July 26, 2022

First Busey Announces 2022 Second Quarter Earnings

CHAMPAIGN, IL – (GLOBE NEWSWIRE) – First Busey Corporation (Nasdaq: BUSE)

Message from our Chairman & CEO

Second Quarter 2022 Highlights:

●Second quarter 2022 net income of $29.8 million and diluted EPS of $0.53

●Second quarter 2022 adjusted net income¹ of $30.1 million and adjusted diluted EPS¹ of $0.54

●Second quarter 2022 net income and adjusted net income include the impact of net security losses of $1.7 million

●Core loan¹ growth of $249.1 million in the second quarter of 2022, representing a 13.8% annualized growth rate

●Second quarter 2022 net interest margin reflects a 23 basis point increase over last quarter

●Non-performing assets of 0.15% of total assets and annualized net charge-off ratio of 0.06% in the second quarter

●Busey Wealth Management revenue of $14.1 million in the second quarter of 2022

●FirsTech revenue² of $5.4 million for the second quarter of 2022, up from $4.8 million for the second quarter of 2021, representing 10.8% year-over-year growth

●Completed $100 million subordinated debt issuance to enhance capital and liquidity positions

●For additional information, please refer to the 2Q22 Quarterly Earnings Supplement

Second Quarter Financial Results

Net income for First Busey Corporation (“First Busey” or the “Company”) for the second quarter of 2022 was $29.8 million, or $0.53 per diluted common share, compared to $28.4 million, or $0.51 per diluted common share, for the first quarter of 2022, and $29.8 million, or $0.53 per diluted common share, for the second quarter of 2021. Adjusted net income¹ for the second quarter of 2022 was $30.1 million, or $0.54 per diluted common share, compared to $29.1 million, or $0.52 per diluted common share, for the first quarter of 2022, and $31.9 million, or $0.57 per diluted common share, for the second quarter of 2021. For the second quarter of 2022, annualized return on average assets and annualized return on average tangible common equity¹ were 0.96% and 14.50%, respectively. Based on adjusted net income¹, annualized return on average assets was 0.97% and annualized return on average tangible common equity¹ was 14.62% for the second quarter of 2022.

Pre-provision net revenue¹ for the second quarter of 2022 was $39.6 million, compared to $36.1 million for the first quarter of 2022 and $34.0 million for the second quarter of 2021. Adjusted pre-provision net revenue¹ for the second quarter of 2022 was $41.3 million, compared to $39.4 million for the first quarter of 2022 and $37.5 million for the second quarter of 2021. Pre-provision net revenue to average assets¹ for the second quarter of 2022 was 1.27%, compared to 1.16% for the first quarter of 2022, and 1.20% for the second quarter of 2021. Adjusted pre-provision net revenue to average assets¹ for the second quarter of 2022 was 1.33%, compared to 1.26% for the first quarter of 2022 and 1.32% for the second quarter of 2021.

The Company experienced its fifth consecutive quarter of strong core loan¹ growth. Core loan¹ growth of $249.1 million in the second quarter of 2022 follows $127.1 million in the first quarter of 2022, and compares to $142.0 million in the second quarter of 2021. Over the last four quarters, the Company has generated $694.9 million in core loan¹ growth, equating to a year-over-year growth rate of 10.2%.

The Company’s second quarter 2022 results include provision expense of $1.7 million for credit losses and a provision release of $0.3 million for unfunded commitments. The total allowance for credit losses was $88.8 million at June 30, 2022, representing 1.18% of both total portfolio loans outstanding and core loans¹. The Company recorded net charge offs of $1.1 million in the second quarter of 2022. Second quarter results also include net security losses of $1.7 million, compared to losses of $0.6 million in the first quarter of 2022 and $0.9 million of gains in the second quarter of 2021. Losses in the second quarter of 2022 were primarily unrealized, related to equity securities market valuations.

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

² Revenue from the Company’s subsidiary, FirsTech, Inc. (FirsTech), excluding intracompany eliminations.

Our fee-based businesses continue to add revenue diversification. In the second quarter of 2022, wealth management fees were $14.1 million, compared to $15.8 million in the first quarter of 2022 and $13.0 million in the second quarter of 2021, representing 8.7% year-over-year growth. The quarter-over-quarter decline in wealth management fees is primarily attributable to customary seasonality in farm management income as well as declines in market valuations. Consolidated revenue from payment technology solutions from FirsTech was $4.9 million in the second quarter of 2022, compared to $5.1 million in the first quarter of 2022 and $4.5 million in the second quarter of 2021, representing 7.9% year-over-year growth. Fees for customer services were $9.6 million in the second quarter of 2022, compared to $8.9 million in the first quarter of 2022 and $8.6 million in the second quarter of 2021, representing 11.3% year-over-year growth.

The Company views certain non-operating items, including acquisition-related and other restructuring charges, as adjustments to net income reported under U.S. generally accepted accounting principles (GAAP). Non-operating pretax adjustments for the second quarter of 2022 included $0.2 million of expenses related to non-operating professional fees and $0.1 million of fixed asset impairment related to the 2021 Personal Banking Transformation Plan. The Company believes that non-GAAP measures—including pre-provision net revenue, adjusted pre-provision net revenue, pre-provision net revenue to average assets, adjusted pre-provision net revenue to average assets, adjusted net income, adjusted diluted earnings per share, adjusted return on average assets, return on average tangible common equity, adjusted return on average tangible common equity, adjusted net interest income, adjusted net interest margin, adjusted noninterest expense, adjusted core expense, efficiency ratio, adjusted efficiency ratio, adjusted core efficiency ratio, tangible book value per common share, tangible common equity, tangible common equity to tangible assets, core loans, core loans to portfolio loans, core deposits, core deposits to total deposits, and core loans to core deposits—facilitate the assessment of its financial results and peer comparability. A reconciliation of these non-GAAP measures is included in tabular form at the end of this release.

Subordinated debt issuance

To further enhance the Company’s strong capital and liquidity positions, during the second quarter of 2022 First Busey completed a successful public offering of $100.0 million of 5.000% Fixed-To-Floating Rate Subordinated Notes due in 2032. This issuance qualifies as Tier 2 Capital for regulatory purposes, while also significantly bolstering the cash reserves held at the holding company. Using proceeds obtained from this successful public offering, the Company anticipates redeeming, during the third quarter of 2022, $60.0 million of outstanding callable subordinated notes originally issued in 2017.

Community Banking

First Busey’s goal of being a strong community bank begins with outstanding associates. The Company is humbled to be named among the 2021 Best Banks to Work For by American Banker, the 2021 Best Places to Work in Money Management by Pensions and Investments, the 2022 Best Places to Work in Illinois by Daily Herald Business Ledger and the 2022 Best Companies to Work For in Florida by Florida Trend magazine.

As we enter the second half of 2022, we are cognizant of the evolving economic outlook and remain focused on protecting our fortress balance sheet. We are grateful for the opportunities to earn the business of our customers, based on the contributions of our talented associates and the continued support of our loyal shareholders.

/s/ Van A. Dukeman

Chairman, President & Chief Executive Officer

First Busey Corporation


SELECTED FINANCIAL HIGHLIGHTS (unaudited)
(dollars in thousands, except per share amounts)

	Three Months Ended										Six Months Ended
	June 30,			March 31,			June 30,			June 30,			June 30,
	2022			2022			2021			2022			2021
EARNINGS & PER SHARE AMOUNTS
Net income	$	29,824		$	28,439		$	29,766		$	58,263		$	67,582
Diluted earnings per share		0.53			0.51			0.53			1.04			1.22
Cash dividends paid per share		0.23			0.23			0.23			0.46			0.46
Pre-provision net revenue^1, 2		39,569			36,066			34,030			75,635			74,228
Revenue³		108,661			106,442			96,655			215,103			191,352

Net income by operating segments:
Banking		30,499			26,451			29,237			56,950			64,765
FirsTech		397			550			401			947			830
Wealth Management		5,092			5,840			4,885			10,932			9,567

AVERAGE BALANCES
Cash and cash equivalents	$	351,697		$	687,455		$	647,465		$	518,647		$	592,267
Investment securities		3,841,011			3,970,356			3,031,250			3,905,326			2,797,762
Loans held for sale		3,089			11,930			22,393			7,485			26,858
Portfolio loans		7,378,969			7,160,837			6,889,551			7,270,506			6,813,530
Interest-earning assets		11,453,198			11,703,947			10,448,417			11,577,879			10,102,278
Total assets		12,452,070			12,660,939			11,398,655			12,555,928			10,998,672

Noninterest bearing deposits		3,535,110			3,589,952			2,970,890			3,562,380			2,830,646
Interest-bearing deposits		6,971,083			7,027,486			6,432,336			6,999,129			6,234,076
Total deposits		10,506,193			10,617,438			9,403,226			10,561,509			9,064,722

Securities sold under agreements to repurchase and federal funds purchased		235,733			271,095			204,417			253,316			194,610
Interest-bearing liabilities		7,574,677			7,654,661			6,966,046			7,614,448			6,744,850
Total liabilities		11,255,018			11,379,404			10,055,884			11,316,868			9,689,254
Stockholders' equity - common		1,197,052			1,281,535			1,342,771			1,239,060			1,309,418
Average tangible common equity²		825,162			906,724			974,062			865,718			943,700

PERFORMANCE RATIOS
Pre-provision net revenue to average assets^1, 2		1.27	%		1.16	%		1.20	%		1.21	%		1.36	%
Return on average assets		0.96	%		0.91	%		1.05	%		0.94	%		1.24	%
Return on average common equity		9.99	%		9.00	%		8.89	%		9.48	%		10.41	%
Return on average tangible common equity²		14.50	%		12.72	%		12.26	%		13.57	%		14.44	%
Net interest margin^2,⁴		2.68	%		2.45	%		2.50	%		2.56	%		2.61	%
Efficiency ratio²		60.56	%		62.97	%		61.68	%		61.75	%		58.21	%
Noninterest revenue as a % of total revenues³		30.12	%		34.18	%		33.22	%		32.13	%		32.36	%

NON-GAAP FINANCIAL INFORMATION
Adjusted pre-provision net revenue^1, 2	$	41,267		$	39,354		$	37,486		$	80,621		$	80,239
Adjusted net income²		30,081			29,104			31,921			59,185			69,986
Adjusted diluted earnings per share²		0.54			0.52			0.57			1.05			1.26
Adjusted pre-provision net revenue to average assets²		1.33	%		1.26	%		1.32	%		1.29	%		1.47	%
Adjusted return on average assets²		0.97	%		0.93	%		1.12	%		0.95	%		1.28	%
Adjusted return on average tangible common equity²		14.62	%		13.02	%		13.14	%		13.79	%		14.96	%
Adjusted net interest margin^2, 4		2.66	%		2.41	%		2.43	%		2.53	%		2.53	%
Adjusted efficiency ratio²		60.29	%		62.18	%		58.89	%		61.23	%		56.63	%

¹Net interest income plus noninterest income, excluding securities gains and losses, less noninterest expense.
²See “Non-GAAP Financial Information” for reconciliation.
³Revenue consists of net interest income plus noninterest income, excluding securities gains and losses.
⁴On a tax-equivalent basis, assuming a federal income tax rate of 21%.


CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(dollars in thousands, except per share amounts)

	As of
	June 30,		March 31,		December 31,		September 30,		June 30,
	2022		2022		2021		2021		2021
ASSETS
Cash and cash equivalents	$	230,852	$	479,228	$	836,095	$	883,845	$	920,810
Investment securities		3,708,922		3,941,656		3,994,822		4,010,256		3,478,467
Loans held for sale		4,813		6,765		23,875		20,225		17,834

Commercial loans		5,613,955		5,486,817		5,449,689		5,431,342		5,475,461
Retail real estate and retail other loans		1,883,823		1,786,056		1,739,309		1,719,293		1,710,189
Portfolio loans		7,497,778		7,272,873		7,188,998		7,150,635		7,185,650

Allowance for credit losses		(88,757)		(88,213)		(87,887)		(92,802)		(95,410)
Premises and equipment		130,892		133,658		136,147		142,031		145,437
Goodwill and other intangibles		369,962		372,913		375,924		378,891		381,795
Right of use asset		8,615		9,014		10,533		11,068		8,228
Other assets		493,356		439,615		381,182		395,181		372,638
Total assets	$	12,356,433	$	12,567,509	$	12,859,689	$	12,899,330	$	12,415,449

LIABILITIES & STOCKHOLDERS' EQUITY
Noninterest bearing deposits	$	3,505,299	$	3,568,651	$	3,670,267	$	3,453,906	$	3,186,650
Interest checking, savings, and money market deposits		6,074,108		6,132,355		6,162,661		6,337,026		6,034,871
Time deposits		817,821		890,830		935,649		1,026,935		1,115,596
Total deposits	$	10,397,228	$	10,591,836	$	10,768,577	$	10,817,867	$	10,337,117

Securities sold under agreements to repurchase	$	228,383	$	255,668	$	270,139	$	241,242	$	207,266
Short-term borrowings		16,396		17,683		17,678		17,673		30,168
Long-term debt		317,304		265,769		268,773		271,780		274,788
Junior subordinated debt owed to unconsolidated trusts		71,721		71,678		71,635		71,593		71,551
Lease liability		8,655		9,067		10,591		11,120		8,280
Other liabilities		154,789		137,783		133,184		134,979		140,588
Total liabilities	$	11,194,476	$	11,349,484	$	11,540,577	$	11,566,254	$	11,069,758
Total stockholders' equity	$	1,161,957	$	1,218,025	$	1,319,112	$	1,333,076	$	1,345,691
Total liabilities & stockholders' equity	$	12,356,433	$	12,567,509	$	12,859,689	$	12,899,330	$	12,415,449

SHARE AND PER SHARE AMOUNTS
Book value per common share	$	21.00	$	22.03	$	23.80	$	23.88	$	23.89
Tangible book value per common share¹	$	14.31	$	15.29	$	17.01	$	17.09	$	17.11
Ending number of common shares outstanding		55,335,703		55,278,785		55,434,910		55,826,984		56,330,616

¹See "Non-GAAP Financial Information" for reconciliation.


CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
(dollars in thousands, except per share amounts)

	Three Months Ended						Six Months Ended
	June 30,		March 31,		June 30,		June 30,		June 30,
	2022		2022		2021		2022		2021
INTEREST INCOME
Interest and fees on loans held for sale and portfolio	$	65,567	$	60,882	$	61,404	$	126,449	$	123,969
Interest on investment securities		16,671		14,932		10,039		31,603		19,655
Other interest income		358		277		245		635		395
Total interest income	$	82,596	$	76,091	$	71,688	$	158,687	$	144,019

INTEREST EXPENSE
Interest on deposits	$	2,146	$	2,124	$	3,295	$	4,270	$	7,027
Interest on securities sold under agreements to repurchase and federal funds purchased		147		59		60		206		117
Interest on short-term borrowings		147		89		64		236		83
Interest on long-term debt		3,520		3,109		2,995		6,629		5,900
Junior subordinated debt owed to unconsolidated trusts		708		654		732		1,362		1,457
Total interest expense	$	6,668	$	6,035	$	7,146	$	12,703	$	14,584

Net interest income	$	75,928	$	70,056	$	64,542	$	145,984	$	129,435
Provision for credit losses		1,653		(253)		(1,700)		1,400		(8,496)
Net interest income after provision for credit losses	$	74,275	$	70,309	$	66,242	$	144,584	$	137,931

NONINTEREST INCOME
Wealth management fees	$	14,135	$	15,779	$	13,002	$	29,914	$	25,586
Fees for customer services		9,588		8,907		8,611		18,495		16,648
Payment technology solutions		4,888		5,077		4,530		9,965		9,151
Mortgage revenue		284		975		1,747		1,259		4,413
Income on bank owned life insurance		874		884		1,476		1,758		2,440
Net securities gains (losses)		(1,714)		(614)		898		(2,328)		2,539
Other noninterest income		2,964		4,764		2,747		7,728		3,679
Total noninterest income	$	31,019	$	35,772	$	33,011	$	66,791	$	64,456

NONINTEREST EXPENSE
Salaries, wages, and employee benefits	$	38,110	$	39,354	$	34,889	$	77,464	$	65,273
Data processing expense		5,375		4,978		4,819		10,353		9,099
Net occupancy expense		4,720		5,067		4,246		9,787		8,809
Furniture and equipment expense		2,045		2,030		2,066		4,075		4,092
Professional fees		1,607		1,507		2,311		3,114		4,256
Amortization of intangible assets		2,951		3,011		2,650		5,962		5,051
Interchange expense		1,487		1,545		1,442		3,032		2,926
Other operating expenses		12,797		12,884		10,202		25,681		17,618
Total noninterest expense	$	69,092	$	70,376	$	62,625	$	139,468	$	117,124

Income before income taxes	$	36,202	$	35,705	$	36,628	$	71,907	$	85,263
Income taxes		6,378		7,266		6,862		13,644		17,681
Net income	$	29,824	$	28,439	$	29,766	$	58,263	$	67,582

SHARE AND PER SHARE AMOUNTS
Basic earnings per common share	$	0.54	$	0.51	$	0.54	$	1.05	$	1.23
Fully-diluted earnings per common share	$	0.53	$	0.51	$	0.53	$	1.04	$	1.22
Average common shares outstanding		55,421,887		55,427,696		55,050,071		55,424,776		54,762,563
Diluted average common shares outstanding		56,104,017		56,194,946		55,730,883		56,149,466		55,384,942

Balance Sheet Growth

Our balance sheet remains a source of strength. Total assets were $12.36 billion at June 30, 2022, compared to $12.57 billion at March 31, 2022, and $12.42 billion at June 30, 2021. At June 30, 2022, portfolio loans were $7.50 billion, compared to $7.27 billion as of March 31, 2022, and $7.19 billion as of June 30, 2021. Amortized costs of Paycheck Protection Program (PPP) loans of $7.6 million, $31.8 million, and $390.4 million are included in the June 30, 2022, March 31, 2022, and June 30, 2021, portfolio loan balances, respectively. During the second quarter of 2022, Busey Bank experienced another strong quarter of core loan¹ growth of $249.1 million, consisting of growth in commercial balances² of $151.3 million and growth in retail real estate and retail other balances of $97.8 million. Growth was principally driven by our Northern Illinois and Central Illinois regions. As has been our practice, we remain steadfast in our disciplined underwriting.

Average portfolio loans were $7.38 billion for the second quarter of 2022, compared to $7.16 billion for the first quarter of 2022 and $6.89 billion for the second quarter of 2021. The average balance of PPP loans for the second quarter of 2022 was $19.3 million, compared to $51.5 million for the first quarter of 2022 and $496.2 million for the second quarter of 2021. Average interest-earning assets for the second quarter of 2022 were $11.45 billion, compared to $11.70 billion for the first quarter of 2022, and $10.45 billion for the second quarter of 2021.

Total deposits were $10.40 billion at June 30, 2022, compared to $10.59 billion at March 31, 2022, and $10.34 billion at June 30, 2021. Fluctuations in deposit balances can be attributed to the retention of PPP loan funding in customer deposit accounts, the impacts of fiscal stimulus, inflation and related economic effects on our customers, as well as typical seasonality aspects within our portfolio, and other core deposit¹ growth. The Company remains funded substantially through core deposits¹ with significant market share in its primary markets. Core deposits¹ accounted for 98.9% of total deposits as of June 30, 2022. Cost of deposits was 0.08% in the second quarter of 2022, holding steady with the first quarter of 2022. Excluding time deposits, the Company’s cost of deposits was 0.05% in the second quarter of 2022, an increase of 0.01% from March 31, 2022.

During the second quarter of 2022, we redeemed $40.0 million of 3.75% senior notes which matured on May 25, 2022.

Net Interest Margin¹ and Net Interest Income

Net interest margin¹ for the second quarter of 2022 was 2.68%, compared to 2.45% for the first quarter of 2022 and 2.50% for the second quarter of 2021. Excluding purchase accretion, adjusted net interest margin¹ was 2.66% for the second quarter of 2022, compared to 2.41% in the first quarter of 2022 and 2.43% in the second quarter of 2021. Net interest income was $75.9 million in the second quarter of 2022, compared to $70.1 million in the first quarter of 2022 and $64.5 million in the second quarter of 2021.

The Federal Open Market Committee (FOMC) raised rates during the first quarter of 2022, for the first time in three years, and again in both May and June 2022. Rising rates have a positive impact on net interest margin¹, as assets, in particular commercial loans, reprice more quickly and to a greater extent than liabilities. Given the timing of the FOMC meetings in May and June, the full benefit of the associated movement in rates to our net interest margin will be largely realized in subsequent quarters. In general, net interest margins¹ have been impacted over the last two years by PPP loans, significant growth in the Company’s liquidity position, and the issuance of debt. Factors contributing to the 23 basis point increase in net interest margin during the second quarter of 2022 include:

●

Loan growth and higher new volume and repricing rates which contributed +23 basis points

●

Increases in the cash and securities portfolio yield which contributed +7 basis points

●

Reduced volume of PPP loan forgiveness which contributed -3 basis points

●

Reduced recognition of purchase accounting accretion which contributed -2 basis points

●

Increase in borrowing costs contributed -2 basis points

Future FOMC rate decisions are expected to continue to be a net positive to net interest margin. 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 4.3% over the subsequent twelve month period. Market competition for deposits has started to increase and deposits betas are likely to increase going forward, which is factored into our ALCO model. In the second quarter of 2022, our interest-bearing non-maturity deposit beta was 2.7%.

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

² Commercial balances include commercial, commercial real estate, and real estate construction loans.

Asset Quality

Despite a small uptick in non-performing assets in the second quarter of 2022 over the first quarter of 2022, credit quality continues to be exceptionally strong. Loans 30-89 days past due increased to $5.2 million as of June 30, 2022, compared to $3.9 million as of both March 31, 2022, and June 30, 2021. Non-performing loans totaled $17.5 million as of June 30, 2022, compared to $12.7 million as of March 31, 2022, and $28.3 million as of June 30, 2021. The increase in non-performing loans in the second quarter of 2022 is largely attributable to a single borrower in the skilled nursing industry. Continued disciplined credit management resulted in non-performing loans as a percentage of portfolio loans of 0.23% at June 30, 2022, compared to 0.17% as of March 31, 2022, and 0.39% as of June 30, 2021. Excluding the amortized cost of PPP loans, non-performing loans as a percentage of portfolio loans was 0.23% at June 30, 2022, compared to 0.18% at March 31, 2022, and 0.42% at June 30, 2021. Non-performing assets were 0.15% of total assets at the end of the second quarter of 2022, compared to 0.13% at March 31, 2022 and 0.25% at June 30, 2021.

Net charge-offs totaled $1.1 million for the quarter ended June 30, 2022, compared to net recoveries of $0.6 million and net charge-offs of $1.0 million for the quarters ended March 31, 2022, and June 30, 2021, respectively. The increase in net charge-offs in the second quarter of 2022 was principally related to the aforementioned skilled nursing borrower relationship. The allowance as a percentage of portfolio loans was 1.18% at June 30, 2022, compared to 1.21% at March 31, 2022, and 1.33% at June 30, 2021. Excluding the amortized cost of PPP loans, the allowance as a percentage of portfolio loans was 1.18% at June 30, 2022, compared to 1.22% at March 31, 2022, and 1.40% at June 30, 2021. The allowance as a percentage of non-performing loans was 507.36% at June 30, 2022, compared to 695.41% at March 31, 2022, and 336.96% at June 30, 2021.

The Company maintains a well-diversified loan portfolio and, as a matter of policy and practice, limits concentration exposure in any particular loan segment.


