan Bank (“FHLB”) borrowings. In comparison, Busey Bank had no short-term or long-term FHLB borrowings as of December 31, 2024, or March 31, 2024. As of March 31, 2025, CrossFirst Bank held $11.2 million of short-term FHLB borrowings and $61.9 million of long-term FHLB borrowings.

In addition, associated with the CrossFirst acquisition, Busey assumed trust preferred securities with a recorded balance of $2.2 million as of March 31, 2025.

Liquidity

As of March 31, 2025, our available sources of on- and off-balance sheet liquidity5 totaled $8.55 billion. Furthermore, our balance sheet liquidity profile continues to be aided by the cash flows we expect from our relatively short-duration securities portfolio. Those cash flows were approximately $119.7 million in the first quarter of 2025. Cash flows from maturing securities within our portfolio are expected to be approximately $302.3 million for the remainder of 2025, with a current book yield of 2.55%, and approximately $308.1 million for 2026, with a current book yield of 2.59%.

Capital Strength

The strength of our balance sheet is also reflected in our capital foundation. Although impacted by the strategic deployment of capital for the CrossFirst acquisition, our capital ratios remain strong, and as of March 31, 2025, our regulatory capital ratios continued to provide a buffer of more than $630 million above levels required to be designated well-capitalized. Busey’s Common Equity Tier 1 ratio is estimated6 to be 11.99% at March 31, 2025, compared to 14.10% at December 31, 2024, and 13.45% at March 31, 2024. Our Total Capital to Risk Weighted Assets ratio is estimated6 to be 14.87% at March 31, 2025, compared to 18.53% at December 31, 2024, and 17.95% at March 31, 2024.

First Busey Corporation (BUSE) | 2025 Q1 — 10

Busey’s tangible common equity2 was $1.68 billion at March 31, 2025, compared to $1.02 billion at December 31, 2024, and $931.2 million at March 31, 2024. Tangible common equity2 represented 8.83% of tangible assets at March 31, 2025, compared to 8.71% at December 31, 2024, and 8.07% at March 31, 2024.

Busey’s tangible book value per common share2 was $18.62 at March 31, 2025, compared to $17.88 at December 31, 2024, and $16.84 at March 31, 2024, reflecting a 10.6% year-over-year increase. The ratios of tangible common equity to tangible assets2 and tangible book value per common share have been impacted by the fair market valuation adjustment of Busey’s securities portfolio as a result of the current rate environment, which is reflected in the accumulated other comprehensive income (loss) component of shareholder’s equity.

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 first quarter of 2025, we paid a dividend of $0.25 per share on Busey’s common stock, which represents a 4.2% increase from the previous quarterly dividend of $0.24 per share. Busey has consistently paid dividends to its common stockholders since the bank holding company was organized in 1980.

During the first quarter of 2025, Busey resumed making stock repurchases under its stock repurchase plan, purchasing 220,000 shares of its common stock at a weighted average price of $21.98 per share for a total of $4.8 million. As of March 31, 2025, Busey had 1,699,275 shares remaining on its stock repurchase plan available for repurchase.

FIRST QUARTER EARNINGS INVESTOR PRESENTATION

For additional information on Busey’s financial condition and operating results, please refer to our Q1 2025 Earnings Investor Presentation furnished via Form 8‑K on April 22, 2025, in connection with this earnings release.

CORPORATE PROFILE

As of March 31, 2025, First Busey Corporation (Nasdaq: BUSE) was a $19.46 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 $11.98 billion as of March 31, 2025. Busey Bank currently has 62 banking centers, with 21 in Central Illinois markets, 17 in suburban Chicago markets, 20 in the St. Louis Metropolitan Statistical Area, three in Southwest Florida, and one in Indianapolis. More information about Busey Bank can be found at busey.com.

CrossFirst Bank, a wholly-owned bank subsidiary of First Busey Corporation headquartered in Leawood, Kansas, had total assets of $7.45 billion as of March 31, 2025. CrossFirst Bank currently has 16 banking centers located across Arizona, Colorado, Kansas, Missouri, New Mexico, Oklahoma, and Texas. More information about CrossFirst Bank can be found at crossfirstbank.com. It is anticipated that CrossFirst Bank will be merged with and into Busey Bank on June 20, 2025.

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 $13.68 billion as of March 31, 2025. More information about Busey’s Wealth Management services can be found at busey.com/wealth-management.

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

For the fourth consecutive year, Busey was named among 2025’s America’s Best Banks by Forbes. Ranked 88th overall, Busey was one of seven banks headquartered in Illinois included on this year’s list. Busey was also named among the 2024 Best Banks to Work For by American Banker, the 2024 Best Places to Work in Money Management by Pensions and Investments, the 2024 Best Places to Work in Illinois by Daily Herald Business Ledger, the 2025 Best Places to Work in Indiana by the Indiana Chamber of Commerce, and the 2024 Best Companies to Work For in Florida by Florida Trend magazine. We are honored to be consistently recognized globally, nationally and locally for our engaged culture of integrity and commitment to community development.

First Busey Corporation (BUSE) | 2025 Q1 — 11

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 Q1 — 12

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)


Pre-Provision Net Revenue and Related Measures

		Three Months Ended
(dollars in thousands)		March 31, 2025			December 31, 2024			March 31, 2024
Net interest income (GAAP)		$	103,731		$	81,578		$	75,854
Total noninterest income (GAAP)		21,223			35,221			34,913
Net security (gains) losses (GAAP)		15,768			196			6,375
Total noninterest expense (GAAP)		(115,171)			(78,167)			(70,769)
Pre-provision net revenue (Non-GAAP)	[a]	25,551			38,828			46,373
Acquisition and restructuring expenses		26,026			3,585			408
Provision for unfunded commitments1		3,141			(455)			(678)

Realized (gain) loss on the sale of mortgage service rights		—			—			(7,465)
Adjusted pre-provision net revenue (Non-GAAP)	[b]	$	54,718		$	41,958		$	38,638

Average total assets	[c]	14,831,298			12,085,993			12,024,208

Pre-provision net revenue to average total assets (Non-GAAP)2	[a÷c]	0.70		%	1.28		%	1.55		%
Adjusted pre-provision net revenue to average total assets (Non-GAAP)2	[b÷c]	1.50		%	1.38		%	1.29		%

___________________________________________

1.For the three months ended March 31, 2025, the provision for unfunded commitments included Day 2 provision expense of $3.139 million recorded in connection with the CrossFirst acquisition.

2.Annualized measure.

First Busey Corporation (BUSE) | 2025 Q1 — 13

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)


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

		Three Months Ended
(dollars in thousands, except per share amounts)		March 31, 2025			December 31, 2024			March 31, 2024
Net income (loss) (GAAP)	[a]	$	(29,990)		$	28,105		$	26,225
Acquisition expenses		26,026			2,469			285
Restructuring expenses		—			1,116			123
Day 2 provision for credit losses1		42,433			—			—
Day 2 provision for unfunded commitments2		3,139			—			—
Net securities (gains) losses		15,768			196			6,375
Realized net (gains) losses on the sale of mortgage servicing rights		—			—			(7,465)
Related tax (benefit) expense3		(22,069)			(1,014)			170
One-time deferred tax valuation adjustment4		4,591			—			—
Adjusted net income (Non-GAAP)5	[b]	$	39,898		$	30,872		$	25,713

Weighted average number of common shares outstanding, diluted (GAAP)	[c]	68,517,647			57,934,812			56,406,500
Diluted earnings (loss) per common share (GAAP)	[a÷c]	$	(0.44)		$	0.49		$	0.46

Weighted average number of common shares outstanding, diluted (Non-GAAP)6	[d]	69,502,717			57,934,812			56,406,500
Adjusted diluted earnings per common share (Non-GAAP)5,6	[b÷d]	$	0.57		$	0.53		$	0.46

Average total assets	[e]	$	14,831,298		$	12,085,993		$	12,024,208
Return on average assets (Non-GAAP)7	[a÷e]	(0.82)		%	0.93		%	0.88		%
Adjusted return on average assets (Non-GAAP)5,7	[b÷e]	1.09		%	1.02		%	0.86		%

Average common equity		$	1,932,407		$	1,396,939		$	1,275,724
Average goodwill and other intangible assets, net		(411,020)			(367,400)			(353,014)
Average tangible common equity (Non-GAAP)	[f]	$	1,521,387		$	1,029,539		$	922,710

Return on average tangible common equity (Non-GAAP)7	[a÷f]	(7.99)		%	10.86		%	11.43		%
Adjusted return on average tangible common equity (Non-GAAP)5,7	[b÷f]	10.64		%	11.93		%	11.21		%

___________________________________________

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

2.The Day 2 provision for unfunded commitments was recorded in connection with the CrossFirst acquisition and is reflected within the other noninterest expense line, as a component of total noninterest expense, on the Statement of Income.

3.Tax benefits were calculated using tax rates of 25.3%, 26.8%, and 24.9% for the three months ended March 31, 2025, December 31, 2024, and March 31, 2024, respectively.

4.The deferred tax valuation adjustment was recorded in connection with the CrossFirst acquisition and relates to the expansion of Busey’s footprint into new states. The deferred tax valuation adjustment is 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.Dilution includes shares that would have been dilutive if there had been net income during the period.

7.Annualized measure.

First Busey Corporation (BUSE) | 2025 Q1 — 14

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
(dollars in thousands)		March 31, 2025			December 31, 2024			March 31, 2024
Net interest income (GAAP)		$	103,731		$	81,578		$	75,854
Tax-equivalent adjustment1		537			446			449
Tax-equivalent net interest income (Non-GAAP)	[a]	104,268			82,024			76,303
Purchase accounting accretion related to business combinations		(2,728)			(812)			(204)
Adjusted net interest income (Non-GAAP)	[b]	$	101,540		$	81,212		$	76,099

Average interest-earning assets (Non-GAAP)	[c]	$	13,363,594		$	11,048,350		$	11,005,903

Net interest margin (Non-GAAP)2	[a÷c]	3.16		%	2.95		%	2.79		%
Adjusted net interest margin (Non-GAAP)2	[b÷c]	3.08		%	2.92		%	2.78		%

___________________________________________

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 Q1 — 15

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)


Adjusted Noninterest Income, Revenue Measures, Adjusted Noninterest Expense, Efficiency Ratios, and Adjusted Noninterest Expense to Average Assets

		Three Months Ended
(dollars in thousands)		March 31, 2025			December 31, 2024			March 31, 2024
Net interest income (GAAP)	[a]	$	103,731		$	81,578		$	75,854
Tax-equivalent adjustment1		537			446			449
Tax-equivalent net interest income (Non-GAAP)	[b]	104,268			82,024			76,303

Total noninterest income (GAAP)		21,223			35,221			34,913
Net security (gains) losses		15,768			196			6,375
Noninterest income excluding net securities gains and losses (Non-GAAP)	[c]	36,991			35,417			41,288
Realized net (gains) losses on the sale of mortgage servicing rights		—			—			(7,465)
Adjusted noninterest income (Non-GAAP)	[d]	$	36,991		$	35,417		$	33,823

Tax-equivalent revenue (Non-GAAP)	[e = b+c]	$	141,259		$	117,441		$	117,591
Adjusted tax-equivalent revenue (Non-GAAP)	[f = b+d]	$	141,259		$	117,441		$	110,126
Operating revenue (Non-GAAP)	[g = a+d]	$	140,722		$	116,995		$	109,677

Adjusted noninterest income to operating revenue (Non-GAAP)	[d÷g]	26.29		%	30.27		%	30.84		%

Total noninterest expense (GAAP)		$	115,171		$	78,167		$	70,769
Amortization of intangible assets		(3,083)			(2,471)			(2,409)
Noninterest expense excluding amortization of intangible assets (Non-GAAP)	[h]	112,088			75,696			68,360
Acquisition and restructuring expenses		(26,026)			(3,585)			(408)
Provision for unfunded commitments2		(3,141)			455			678

Adjusted noninterest expense (Non-GAAP)3	[i]	$	82,921		$	72,566		$	68,630

Efficiency ratio (Non-GAAP)	[h÷e]	79.35		%	64.45		%	58.13		%
Adjusted efficiency ratio (Non-GAAP)3	[i÷f]	58.70		%	61.79		%	62.32		%

Average total assets	[j]	$	14,831,298		$	12,085,993		$	12,024,208
Adjusted noninterest expense to average assets (Non-GAAP)4	[i÷j]	2.27		%	2.39		%	2.30		%

___________________________________________

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.For the three months ended March 31, 2025, the provision for unfunded commitments included Day 2 provision expense of $3.139 million recorded in connection with the CrossFirst acquisition.