ASSET QUALITY (unaudited)
(dollars in thousands)

	As of
	June 30,			March 31,			December 31,			September 30,			June 30,
	2022			2022			2021			2021			2021
Total assets	$	12,356,433		$	12,567,509		$	12,859,689		$	12,899,330		$	12,415,449
Portfolio loans		7,497,778			7,272,873			7,188,998			7,150,635			7,185,650
Portfolio loans excluding amortized cost of PPP loans		7,490,162			7,241,104			7,114,040			6,972,404			6,795,255
Loans 30 – 89 days past due		5,157			3,916			6,261			6,446			3,888
Non-performing loans:
Non-accrual loans		15,840			12,488			15,946			25,369			27,725
Loans 90+ days past due and still accruing		1,654			197			906			491			590
Non-performing loans	$	17,494		$	12,685		$	16,852		$	25,860		$	28,315
Non-performing loans, segregated by geography:
Illinois / Indiana	$	11,261		$	6,467		$	10,450		$	17,824		$	21,398
Missouri		5,259			5,263			5,349			6,736			5,645
Florida		974			955			1,053			1,300			1,272
Other non-performing assets		1,429			3,606			4,416			3,184			3,137
Non-performing assets	$	18,923		$	16,291		$	21,268		$	29,044		$	31,452

Allowance for credit losses	$	88,757		$	88,213		$	87,887		$	92,802		$	95,410

RATIOS
Non-performing loans to portfolio loans		0.23	%		0.17	%		0.23	%		0.36	%		0.39	%
Non-performing loans to portfolio loans, excluding PPP loans		0.23	%		0.18	%		0.24	%		0.37	%		0.42	%
Non-performing assets to total assets		0.15	%		0.13	%		0.17	%		0.23	%		0.25	%
Non-performing assets to portfolio loans and other non-performing assets		0.25	%		0.22	%		0.30	%		0.41	%		0.44	%
Allowance for credit losses to portfolio loans		1.18	%		1.21	%		1.22	%		1.30	%		1.33	%
Allowance for credit losses to portfolio loans, excluding PPP		1.18	%		1.22	%		1.24	%		1.33	%		1.40	%
Allowance for credit losses as a percentage of non-performing loans		507.36	%		695.41	%		521.52	%		358.86	%		336.96	%


NET CHARGE OFFS (RECOVERIES) AND PROVISION EXPENSE (RELEASE) (unaudited)
(dollars in thousands)

	Three Months Ended						Six Months Ended
	June 30,		March 31,		June 30,		June 30,		June 30,
	2022		2022		2021		2022		2021
Net charge-offs (recoveries)	$	1,109	$	(579)	$	1,011	$	530	$	1,320
Provision expense (release)		1,653		(253)		(1,700)		1,400		(8,496)

Noninterest Income

Noninterest income declined to $31.0 million for the second quarter of 2022, compared to $35.8 million for the first quarter of 2022 and $33.0 million for the second quarter of 2021. Excluding realized and unrealized securities gains and losses, non-interest income declined to $32.7 million for the second quarter of 2022 compared to $36.4 million for the first quarter of 2022, and reflected an increase from $32.1 million for the second quarter of 2021. Revenues from wealth management fees and payment technology solutions activities represented 61.3% of the Company’s noninterest income for the quarter ended June 30, 2022, providing a balance to spread-based revenue from traditional banking activities. On a combined basis, revenue from these two critical operating areas increased by 8.5% compared to the second quarter of 2021.

Wealth management fees were $14.1 million for the second quarter of 2022, compared to $15.8 million for the first quarter of 2022 and $13.0 million for the second quarter of 2021, an 8.7% increase from the comparable period in 2021. The quarter over quarter decline in wealth management fees is primarily attributable to customary seasonality in farm management income as well as declines in market valuations. Net income from the Wealth Management segment was $5.1 million for the second quarter of 2022, compared to $5.8 million for the first quarter of 2022, and $4.9 million in the second quarter of 2021, a 4.2% increase from the comparable period in 2021. First Busey’s Wealth Management division ended the second quarter of 2022 with $11.45 billion in assets under care, a decrease from $12.33 billion at the end of the first quarter of 2022 and from $12.30 billion at the end of the second quarter of 2021, principally due to a reduction in market valuations, offset partially by relative outperformance from our investment management team as well as new asset under care inflows.

Payment technology solutions revenue from FirsTech was $4.9 million for the second quarter of 2022, compared to $5.1 million for the first quarter of 2022 and $4.5 million for the second quarter of 2021. Excluding intracompany eliminations, FirsTech generated revenue of $5.4 million during the second quarter of 2022, holding steady with the first quarter of 2022 and an increase from $4.8 million during the second quarter of 2021. A reduction in transactions for a large enterprise customer related to economic impacts on consumer payment cycles and a longer-than-anticipated sales and implementation cycle in the Banking as a Service (BaaS) strategy has impacted revenues to date. The FirsTech operating segment generated net income of $0.4 million in the second quarter of 2022, a decrease from $0.6 million in the first quarter of 2022 and steady with the second quarter of 2021. The Company is currently making strategic investments in FirsTech to further enhance future growth including further upgrades to the product and engineering teams to build an application programming interface (API) first cloud-based platform to provide for fully integrated payment capabilities as well as the continued development of our BaaS platform.

Fees for customer services were $9.6 million for the second quarter of 2022, compared to $8.9 million in the first quarter of 2022 and $8.6 million in the second quarter of 2021, an 11.3% increase from the comparable period in 2021, as a greater proportion of closed loan volume was directed into adjustable-rate mortgage loans held in our portfolio.

Mortgage revenue was $0.3 million in the second quarter of 2022, a decrease from $1.0 million in the first quarter of 2022 and $1.7 million in the second quarter of 2021. Sold-loan mortgage volume declined in the second quarter of 2022 compared to the first quarter of 2022 and the second quarter of 2021, as a greater portion of closed loan volume was directed in adjustable-rate mortgage loans held in portfolio.

Other noninterest income was $3.0 million in the second quarter of 2022, a decrease from $4.8 million in the first quarter of 2022 and an increase from $2.7 million in the second quarter of 2021. Second quarter 2022 declines, compared to the first quarter of 2022, were primarily the result of a decrease in income recognized on venture capital investments and disposal of fixed assets, partially offset by higher SBA loan sale gains recorded during the second quarter of 2022.

Beginning on July 1, 2022, we became subject to the Durbin Amendment of the Dodd-Frank Act. The Durbin Amendment requires the Federal Reserve to establish a maximum permissible interchange fee for many types of debit transactions. We expect a $4.3 million to $4.5 million reduction in noninterest income in the second half of 2022 and a reduction of $8.5 million to $9.0 million for the full year 2023.

Operating Efficiency

Noninterest expense was $69.1 million in the second quarter of 2022, compared to $70.4 million in the first quarter of 2022 and $62.6 million in the second quarter of 2021. Excluding non-operating adjustments ¹, noninterest expense was $68.8 million in the second quarter of 2022, compared to $69.5 million in the first quarter of 2022 and $59.9 million in the second quarter of 2021. As a result, the efficiency ratio¹ was 60.56% for the quarter ended June 30, 2022, compared to 62.97% for the quarter ended March 31, 2022, and 61.68% for the quarter ended June 30, 2021. The adjusted core efficiency ratio¹ was 59.01%, 59.89%, and 58.13% for the quarters ended June 30, 2022, March 31, 2022, and June 30, 2021, respectively. The Company remains focused on expense discipline, while making necessary investments to support the organic growth of our key business lines and related support and risk management functions.

Noteworthy components of noninterest expense are as follows:

●

Salaries, wages, and employee benefits were $38.1 million in the second quarter of 2022, a decrease from $39.4 million in the first quarter of 2022, and an increase from $34.9 million in the second quarter of 2021. Total full-time equivalents numbered 1,493 at June 30, 2022, compared to 1,465 at March 31, 2022, and 1,503 at June 30, 2021. The Company did not record any non-operating expense for salaries, wages, and employee benefit expenses in the second quarter of 2022, compared to $0.6 million in the first quarter of 2022 and $1.1 million in the second quarter of 2021.

●

Data processing expense was $5.4 million in the second quarter of 2022, compared to $5.0 million in the first quarter of 2022 and $4.8 million in the second quarter of 2021. The Company did not record any non-operating data processing expenses in the second quarter of 2022, compared to $0.2 million in the first quarter of 2022 and $0.4 million in the second quarter of 2021.

●

Professional fees were $1.6 million in the second quarter of 2022, an increase from $1.5 million in the first quarter of 2022 and a decrease from $2.3 million in the second quarter of 2021. The Company recorded $0.2 million of non-operating professional fees in the second quarter of 2022, compared to an immaterial amount in the first quarter of 2022 and $0.9 million in the second quarter of 2021.

●

Amortization expense was $3.0 million in the second quarter of 2022, holding steady with the first quarter of 2022 and an increase from $2.7 million in the second quarter of 2021. We completed the acquisition of Glenview State Bank (GSB) on May 31, 2021, and as a result, the second quarter of 2021 reflects only one month of amortization expense related to the acquisition of GSB.

●

Other operating expenses were $12.8 million for the second quarter of 2022, a decrease from $12.9 million in the first quarter of 2022, and an increase from $10.2 million in the second quarter of 2021. The Company recorded $0.1 million of non-operating expenses within the other operating expense line in the second quarter of 2022, compared to an immaterial amount in the first quarter of 2022 and $0.2 million in the second quarter of 2021. There was an additional $0.2 million of lease termination expenses related to the exit of two properties during the second quarter. Other operating expense fluctuations primarily relate to a decrease in the provision for unfunded commitments of $1.4 million from the first quarter to the second quarter, a $1.0 million increase in business development and marketing expenses from the first quarter to the second quarter, a decline in losses on OREO sales from $0.6 million in the first quarter to an immaterial amount in the second, an increase of $0.3 million in the amortization of New Markets Tax Credits from the first quarter to the second quarter, and higher regulatory costs.

Capital Strength

The Company's strong capital levels, coupled with its earnings, have allowed First Busey to provide a steady return to its stockholders through dividends. The Company will pay a cash dividend on July 29, 2022, of $0.23 per common share to stockholders of record as of July 22, 2022. The Company has consistently paid dividends to its common stockholders since the bank holding company was organized in 1980.

As of June 30, 2022, the Company continued to exceed the capital adequacy requirements necessary to be considered “well-capitalized” under applicable regulatory guidelines. The Company’s Common Equity Tier 1 ratio is estimated to be 11.77% at June 30, 2022², compared to 11.89% at March 31, 2022, and 12.26% at June 30, 2021. The Company’s tangible common equity¹ was $801.9 million at June 30, 2022, compared to $855.6 million at March 31, 2022, and $981.9 million at June 30, 2021. Tangible common equity¹

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

² The Common Equity Tier 1 Capital ratio is not yet finalized for the second quarter of 2022, and is subject to change.

represented 6.68% of tangible assets at June 30, 2022, compared to 7.01% at March 31, 2022, and 8.15% at June 30, 2021. The Company’s tangible book value¹ per common share declined from $15.29 at March 31, 2022, to $14.31 at June 30, 2022. The quarter-over-quarter decline in both the ratio of tangible common equity to tangible assets¹ and tangible book value per share¹ is primarily attributable to the fair market valuation adjustment of the Company’s securities portfolio as a result of the rapidly rising rate environment as reflected in the accumulated other comprehensive income (loss) (AOCI) component of shareholder’s equity, net of retained earnings and amortization of intangible assets over the same period.

During the second quarter of 2022, the Company purchased 70,000 shares of its common stock at a weighted average price of $22.91 per share for a total of $1.6 million under the Company’s stock repurchase plan. As of June 30, 2022, the Company had 277,210 shares remaining on its stock repurchase plan available for repurchase.

2Q22 Quarterly Earnings Supplement

For additional information on the Company’s financial condition and operating results, please refer to the 2Q22 Quarterly Earnings Supplement presentation furnished via Form 8-K on July 26, 2022, in connection with this earnings release.

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

Corporate Profile

As of June 30, 2022, First Busey Corporation (Nasdaq: BUSE) was a $12.36 billion financial holding company headquartered in Champaign, Illinois.

Busey Bank, a wholly-owned bank subsidiary of First Busey Corporation, had total assets of $12.32 billion as of June 30, 2022, and is headquartered in Champaign, Illinois. Busey Bank currently has 46 banking centers serving Illinois, eight banking centers serving Missouri, three banking centers serving southwest Florida, and one banking center in Indianapolis, Indiana.

Busey Bank’s wholly-owned subsidiary, FirsTech, is a payments platform specializing in the evolving financial technology needs of small and medium-sized businesses, highly regulated enterprise industries, and financial institutions. With associates across the United States, FirsTech provides comprehensive and innovative payment technology solutions that enable businesses to connect with their customers in a multitude of ways on a single, highly configurable, secure platform. Fast, secure payment modes include, but are not limited to, text-based payments; electronic payments concentration delivered to Automated Clearing House networks; internet voice recognition (IVR); credit cards; in-store payments for customers at retail pay agents; direct debit services; and lockbox remittance processing for customers to make payments by mail. Once these payments are processed through integration with our customers’ financial systems, FirsTech provides its customers with reconciliation and settlement services to ensure payment confirmation. Additionally, FirsTech provides consulting and technology services through its Professional Services Division, assisting clients in identifying and implementing payment technologies to meet their evolving needs. FirsTech launched its innovative BaaS platform at the beginning of 2022, helping community banks and their commercial customers build modernized payment solutions, which include online payment technologies and automated file transfers. More information about FirsTech can be found at firstechpayments.com.

Through the Company’s Wealth Management division, the Company provides asset management, investment, and fiduciary services to individuals, businesses, and foundations. As of June 30, 2022, assets under care were $11.45 billion.

Busey Bank has been named among America’s Best Banks for 2022, a first-ever recognition by Forbes magazine. Ranked 52nd overall, Busey was the top-ranked bank headquartered in Illinois; only three other Illinois-based banks were included on the list. We are honored to be consistently recognized nationally and locally for our engaged culture of integrity and commitment to community development.

For more information about us, visit busey.com.

Category: Financial

Source: First Busey Corporation

Contacts:

Jeffrey D. Jones, Chief Financial Officer

217-365-4130

Ted Rosinus, EVP Investor Relations & Corporate Development

847-832-0392

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 the Company’s performance and in making business decisions, as well as for comparison to the Company’s peers. The Company believes the adjusted measures are useful for investors and management to understand the effects of certain non-recurring noninterest items and provide additional perspective on the Company’s performance over time.

A reconciliation to what management believes to be the most directly comparable GAAP financial measures—specifically, net interest income, total noninterest income, net security gains and losses, and total noninterest expense in the case of pre-provision net revenue, adjusted pre-provision net revenue, pre-provision net revenue to average assets, and adjusted pre-provision net revenue to average assets; net income in the case of adjusted net income, adjusted diluted earnings per share, adjusted return on average assets, return on average tangible common equity, and adjusted return on average tangible common equity; net interest income in the case of adjusted net interest income and adjusted net interest margin; net interest income, total noninterest income, and total noninterest expense in the case of adjusted noninterest expense, adjusted core expense, efficiency ratio, adjusted efficiency ratio, and adjusted core efficiency ratio; total stockholders’ equity in the case of tangible book value per common share; total assets and total stockholders’ equity in the case of tangible common equity and tangible common equity to tangible assets; portfolio loans in the case of core loans and core loans to portfolio loans; total deposits in the case of core deposits and core deposits to total deposits; and portfolio loans and total deposits in the case of core loans to core deposits—appears below.

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 or effective rates as appropriate.

Reconciliation Of Non-GAAP Financial Measures (unaudited)


Pre-Provision Net Revenue, Adjusted Pre-Provision Net Revenue, Pre-Provision Net Revenue to Average Assets, and Adjusted Pre-Provision Net Revenue to Average Assets
(dollars in thousands)

		Three Months Ended									Six Months Ended
		June 30,			March 31,			June 30,			June 30,			June 30,
		2022			2022			2021			2022			2021
PRE-PROVISION NET REVENUE
Net interest income		$	75,928		$	70,056		$	64,542		$	145,984		$	129,435
Total noninterest income			31,019			35,772			33,011			66,791			64,456
Net security (gains) losses			1,714			614			(898)			2,328			(2,539)
Total noninterest expense			(69,092)			(70,376)			(62,625)			(139,468)			(117,124)
Pre-provision net revenue			39,569			36,066			34,030			75,635			74,228
Non-GAAP adjustments:
Acquisition and other restructuring expenses			303			835			2,713			1,138			3,033
Provision for unfunded commitments			(267)			1,112			(496)			845			(90)
Amortization of New Markets Tax Credits			1,662			1,341			1,239			3,003			3,068
Adjusted pre-provision net revenue		$	41,267		$	39,354		$	37,486		$	80,621		$	80,239

Pre-provision net revenue, annualized	[a]	$	158,711		$	146,268		$	136,494		$	152,524		$	149,686
Adjusted pre-provision net revenue, annualized	[b]		165,521			159,602			150,356			162,578			161,808
Average total assets	[c]		12,452,070			12,660,939			11,398,655			12,555,928			10,998,672

Reported: Pre-provision net revenue to average assets¹	[a÷c]		1.27	%		1.16	%		1.20	%		1.21	%		1.36	%
Adjusted: Pre-provision net revenue to average assets ¹	[b÷c]		1.33	%		1.26	%		1.32	%		1.29	%		1.47	%

¹Annualized measure.

Reconciliation Of Non-GAAP Financial Measures (unaudited)


Adjusted Net Income, Adjusted Diluted Earnings Per Share, Adjusted Return on Average Assets, Return on Average Tangible Common Equity, and Adjusted Return on Average Tangible Common Equity
(dollars in thousands, except per share amounts)

		Three Months Ended									Six Months Ended
		June 30,			March 31,			June 30,			June 30,			June 30,
		2022			2022			2021			2022			2021
NET INCOME ADJUSTED FOR NON-OPERATING ITEMS
Net income	[a]	$	29,824		$	28,439		$	29,766		$	58,263		$	67,582
Non-GAAP adjustments:
Acquisition expenses:
Salaries, wages, and employee benefits			—			587			1,125			587			1,125
Data processing			—			214			368			214			375
Professional fees, occupancy, and other			204			34			1,220			238			1,533
Other restructuring expenses:
Lease or fixed asset impairment			99			—			—			99			—
Professional fees, occupancy, and other			—			—			—			—			—
MSR valuation impairment			—			—			—			—			—
Related tax benefit			(46)			(170)			(558)			(216)			(629)
Adjusted net income	[b]	$	30,081		$	29,104		$	31,921		$	59,185		$	69,986

DILUTED EARNINGS PER SHARE
Dilutive average common shares outstanding	[c]		56,104,017			56,194,946			55,730,883			56,149,466			55,384,942

Reported: Diluted earnings per share	[a÷c]	$	0.53		$	0.51		$	0.53		$	1.04		$	1.22
Adjusted: Diluted earnings per share	[b÷c]	$	0.54		$	0.52		$	0.57		$	1.05		$	1.26

RETURN ON AVERAGE ASSETS
Net income, annualized	[d]	$	119,624		$	115,336		$	119,391		$	117,492		$	136,284
Adjusted net income, annualized	[e]		120,655			118,033			128,035			119,351			141,132
Average total assets	[f]		12,452,070			12,660,939			11,398,655			12,555,928			10,998,672

Reported: Return on average assets ¹	[d÷f]		0.96	%		0.91	%		1.05	%		0.94	%		1.24	%
Adjusted: Return on average assets ¹	[e÷f]		0.97	%		0.93	%		1.12	%		0.95	%		1.28	%

RETURN ON AVERAGE TANGIBLE COMMON EQUITY
Average common equity		$	1,197,052		$	1,281,535		$	1,342,771		$	1,239,060		$	1,309,418
Average goodwill and other intangible assets, net			(371,890)			(374,811)			(368,709)			(373,342)			(365,718)
Average tangible common equity	[g]	$	825,162		$	906,724		$	974,062		$	865,718		$	943,700

Reported: Return on average tangible common equity ¹	[d÷g]		14.50	%		12.72	%		12.26	%		13.57	%		14.44	%
Adjusted: Return on average tangible common equity ¹	[e÷g]		14.62	%		13.02	%		13.14	%		13.79	%		14.96	%

¹Annualized measure.

Reconciliation Of Non-GAAP Financial Measures (unaudited)


Adjusted Net Interest Margin
(dollars in thousands)

		Three Months Ended									Six Months Ended
		June 30,			March 31,			June 30,			June 30,			June 30,
		2022			2022			2021			2022			2021
Net interest income		$	75,928		$	70,056		$	64,542		$	145,984		$	129,435
Non-GAAP adjustments:
Tax-equivalent adjustment			546			546			579			1,092			1,180
Tax-equivalent net interest income			76,474			70,602			65,121			147,076			130,615
Purchase accounting accretion related to business combinations			(599)			(1,159)			(1,726)			(1,758)			(3,883)
Adjusted net interest income		$	75,875		$	69,443		$	63,395		$	145,318		$	126,732

Tax-equivalent net interest income, annualized	[a]	$	306,736		$	286,330		$	261,200		$	296,590		$	263,395
Adjusted net interest income, annualized	[b]		304,334			281,630			254,277			293,045			255,565
Average interest-earning assets	[c]		11,453,198			11,703,947			10,448,417			11,577,879			10,102,278

Reported: Net interest margin ¹	[a÷c]		2.68	%		2.45	%		2.50	%		2.56	%		2.61	%
Adjusted: Net interest margin ¹	[b÷c]		2.66	%		2.41	%		2.43	%		2.53	%		2.53	%

¹Annualized measure.


Adjusted Noninterest Expense, Adjusted Core Expense, Efficiency Ratio, Adjusted Efficiency Ratio, and Adjusted Core Efficiency Ratio
(dollars in thousands)

		Three Months Ended									Six Months Ended
		June 30,			March 31,			June 30,			June 30,			June 30,
		2022			2022			2021			2022			2021
Net interest income		$	75,928		$	70,056		$	64,542		$	145,984		$	129,435
Non-GAAP adjustments:
Tax-equivalent adjustment			546			546			579			1,092			1,180
Tax-equivalent net interest income			76,474			70,602			65,121			147,076			130,615

Total noninterest income			31,019			35,772			33,011			66,791			64,456
Non-GAAP adjustments:
Net security (gains) losses			1,714			614			(898)			2,328			(2,539)
Noninterest income excluding net securities gains and losses			32,733			36,386			32,113			69,119			61,917

Tax-equivalent net interest income plus noninterest income excluding net securities gains and losses	[a]	$	109,207		$	106,988		$	97,234		$	216,195		$	192,532

Total noninterest expense		$	69,092		$	70,376		$	62,625		$	139,468		$	117,124
Non-GAAP adjustments:
Amortization of intangible assets	[b]		(2,951)			(3,011)			(2,650)			(5,962)			(5,051)
Non-interest expense excluding amortization of intangible assets	[c]		66,141			67,365			59,975			133,506			112,073
Non-operating adjustments:
Salaries, wages, and employee benefits			—			(587)			(1,125)			(587)			(1,125)
Data processing			—			(214)			(368)			(214)			(375)
Impairment, professional fees, occupancy, and other			(303)			(34)			(1,220)			(337)			(1,533)
Adjusted noninterest expense	[d]		65,838			66,530			57,262			132,368			109,040
Provision for unfunded commitments			267			(1,112)			496			(845)			90
Amortization of New Markets Tax Credit			(1,662)			(1,341)			(1,239)			(3,003)			(3,068)
Adjusted core expense	[e]	$	64,443		$	64,077		$	56,519		$	128,520		$	106,062

Noninterest expense, excluding non-operating adjustments	[d-b]	$	68,789		$	69,541		$	59,912		$	138,330		$	114,091

Reported: Efficiency ratio	[c÷a]		60.56	%		62.97	%		61.68	%		61.75	%		58.21	%
Adjusted: Efficiency ratio	[d÷a]		60.29	%		62.18	%		58.89	%		61.23	%		56.63	%
Adjusted: Core efficiency ratio	[e÷a]		59.01	%		59.89	%		58.13	%		59.45	%		55.09	%

Reconciliation Of Non-GAAP Financial Measures (unaudited)


Tangible Book Value Per Common Share
(dollars in thousands, except per share amounts)

		As of
		June 30,		March 31,		December 31,		September 30,		June 30,
		2022		2022		2021		2021		2021
Total stockholders’ equity		$	1,161,957	$	1,218,025	$	1,319,112	$	1,333,076	$	1,345,691
Goodwill and other intangible assets, net			(369,962)		(372,913)		(375,924)		(378,891)		(381,795)
Tangible book value	[a]	$	791,995	$	845,112	$	943,188	$	954,185	$	963,896

Ending number of common shares outstanding	[b]		55,335,703		55,278,785		55,434,910		55,826,984		56,330,616

Tangible book value per common share	[a÷b]	$	14.31	$	15.29	$	17.01	$	17.09	$	17.11


Tangible Common Equity and Tangible Common Equity to Tangible Assets
(dollars in thousands)

		As of
		June 30,			March 31,			December 31,			September 30,			June 30,
		2022			2022			2021			2021			2021
Total assets		$	12,356,433		$	12,567,509		$	12,859,689		$	12,899,330		$	12,415,449
Non-GAAP adjustments:
Goodwill and other intangible assets, net			(369,962)			(372,913)			(375,924)			(378,891)			(381,795)
Tax effect of other intangible assets¹			9,905			10,456			16,254			17,115			17,997
Tangible assets	[a]	$	11,996,376		$	12,205,052		$	12,500,019		$	12,537,554		$	12,051,651

Total stockholders’ equity		$	1,161,957		$	1,218,025		$	1,319,112		$	1,333,076		$	1,345,691
Non-GAAP adjustments:
Goodwill and other intangible assets, net			(369,962)			(372,913)			(375,924)			(378,891)			(381,795)
Tax effect of other intangible assets¹			9,905			10,456			16,254			17,115			17,997
Tangible common equity	[b]	$	801,900		$	855,568		$	959,442		$	971,300		$	981,893

Tangible common equity to tangible assets ²	[b÷a]		6.68	%		7.01	%		7.68	%		7.75	%		8.15	%

¹Net of estimated deferred tax liability.
²Tax-effected measure.