3.Beginning in 2025, Busey revised its calculation of adjusted noninterest expense and the adjusted efficiency ratio for all periods presented to include, as applicable, adjustments for the provision for unfunded commitments. In 2024, these adjustments were previously presented as adjustments for adjusted core expense and the adjusted core efficiency ratio.

4.Annualized measure.

First Busey Corporation (BUSE) | 2025 Q1 — 16

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)		March 31, 2025			December 31, 2024			March 31, 2024
Total assets (GAAP)		$	19,464,252		$	12,046,722		$	11,887,458
Goodwill and other intangible assets, net		(496,118)			(365,975)			(351,455)
Tangible assets (Non-GAAP)1	[a]	$	18,968,134		$	11,680,747		$	11,536,003

Total stockholders' equity (GAAP)		$	2,179,606		$	1,383,269		$	1,282,651
Preferred stock and additional paid in capital on preferred stock		(7,750)			—			—
Common equity	[b]	2,171,856			1,383,269			1,282,651
Goodwill and other intangible assets, net		(496,118)			(365,975)			(351,455)
Tangible common equity (Non-GAAP)1	[c]	$	1,675,738		$	1,017,294		$	931,196

Tangible common equity to tangible assets (Non-GAAP)1	[c÷a]	8.83		%	8.71		%	8.07		%

Ending number of common shares outstanding (GAAP)	[d]	90,008,178			56,895,981			55,300,008
Book value per common share (Non-GAAP)	[b÷d]	$	24.13		$	24.31		$	23.19
Tangible book value per common share (Non-GAAP)	[c÷d]	$	18.62		$	17.88		$	16.84

___________________________________________

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)		March 31, 2025			December 31, 2024			March 31, 2024
Total deposits (GAAP)	[a]	$	16,459,470		$	9,982,490		$	9,960,191
Brokered deposits, excluding brokered time deposits of $250,000 or more		(722,309)			(13,090)			(6,001)
Time deposits of $250,000 or more		(967,262)			(334,503)			(326,795)

Core deposits (Non-GAAP)	[b]	$	14,769,899		$	9,634,897		$	9,627,395

Core deposits to total deposits (Non-GAAP)	[b÷a]	89.73		%	96.52		%	96.66		%

First Busey Corporation (BUSE) | 2025 Q1 — 17

FORWARD-LOOKING STATEMENTS

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

A number of factors, many of which are beyond Busey’s ability to control or predict, could cause actual results to differ materially from those in any forward-looking statements. These factors include, among others, the following: (1) the strength of the local, state, national, and international economies and financial markets (including effects of inflationary pressures and supply chain constraints); (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) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (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 Q1 — 18

END NOTES


1			Annualized measure.
2			Represents a non-GAAP financial measure. For a reconciliation to the most directly comparable financial measure calculated and presented in accordance with Generally Accepted Accounting Principles (“GAAP”), see "Non-GAAP Financial Information.”
3			The blended benchmark consists of 60% MSCI All Country World Index and 40% Bloomberg Intermediate US Government/Credit Total Return Index.

4			Estimated uninsured and uncollateralized deposits consist of account balances in excess of the $250 thousand Federal Deposit Insurance Corporation insurance limit, less intercompany accounts, fully collateralized accounts (including preferred deposits), and pass-through accounts where clients have deposit insurance at the correspondent financial institution.
5			On- and off-balance sheet liquidity is comprised of cash and cash equivalents, debt securities excluding those pledged as collateral, brokered deposits, and Busey’s borrowing capacity through its revolving credit facility, the FHLB, the Federal Reserve Bank, and federal funds purchased lines.
6			Capital amounts and ratios for the first quarter of 2025 are not yet finalized and are subject to change.

First Busey Corporation (BUSE) | 2025 Q1 — 19

First Busey Corporation

11440 Tomahawk Creek Parkway, Leawood, KS 66211

NASDAQ: BUSE

Busey’s Financial Suite of Services


Member FDIC						busey.com

Q1 2025 EARNINGS INVESTOR PRESENTATION April 22, 2025

2 21Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE This presentation may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to First Busey Corporation’s (“Busey’s”) financial condition, results of operations, plans, objectives, future performance, and business. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of Busey’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should,” “position,” or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and Busey undertakes no obligation to update any statement in light of new information or future events. A number of factors, many of which are beyond Busey’s ability to control or predict, could cause actual results to differ materially from those in any forward-looking statements. These factors include, among others, the following: (1) the strength of the local, state, national, and international economies and financial markets (including effects of inflationary pressures and supply chain constraints); (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) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (10) the loss of key executives or associates, talent shortages, and employee turnover; (11) unexpected outcomes and costs of existing or new litigation, investigations, or other legal proceedings, inquiries, and regulatory actions involving Busey (including with respect to Busey’s Illinois franchise taxes); (12) fluctuations in the value of securities held in Busey’s securities portfolio, including as a result of changes in interest rates; (13) credit risk and risk from concentrations (by type of borrower, geographic area, collateral, and industry), within Busey's loan portfolio and large loans to certain borrowers (including commercial real estate loans); (14) the concentration of large deposits from certain clients who have balances above current Federal Deposit Insurance Corporation insurance limits and may withdraw deposits to diversify their exposure; (15) the level of non-performing assets on Busey’s balance sheets; (16) interruptions involving information technology and communications systems or third-party servicers; (17) breaches or failures of information security controls or cybersecurity- related incidents; (18) the economic impact on Busey and its customers of climate change, natural disasters, and exceptional weather occurrences such as tornadoes, hurricanes, floods, blizzards, and droughts; (19) the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact Busey's cost of funds; (20) the ability to maintain an adequate level of allowance for credit losses on loans; (21) the effectiveness of Busey’s risk management framework; and (22) the ability of Busey to manage the risks associated with the foregoing. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Additional information concerning Busey and its business, including additional factors that could materially affect Busey’s financial results, is included in Busey’s filings with the Securities and Exchange Commission. Forward-Looking Statements Forward-Looking Statements

3 31Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Table of Contents Overview of First Busey Corporation (BUSE) 4 1Q25 Review 5 Appendix: 29 Investment Highlights 6 Experienced Management Team 30 Diversified Company with Comprehensive & Innovative Financial Solutions 7 Fully Integrated Wealth Platform 31 Closed Acquisition of CrossFirst Bankshares 8 FirsTech, A Uniquely Positioned Payment Technology Company 32 Combined Markets Ripe for Growth 9 Purchase Accounting Projections 34 Compelling Regional Operating Model 10 Non-GAAP Financial Information 35 Earnings Performance 11 Fortress Balance Sheet 12 High Quality, Diversified Loan Portfolio 13 High Quality Loan Portfolio: CRE 14 High Quality Loan Portfolio: C&I 15 Credit Profile Bolstered by Strong Reserves 16 Pristine Credit Quality 17 Top Tier Core Deposit Franchise 18 Deposit Cost Trends 19 Net Interest Margin 20 Diversified and Significant Sources of Fee Income 21 Wealth Management 22 FirsTech 23 Balanced, Low-Risk, Short-Duration Investment Portfolio 24 1Q25 Balance Sheet Repositioning 25 Actively Managing Well-Positioned Balance Sheet 26 Focused Control on Expenses 27 Robust Capital Foundation 28

4 41Q25 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 $19.5 Billion Total Assets $13.7 Billion Wealth Assets Under Care 14.9% Total Capital Ratio $1.8 Billion Market Cap Premier Commercial Banking Franchise Full-service Trust Company 1 Banking operations at 3/31/25 also include CrossFirst Bank, which is anticipated to merge into Busey Bank on 6/20/25 1

5 51Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 1 Non-GAAP calculations, see Appendix ▪ Closed TBV-accretive acquisition of CrossFirst Bankshares on 3/1/25, growing BUSE’s assets from $12.0 billion to $19.5 billion ▪ 186 days from announce-to-close, a short timeframe relative to other deals of similar size ▪ Shifted the mix of the securities portfolio to achieve balanced risk exposure and income streams ▪ Sold approximately 50% of CrossFirst’s investment portfolio ($371 million of marked AFS securities), primarily using proceeds to reduce brokered deposits held by CrossFirst Bank ▪ Executed a repositioning of legacy Busey investment portfolio, selling $203 million of AFS securities in late March at a $15.5 million income statement loss, resulting in an annualized NII increase of $7.1 million and NIM pickup of 4 bps ▪ Resumed strategic share repurchase program, returning $4.8 million to shareholders during the quarter (weighted average purchase price of $21.98 per share) Transaction Strategic Highlights ▪ Enhances Busey’s growth profile with expansion into attractive new markets of Kansas City, Dallas, Denver, Phoenix, Oklahoma City and Wichita ▪ Leverages excess capital to generate significantly enhanced profitability and return to shareholders while maintaining Busey’s hallmark fortress balance sheet ▪ Combines Busey's low-cost funding base and high-quality commercial portfolio with CrossFirst's attractive markets and commercial loan engine — resulting in a projected improvement to NIM ▪ CrossFirst’s client base is particularly well-suited for Busey’s wealth management and payment technology solutions offerings ▪ Provides economies of scale to drive operating efficiency ▪ Bolsters executive leadership depth and succession 1Q25 Review 1Q25 Key Initiatives Financial Results (Non-GAAP) Metric 1 4Q24 1Q25 Adj. Diluted EPS $0.53 $0.57 Adj. Net Income $31 million $40 million Adj. Pre-Provision Net Revenue $42 million $55 million Adj. PPNR ROAA 1.38% 1.50% Adj. ROAA 1.02% 1.09% Adj. ROATCE 11.93% 10.64% Net Interest Margin 2.95% 3.16% Adj. Noninterest Income $35 million $37 million Adj. Efficiency Ratio 61.8% 58.7% BUSE Historical Total Assets Trend ($ billions) $3.7 $19.5 2014 YE 2015 YE 2016 YE 2017 YE 2018 YE 2019 YE 2020 YE 2021 YE 2022 YE 2023 YE 2024 YE 2025 Q1 $0.0 $10.0 $20.0 ▪ ▪ Launched strategic share repurchase program, bringing in ~220k shares at an all-in price of $21.98/share