Core Loans, Core Loans to Portfolio Loans, Core Deposits, Core Deposits to Total Deposits, and Core Loans to Core Deposits
(dollars in thousands)

		As of
		June 30,			March 31,			December 31,			September 30,			June 30,
		2022			2022			2021			2021			2021
Portfolio loans	[a]	$	7,497,778		$	7,272,873		$	7,188,998		$	7,150,635		$	7,185,650
Non-GAAP adjustments:
PPP Loans amortized cost			(7,616)			(31,769)			(74,958)			(178,231)			(390,395)
Core loans	[b]	$	7,490,162		$	7,241,104		$	7,114,040		$	6,972,404		$	6,795,255

Total deposits	[c]	$	10,397,228		$	10,591,836		$	10,768,577		$	10,817,867		$	10,337,117
Non-GAAP adjustments:
Brokered transaction accounts			(2,002)			(2,002)			(2,248)			(2,002)			(2,002)
Time deposits of $250,000 or more			(117,957)			(139,245)			(137,449)			(156,419)			(129,187)
Core deposits	[d]	$	10,277,269		$	10,450,589		$	10,628,880		$	10,659,446		$	10,205,928

RATIOS
Core loans to portfolio loans	[b÷a]		99.90	%		99.56	%		98.96	%		97.51	%		94.57	%
Core deposits to total deposits	[d÷c]		98.85	%		98.67	%		98.70	%		98.54	%		98.73	%
Core loans to core deposits	[b÷d]		72.88	%		69.29	%		66.93	%		65.41	%		66.58	%

Special Note Concerning Forward-Looking Statements

Statements made in this document, other than those concerning historical financial information, may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance, and business of the Company. Forward-looking statements, which may be based upon beliefs, expectations, and assumptions of the Company’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,” or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events. A number of factors, many of which are beyond the Company’s ability to control or predict, could cause actual results to differ materially from those in the Company’s forward-looking statements. These factors include, among others, the following: (i) the strength of the local, state, national, and international economy (including effects of inflationary pressures and supply chain constraints); (ii) the economic impact of any future terrorist threats or attacks, widespread disease or pandemics (including the Coronavirus Disease 2019 pandemic), or other adverse external events that could cause economic deterioration or instability in credit markets (including Russia’s invasion of Ukraine); (iii) changes in state and federal laws, regulations, and governmental policies concerning the Company’s general business; (iv) changes in accounting policies and practices; (v) changes in interest rates and prepayment rates of the Company’s assets (including the impact of The London Inter-bank Offered Rate phase-out); (vi) increased competition in the financial services sector and the inability to attract new customers; (vii) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (viii) the loss of key executives or associates; (ix) changes in consumer spending; (x) unexpected results of current and/or future acquisitions, which may include failure to realize the anticipated benefits of any acquisition and the possibility that transaction costs may be greater than anticipated; (xi) unexpected outcomes of existing or new litigation involving the Company; and (xii) the economic impact of exceptional weather occurrences such as tornadoes, hurricanes, floods, and blizzards. 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 the Company and its business, including additional factors that could materially affect its financial results, is included in the Company’s filings with the Securities and Exchange Commission.

Exhibit 99.2

July 26, 2022 2Q22 QUARTERLY EARNINGS SUPPLEMENT

2 2 Ticker: BUSE Special Note Concerning Forward - Looking Statements Statements made in this document, other than those concerning historical financial information, may be considered forward - looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance, and business of the Company. Forward - looking statements, which may be based upon beliefs, expectations, and assumptions of the Company’s management, and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “pl an,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should,” or other similar expressions. Additionally, all statements in this document, including forward - looking statements, speak only as of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events. A number of factors, many of which are beyo nd the Company’s ability to control or predict, could cause actual results to differ materially from those in the Company’s forw ard - looking statements. These factors include, among others, the following: ( i ) the strength of the local, state, national, and international economy (including effects of inflationary pressures and supply chain constraints); (ii) the economic impact of an y future terrorist threats or attacks, widespread disease or pandemics (including the Coronavirus Disease 2019 pandemic), or ot her adverse external events that could cause economic deterioration or instability in credit markets (including Russia’s invasion of Ukraine); (iii) changes in state and federal laws, regulations, and governmental policies concerning the Company’s general business; (iv) changes in accounting policies and practices; (v) changes in interest rates and prepayment rates of the Compan y’s assets (including the impact of The London Inter - bank Offered Rate phase - out); (vi) increased competition in the financial services sector and the inability to attract new customers; (vii) changes in technology and the ability to develop and mainta in secure and reliable electronic systems; (viii) the loss of key executives or associates; (ix) changes in consumer spending; ( x) unexpected results of current and/or future acquisitions, which may include failure to realize the anticipated benefits of an y acquisition and the possibility that transaction costs may be greater than anticipated; (xi) unexpected outcomes of existing or new litigation involving the Company; and (xii) the economic impact of exceptional weather occurrences such as tornadoes, hurricanes, floods, and blizzards. 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 the Company and its business, including additional factors that could materially affect its financial results, is included in the Company’s filings with th e S ecurities and Exchange Commission.

3 3 Ticker: BUSE Non - GAAP Financial Information This document 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 the Company’s performance and in making business decisions, as well as comparison to the Company’s peers. The Company believes the adjusted measures are useful for investors and management to understand the effects of certain non - recurring noninterest items and provide additional perspective on the Company’s performance over time. A reconciliation to what management believes to be the most directly comparable GAAP financial measures — specifically, net interest income, total noninterest income, net security gains and losses, and total noninterest expense in the case of pre - provision net revenue, adjusted pre - provision net revenue, pre - provision net revenue to average assets, and adjusted pre - provision net revenue to average assets; net income in the case of adjusted net income, adjusted diluted earnings per share, adjusted return on average assets, return on average tangible common equity, and adjusted return on average tangible common equity; net interest income in the case of adjusted net interest income and adjusted net interest margin; net interest income , total noninterest income, and total noninterest expense in the case of adjusted noninterest expense, adjusted core expense, efficiency ratio, adjusted efficiency ratio, and adjusted core efficiency ratio; total stockholders’ equity in the case of ta ngi ble book value per common share; total assets and total stockholders’ equity in the case of tangible common equity and tangible common equity to tangible assets; portfolio loans in the case of core loans and core loans to portfolio loans; total deposits in the ca se of core deposits and core deposits to total deposits; and portfolio loans and total deposits in the case of core loans to core d epo sits — appears below. 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 or effective rates as appropriate.

4 4 Ticker: BUSE Table of Contents Overview of First Busey Corporation (BUSE) 5 Sizable Business Lines Provide for Innovative Solutions 6 Investment Highlights 7 Experienced Management Team 8 Strong Regional Operating Model 9 High Quality Loan Portfolio 10 Top Tier Core Deposit Franchise 11 Diversified and Significant Sources of Fee Income 12 Fully Integrated Wealth Management Platform 13 Wealth Management Growth & Mid - Year Update 14 Scalable Payment Technology Solutions Platform 15 FirsTech Growth & Mid - Year Update 16 Net Interest Margin 17 Focused Control on Expenses 18 Continued Investment in Technology Enterprise - Wide 19 Rising Digital Banking Adoption 20 Fortress Balance Sheet 21 Robust Capital Foundation 22 Pristine Credit Quality 23 Reserve Supports Credit & Growth Profile 24 Balanced, Low - Risk, Short - Duration Investment Portfolio 25 Actively Managing Asset - Sensitive Balance Sheet 26 Quarterly Earnings Review 27 Earnings Performance 28 Environmental, Social and Governance Responsibility 29 Appendix: Loan Portfolio Detail , Non - GAAP Financial Information 30

5 5 Ticker: BUSE Unwavering Focus on 4 Pillars: ASSOCIATES, CUSTOMERS, COMMUNITIES AND SHAREHOLDERS Overview of First Busey Corporation (BUSE) Company Overview Financial Highlights (1) Non - GAAP calculation, see Appendix (2) Market Data for BUSE updated to close on 7/25/22, per Nasdaq (3) Based on FY 2022 c onsensus median net income of covering analysts as of 7/25/22 BUSE Stock Price (2) Price Per Share $24.82 Market Cap $1.37B Dividend Yield 3.71% Price/TBV 1.73x Price/NTM (3) 10.9x AMONG THE BEST + 150+ year old financial institution headquartered in CHAMPAIGN, IL $20 $22 $24 $26 $28 $30 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Regional operating model serving 4 regions: NORTHERN, CENTRAL, GATEWAY, FLORIDA Commercial Banking Payment Tech Solutions Wealth Management $ in millions 2020 2021 2022 Q2 YTD Total Assets $10,544 $12,860 $12,356 Total Loans (Ex-HFS) $6,814 $7,189 $7,498 Total Deposits $8,678 $10,769 $10,397 Total Equity $1,270 $1,319 $1,162 NPA/Assets 0.27% 0.17% 0.15% Net Interest Margin 3.03% 2.49% 2.56% Adj. PPNR ROAA (1) 1.75% 1.35% 1.29% Adj. ROAA (1) 1.06% 1.15% 0.95% Adj. ROATCE (1) 12.47% 14.40% 13.79%

6 6 Ticker: BUSE (1) Consolidated (2) Busey Bank segment, excluding Wealth Management & FirsTech; excludes intracompany eliminations and consolidations (3) Consolidated; Non-GAAP calculation, see Appendix (4) Wealth Management segment (5) LTM total payments processed (6) FirsTech segment; Non-GAAP calculation, excludes intracompany eliminations Diversified financial holding company with comprehensive and innovative financial solutions for individuals and businesses Sizable Business Lines Provide for Innovative Solutions $10.7 Billion 13.8% Payments Processed (5) Revenue Growth (YoY) 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 $12.4 Billion Assets (1) 14.6% Adj. ROATCE (MRQ) (3) $11.5 Billion Assets Under Care 46.3% PT Margin (MRQ) $363.7 Million LTM Revenue (2) $57.6 Million LTM Revenue (4) $20.8 Million LTM Revenue (6)

7 7 Ticker: BUSE Investment Highlights ▪ 58 branches across four states: Illinois , Missouri, Indiana, and Florida ▪ Premier commercial bank, wealth management, and payment technology solutions for individuals and businesses ▪ Attractive core deposit to total deposit ratio (98.9%) (1) and low cost of non - time deposits (5 bps) in 2Q22 ▪ Substantial investments in technology enterprise - wide and next generation leadership talent Attractive Franchise that Provides Innovative Financial Solutions (1) Non - GAAP calculation, see Appendix (2) Ex - PPP; Non - GAAP calculation, see Appendix (3) Non - GAAP; Wealth Management segment & FirsTech segment, excludes intracompany eliminations (4) Revenue consists of net interest income plus noninterest income, excluding security gains and losses (5) Based on BUSE c los ing stock price on 7/25/22 Attractive Profitability and Returns ▪ Adjusted ROAA & Adjusted ROATCE 0.97% (2) and 14.62% (2) for 2Q22 ▪ Adjusted Core Efficiency Ratio 59.0% (2) for 2Q22 ▪ Adjusted diluted EPS $0.54 (2) for 2Q22 ▪ Quarterly dividend of $0.23 (3.71% yield) (5) Sound Growth Strategy Driven by Regional Operating Model ▪ Organic growth across key business lines driven by regional operating model that aligns commercial, wealth and FirsTech operations ▪ Quarter - over - quarter core loan (2) growth of $249 million (3.4% QoQ growth) and year - over - year core loan (2) growth of $695 million (10.2% YoY growth) ▪ Combined Wealth Management and FirsTech YoY revenue (3) growth of 8.5% ▪ Efficient and right - sized branch network (average deposits per branch of $179 million) ▪ Leverage track record as proven successful acquirer to expand through disciplined M&A Powerful Combination of Three Business Lines Drives Strong Noninterest Income ▪ Significant revenue derived from diverse and complementary fee income sources ▪ Noninterest income / revenue (ex - securities losses) (4) of 30.1% for 2Q22 ▪ Wealth management and payment technology solutions account for 58.1% of noninterest income (ex - securities losses) in 2Q22 ▪ Sizable business lines provide for a full suite of solutions for our clients across their lifecycle Built on a Fortress Balance Sheet Pristine asset quality, highly diversified loan portfolio, and capital levels significantly in excess of well - capitalized minimu ms