6 61Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Attractive Profitability and Returns Disciplined Growth Strategy Driven by Regional Operating Model Powerful Combination of Banking, Wealth, and Payments Business Lines 1 Non-GAAP calculation, see Appendix | 2 Market Data for BUSE updated to close on 4/21/25 | 3 Based on consensus median net income of covering analysts as of 4/21/25 Investment Highlights BUILT ON A FORTRESS BALANCE SHEET Pristine asset quality, highly diversified loan portfolio, & capital levels significantly in excess of well-capitalized minimums ▪ Long history of quality earnings performance ▪ CrossFirst transaction delivers estimated EPS accretion of 18%+ in 2026 (excl. one time merger charges and assuming full realization of expected cost saves) and strong improvements in ROAA, ROATCE, Net Interest Margin, and Efficiency Ratio ▪ Quarterly dividend of $0.25 (5.0% yield)2 ▪ An integral component of the regional operating model is bringing together associates from many different organizational backgrounds and with different expertise (Lending, Wealth, Payment Technology) to deliver comprehensive client solutions through an integrated sales culture ▪ Organic growth across key business lines driven by an approach that brings the full weight of commercial, wealth and FirsTech operations to market under a regional operating model sales structure ▪ Efficient and right-sized branch network — average deposits per branch of $211 million at 3/31/25 vs. $161 million at 12/31/24 ▪ Leverage track record as proven successful acquirer to expand operations through disciplined M&A. Closed TBV-accretive acquisition of CrossFirst Bankshares on 3/1/25 — ownership of 63.5% Busey legacy shareholders and 36.5% CrossFirst ▪ Sizable business lines provide for a full suite of solutions for our clients across their lifecycle and drives full client relationships ▪ Significant revenue derived from diverse and complementary fee income sources ▪ Noninterest income represented 26.3% of operating revenue for 1Q25 (excluding net securities losses) ▪ Adjusted ROAA1 of 1.09% for 1Q25 and 1.09% for FY 2024 ▪ Adjusted ROATCE1 of 10.64% for 1Q25 and 10.64% for FY 2024 ▪ Net interest margin1 of 3.16% for 1Q25 and 3.16% for FY 2024 ▪ Adjusted core efficiency ratio1 of 58.7% for 1Q25 and 58.7% for FY 2024 ▪ Adjusted diluted EPS1 of $0.57 for 1Q25 and $0.57 for FY 2024 ▪ Quarterly dividend of $0.25 (5.0% yield)3 ▪ Announced quarterly dividend of $0.25 on 1/14/25; an increase of $0.01, or +4.2% $ in millions 2023 2024 2025 YTD KRX Median MRQ Total Assets $12,283 $12,047 $19,464 $29,580 Total Loans $7,651 $7,697 $13,868 $20,939 Total Deposits $10,291 $9,982 $16,459 $23,711 Total Equity $1,272 $1,383 $2,180 $3,482 Total Wealth AUC $11,062 $12,137 $13,678 NM NPA/Assets 0.06 % 0.19 % 0.31 % 0.46 % Net Interest Margin 1 2.89 % 2.95 % 3.16 % 3.27 % Adj. Nonint. Income % of Operating Revenue 1 28.5 % 30.8 % 26.3 % 18.0 % Adj. PPNR ROAA 1 1.41 % 1.39 % 1.50 % NA Adj. ROAA 1 1.03 % 0.99 % 1.09 % 1.21 % Adj. ROATCE 1 15.0 % 12.3 % 10.6 % 13.8 % Adj. Efficiency Ratio 1 58.6 % 61.3 % 58.7 % 58.4 % Financial Highlights Price Per Share $19.89 Market Cap $1.8B Dividend Yield 5.0% Price/TBV 1.1x Price/2025E 3 7.8x BUSE Stock 2

7 71Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 1 Banking operations at 3/31/25 also include CrossFirst Bank, which is anticipated to merge into Busey Bank on 6/20/25 | 2 Consolidated | 3 Banking segment, excluding Wealth Management & FirsTech; excludes intracompany eliminations and consolidations; only includes 1-month of CrossFirst Bank revenue | 4 Consolidated; Non-GAAP calculation. Based on a four-quarter average of average tangible common equity | 5 Wealth Management segment | 6 LTM total payments processed | 7 FirsTech segment, excludes intracompany eliminations $11 Billion 45 Million Payments Processed 6 Transactions Processed (LTM) Full suite of diversified financial products for individuals and businesses Wealth & asset management services for individuals and businesses Payment platform that enables the collection of payments across a variety of modules $19.5 Billion Assets 2 11.9% Adj. ROATCE (LTM) 4 $13.7 Billion Assets Under Care 45.8% PT Margin (LTM) $434.1 Million YTD Revenue Annualized 3 $66.8 Million LTM Revenue 5 $22.5 Million LTM Revenue 7 Diversified Company with Comprehensive & Innovative Financial Solutions 1

8 81Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE ▪ Bank merger & core system conversion to occur June 20, 2025 ▪ Critical technology, operating, and personnel decisions made to best position the company for future growth ▪ Integration plan focused on client retention and a best-in-class product set to enhance our client experience ▪ Strong pipeline of referrals from CrossFirst Bank clients to Busey Wealth Management and FirsTech ▪ Estimated cost saves of ~$25 million (~70% personnel) remains on track ▪ Anticipate 50% overall realization in 2025 and 100% in 2026, with majority of savings to be out of expense run rate by 12/31/25 ▪ Remaining pre-tax one-time charges of $16 million in 2025 and then $20 million (primarily employee retention) recognized through 2028 Integration Update 8/27/24 Transaction Announced Closed Acquisition of CrossFirst Bankshares Financial Impacts at Close 18%+ 2026 EPS Accretion excluding one-time merger charges and with full realization of expected cost saves 17%+ 2026 EPS Accretion excluding all rate marks, non-PCD accretion & one-time merger charges, with full realization of expected cost saves $600+ million Excess Capital above “well-capitalized” thresholds No additional dilutive capital raise was associated with this transaction Track Record of Successful Integrations TBV Accretive CrossFirst outperformed consensus earnings estimates and fair value adjustments improved, resulting in a TBV accretive deal vs. 6-month earnback estimate at announcement Item Expectations at Announcement Actual Results & Updated Expectations at Close Closing Date 3/31/2025 3/1/2025 TBV Dilution (0.6) % Accretive TBV Earnback ~6 months Accretive 2026 EPS Accretion (excl. one-time charges and with fully realized cost saves) 20%+ 18%+ Loan Mark $208 million $200 million Core Deposit Intangible $51 million $82 million 2025 Cost Saves ~$25 million (5% of combined NIE) ~$25 million (5% of combined NIE) One-Time Merger Charges (non-capitalized) $75.3 million $77.8 million Total Risk Based Capital 14.1 % 15.1 %

9 91Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Combined Markets Ripe for Growth 1 Market Nominal GDP as of 2023 per FRED, Federal Reserve Bank of St. Louis | Note: Does not include markets with populations under 500,000 Source: S&P Capital IQ Pro; Census.gov; BEA.gov 1

10 101Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Compelling Regional Operating Model Integrated enterprise-wide go-to-market strategy focused on combining the power of commercial & wealth to provide a broad set of financial solutions to well-capitalized individuals and the companies they own & operate Life Equity Lending Family Office Lending Energy Lending SBA Lending $5B deposits $5B deposits $3B loans $10B AUC $4B AUC $3B 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 $5B deposits $2B loans $1B deposits $1B loans $1B deposits $2B loans $1B loans Note: Deposits per 2024 FDIC Summary of Deposits, as of 6/30/24

11 111Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE $25.7 $30.5 $32.9 $30.9 $39.9 $0.46 $0.53 $0.57 $0.53 $0.57 Adj. Net Income Adj. EPS 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 $38.6 $42.6 $44.1 $42.0 $54.7 1.29% 1.42% 1.46% 1.38% 1.50% Adj. PPNR Adj. PPNR / Avg Assets 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 11.2% 12.9% 13.2% 11.9% 10.6% 0.86% 1.02% 1.09% 1.02% 1.09% Adj. ROATCE Adj. ROAA 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 1 Non-GAAP calculation, see Appendix | 2 TBV per share as reported in quarterly filings with add-back of after-tax AOCI at each period-end | 3 Based on projections as of financial close for beneficial impact of CrossFirst acquisition on Busey’s standalone earnings projections; 1Q25 earnings include 1-month of contributions from CrossFirst Earnings Performance Adjusted Net Income & Earnings Per Share 1 Adjusted ROATCE & Adjusted ROAA 1 Adjusted Pre-Provision Net Revenue / Avg. Assets 1 Historical Key Rates 2 $ in millions $ in millions 5.38% 5.34% 5.33% 5.16% 4.53% 4.23% 4.59% 4.71% 3.66% 4.25% 3.84% 4.21% 4.33% 3.58% 4.38% 3.88% 4.20% 4.36% 3.81% 4.58% SOFR 2-yr UST 5-yr UST 10-Yr UST 3/31/24 6/30/24 9/30/24 12/31/24 3/31/25 2026 Pro Forma Proj.3 ROAA: 1.2%+ 2026 Pro Forma Proj.3 ROATCE: 13%+ 2026 Proj. EPS Accretion from CrossFirst transaction (excl. one- time merger charges & with full realization of expected cost saves: +19% 2026 Pro Forma Proj.3 PPNR/AA: 1.7%+ $11.17 $20.54 2015 Q1 2016 Q1 2017 Q1 2018 Q1 2019 Q1 2020 Q1 2021 Q1 2022 Q1 2023 Q1 2024 Q1 2025 Q1 10 15 20 +6.3% 10-Year CAGR BUSE Tangible Book Value / Share (ex-AOCI) 2 Note: Downward shift in 1Q25 primarily due to securities repositioning and realized loss of embedded AOCI Dividend payout ratio has ranged from 40-50% +18% 2026 Projected EPS Accretion from CrossFirst acquistion3 (excl. one-time merger charges & with full realization of expected cost saves

12 121Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE ▪ Although impacted by strategic deployment of capital, capital ratios remain significantly in excess of well-capitalized minimums ▪ Leverage ratio of 13.0%, CET1 ratio of 12.0%, and Total RBC of 14.9% at 3/31/255 ▪ TCE/TA ratio of 8.83% at 3/31/252, up from 8.07% at 3/31/24 ▪ TBV per share of $18.62 at 3/31/252 compared to consensus estimate of $17.60, and an increase of 11.0% from $16.84 at 3/31/24 Robust Capital Foundation High Quality, Resilient Loan Portfolio ▪ Diversified portfolio, by sector and geographically, conservatively underwritten with low levels of concentration ▪ Granular commercial portfolio, with average commercial loan size of less than $1 million ▪ Non-performing (0.31% of total assets) and classified assets (8.4% of capital1) both remain low ▪ Very strong reserve levels: ACL/Loans 1.41% | ACL/NPLs 3.57x ▪ 100 / 300 Test: 48% C&D | 240% CRE ▪ Robust holding company and bank-level liquidity ▪ Strong, low-cost core deposit franchise (1.91% total cost of deposits in 1Q25) ▪ 84.3% loan-to-deposit ratio, 89.7% core deposits2 ▪ 22.4% of total deposits are noninterest-bearing ▪ Low level of estimated uninsured & uncollateralized deposits3 at 32% of total deposits at 3/31/25 ▪ Available sources of on- and off-balance sheet liquidity4 total $8.6 billion, including $1.2 billion of cash and cash equivalents ▪ Substantial sources of available off-balance sheet contingent funding totaling $5.1 billion, representing an additional 1.0x coverage of estimated uninsured & uncollateralized deposits3 at 3/31/25 ▪ Untapped borrowing capacity ($5.1 billion in aggregate): $2.1 billion with FHLB, $1.5 billion with FRB discount window, $0.6 billion with Unsecured Fed Funds lines, and $0.9 billion brokered deposit capacity ▪ Brokered deposits only represent 4% of total deposits Strong Core Deposit Franchise & Ample Liquidity 1 Capital calculated as Busey Bank & CrossFirst Bank Tier 1 Capital (preliminary estimates) + Allowance for credit losses | 2 Non-GAAP calculation, see Appendix | 3 Estimated uninsured & uncollateralized deposits consists of the excess of accounts over $250K FDIC insurance limit, less internal accounts, fully-collateralized accounts (including preferred deposits) and pass-through accounts where clients have deposit insurance at the correspondent financial institution | 4 On- and off-balance sheet liquidity is comprised of cash and cash equivalents, debt securities excluding those pledged as collateral, brokered deposits, and Busey’s borrowing capacity through its revolving credit facility, the FHLB, the Federal Reserve Bank, and federal funds purchased lines. | 5 Capital ratios are preliminary estimates Fortress Balance Sheet

13 131Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Commercial & Industrial 32% Owner Occupied CRE 10% Non-Owner Occupied CRE 30% C&D 8% 1-4 Family Residential 14% HELOC 2% Other 4% 40% 43% 43% 43% 50% 59% 52% 49% 50% 59% 45% 43% 43% 43% 44% C&I Utilization CRE & Construction Utilization Retail Utilization 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 Commercial & Industrial 25% Owner Occupied CRE 12% Non-Owner Occupied CRE 30% C&D 5% 1-4 Family Residential 19% HELOC 3% Other 6% 1 Capital is Busey Bank & CrossFirst Bank Tier 1 Capital (preliminary estimates) + Allowance for credit losses | 2 Based on loan origination 3 Excludes credit card & overdraft protection & includes tranche loan commitments/associated sub notes West (AZ, CO, NM) 6% Central (KC, Wich., OKC, Tulsa) 15% Texas (Dallas/FW) 14% Midwest (Central IL, Indy) 23% East (Chi., STL, SW FL) 32% Verticals 10% $7,588 $7,999 $7,809 $7,696 $10,240 $1,828 $1,943 $1,877 $1,904 $2,054 $3,332 $3,445 $3,356 $3,270 $5,621 $446 $411 $398 $378 $422 $1,982 $2,200 $2,178 $2,145 $2,144 C&I CRE Construction Retail Real Estate & Other 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 $ in millions LTM Core Growth 3 LTM Commercial Growth 3 +82.8% +98.7% Total Loan Portfolio: $7.7 Billion MRQ Yield on Loans 1Q25 Net New Funding Yield Classified Loans / Capital 1 5.76% 6.91% 8.4% +20 bps vs. 4Q24 High Quality, Diversified Loan Portfolio Funded Draws & Line Utilization Rate 3 Loans Trend Loan Portfolio Regional Segmentation 2 Loan Portfolio Composition LTM Growth +82.8% Uptick in 1Q25 utilization rates mainly driven by addition of CrossFirst portfolio. Seeing hesitancy from borrowers to draw on C&I lines and make business investments in the current uncertain macro environment. 1Q254Q24Future Pending Projects Total Loan Portfolio: $13.9 Billion ▪ Combination of Busey and CrossFirst results in a diversified commercial portfolio with a larger share of C&I, unchanged NOOCRE distribution, and lower Residential and Consumer lending ▪ Excl. acquired loans of $6.0 billion (net of purchase accounting marks), posted $134 million of loan growth in 1Q25 with commercial in the Midwest & East regions and the Life Equity Lending vertical as the primary growth contributors

14 141Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 1 Investor owned CRE (CRE-I) includes C&D, Multifamily and non-owner occupied CRE | 2 Fixed Charge Coverage Ratio | 3 Debt Service Coverage Ratio 4 Net Operating Income of property divided by Loan Amount $ in millions Property Type 3/31/25 Balances % of Total Loans 3/31/25 Classified Balances Apartments $942.8 6.8 % $0.0 Industrial/Warehouse 889.7 6.4 % 0.1 Retail 746.0 5.4 % 6.2 LAD 657.2 4.7 % 0.0 Traditional Office 490.9 3.5 % 3.3 Hotel 375.9 2.7 % 0.0 Student Housing 232.1 1.7 % 3.6 Senior Housing 179.2 1.3 % 0.0 Specialty 174.7 1.3 % 0.0 1-4 Family 172.1 1.2 % 0.0 Medical Office 161.2 1.2 % 13.5 Nursing Homes 111.2 0.8 % 0.0 Health Care 20.0 0.1 % 0.0 Restaurant 29.7 0.2 % 0.0 Other 30.1 0.2 % 0.0 Grand Total $5,212.8 37.5 % $26.7 Investor Owned CRE Portfolio 1 (CRE-I) ▪ Only 0.5% of total CRE-I loans are classified ▪ 100/300 Test: 48% C&D | 240% CRE-I ▪ Apartments & Student Housing represents 23% of CRE-I ▪ 56% WAvg Loan-to-Value (LTV) and WAvg loan seasoning since origination is 4.5 years ▪ Latest stress testing results demonstrated strong WAvg DSCRs2 in severe stress scenarios for Apartments, Student Housing, Retail, Industrial/Warehouse, Traditional Office, Medical Office, Hotel, and Senior Housing, representing approximately 77% of total CRE-I balances at 3/31/25 $ in millions Property Type 3/31/25 Balances % of Total Loans 3/31/25 Classified Balances Industrial/Warehouse $446.6 3.2 % $5.3 Specialty 305.2 2.2 % 8.7 Traditional Office 182.8 1.3 % 1.4 Restaurant 125.1 0.9 % 0.0 Retail 117.0 0.8 % 2.7 Medical Office 90.5 0.7 % 0.0 Senior Housing 51.2 0.4 % 0.0 1-4 Family 35.6 0.3 % 1.4 LAD 4.5 0.0 % 0.0 Health Care 2.3 0.0 % 0.0 Nursing Homes 1.6 0.0 % 0.0 Hotel 0.6 0.0 % 0.0 Other 89.5 0.6 % 0.9 Grand Total $1,452.5 10.4 % $20.4 Owner Occupied CRE Portfolio (OOCRE) ▪ Only 1.4% of total OOCRE loans are classified ▪ Owner occupied loans are not considered regulatory CRE ▪ OOCRE properties are underwritten to operating cash flow and guidance requires a 1.20x FCCR3 ▪ OOCRE have lower risk profiles as they are underwritten to the primary occupying business and are not as exposed to lease turnover risks ▪ Industrial/Warehouse properties are the largest OOCRE segment, comprising 31% of the OOCRE portfolio and 3.2% of total loans Owner Occupied CRE Loans by Property Type High Quality Loan Portfolio: CRE Investor Owned CRE Loans by Property Type 1 All data as of 3/31/25 ($ in millions) Investor Owned CRE Metric Traditional Office Medical Office CBD Office Exposure Top 10 Largest Office Loans Total Balances $490.9 $161.2 $2.5 $196.8 % of Total CRE-I 9.4 % 3.1 % 0.05 % 3.8 % % of Total Office CRE-I 75.3 % 24.7 % 0.4 % 30.2 % # of Loans 181 56 3 10 Average Loan Size $2.7 $2.9 $0.8 $19.7 Total Classified $3.3 $13.5 $0.0 $0.0 WAvg Current LTV 55 % 60 % 62% 64% Weighted Average DSCR3: Weighted Average Debt Yield4: WAvg 1-Year Lease Rollover: WAvg 2-Year Lease Rollover: Top Ten Largest Office Loans 1.50 10.4% 1.5% 6.0% Only 0.5% of total CRE-I loans are classified 100/300 Test: 48% C&D 240% CRE-I Limited office and metro central business district exposure; granting credit to well-capitalized in-market borrowers Only 1.4% of total OOCRE loans are classified OOCRE properties are underwritten to operating cash flow and guidance requires a 1.20x FCCR2 Lower risk profiles as underwritten to the primary occupying business and are not as exposed to lease turnover risks

15 151Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE ▪ 32.1% of total loan portfolio ▪ CrossFirst Bank contributed 54% of total C&I loan portfolio at 3/31/25 ▪ Includes CrossFirst’s energy loan portfolio which totaled $288 million at 3/31/25 ▪ C&I loans are generally underwritten to a 1.20x FCCR1 requirement and RLOCs greater than $1 million require a monthly borrowing base ▪ C&I lines of credits have an overall utilization of 50%, demonstrating substantial borrowing capacity and appropriate revolving of most lines ▪ Diversified portfolio results in low levels of concentrated exposure ▪ Top concentration in one industry - Finance & Insurance - is 17% of C&I loans, or 5% of total loans; the majority of the Finance & Insurance portfolio is secured by marketable securities ▪ Substantial diversification among the subsectors in the manufacturing portfolio, with strong core credits ▪ 2.8% of C&I loans are classified, compared to 2.2% in 4Q24 and 3.1% in 1Q24 1 Fixed Charge Coverage Ratio | 2 Minor difference in C&I balances from chart and those reported elsewhere as consolidated C&I loan balances is attributable to purchase accounting, deferred fees & costs, and overdrafts High Quality Loan Portfolio: C&I C&I Loans by Sector $ in millions NAICS Sector 3/31/25 Balances % of Total Loans 3/31/25 Classified Balances Finance and Insurance $762.2 5.5 % $6.6 Manufacturing 498.6 3.6 % 30.5 Real Estate and Rental and Leasing 464.8 3.4 % 7.1 Food Services and Drinking Places 392.2 2.8 % 12.3 Mining, Quarrying, Oil, Gas Extraction 295.7 2.1 % 0.0 Construction 290.2 2.1 % 4.5 Transportation 272.9 2.0 % 4.6 Retail Trade 233.7 1.7 % 2.3 Wholesale Trade 227.4 1.6 % 21.8 Other Services (except Public Admin.) 202.7 1.5 % 0.3 Agriculture, Forestry, Fishing, Hunting 167.9 1.2 % 4.2 Educational Services 132.5 1.0 % 0.1 Health Care and Social Assistance 130.4 0.9 % 7.4 Professional, Scientific, Technical Svcs. 100.5 0.7 % 17.0 Arts, Entertainment, and Recreation 74.9 0.5 % 1.1 Information 61.4 0.4 % 1.6 Public Administration 47.1 0.3 % 0.0 Accommodation 39.0 0.3 % 0.0 Waste Management Services 33.9 0.2 % 0.0 Administrative and Support Services 18.4 0.1 % 0.1 Management of Cos. and Enterprises 16.6 0.1 % 0.2 Utilities 4.9 0.0 % 2.5 Other 12.2 0.1 % 1.6 Grand Total2 $4,479.8 32.1 % $125.7 ▪ ▪ <5% of Loan Portfolio are shared national credits. Both companies have historically only participated in syndications with borrowers that have had a long-standing relationships with the banks. For participations, to manage exposure CFB typically has sold participation balances that almost offset participations purchased. Ended year-end in approximately net +$200mm purchased position, but can change by quarter and based on draws.