8 8 Ticker: BUSE Joined Busey in 2006 and led various finance functions prior to serving as CFO/COO and now Bank President/CEO. Mr. Elliott has played instrumental roles in executing various strategic and growth initiatives. Before joining Busey, Mr. Elliott worked for Ernst & Young. Has served as President & CEO of First Busey since 2007 and became Chairman of the Board effective July 2020. Mr. Dukeman was President & CEO of Main Street Trust from 1998 until its merger with First Busey in 2007. His 40 years of diverse financial services experience and extensive board involvement brings a conservative operating philosophy and a management style that focuses on Busey’s associates, customers, communities and shareholders. Van A. Dukeman Chairman, President & CEO, First Busey Corp. Robin N. Elliott President & CEO, Busey Bank Experienced Management Team Joined Busey in January 2020 with nearly 25 years of financial leadership experience. Previously, Ms. Bowe served as Senior Director of Operational Risk Program Management at KeyBank. Ms. Bowe offers experience in M&A due diligence, effective navigation of key risk areas and dedication to continuous improvement towards enterprise - wide risk management strategies. Monica L. Bowe EVP & Chief Risk Officer Joined Busey in December 2011 and has over 40 years of legal experience. Prior to joining Busey, he was a partner in the law firm of Meyer Capel, where he specialized in serving the financial services industry. John J. Powers EVP & General Counsel Joined Busey in 2008 and now leads many areas, including: operations, corporate strategy, marketing & communications, community relations, human resources, as well as M&A integration and other key projects and strategic initiatives. Prior to joining Busey, Mrs. Randolph worked for 10+ years with CliftonLarsonAllen LLP. Amy L. Randolph Chief of Staff & EVP of Pillar Relations Joined Busey in 1984, serving in the role of Vice Chairman of Credit, Chief Banking Officer or Chief Credit Officer since 2010 and chairing all Credit Committees. Mr. Plecki previously served as COO, President & CEO of Busey Wealth Management, and EVP of the Florida and Champaign markets. Prior to the 2007 merger with First Busey, he served in various management roles at Main Street Trust. Robert F. Plecki, Jr. EVP & Vice Chairman of Credit Joined Busey in 2011 and has over 15 years of experience in the banking industry. Before being named President of Credit and Bank Administration in 2022, he served as Co - Chief Banking Officer for two years. 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. Chip Jorstad EVP & President of Credit and Bank Administration Joined Busey in 2021 where he focuses on developing strategic growth opportunities and product development with an emphasis on well - capitalized banking. Prior to Busey, Mr. Mayberry was with PNC, serving as EVP & Director of Strategy and Planning for the Commercial Bank. With over 30 years of financial and commercial banking experience, he previously served as the Midwest Business Banking Regional Executive and National Sales Leader of Treasury Services for JPMorgan Chase. Willie B. Mayberry EVP & President of Regional Banking Joined Busey in 2021, leading the team that provides asset management, investment and fiduciary services to individuals, businesses and foundations. Mr. Burgess formerly served as President of Commerce Brokerage Services, Inc., and was Director of Business Development for the east region of Commerce Trust Company. Previously, he served as Vice President of Sales Operations for Fisher Investments in Woodside, California. Jeff D. Burgess EVP & President of Busey Wealth Management Joined Busey in 2020 in his current role. Mr. Yasin is a seasoned technology operator, founder, investor and advisor, working with technology companies across the globe. His experience includes working with Groupon, CareerBuilder, Accenture, and KKR. Mr. Yasin has been a member of the Illinois Bar Association since 2003. Farhan Yasin President & CEO, FirsTech CTO, Busey Bank Joined Busey in August 2019, bringing his nearly 20 years of investment banking and financial services experience to Busey. Mr. Jones previously served as Managing Director and Co - Head of Financial Institutions at Stephens Inc. Mr. Jones began his career in the Banking Supervision and Regulation division of the Federal Reserve. Jeffrey D. Jones EVP & CFO Joined Busey in June 2022 to lead the Consumer, Community, Mortgage and Digital Banking teams. Mr. Sheils ’ nearly 25 years of banking experience includes serving as the Head of Retail Banking at MB Financial. Prior to his shift to retail, he was the Head of Commercial Banking at MB Financial and at LaSalle Bank. Mr. Sheils brings seasoned expertise in consumer and small business strategy, call center management, retail operations, deposit and income growth, product development and enhancing digital options. Joseph A. Sheils EVP & President Consumer and Digital Banking

9 9 Ticker: BUSE Banking Centers: 3 Deposits: $442.5MM Avg. Deposits Per Branch: $147.5MM 2022 - 27 Pop. Growth: 5 ..9% versus U.S. avg. 3 ..2% Banking Centers: 20 Deposits: $2.9B Avg. Deposits Per Branch: $143.2MM 2022 Pop: 2.8 Million Four distinct operating regions provide for attractive mix of customers and demographics, providing compelling business and market opportunities Northern Gateway Central Florida Source: US Census Claritas data as of most recent date available & 2021 FDIC Summary of Deposits Banking Centers: 10 Deposits: $1.9B Avg. Deposits Per Branch: $192.4MM Median HHI: $83,335 Banking Centers: 25 Deposits: $5.2B Avg. Deposits Per Branch: $208.1MM DMS Rank: Top 5 in 5 out of 7 IL Markets Strong Regional Operating Model

10 10 Ticker: BUSE $1,659 $1,748 $1,701 $1,669 $1,690 $376 $375 $386 $354 $355 $2,035 $2,123 $2,087 $2,023 $2,045 55% 56% 53% 53% 53% $1 $501 $1,001 $1,501 $2,001 $2,501 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 Retail Commercial % Utilized (total) $ in millions High Quality Loan Portfolio (1) Capital is Bank Tier 1 Capital + Allowance for credit losses (2) Based on loan origination (3) Busey loans ex - PPP (4) Exc ludes credit card & overdraft protection & includes tranche loan commitments/associated sub notes Loan Portfolio Composition – Q2 202 2 Loan Portfolio Regional Segmentation (2) Ex - PPP Loans Trends Funded Draws & Line Utilization Rate (4) MRQ Yield on Loans 3.58% Central 43% Gateway 28% Northern 24% Florida 5% $1,664 $1,754 $1,869 $1,875 $1,912 $2,920 $3,069 $3,120 $3,135 $3,228 $501 $431 $386 $445 $466 $1,710 $1,719 $1,739 $1,786 $1,884 $6,795 $6,972 $7,114 $7,241 $7,490 $0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 $7,000,000 $8,000,000 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 C&I CRE Construction Retail Real Estate & Other $ in millions LTM Commercial Growth (3) 10.3% LTM Core Growth (3) 10.2% Classified Lns / Capital (1) 7.6% Underwriting Guidelines ■ CRE perm ranges from •• 1.15x - 1.35x pre - dist. DSCR, •• 65% - 80% LTV ■ C&I loans require 1.20x •• FCCR, RLOCs >$1MM with •• monthly borrowing base

11 11 Ticker: BUSE $10,206 $10,659 $10,629 $10,451 $10,277 98.7% 98.5% 98.7% 98.7% 98.9% 97.5% 98.0% 98.5% 99.0% 99.5% 100.0% $0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 Core Deposits Core/Total Deposits $ in millions $10,337 $10,818 $10,769 $10,592 $10,397 69.5% 66.1% 66.8% 68.7% 72.1% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 120.0% $0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 Total Deposits Loan to Deposit Ratio $ in millions Top Tier Core Deposit Franchise Deposit Portfolio Composition – Q2 2022 Historical Cost of Deposits, 2015 – Q2 2022 (1) Total Deposits & Loan to Deposit Ratio Core Deposits (2) / Total Deposits (1) Quarterly effective fed funds per FRED, Federal Reserve Bank of St. Louis. Average during quarter, not seasonally adjuste d (2) Non - GAAP calculation, see Appendix 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% BUSE Cost of Deposits Effective Fed Funds Rate C k MRQ Avg Cost of Deposits 0.08% MRQ Avg Cost of Non-Time Deposits 0.05% Avg Deposits per Branch $179 million 0.09% Jun 2022 MTD Avg Cost of Deposits

12 12 Ticker: BUSE $33.0 $33.3 $35.1 $35.8 $31.0 $64.5 $70.8 $70.5 $70.1 $75.9 $97.5 $104.1 $105.6 $105.9 $106.9 33.8% 32.0% 33.2% 33.8% 29.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% $0.0 $20.0 $40.0 $60.0 $80.0 $100.0 $120.0 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 Noninterest Income Net Interest Income Nonint. Inc. / Total Revenue $ in millions ▪ Noninterest income represented 30.1% of revenue (ex - securities losses) in 2Q22 ▪ Key businesses of wealth management and payment technology solutions contributed 58.1% of noninterest income (ex - securities losses) in 2Q22 ▪ QoQ decline in noninterest income primarily attributable to seasonality of farm management income and impact of market declines on wealth management, lower mortgage revenue, unrealized securities losses and lower venture capital valuation adjustments ▪ Durbin amendment impact beginning 7/1/22 ; projecting a $4.3 to $4.5 million reduction in noninterest income in the second half of 2022 and reduction of $8.5 to $9.0 million for full year 2023 Diversified and Significant Sources of Fee Income Noninterest Income / Total Revenue (1) (1) Includes net security gains and losses Sources of Noninterest Income ▪ Pie Chart excludes net securities losses Noninterest Income Detail 6/30/21 6/30/22 YoY Change Wealth Management Fees $13,002 $14,135 +8.7% Fees for Customer Services $8,611 $9,588 +11.3% Payment Technology Solutions $4,530 $4,888 +7.9% WM + Customer Svcs. + Pmt Tech $26,143 $28,611 +9.4% Mortgage Revenue $1,747 $284 -83.7% Income on Bank Owned Life Insurance $1,476 $874 -40.8% Net Securities Gains (Losses) $898 ($1,714) NM Other Noninterest Income $2,747 $2,964 +7.9% Total Noninterest Income $33,011 $31,019 -6.0%

13 13 Ticker: BUSE Fully Integrated Wealth Management Platform Six Distinct Teams Our wealth management business provides effective and high - touch solutions for high - net - worth individuals. Our clients work with a dedicated team of financial professionals, with each team member bringing their specialized focus to add value to each client’s personal situation. With financial planning at the core of our client experience, we leverage the collective expertise of the team to streamline the delivery of our investment strategy and holistic wealth services, in a cohesive, consolidated manner. Private Wealth Advisor Wealth Planning Private Client Legacy Planning Tax Planning & Preparation Portfolio Management ▪ Concierge banking with one point of contact ▪ Complete and simplified coordination of all banking needs ▪ Tax - advantaged retirement savings maximization ▪ Goal tracking, projections & stress testing ▪ Deduction maximization & tax - advantaged savings strategies ▪ 1040 & 1041 preparation by in - house team ▪ Philanthropic advisory ▪ Tax - efficient wealth transfer & asset protection ▪ Institutional approach ▪ Corporate retirement plan advisory ▪ Consistent track record of outperformance ▪ Risk - return optimization ▪ Specialized strategies for tax efficiency

14 14 Ticker: BUSE Wealth Management Growth & Mid - Year Update ▪ Assets under care of $11.5 billion, a QoQ decrease of $875 million, predominantly due to the reduction in market valuations during 2Q22 ▪ Wealth revenue of $14.1 million, an 8.7% YoY increase and pre - tax net income of $6.5 million, a 4.2% YoY increase ▪ Pre - tax profit margin of 46.3% in 2Q22 and 44.7% over the last twelve months ▪ The investment team continues to produce excellent returns, outperforming benchmarks over multiple measurement periods ▪ Returns for the team’s blended portfolio outperformed the blended benchmark (1) ▪ 190 bps outperformance YTD ▪ 111 bps outperformance in 2Q22 ▪ Customer pipelines continue to be strong, as integration of commercial banking and wealth management sales strategies builds momentum ▪ Ongoing account fee structure analysis expected to generate incremental revenue growth opportunities over the next twelve months ▪ Launched BWM app in 2Q22 – mobile client connection to portfolio information through an intuitive interface (1) Blended benchmark consists of 60% MSCI All - Country World Index / 40% Bloomberg Intermediate Govt/Credit Index (2) Wealth Ma nagement segment Wealth - Assets Under Care Wealth – Revenue & Pre - tax Income (2) $12,303 $12,364 $12,731 $12,329 $11,454 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 $ in millions $13.0 $13.7 $13.7 $15.8 $14.1 $6.3 $6.1 $5.5 $7.5 $6.5 48.3% 44.1% 40.1% 47.6% 46.3% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% 50.0% $0.0 $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 $14.0 $16.0 $18.0 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 Revenue Pre-Tax Net Income Pre-Tax Profit Margin $ in millions