16 161Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE $21,268 $16,590 $7,941 $23,300 $59,481 4.13 5.52 11.55 3.58 3.28 Busey Bank NPAs CrossFirst Bank NPAs Allowance/NPAs (x) 2021 YE 2022 YE 2023 YE 2024 YE 2025 Q1 $83.4 $100.8 $42.4 -$29.6 $0.0 -$1.8 $195.2 4Q24 ACL Day 1 ACL Gross-Up on PCD Day 2 Provision on Non-PCD Charge-off of CrossFirst PCD Loans 1Q25 Provision for Loan Losses 1Q25 other Net Charge-Offs 1Q25 ACL ▪ Non-performing loan balances increased by $31.5 million QoQ ▪ Quarterly increase attributable to one traditional office CRE loan located in suburban Chicago; this loan was classified in 4Q23 and moved to nonperforming in conjunction with partial charge-off during 4Q24 ▪ Non-performing loans were $54.7 million at 3/31/25, equating to 0.39% of total loans ▪ Reserves now equate to 3.57x of NPLs and 3.28x of NPAs ▪ OREO balances total $4.8 million Credit Profile Bolstered by Strong Reserves Comprises thirteen CrossFirst credits that were flagged as PCD at close on March 1 and subsequently charged- off during March (fully reserved for at Day 1) CECL provision expense on Non-PCD loans that have been marked to fair value Remaining provision booked for 1Q25 in addition to non- PCD provision NCOs during 1Q25 for legacy Busey loan book and CrossFirst non-PCD loans Credit mark on loans identified as PCD, recorded as a Day 1 gross-up of allowance 1.08% Allowance to Loans 1.41% Allowance to Loans Allowance / NPLs Multiple Allowance / NPAs Multiple $ in thousands$ in thousands $16,852 $15,740 $7,816 $23,237 $54,724 5.22 5.82 11.74 3.59 3.57 Busey Bank NPLs CrossFirst Bank NPLs Allowance/NPLs (x) 2021 YE 2022 YE 2023 YE 2024 YE 2025 Q1 CrossFirst NPLs have a 44% mark in PCD reserves

17 171Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE $1,329 $1,398 $1,455 $1,522 $2,269 6.9% 7.7% 5.0% 5.6% 8.4% Bank Tier 1 Capital + ACL Classified/Capital 2021 YE 2022 YE 2023 YE 2024 YE 2025 Q1 ▪ Conservative underwriting structures have resulted in a legacy of pristine credit quality ▪ Strong portfolio management that identifies early warning indicators and proactively engages the special assets group early in the credit review process (special assets group has remained intact since the 2008-2009 recession) ▪ Post-acquisition, classified assets as a percentage of capital increased from 5.6% at 12/31/24 to a still low 8.4% at 3/31/25 ▪ 1Q25 net charge-offs totaled $31.4 million, primarily related to $29.6 million charge-offs for thirteen CrossFirst credits that had been identified as PCD ▪ Previously noted $15 million traditional office CRE classified credit that had a 4Q24 charge-off was resolved during 1Q25 without incurring meaningful additional loss 1 Capital calculated as Busey Bank & CrossFirst Bank Tier 1 Capital (preliminary estimates) + Allowance for credit losses 2 Average loans was calculated as the average of the ending portfolio loan balances over the most recent four quarters Pristine Credit Quality NPAs / Assets Classifieds / Capital 1 NCOs / Average Loans 2 0.17% 0.13% 0.06% 0.19% 0.31% 0.58% 0.20% 0.34% 0.52% 0.25% 0.23% 0.31% 0.46% Busey CrossFirst KRX Median 2021 YE 2022 YE 2023 YE 2024 YE 2025 Q1 $ in millions $ in millions $ in millions BUSE NPAs $21.3 $16.6 $7.9 $23.3 $59.5 BUSE NCOs $2.2 $0.9 $2.3 $18.2 $31.4 BUSE Classified Assets $91.8 $107.1 $72.3 $85.3 $190.6▪ OREO balances total $4.8 million 0.03% 0.01% 0.03% 0.23% 0.30% 0.08% 0.09% 0.09%0.06% 0.05% 0.16% 0.19% Busey CrossFirst KRX Median 2021 YE 2022 YE 2023 YE 2024 YE 2025 Q1 $29.6mm of CrossFirst PCD loans charged-off during March 2025 BUSE Consolidated

18 181Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Non-Int DDA 22% Int DDA 19% Savings & MMDA 39% CD <250k 13% CD >250k 6% 1 Non-GAAP calculation, see Appendix | 2 Other deposits include brokered MMA, brokered CDs, ICS Demand & Savings, CDAR CDs Non-Int DDA 27% Int DDA 24% Savings & MMDA 34% CD < 250k 12%CD > 250k 3% Core Deposits 1 90% MRQ Avg Cost of Total Deposits 1.91% MRQ Avg Cost of Non-Time Deposits 1.54% Avg Deposits per Branch $211 million Total Deposits: $10.0 Billion $10,039 $10,068 $10,004 $10,050 $12,179 76.2% 80.2% 78.5% 77.1% 84.3% Retail Commercial Public Other ² Avg Deposits LDR 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 $9,899 $9,627 $9,619 $9,591 $9,635 $14,770 $9,812 $10,002 $9,671 $9,677 $9,650 $9,703 96.2% 96.7% 96.4% 96.5% 96.5% 89.7% Core Deposits Avg Core Deposits Core/Total Deposits 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 $ in millions Top Tier Core Deposit Franchise Deposit Portfolio Composition Total Deposits & Loan-to-Deposit Ratio Core Deposits 2 / Total Deposits $10,291 $9,960 $9,976 $9,943 $9,982 $16,459 $ in millions 1Q254Q24 Total Deposits: $16.5 Billion 1Q25 Deposit Flows Takeaways ▪ Excluding CrossFirst Bank, Busey Bank deposits were down minimally QoQ at -$37 million ▪ Inflow from retail depositors totaled $83 million QoQ and was up $146 million YoY ▪ Outflows led by commercial accounts and public deposits which is consistent with typical seasonality - anticipate public deposit net inflows for 2Q and 3Q ▪ Savings account inflows of $116 million QoQ, a continued result of our focused strategy to shift term deposits into managed rate products ▪ CrossFirst Bank has worked to aggressively reduce wholesale funding exposure, reducing brokered deposits by $253 million during 1Q25 ▪ For the month of March, CrossFirst total deposits were down $71 million; however, this was driven largely by reducing brokered deposits by $111 million during the month

19 191Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 1.76% 1.75% 1.85% 1.75% 1.91% 2.19% 2.27% 2.33% 2.19% Busey KRX Median 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 1.50% 2.00% 2.50% 3.00% BUSE Cost of Deposits Effective Fed Funds Rate (Qtr Avg)¹ 1Q 15 2Q 15 3Q 15 4Q 15 1Q 16 2Q 16 3Q 16 4Q 16 1Q 17 2Q 17 3Q 17 4Q 17 1Q 18 2Q 18 3Q 18 4Q 18 1Q 19 2Q 19 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 5.5% 6.0% 1Q25 Deposit Costs ▪ Reduction of $111 million of CrossFirst brokered deposits priced at 4.7% during March, helping to drive down combined cost of deposits ▪ Proceeds from liquidation of ~50% of CrossFirst’s investment portfolio at close will be primarily used to pay off ~$220 million of maturing CrossFirst brokered CDs at a 4.8% weighted average rate ▪ Total brokered deposits currently represents 4% of total deposits. Will continue to let remaining brokered book run off as they mature in 2025, anticipated at ~60% of remaining balances in 2Q25, ~30% in 3Q25, and ~10% in 4Q25 ▪ 20% of total deposits are indexed/floating rate ▪ Short duration CD portfolio represents 19% of total deposits; book has a weighted average remaining life of 4.4 months and weighted average rate of 4.0% ▪ A higher mix of indexed & wholesale deposits and a full quarter of the combined funding base is projected to increase total deposit costs from 1Q25 to 2Q25 ▪ Expect total cost of deposits in a range of 2.00-2.15% for the remaining quarters of 2025, assuming continued deleveraging of CrossFirst’s legacy balance sheet, and one Fed Funds upper limit rate cut of 25 bps in June 2025 and a second cut in Dec. 2025 ▪ Growth in higher yielding earning assets is expected to offset the increased cost of funds pressure and we project substantial NIM expansion during 2Q25 ▪ At 3/31/25, our spot deposit cost was 1.82% for non-maturity deposits and 2.23% for total deposits $9,899 $9,627 $9,619 $9,591 $9,635 $14,770 $9,812 $10,002 $9,671 $9,677 $9,650 $9,703 96.2% 96.7% 96.4% 96.5% 96.5% 89.7% Core Deposits Avg Core Deposits Core/Total Deposits 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 $ in millions Deposit Cost Trends Core Deposits 2 / Total Deposits Total Cost of Deposits vs. Peers $ in millions Historical Cost of Deposits, 1Q15 - 1Q25 Historically, cost of deposits has run at ~30% of Fed Funds over the last three cycles (2 tightening, 1 easing) fully lagged. Busey will run at ~50% of Fed Funds going forward, which will slowly shrink as as we continue to take actions to reduce wholesale funding reliance 1 Quarterly effective Fed Funds per FRED, Federal Reserve Bank of St. Louis. Average during quarter, not seasonally adjusted

20 201Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE $76.3 $82.9 $83.0 $82.0 $104.3 $76.1 $82.1 $81.7 $81.2 $101.5 $0.2 $0.8 $1.3 $0.8 $2.8 Net Interest Income ¹ Purchase Accounting Accretion 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 4.62% 4.83% 4.90% 4.75% 5.08% 1.91% 1.88% 1.98% 1.89% 2.02% 2.79% 3.03% 3.02% 2.95% 3.16% 0.01% 0.03% 0.05% 0.03% 0.08% Earning Assets Cost of Funds NIM Accretion 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 +2.95% +0.36% +0.03% -0.17% -0.08% +0.05% +0.02% +3.16% 4Q24 NIM Loan Rate/ Volume Borrowing Expense Deposit Funding Cost Cash & Securities Impact Purchase Accounting Contribution Rate Swap Impact 1Q25 NIM 1 Tax-equivalent adjusted amounts; Non-GAAP, see Appendix $ in millions Impact of loan production and contribution of CrossFirst Bank Addition of CrossFirst deposits into the mix accompanied by accelerating deposit beta in the current easing cycle Net Interest Margin Bridge - Factors contributing to 21 bps NIM expansion during quarter Net Interest Margin Trend 1Net Interest Income Trend 1 Net Interest Margin Mix reduction of securities/ restricted stock and lower yielding cash contributions Purchase accounting accretion from CrossFirst transaction accelerates Decreased rate on borrowings Decreased expense on rate swaps In aggregate, one-month contribution from CrossFirst Bank was approximately +12 bps for 1Q25 2025 Q2 Projected NIM: 3.40%+ *Company Purchase Accounting Schedule in appendix

21 211Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE ▪ Noninterest income represented 26% of revenue in 1Q25 (excluding net securities losses) ▪ Wealth management fees, wealth management referral income included in other noninterest income, and payment technology solutions income represented 63% of total noninterest income (excl. net securities losses) in 1Q25 ▪ One-month of CrossFirst Bank contributed ~$2 million to noninterest income for 1Q25 ▪ Most of CrossFirst Bank’s noninterest income is derived from Treasury Management services ▪ Durbin Amendment impact to debit card interchange from the CrossFirst acquisition estimated to be modest, at <$500 thousand annually ▪ Net securities loss primarily related to execution of repositioning of $202 million of legacy Busey securities in 1Q25 1 Non-GAAP calculation, see Appendix 2 Approximately $0.2 million of Other Noninterest Income was attributable to the wealth segment in 1Q24 and 1Q25, respectively $109.7 $116.3 $117.7 $117.0 $140.7 $33.8 $33.8 $35.0 $35.4 $37.0 $75.9 $82.5 $82.6 $81.6 $103.7 30.8% 29.0% 29.8% 30.3% 26.3% Adj. Nonint. Inc. Net Interest Income Adj. Nonint. Inc./Op. Rev. 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 $ in millions Noninterest Income Detail 2024 Q1 2025 Q1 YoY Change Wealth Management Fees2 $15,549 $17,364 +12 % Fees for Customer Services 7,056 8,128 +15 % Payment Technology Solutions 5,709 5,073 -11 % Mortgage Revenue 746 329 -56 % Income on Bank Owned Life Insurance 1,419 1,446 +2 % Other Noninterest Income2 3,344 4,651 +39 % Noninterest Income (ex-securities gains/losses) $33,823 $36,991 +9 % Net Securities Gains (Losses) (6,375) (15,768) Gain on Sale of Mortgage Servicing Rights 7,465 — Total Noninterest Income $34,913 $21,223 -39 % $ in thousands Wealth Mgmt Fees 47% Payment Tech 14% Customer Service Fees 22% Mortgage Rev. 1% BOLI 4% Other Nonint. Inc. 13% Noninterest Income (ex non-recurring items) $37.0 Million Adjusted Noninterest Income / Operating Revenue 1 Sources of Noninterest Income Diversified and Significant Sources of Fee Income

22 221Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE $15.7 $16.1 $16.2 $17.0 $17.6 $6.6 $7.3 $7.4 $7.7 $8.241.9% 45.4% 45.7% 45.4% 46.6% Revenue Pre-Tax Net Income Pre-Tax Profit Margin 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 $12,763 $13,020 $13,690 $13,834 $13,678 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 ▪ Assets Under Care (AUC) of $13.7 billion, a QoQ decrease of $0.2 billion and a YoY increase of $0.9 billion, or +7% ▪ 1Q25 Wealth segment revenue of $17.6 million, a YoY increase of +12%. 1Q25 represented another record for quarterly revenue at the company after completing a record year of $65 million in segment revenue for 2024, the highest in company history ▪ Pre-tax net income of $8.2 million, a YoY increase of +24% ▪ Pre-tax profit margin of 46.6% in 1Q25 and 45.8% over the last twelve months ▪ Our fully internalized investment team continues to produce excellent returns, focused on long-term outperformance of benchmarks ▪ The team’s blended portfolio has outperformed the blended benchmark2 over the last 3 years and over the last 5 years 1 Wealth Management segment | 2 Blended benchmark consists of 60% MSCI All-Country World Index and 40% Bloomberg Intermediate Govt/Credit Index $ in millions $ in millions Wealth Management Assets Under Care Wealth - Revenue and Pre-tax Income 1 $15.7 $16.1 $16.2 $17.0 $17.6 Trust Brokerage Tax Planning Estate Settlement Ag Services Other 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 Wealth Revenue Composition 1 $ in millions

23 231Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Integrated Receivables 24% Merchant Processing 21% Online Payments 24% Other Electronic Payments 31% ▪ Last twelve months segment revenue at $22.5 million, a decrease of 2% over the prior twelve-month period ▪ 1Q25 segment revenue of $5.4 million ▪ Key competencies of integrated receivables, merchant services, and online payments will be key drivers of future growth - solid pipeline growth across competencies ▪ Winning new opportunities within client’s payments ecosystems due to higher quality service levels and ability to onboard new clients much quicker than competitors Transactions processed LTM 45 million $11 billion Payments processed LTM Average Revenue Per Processing Day Trend $78.5K $78.2K $87.5K $84.0K $87.2K $88.3K $91.5K $89.1K $89.9K $93.4K $96.3K $98.1K $86.7K 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 +3% 3-Year CAGR FirsTech 1 Revenue equates to all revenue sources tied to FirsTech and excludes intracompany eliminations ▪ 50%+ YoY revenue growth ▪ Two largest deals in FirsTech history signed in 2024 ▪ During 3Q24, opened processing site in Glenview, IL to support scale in Chicagoland; multiple new client opportunities generated because of this new capture location ▪ Serving over 1,000 merchant accounts ▪ High referral rate from Busey Bank and successful partnerships closed with existing commercial clients ▪ Expansions of merchant referral program with CrossFirst clients ▪ 73%+ merchant pipeline growth YoY ▪ Recent launch of innovative and configurable consumer payment platform has driven refreshed client interest ▪ Early success from new and existing customers, indicated by strong Net Promoter Score (NPS) results ▪ PayFusion product (comprehensive payments platform for businesses) has continued to receive positive feedback from customers & partners Merchant Processing Online Payments $22.5 million LTM Revenue1 1Q25 FirsTech Revenue Mix Integrated Receivables

24 241Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE U.S. Treas. & Agencies 4% Municipals 8% CMOs 30% Residential MBS 29% Commercial MBS 15% CLOs 10% Corporate 4% $3,018 $2,937 $2,859 $2,882 $3,290 $2,156 $2,086 $2,020 $2,055 $2,475 $862 $851 $839 $827 $815 2.75% 2.73% 2.70% 2.66% 3.20% Amortized Cost AFS Amortized Cost HTM Tax Equivalent Yield 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 Balanced, Low-Risk, Short Duration Investment Portfolio Securities Portfolio - Amortized Cost vs. TE Yield Investment Portfolio Composition All Mortgage-Backed Securities & Collateralized Mortgage Obligations are Agency | 94% of Municipal holdings rated AA or better and 6% rated A | 98% of Corporate holdings are investment grade | Collateralized Loan Obligation portfolio consists of 86% rated AAA and 14% rated AA Municipals 5% CMOs 33% Residential MBS 26% Commercial MBS 18% CLOs 12% Corporate 6% Total Securities (Amortized Cost): $2.9 Billion $ in millions AFS % of Amortized Cost 75% HTM % of Amortized Cost 25% 1Q254Q24 Total Securities (Amortized Cost): $3.3 Billion ▪ Tax equivalent yield increased by 54 bps QoQ after combined portfolio repositioning actions undertaken during 1Q25 ▪ BUSE carried $815 million in held-to-maturity (HTM) securities as of 3/31/25 (HTM AOCI of -$23 million at 3/31/25) ▪ After-tax net AFS unrealized loss position of $133 million and accumulated loss position of $17 million on cash flow hedges (captured in total AOCI) ▪ Projected roll off cash flow (based on static rates) of $302 million at ~2.55% yield for 2025 and $308 million at ~2.59% yield for 2026 Duration 4.4 years Modified Duration (ex-HTM) 4.2 years ▪ Shifted the mix of the combined securities portfolio to achieve optimal balance across risk & income spectrum via repositioning of both marked CrossFirst portfolio and legacy AFS Busey portfolio ▪ Carrying value of investment portfolio is 17% of total assets, down from 24% in 4Q24

25 251Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 1Q25 Balance Sheet Repositioning ▪ $203 million of available-for-sales securities sold in late March ▪ Pre-tax loss of $15.5 million ▪ Approximate yield of 1.7% and weighted average life of 2.9 years at the time of sale Securities Sold Use of Proceeds ▪ Immediate positive impact on consolidated stockholders’ equity and book value per share ▪ Expected to be accretive to capital and earnings per share in future periods Net Gain from combined transactions ▪ Proceeds used to purchase $203mm of securities with total approximate yield of 5.2% and duration of 3.9 years ▪ Securities purchases approximately allocated at ~46% MBS, ~31% CMO, ~23% CLO Net Interest Income Impact ▪ Expected to increase net interest income by approximately $7.1 million on annualized run rate basis ▪ Repositioning actions improves net interest margin run rate by approximately 4 bps, to be fully realized in 2Q25 Legacy Busey strategic balance sheet repositioning Regulatory Capital Impact ▪ Risk-based regulatory capital ratios will increase modestly as a result of the proceeds rotating into lower risk-weighted assets Previously announced two-part balance sheet repositionings in a separate set of transactions during 1Q24 involving 4Q23 involving selling $110 million of AFS securities for pre-tax loss of $5.3 million and selling Visa Class B common shares for pre-tax gain of $5.5 million CrossFirst Bank balance sheet repositioning strategy ▪ $371 million of available-for-sales securities sold (~50% of total CrossFirst investment portfolio at close) ▪ Securities all marked-to-market at close of CrossFirst acquisition on 3/1/25 ▪ Municipals represented ~50% of the sold securities, for better alignment of combined portfolio exposure ▪ Approximate yield of 4.4% and duration of 4.4 years Securities Sold Use of Proceeds ▪ $150 million of proceeds invested in securities at total approximate yield of 5.2% and duration of 3.9 years ▪ Remaining proceeds held in cash will primarily be used to pay off ~$220 million of maturing CrossFirst brokered CDs that are at a 4.8% approximate rate

26 261Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE ▪ Balance sheet well-positioned for rate neutrality ▪ A +100 bps rate shock for Year 1 is +1.8% vs. +2.0% in 4Q24 ▪ A -100 bps rate shock for Year 1 is -1.7% vs. -1.8% in 4Q24 ▪ Continue to evaluate off-balance sheet hedging strategies as well as embedding rate protection in our asset originations to provide stabilization to net interest income in lower rate environments ▪ Vigilant focus on pricing discipline and term structure for both loans and deposits ▪ 62% of loan portfolio is floating/adjustable rate ▪ 64% of floating rate loans are tied to SOFR, 27% to WSJ Prime and 9% to Treasuries/Other 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 Annual % Change in Net Interest Income under Shock Scenarios Repricing / Maturity Structures of Portfolio Loans Consolidated Deposit Cost of Funds Rate Shock Year 1 Year 2 +200 bps +3.6 % +5.2 % +100 bps +1.8 % +2.6 % -100 bps -1.7 % -3.2 % -200 bps -2.9 % -6.2 % Within 1 Year 46% 1-2 Years 9% 2-3 Years 9% 3-5 Years 14% 5+ Years 22% 21% 36% 41% 49% 26% 29% 34% 42% IB Non-Maturity Beta Total Deposit Beta 3Q15 - 2Q19 (+225 bps move in FF) 3Q19 - 4Q21 (-225 bps move in FF) 1Q22 - 3Q24 (+525 bps move in FF) 3Q24 - Present (-100 bps move in FF) ALCO Model Forecast - Peak NM Deposits Beta, 46% ALCO Model Forecast - Peak Total Deposits Beta, 35% Based on Static Balance Sheet In the current easing cycle, we estimate reaching a 30%-35% IB NM beta and a 25% total deposit beta by mid-year, and stabilizing at a ~30% longer run total deposit beta for the cycle Easing Cycle Beta 2025 Fixed Rate Balances Repricing Current Weighted Average Rate $664 million 4.9% 57% 7% 8% 6% 22% Fixed Float 2025 2026 2027 2028 Thereafter Deposit betas increased with the higher mix of indexed & wholesale deposits and after further reduction of brokered deposits. Presented below is a five-quarter 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 45%-50% beta range is anticipated for the combined company. 32% 32% 34% 36% 42% Total Cost of Deposits as % of Fed Funds 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 1 Cost of deposits as a percentage of Fed Funds are calculated based on an average fed funds target rate of 5.50% (1Q24, 2Q24), 5.43% for 3Q24, 4.82% for 4Q24, and 4.50% for 1Q25