15 15 Ticker: BUSE Scalable Payment Technology Solutions Platform Primary Core Verticals – Highly Regulated Industries Renew & Expand Core Business Utilities Insurance Community Banks & Credit Unions Telecom Innovating for Growth BaaS Solution SMB Vertical ▪ Offering secure payments via mobile bill pay, online bill pay, walk - in processing, lockbox, IVR, ACH, money management software and credit card networks ▪ 95%+ renewal rates for existing customer base ▪ Continue to implement strategies to penetrate existing commercial banking customer base and expand utilization of payment modules from existing customers ▪ Q2 case study: Onboarded commercial customer referred from Busey Treasury Management, a company in the Investigation & Security Services industry, to use the full FirsTech payments platform to offer their customers multiple payments methods and significantly reduce days of sales outstanding Primary BaaS Vertical ▪ Turnkey application that enables customers to move to an ecommerce platform & accept payments ▪ Strategy of leading with Merchant Processing equipment sales, then demonstrate value of upgrading to ecommerce platform to existing customers ▪ Out - of - the - box customized payment solution with attractive & adaptive UX ▪ Customers can offer white - labeled web & mobile platforms to their clients ▪ API connection to customer’s existing core for seamless integration ▪ Revenue generated from one - time setup fee, recurring SaaS fee, and revenue share per transaction above certain processing thresholds FirsTech’s customized payments platform Municipalities

16 16 Ticker: BUSE FirsTech Growth & Mid - Year Update ▪ LTM revenue of $20.8 million, an increase of 14% over the prior twelve - month period ▪ Online bill pay revenue YTD impacted by a single sizable enterprise customer experiencing a material decrease in transactions ▪ Collection delay specific to economic impacts on the consumer payments cycle; no other online bill pay customer issues were prevalent in 2Q22 ▪ Began upgrading IVR solution for all customers during 2Q22; new tech provides superior experience ▪ Continue to invest and build - out the BaaS offering initiative. YTD we hired and trained four new associates that are focused on BaaS and have conducted more than 170 meetings with potential customers ▪ Our pipeline continues to build, and we regularly track progress to adapt our go - to - market sales strategies. Some initial takeaways: ▪ The value of customized payments - enabled software platforms from an ODFI - sponsored company is resonating with potential customers ▪ Initial BaaS interest has been with smaller depositories located in the Midwest that know they need enhanced & nimble fintech solutions to remain competitive ▪ BaaS offering has longer - than - anticipated sales & implementation cycle (1) LTM total payments processed (2) LTM total transactions processed (3) Non - GAAP, revenue equates to all revenue sources tie d to FirsTech and excludes intracompany eliminations Revenue Growth (3) 6/30/21 LTM 6/30/22 LTM $20.8 million +13.8% $18.3 million Transactions processed per year (2) 33 million $10.7 billion Payments processed annually (1)

17 17 Ticker: BUSE $59.1 $64.4 $66.4 $68.1 $75.3 $1.7 $1.8 $1.5 $1.2 $0.6 $4.3 $5.2 $3.3 $1.3 $0.6 $65.1 $71.4 $71.1 $70.6 $76.5 $58.0 $60.0 $62.0 $64.0 $66.0 $68.0 $70.0 $72.0 $74.0 $76.0 $78.0 $45.0 $50.0 $55.0 $60.0 $65.0 $70.0 $75.0 $80.0 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 Net Interest Income Accretion PPP Income (Net fees + coupon) $ in millions 2.77% 2.65% 2.57% 2.66% 2.91% 0.29% 0.25% 0.22% 0.22% 0.24% 2.50% 2.41% 2.36% 2.45% 2.68% 0.06% 0.06% 0.05% 0.04% 0.02% 2.45% 2.30% 2.28% 2.41% 2.66% 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 Earning Assets Cost of Funds NIM Accretion Ex-PPP NIM(2) Net Interest Margin Net Interest Margin Bridge – Factors contributing to 23 bps NIM increase during quarter (1) Tax - equivalent adjusted amounts; Non - GAAP, see Appendix (2) Non - GAAP; Ex - PPP NIM removes the balance of PPP loans and assoc iated income as well as the equivalent amount of self - funding noninterest bearing deposits Net Interest Margin 2.68% Net Interest Income (1) NIM ex - PPP up 25 bps vs. 1Q22 - 0.02% NM Yields on new loan volume were 79 bps higher than in 1Q22, while net new funding yields (inclusive of line utilization changes) were 73 bps higher PPP contribution decreased by $ 0.7 million QoQ due to further shrinking of the PPP loan portfolio and the associated net deferred fee recognition as forgiveness continue s Purchase accounting accretion recognition declined by $0.6 million QoQ Increases in the securities portfolio yield contributed 7 bps of NIM expansion Slight increase in funding costs tied to borrowings - 0.02%

18 18 Ticker: BUSE 61.7 67.3 64.4 63.0 60.6 58.9 59.0 59.1 62.2 60.3 58.1 58.7 57.6 59.9 59.0 50.0 52.0 54.0 56.0 58.0 60.0 62.0 64.0 66.0 68.0 70.0 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 Reported Efficiency Ratio Adjusted Efficiency Ratio Adj. Core Efficiency Ratio $56.5 $61.4 $60.9 $64.1 $64.4 $62.6 $73.5 $71.2 $70.4 $69.1 $20.0 $30.0 $40.0 $50.0 $60.0 $70.0 $80.0 $20.0 $30.0 $40.0 $50.0 $60.0 $70.0 $80.0 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 Noninterest Exp. $62.6 $73.5 $71.2 $70.4 $69.1 Unfunded Provision ($0.5) ($1.0) $0.3 $1.1 ($0.3) Acq./Restructuring Exp. $2.7 $8.7 $5.6 $0.8 $0.3 Intangible Amort. $2.7 $3.1 $3.1 $3.0 $3.0 NMTC Amort. $1.2 $1.2 $1.3 $1.3 $1.7 Adj. Core Exp. (1) $56.5 $61.4 $60.9 $64.1 $64.4 Noninterest Exp. Adj. Core Exp. (1) $ in millions 1,531 1,346 1,463 1,493 2019 YE 2020 YE 2021 YE 2022 Q2 Focused Control on Expenses (1) Non - GAAP, see Appendix; adjusted core expenses exclude amortization of intangible assets, provision for unfunded commitments , acquisition/restructuring related charges, and NMTC amortization ▪ Adjusted core expenses (1) of $64.4 million in 2Q22 ▪ Continued investment in talent across our business lines, risk management infrastructure and organic growth opportunities ▪ Salaries, marketing and business development expenses combined were approximately $2 million higher in 2Q22 vs. 1Q22 ▪ Over the past 7 quarters , consolidated 33% of our branch footprint ▪ Reduced branch count from 87 (proforma for GSB) to 58 ▪ Increased average deposits per branch from $ 113 million at 9/30/20 to $179 million at 6/30/22 Noninterest Expense Efficiency Ratio (1) Full - Time Equivalents (FTE)

19 19 Ticker: BUSE Complete migration of disaster recovery environment to cloud Continued Investment in Technology Enterprise - Wide Launched dedicated Busey Wealth Management mobile app FirsTech launched new one - time payments platform for Busey Bank customers ▪ Access to client portfolio information via an intuitive interface on a mobile device ▪ Clients able to easily view investment performance, portfolio allocation, and transactions ▪ “The Vault” feature allows quick access to view performance reports and market updates 2022 Tech Investment Highlights Enhanced Customer Experience Scale & Efficiency Upgrades Investment Legend Network hardware upgrade, further minimizing vulnerability risks Q1 Q2 Launched integrated payables platform, offering commercial clients a portal to manage their payables process Upgrade of core Wealth platform Q4 Q3 Mortgage eClosing option integrated into retail platforms Upgrading treasury management solution for more robust customer functionality & more detailed internal reporting Rollout of first phase of call center tech enhancements

20 20 Ticker: BUSE 906,037 1,013,088 995,540 840,000 860,000 880,000 900,000 920,000 940,000 960,000 980,000 1,000,000 1,020,000 1,040,000 2021 Q2 2021 Q4 2022 Q2 Total Consumer Mobile & Online activity includes remote deposits, transfers, bill pay, and Zelle transactions Rising Digital Banking Adoption Consumer customer base increasingly relying on self - service features (1) Customer has logged in at least once in the 30 days preceding period - end (2) Customer has logged in at least once in the 90 days preceding period - end Consumer Monthly Active Users (1) Commercial Quarterly Active Users (2) Consumer Mobile & Online Transaction Activity (Counts, actual) 72,749 80,750 84,007 2021 Q2 2021 Q4 2022 Q2 Mobile MAU 2,344 2,526 2,503 2,250 2,300 2,350 2,400 2,450 2,500 2,550 2021 Q2 2021 Q4 2022 Q2 Online Banking QAU 453 523 564 400 420 440 460 480 500 520 540 560 580 2021 Q2 2021 Q4 2022 Q2 Mobile QAU Digital engagement of customers continues growth trajectory 98,326 108,714 109,748 90,000 95,000 100,000 105,000 110,000 115,000 2021 Q2 2021 Q4 2022 Q2 Online Banking MAU Busey Mobile App Busey’s dedicated Treasury Management Mobile App Glenview State Bank was integrated into the Bank during 3Q21, further driving YoY digital adoption

21 21 Ticker: BUSE ▪ Capital ratios significantly in excess of well - capitalized minimums ▪ Total RBC of 16.6% and CET1 ratio of 11.8% at 6/30/22 (1) ▪ TCE/TA ratio of 6.68% at 6/30/22 (2) ▪ TBV per share of $14.31 at 6/30/22 (2) ▪ $100 million of subordinated debt raised in 2Q22 ▪ $60 million of subordinated debt issued in 2017 will be called and paid off in 3Q22 ▪ Diversified portfolio, conservatively underwritten with low levels of concentration ▪ Non - performing ( 0.15% of total assets) and classified assets (7.6% of capital (3) ) both remain near historically low levels ▪ Reserves remain above initial Day 1 CECL coverage of 1.06%: ACL/Loans: 1.18% (4) | ACL/NPLs: 507.36% ▪ No remaining commercial full - payment deferrals under COVID - related modification programs ▪ 100 / 300 Test: 35% C&D | 212% CRE ▪ Robust holding company and bank - level liquidity ▪ Strong core deposit franchise ▪ 72.1% loan - to - deposit ratio, 98.8% core deposits (2) ▪ Borrowings accounted for approximately 3.8% of total funding at 6/30/22 ▪ Substantial sources of off - balance sheet contingent funding ($4.1 billion) (1) Capital ratios are preliminary estimates (2) Non - GAAP calculation, see Appendix (3) Capital calculated as Bank Tier 1 Capi tal + Allowance for credit losses (4) Excluding amortized cost of PPP loans Robust Capital Foundation High Quality, Resilient Loan Portfolio Strong Core Deposit Franchise & Ample Liquidity Fortress Balance Sheet

22 22 Ticker: BUSE $806 $826 $841 $851 $876 $517 $488 $479 $494 $577 16.4% 15.9% 15.7% 15.8% 16.6% 10% 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 Well Cap Min Excess over Min Total Capital Ratio Min Ratio $ in millions $1,062 $1,061 $1,070 $1,086 $1,105 9.6% 8.6% 8.5% 8.8% 9.0% 4% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% $1,030 $1,040 $1,050 $1,060 $1,070 $1,080 $1,090 $1,100 $1,110 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 Tier 1 Capital Leverage Ratio Min Ratio $ in millions $982 $971 $959 $856 $802 8.2% 7.8% 7.7% 7.0% 6.7% 12.3% 12.0% 11.8% 11.9% 11.8% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% 11.0% 12.0% 13.0% $600 $650 $700 $750 $800 $850 $900 $950 $1,000 $1,050 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 TCE TCE Ratio CET1 Ratio $ in millions Robust Capital Foundation (1) Non - GAAP calculation, see Appendix (2) 2Q22 capital ratios are preliminary estimates ... Tangible Common Equity (1) & CET1 Ratios (2) Total Capital Ratio (2) Leverage Ratio (2) Consolidated Capital as of 6/30/22 (2) $ in millions Common Equity Tier 1 Ratio Tier 1 Capital Ratio Total Capital Ratio Capital Ratio 11.8% 12.6% 16.6% Minimum Well Capitalized Ratio 6.5% 8.0% 10.0% Amount of Capital $1,031 $1,105 $1,453 Well Capitalized Minimum $569 $701 $876 Excess Amount over Min $462 $404 $577