27 271Q25 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 ▪ Continue to be mindful and diligent on expenses in the current operating environment; focused on employing the best talent and deploying a best-in- class product set to position the company for future growth ▪ Adjusted core expenses1 of $82.9 million in 1Q25 ▪ Adjusted core expense to average assets1 of 2.27% for 1Q25 ▪ $6.8 million of average earning assets per employee for 1Q25 ▪ Non-operating other expenses during 1Q25 were comprised of $26.0 million of expenses primarily related to CrossFirst acquisition and restructuring expenses ▪ The run rate for quarterly pre-tax expense synergies from the M&M acquisition achieved 99% realization in 1Q25, with the final takeout confirmed to occur in 2Q25; fully realized savings are $1.65 million+ per quarter ▪ Anticipate cost saves of ~$25 million (~70% personnel) from the CrossFirst acquisition ▪ Projecting 50% overall realization in 2025 and 100% in 2026 ▪ Some cost saves have begun to materialize, with most savings events occurring in 2H25 and the majority of savings to be out of expense run rate by 12/31/25 $70.8 $75.5 $76.0 $78.2 $115.2 62.3% 60.9% 60.2% 61.8% 58.7% Expenses ex-Acq. Acquistion & Restruct. Exp. Adj. Efficiency Ratio¹ 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 $ in millions Noninterest Exp. $70.8 $75.5 $75.9 $78.2 $115.2 Amort. of Intangibles $2.4 $2.6 $2.5 $2.5 $3.1 NIE ex- Intangibles Amort. 1 $68.4 $72.9 $73.4 $75.7 $112.1 Acquistion & Restruct. Exp. $0.4 $2.2 $1.9 $3.6 $26.0 Provision for Unfunded Comm. -$0.7 -$0.4 $0.4 -$0.5 $3.1 Adjusted NIE 1 $68.6 $71.1 $71.0 $72.6 $82.9 Noninterest Expense Focused Control on Expenses

28 281Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Tangible Common Equity 1 & CET1 Ratios 2 1 Non-GAAP calculation, see Appendix | 2 1Q25 capital ratios are preliminary estimates $931 $963 $1,035 $1,017 $1,676 8.1% 8.3% 8.9% 8.7% 8.8% 13.4% 13.2% 13.8% 14.1% 12.0% TCE TCE Ratio CET1 Ratio 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 $1,556 $1,589 $1,610 $1,626 $2,325 $868 $908 $885 $877 $1,563$689 $681 $725 $749 $761 17.9% 17.5% 18.2% 18.5% 14.9% 10.0% Well Cap Min Excess over Min Total Capital Ratio Min Ratio 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 $1,241 $1,275 $1,297 $1,314 $1,883 10.5% 10.7% 11.0% 11.1% 13.0% 4.0% Tier 1 Capital Leverage Ratio Min Ratio 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 $ in millions Common Equity Tier 1 Ratio Tier 1 Capital Ratio Total Capital Ratio Capital Ratio 12.0 % 12.0 % 14.9 % Minimum Well Capitalized Ratio 6.5 % 8.0 % 10.0 % Amount of Capital $1,875 $1,883 $2,325 Well Capitalized Minimum $1,016 $1,251 $1,563 Excess over Well Capitalized Minimum $859 $632 $762 $ in millions $ in millions $ in millions Robust Capital Foundation Total Capital Ratio 2 Leverage Ratio 2 Consolidated Capital as of 3/31/25 2

Appendix

30 301Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Has served as Vice Chairman & President of First Busey Corporation and President & CEO of Busey Bank since March 2025. He also serves as Chairman of FirsTech, Inc. Prior to its merger with Busey in 2025, Mr. Maddox served as President and CEO of CrossFirst Bankshares, Inc. since June 1, 2020, and CEO of CrossFirst Bank since November 28, 2008. He served as President of CrossFirst Bank from November 2008 until June 2022 when the roles of CEO and President of the Bank were split. He is involved with a number of community organizations, including the Kansas City Civic Council. Has served as Chairman & CEO of First Busey since 2007 and became Chairman of the Board effective July 2020. Also serves as Chairman of Busey Bank, along with a director of FirsTech. Offers 40 years of diverse financial services experience and extensive board involvement with a conservative operating philosophy and management style that focuses on Busey’s associates, customers, communities and shareholders. He also serves on the board of directors for Desert Mountain Club and the Champaign Illinois Kennel Club. Van A. Dukeman Chairman & CEO of First Busey Corporation Chairman of Busey Bank Experienced Management Team Mike J. Maddox Vice Chairman & President of First Busey Corporation President & CEO of Busey Bank Joined Busey in 2008 and has nearly 30 years of financial and leadership experience. Oversees various areas at Busey and its subsidiaries, including human resources, corporate communications, executive administration, marketing, the overall Busey experience, enterprise and strategic projects, as well as consumer and digital banking. Prior to Busey, Mrs. Randolph worked for 10+ years with CliftonLarsonAllen LLP. She also serves on the board of directors for the Illinois Bankers Association and Illinois Bankers Business Services. Amy L. Randolph EVP & Chief Operating Officer Joined Busey in January 2020 with over 25 years of financial leadership experience, including a 16-year tenure with KeyCorp. Oversees various areas at Busey and its subsidiaries, including enterprise, operational and third- party risk management, compliance, fair and responsible banking, vendor management, model risk, business continuity and information security. She is the Chair of the Board for the Cleveland Hearing and Speech Center and also serves on the ProSight Financial Association Board of Directors. Monica L. Bowe EVP & Chief Risk Officer Joined Busey in 2025 with the CrossFirst Bankshares merger and oversees various areas at Busey and its subsidiaries, including all information technology and business services and systems, service support, enterprise lending services, enterprise deposits and payments, and facilities. Prior to Busey’s acquisition of CrossFirst Bankshares, Inc. in March 2025, Ms. Fauss held multiple executive leadership roles with CrossFirst Bank, most recently serving as Chief Operating Officer. She serves as Secretary of the Down Syndrome Innovations Board of Directors, on the Kansas City Board of Directors as Immediate Past President of Breakthrough T1D (formerly JDRF) and is involved with the American Heart Association’s Go Red for Women. Amy J. Fauss EVP & Chief Information and Technology Officer Joined Busey in 2011 and has over 20 years of experience in the financial services industry, including more than 18 years in banking. Mr. Jorstad oversees all aspects of credit administration at Busey Bank, including commercial and consumer credit, portfolio monitoring and special assets. In addition, he oversees Busey’s Life Equity Lending (LEL) group. Before being named Chief Credit Officer in 2025, he was President of Credit and Bank Administration for three years after serving as Co-Chief Banking Officer from 2020 to 2022. Mr. Jorstad has also held the role of Regional President for Commercial Banking—overseeing business banking efforts, including Agricultural, Commercial, Construction and Real Estate financing. He also serves on the board of directors for Intersect Illinois and the St. Matthew Education Commission in Champaign, IL. Chip Jorstad EVP & Chief Credit Officer Joined Busey in 2019 and was named Interim Chief Financial Officer in February 2025. Mr. Phillips is a Certified Public Accountant. Prior to his current role, he served as Corporate Controller and Principal Accounting Officer for Busey. With more than 20 years professional experience— 15 of which are in banking—Mr. Phillips started his career as a Senior Auditor at Deloitte and Touche before becoming the SEC Reporting Project Manager at BB&T Corporation (now Truist Financial). He also served as the Director of Financial Reporting and Chief Accounting Officer for Florida Community Bank. Mr. Phillips is an active member of the American Institute of Certified Public Accountants (AICPA). Scott A. Phillips EVP & Interim Chief Financial Officer and Chief Accounting Officer Joined Busey in December 2011 and has over 40 years of legal experience. He oversees all legal matters and leads Busey’s corporate governance efforts. Prior to joining Busey, he was a shareholder in the law firm of Meyer Capel. Mr. Powers serves on the board of trustees for Holy Cross Church and the board of directors for St. Thomas More High School in Champaign, IL. John J. Powers EVP & General Counsel

31 311Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE $13.7 Billion Assets Under Care LTM Revenue1 $66.8 Million PT Margin LTM 45.8% Core Principles I. Client-Focused Strategy Trusted fiduciaries that identify prudent financial solutions to meet client-specific needs and objectives and help clients make better decisions about their wealth II. Team-Based Approach Collaborative team of experienced, credentialed professionals with broad resources that excels in developing unique solutions for clients III. Comprehensive Wealth Management Fully internalized investment office and an investment philosophy that uses a tailored approach to provide proactive advice, empowering clients to make appropriate financial choices to meet their goals in every aspect of their financial health INVESTMENT MANAGEMENT ▪ Preserving and growing wealth with enhanced asset allocation & tax efficient strategies As of 3/31/25 Fully Integrated Wealth Platform PERSONAL SERVICES ▪ Family Office ▪ High Net Worth ▪ Mass Affluent and Emerging Wealth INSTITUTIONAL SERVICES ▪ Retirement Plans ▪ Corporations & Municipalities ▪ Foundations and Endowments ▪ Not-for-Profit Organizations Wealth Client Segments TAX PLANNING & PREPARATION ▪ Deduction maximization, capital event planning, tax-advantaged savings & investment strategies FIDUCIARY ADMINISTRATION ▪ Trust services, estate planning, and philanthropic advisory PRIVATE CLIENT ▪ Concierge banking with one point of contact that coordinates all banking needs AG SERVICES ▪ Farm management and brokerage RETIREMENT PLANNING ▪ Goal-based advisory including life insurance, long-term care, executive stock option strategies Integrated Core Capabilities to Service Personal & Institutional Clients 1 Wealth Management segment

32 321Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE FirsTech, A Uniquely Positioned Payment Technology Company Integrated Receivables Electronic Payments Merchant Services Services Services Services Sales Channels Sales Channels Sales Channels Lines of Business Lines of BusinessLines of Business ▪ Lockbox ▪ eLockbox ▪ Online (Core) ▪ Customer Service Rep., Mobile, Interactive Voice Response (IVR) ▪ Internet Agent Service, Walk-in ▪ Statement of Work (SOW), Time & Materials ▪ Point of Sale ▪ Online ▪ Enterprise Sales Team ▪ Financial Institutions (FI) Sales Team ▪ FI Reseller Sales ▪ Partnerships ▪ Enterprise Sales Team ▪ FI Sales Team ▪ FI Reseller Sales ▪ Partnerships ▪ Merchant Sales Team ▪ Agent Referrals ▪ FI Reseller Sales ▪ Partnerships ▪ Financial Institutions ▪ Municipalities, Government ▪ Utilities, Telecom, Insurance ▪ Health ▪ Financial Institutions ▪ Municipalities, Government ▪ Utilities, Telecom, Insurance ▪ Health ▪ Small and medium-sized businesses (SMB) ▪ Financial Institutions ▪ Municipalities, Government ▪ Utilities, Telecom, Insurance ▪ Health ▪ SMB Payments Segments $11 Billion Payments Processed LTM Transactions Processed LTM 45 Million LTM Revenue 1 $22.5 Million As of 3/31/25 1 Revenue equates to all revenue sources tied to FirsTech and excludes intracompany eliminations

33 331Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE FirsTech, A Uniquely Positioned Payment Technology Company Through continued growth of the Busey/FirsTech relationship and new opportunities for collaboration, FirsTech is uniquely positioned to leverage our relationship to grow in both Enterprise and FI verticals. Verticals & Products

34 341Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Estimated accretion schedule of loan discounts based on anticipated contractual cash flows assuming forward curve In addition to CrossFirst Bankshares acquisition completed 3/1/25, these projections include remaining purchase accounting impact from prior M&A transactions, including acquisition of Merchants & Manufacturers Bank Corporation completed on 4/1/24 Purchase Accounting Projections ($ in thousands) Actuals Projected Accretion/Amortization Impact Item ($ in thousands) 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 4Q26 Thereafter Loans Accretion 2,272 5,533 5,364 4,787 4,317 4,095 3,856 3,573 73,657 CD Accretion 659 921 135 -5 -8 -6 -7 -5 289 Borrowings Amortization -203 -378 -369 -370 -367 -358 -358 -359 -3,694 Net NII Impact 2,728 6,076 5,130 4,412 3,942 3,731 3,491 3,209 70,252 Core Deposit Intangible & Wealth Intangibles Amortization -3,083 -4,818 -4,738 -4,662 -4,489 -4,429 -4,349 -4,280 -74,025 Total Pre-Tax Income Impact -355 1,258 392 -250 -547 -698 -858 -1,071 -3,773

35 351Q25 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 reconciliations to 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.

36 361Q25 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE ___________________________________________ 1. For the three months ended March 31, 2025, the provision for unfunded commitments included Day 2 provision expense of $3,139 thousand recorded in connection with the CrossFirst merger. 2. Annualized measure. Non-GAAP Financial Information (Unaudited) Pre-Provision Net Revenue and Related Measures Three Months Ended (dollars in thousands) March 31, 2025 December 31, 2024 March 31, 2024 Net interest income (GAAP) $ 103,731 $ 81,578 $ 75,854 Total noninterest income (GAAP) 21,223 35,221 34,913 Net security (gains) losses (GAAP) 15,768 196 6,375 Total noninterest expense (GAAP) (115,171) (78,167) (70,769) Pre-provision net revenue (Non-GAAP) [a] 25,551 38,828 46,373 Acquisition and restructuring expenses 26,026 3,585 408 Provision for unfunded commitments1 3,141 (455) (678) Realized (gain) loss on the sale of mortgage service rights — — (7,465) Adjusted pre-provision net revenue (Non-GAAP) [b] $ 54,718 $ 41,958 $ 38,638 Average total assets [c] 14,831,298 12,085,993 12,024,208 Pre-provision net revenue to average total assets (Non-GAAP)2 [a÷c] 0.70 % 1.28 % 1.55 % Adjusted pre-provision net revenue to average total assets (Non-GAAP)2 [b÷c] 1.50 % 1.38 % 1.29 %

37 371Q25 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 (dollars in thousands, except per share amounts) March 31, 2025 December 31, 2024 March 31, 2024 Net income (loss) (GAAP) [a] $ (29,990) $ 28,105 $ 26,225 Acquisition expenses 26,026 2,469 285 Restructuring expenses — 1,116 123 Day 2 provision for credit losses1 42,433 — — Day 2 provision for unfunded commitments2 3,139 — — Net securities (gains) losses 15,768 196 6,375 Realized net (gains) losses on the sale of mortgage servicing rights — — (7,465) Related tax (benefit) expense4 (22,069) (1,014) 170 One-time deferred tax valuation adjustment3 4,591 — — Adjusted net income (Non-GAAP)5 [b] $ 39,898 $ 30,872 $ 25,713 Weighted average number of common shares outstanding, diluted (GAAP) [c] 68,517,647 57,934,812 56,406,500 Diluted earnings (loss) per common share (GAAP) [a÷c] $ (0.44) $ 0.49 $ 0.46 Weighted average number of common shares outstanding, diluted (Non-GAAP)6 [d] 69,502,717 57,934,812 56,406,500 Adjusted diluted earnings per common share (Non-GAAP) [b÷d] $ 0.57 $ 0.53 $ 0.46 Average total assets [e] $ 14,831,298 $ 12,085,993 $ 12,024,208 Return on average assets (Non-GAAP)7 [a÷e] (0.82) % 0.93 % 0.88 % Adjusted return on average assets (Non-GAAP)7 [b÷e] 1.09 % 1.02 % 0.86 % Average common equity $ 1,932,407 $ 1,396,939 $ 1,275,724 Average goodwill and other intangible assets, net (411,020) (367,400) (353,014) Average tangible common equity (Non-GAAP) [f] $ 1,521,387 $ 1,029,539 $ 922,710 Return on average tangible common equity (Non-GAAP)7 [a÷f] (7.99) % 10.86 % 11.43 % Adjusted return on average tangible common equity (Non-GAAP)7 [b÷f] 10.64 % 11.93 % 11.21 % ___________________________________________ 1. Day 2 allowance for credit losses was recorded in connection with the CrossFirst merger to establish an allowance on non-PCD loans, and is reflected within the provision for credit losses line on the Statement of Income. 2. The Day 2 provision for unfunded commitments was recorded in connection with the CrossFirst merger, and is reflected within the other noninterest income line, as a component of total noninterest income, on the Statement of Income. 3. Tax benefits were calculated using tax rates of 25.3%, 26.8%, and 24.9% for the three months ended March 31, 2025, December 31, 2024, and March 31, 2024, respectively. 4. The deferred tax valuation adjustment was recorded in connection with the CrossFirst merger and relates to the expansion of Busey’s footprint into new states. The deferred tax valuation adjustment is 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. Dilution includes shares that would have been dilutive if there had been net income during the period. 7. Annualized measure.

38 381Q25 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 (dollars in thousands) March 31, 2025 December 31, 2024 March 31, 2024 Net interest income (GAAP) $ 103,731 $ 81,578 $ 75,854 Tax-equivalent adjustment1 537 446 449 Tax-equivalent net interest income (Non-GAAP) [a] 104,268 82,024 76,303 Purchase accounting accretion related to business combinations (2,728) (812) (204) Adjusted net interest income (Non-GAAP) [b] $ 101,540 $ 81,212 $ 76,099 Average interest-earning assets (Non-GAAP) [c] $ 13,363,594 $ 11,048,350 $ 11,005,903 Net interest margin (Non-GAAP)2 [a÷c] 3.16 % 2.95 % 2.79 % Adjusted net interest margin (Non-GAAP)2 [b÷c] 3.08 % 2.92 % 2.78 % ___________________________________________ 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.

39 391Q25 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. For the three months ended March 31, 2025, the provision for unfunded commitments included Day 2 provision expense of $3,139 thousand recorded in connection with the CrossFirst merger. 3. Beginning in 2025, Busey revised its calculation of adjusted noninterest expense and the adjusted efficiency ratio for all periods presented to include, as applicable, adjustments for the provision for unfunded commitments. In 2024, these adjustments were previously presented as adjustments for adjusted core expense and the adjusted core efficiency ratio. 4. Annualized measure. Adjusted Noninterest Income, Revenue Measures, Adjusted Noninterest Expense, Efficiency Ratios, and Adjusted Noninterest Expense to Average Assets Three Months Ended (dollars in thousands) March 31, 2025 December 31, 2024 March 31, 2024 Net interest income (GAAP) [a] $ 103,731 $ 81,578 $ 75,854 Tax-equivalent adjustment1 537 446 449 Tax-equivalent net interest income (Non-GAAP) [b] 104,268 82,024 76,303 Total noninterest income (GAAP) 21,223 35,221 34,913 Net security (gains) losses 15,768 196 6,375 Noninterest income excluding net securities gains and losses (Non-GAAP) [c] 36,991 35,417 41,288 Realized net (gains) losses on the sale of mortgage servicing rights — — (7,465) Adjusted noninterest income (Non-GAAP) [d] $ 36,991 $ 35,417 $ 33,823 Tax-equivalent revenue (Non-GAAP) [e = b+c] $ 141,259 $ 117,441 $ 117,591 Adjusted tax-equivalent revenue (Non-GAAP) [f = b+d] $ 141,259 $ 117,441 $ 110,126 Operating revenue (Non-GAAP) [g = a+d] $ 140,722 $ 116,995 $ 109,677 Adjusted noninterest income to operating revenue (Non-GAAP) [d÷g] 26.29 % 30.27 % 30.84 % Total noninterest expense (GAAP) $ 115,171 $ 78,167 $ 70,769 Amortization of intangible assets (3,083) (2,471) (2,409) Noninterest expense excluding amortization of intangible assets (Non-GAAP) [h] 112,088 75,696 68,360 Acquisition and restructuring expenses (26,026) (3,585) (408) Provision for unfunded commitments2 (3,141) 455 678 Adjusted noninterest expense (Non-GAAP)3 [i] $ 82,921 $ 72,566 $ 68,630 Efficiency ratio (Non-GAAP) [h÷e] 79.35 % 64.45 % 58.13 % Adjusted efficiency ratio (Non-GAAP)3 [i÷f] 58.70 % 61.79 % 62.32 % Average total assets [j] $ 14,831,298 $ 12,085,993 $ 12,024,208 Adjusted noninterest expense to average assets (Non-GAAP)4 [i÷j] 2.27 % 2.39 % 2.30 %

40 401Q25 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) March 31, 2025 December 31, 2024 March 31, 2024 Total assets (GAAP) $ 19,464,252 $ 12,046,722 $ 11,887,458 Goodwill and other intangible assets, net (496,118) (365,975) (351,455) Tangible assets (Non-GAAP)1 [a] $ 18,968,134 $ 11,680,747 $ 11,536,003 Total stockholders' equity (GAAP) $ 2,179,606 $ 1,383,269 $ 1,282,651 Preferred stock and additional paid in capital on preferred stock (7,750) — — Common equity [b] $ 2,171,856 $ 1,383,269 $ 1,282,651 Goodwill and other intangible assets, net (496,118) (365,975) (351,455) Tangible common equity (Non-GAAP)1 [c] $ 1,675,738 $ 1,017,294 $ 931,196 Tangible common equity to tangible assets (Non-GAAP)1 [c÷a] 8.83 % 8.71 % 8.07 % Ending number of common shares outstanding (GAAP) [d] 90,008,178 56,895,981 55,300,008 Book value per common share (Non-GAAP) [b÷d] $ 24.13 $ 24.31 $ 23.19 Tangible book value per common share (Non-GAAP) [c÷d] $ 18.62 $ 17.88 $ 16.84 Core Deposits and Related Ratio As of (dollars in thousands) March 31, 2025 December 31, 2024 March 31, 2024 Total deposits (GAAP) [a] $ 16,459,470 $ 9,982,490 $ 9,960,191 Brokered deposits, excluding brokered time deposits of $250,000 or more (722,309) (13,090) (6,001) Time deposits of $250,000 or more (967,262) (334,503) (326,795) Core deposits (Non-GAAP) [b] $ 14,769,899 $ 9,634,897 $ 9,627,395 Core deposits to total deposits (Non-GAAP) [b÷a] 89.73 % 96.52 % 96.66 %


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