23 23 Ticker: BUSE $6,470 $7,007 $6,970 $7,379 0.11% 0.12% 0.03% 0.06% 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% $4,000 $4,500 $5,000 $5,500 $6,000 $6,500 $7,000 $7,500 2019 YE 2020 YE 2021 YE 2022 Q2 Avg Loans Annualized NCOs/Avg Loans $ in millions $1,099 $1,155 $1,329 $1,354 9.7% 8.5% 6.9% 7.6% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 2019 YE 2020 YE 2021 YE 2022 Q2 Bank Tier 1 Capital + ALLL Classified/Capital $ in millions Pristine Credit Quality ▪ C onservative underwriting continues to result in pristine credit quality performance ▪ Strong portfolio management that identifies early warning indicators and proactively engages the special assets group early in the credit review process ▪ Non - performing asset, classified asset, and net charge - off ratios remain near historically low levels ▪ Company - wide attention to changing economic environment and potential impact on credit ▪ NPAs/Assets of 0.15% at 6/30/22 ▪ LTM net charge - offs total $1.4 million, which equates to 0.02% of LTM average loans (1) Capital calculated as Busey Bank Tier 1 Capital + Allowance for credit losses NPAs / Assets Classifieds / Capital (1) NCOs / Average Loans $9,696 $10,544 $12,860 $12,356 0.34% 0.27% 0.17% 0.15% 2019 YE 2020 YE 2021 YE 2022 Q2 Assets % NPAs/Assets $ in millions

24 24 Ticker: BUSE $5,568 $6,687 $6,368 $7,114 $7,490 0.91% 0.80% 1.59% 1.24% 1.18% 2018 YE 2019 YE 2020 YE 2021 YE 2022 Q2 Ex-PPP Loans Allowance/Ex-PPP Loans $ in millions $36,598 $29,507 $24,301 $16,852 $17,494 138% 182% 416% 522% 507% 100% 150% 200% 250% 300% 350% 400% 450% 500% 550% 600% $0 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 $40,000 2018 YE 2019 YE 2020 YE 2021 YE 2022 Q2 NPLs Allowance/NPLs $ in thousands Reserve Supports Credit & Growth Profile Allowance / NPLs Allowance / NPAs Allowance / Loans (ex - PPP) ▪ Reserve to loans of 1.18% (ex - PPP) ▪ Day 1 CECL coverage was 1.06% ▪ Non - performing loan balances remain near historically low levels but did experience an increase of $0.6 million since YE 2021 and $4.8 million QoQ ▪ Increase primarily attributable to single nursing home credit ▪ Downgrade to nonaccrual was accompanied by partial charge - off and specific allocation during 2Q22 ▪ Managed by the special assets group since 2Q19 and risk rated classified since 3Q19 ▪ Reserves to NPLs now equal to 507% $36,974 $32,564 $28,872 $21,268 $18,923 137% 165% 350% 413% 469% 100% 150% 200% 250% 300% 350% 400% 450% 500% 550% 600% $0 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 $40,000 2018 YE 2019 YE 2020 YE 2021 YE 2022 Q2 NPAs Allowance/NPAs $ in millions

25 25 Ticker: BUSE $3,461 $4,010 $4,027 $4,078 $3,953 1.40% 1.37% 1.42% 1.80% 1.92% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% $00 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 $4,500 $5,000 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 Book Value Tax Equivalent Yield $ in millions Balanced, Low - Risk, Short - Duration Investment Portfolio ▪ BUSE carried $953MM in held - to - maturity (HTM) securities as of 6/30/22 ▪ Transferred a portion of the portfolio comprised of Agency RMBS & CMBS from available - for - sale (AFS) to HTM during 1Q22 ▪ The duration of the securities portfolio including HTM is 4.4 years and our fair value duration, which excludes the HTM portfolio, is 4.0 years ▪ After - tax net AFS unrealized loss position of $165.8 million ▪ Carrying value of investment portfolio is 30% of total assets ▪ Allowance for credit losses for investments is $0 ▪ Projected remaining 2022 roll off cash flow (based on static rates) of $250 million at ~1.81% yield Securities Portfolio – Book Value vs. TE Yield All Mortgage - Backed Securities & Collateralized Mortgage Obligations are Agency 89% of Municipal holdings rated AA or better and 10% rated A 100% of Corporate holdings are investment grade Collateralized Loan Obligation portfolio consists of 86% rated AAA and 14% rated AA Investment Portfolio Composition – Q2 2022

26 26 Ticker: BUSE 4% 21% 3% Current ALCO Model , 30% 3Q15 - 2Q17 (+100 bps move in FF) 3Q15 - 2Q19 (+225 bps move in FF) 1Q22 - 2Q22 (+150 bps move in FF) Actively Managing Asset - Sensitive Balance Sheet IB Non - Maturity Deposit Betas in Last Tightening Cycle vs. Current ALCO Model Repricing / Maturity Structures of Portfolio Loans 3% 2Q22 QTD deposit beta Annual % Change in Net Interest Income under Shock Scenarios ▪ Balance sheet remains materially asset - sensitive ▪ Vigilant focus on pricing discipline for both loans and deposits ▪ Over 40% of loan portfolio reprices in less than one year ▪ Less than 4% of deposits are indexed/floating rate ▪ Tightening cycle - to - date deposit beta of 3% vs. conservative ALCO model assumption of 30% Balance sheet is projected over one - & two - year time horizons and net interest income is calculated under current market rates assuming permanent instantaneous shifts Rate Shock Year 1 Year 2 +300 bps +12.8% +15.7% +200 bps +8.6% +10.5% +100 bps +4.3% +5.2% -100 bps -7.2% -8.9% Within 1 Year 40% 1 - 2 Years 6% 2 - 3 Years 7% 3 - 5 Years 19% 5+ Years 28%

27 27 Ticker: BUSE ▪ Net interest income was $75.9 million in 2Q22 vs. $70.1 million in 1Q22 and $64.5 million in 2Q21 ▪ Net interest margin was 2.68% in 2Q22, an increase of 23 bps vs. 2.45% in 1Q22 ▪ Adjusted net interest margin (1) (ex - PPP) was 2.66% in 2Q22, an increase of 25 bps vs. 2.41% in 1Q22 ▪ Primary factors contributing to the quarter’s NIM expansion was the growth of the loan portfolio combined with higher new volume rates & repricing rates (23 bps increase) and securities portfolio yield (7 bps increase) Noninterest Expense ▪ Noninterest income (ex - securities losses) of $32.7 million in 2Q22 , representing 30% of revenue ▪ Wealth management fees of $14.1 million in 2Q22 , down from $15.8 million in 1Q22 and up 9% YoY ▪ Payment tech solutions revenue of $4.9 million in 2Q22 , down from $5.1 million in 1Q22 and up 8% YoY ▪ Fees for customer services of $9.6 million in 2Q22 , up 8% QoQ and up 11% YoY ▪ Adjusted noninterest expense (1) (ex - amortization of intangibles, one - time acquisition and restructuring related items) of $65.8 million in 2Q22 , resulting in a 60.3% adjusted efficiency ratio (1) ▪ Adjusted core noninterest expense (1) of $ 64.4 million (ex - amortization of intangible assets, unfunded commitment provision, NMTC amortization, and one - time items) in 2Q22 , equating to 59.0 % adjusted core efficiency ratio (1) ▪ Adjusted net income of $30.1 million or $0.54 per diluted share (1) ▪ Adjusted pre - provision net revenue of $41.3 million (1.33% PPNR ROAA) in 2Q22 (1) ▪ 0.97% Adjusted ROAA and 14.62% Adjusted ROATCE in 2Q22 (1) Earnings Noninterest Income Net Interest Income Provision ▪ $1.7 million loan loss provision expense ▪ $0.3 million negative provision for unfunded commitments (captured in other noninterest expense) ▪ Net charge - offs of $1.1 million in 2Q22 (1) Non - GAAP, see Appendix Quarterly Earnings Review

28 28 Ticker: BUSE 0.05% 0.05% 0.05% 0.29% 1.50% 0.25% 0.28% 0.73% 2.28% 2.92% 0.87% 0.98% 1.26% 2.42% 3.01% 1.45% 1.52% 1.52% 2.32% 2.98% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 6/30/21 9/30/21 12/31/21 3/31/22 6/30/22 SOFR 2-yr UST 5-yr UST 10-Yr UST Earnings Performance (1) Non - GAAP calculation, see Appendix (2) Per FRED, Federal Reserve Bank of St. Louis Adjusted ROAA & Adjusted ROATCE (1) Adjusted Pre - Provision Net Revenue / Avg. Assets (1) Adjusted Net Income & Earnings Per Share (1) Historical Key Rates (2) $37.5 $39.4 $41.1 $39.4 $41.3 1.32% 1.23% 1.27% 1.26% 1.33% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% $0.0 $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 $40.0 $45.0 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 Adj. PPNR Adj. PPNR / Avg Assets $ in millions 13.1% 13.4% 14.3% 13.0% 14.6% 1.12% 1.03% 1.05% 0.93% 0.97% 0.30% 0.50% 0.70% 0.90% 1.10% 1.30% 1.50% 1.70% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 Adj. ROATCE Adj. ROAA $ in millions $31.9 $32.8 $34.3 $29.1 $30.1 $0.57 $0.58 $0.61 $0.52 $0.54 $0.00 $0.10 $0.20 $0.30 $0.40 $0.50 $0.60 $0.70 $0.80 $0.90 $1.00 $0.0 $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 $40.0 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 Adj. Net Income Adj. EPS $ in millions

29 29 Ticker: BUSE Environmental, Social and Governance Responsibility Building on 150 Years of Excellence | Advancing a Comprehensive ESG Strategy Commitment to Environment • Helping our clients reduce their footprint from sustainable agriculture to green construction, financing for solar arrays, energy efficiency improvements, and more. • Recycling nearly 500 tons of paper and saving nearly 2 million kilowatts of energy in 2021 alone. • Providing all associates training on how to reduce their environmental impact at home and in the office. Commitment to People • Donating more than $1 million annually and volunteering over 10,000 hours in 2021. • Attracting and retaining talent across a diverse set of backgrounds and experiences and investing in associate wellness and training and development. • Building upon a legacy of corporate responsibility through an Enterprise Community Banking program. Commitment to Strong Governance • Leading at the Board and Executive level with a team of diverse backgrounds and experiences. • Adhering to a stringent code of ethics set forth standards that all Executives, Directors and Officers are expected to follow. • Prioritizing strong corporate governance – employing sustainable and scalable processes, policies, and customs – exceeding industry metrics. To view the full Corporate Social Responsibility Report, visit busey.com/CSR. ISS Score (4) (1 - 10 Range, lower is better) Sustainalytics Score (5) (Lower is better – Proxy Peers average 29.7) Environmental Disclosures 3 Social Disclosures 4 Governance Risk 2 95% engagement in wellness program (3) 2022 Associate Engagement Score is the ’ history at 4.28/5.00 (2) 8.5 years average tenure (3) 40% of Board have underrepresented backgrounds, with diverse lengths of tenure (1) Strong 7% insider ownership (1) First bank to be Illinois Green Business Association certified in 2012 Over $16 million in commitments to new green construction (1) ( 1 ) Definitive Proxy filed 4/14/22 (2) Gallup - conducted survey completed Apr. 2022; first conducted in 2014 (3) Annual Report fi led 4/26/22 (4) Last ISS Governance data profile update:3/28/22; Last ISS E&S data profile update: 9/10/21 (5) Sustainalytics Scores updated through 7/11/22. Reporting p eer group is: ABCB, BANF, CUBI, EFSC, FFBC, FIBK, FRME, GBCI, HOMB, HTLF, ONB, PRK, RNST, SFBS, SFNC, STBA, TRMK, WSBC Officially opened in Peoria, IL in June 2022, the Busey Bank Bridge promotes financial security, community engagement and inclusion for economic development Busey was named a recipient of the 2022 Community Service Award by the Illinois Bankers Association in June 2022

30 30 Ticker: BUSE APPENDIX

31 31 Ticker: BUSE $1,664 $1,754 $1,869 $1,875 $1,912 $1,000 $1,100 $1,200 $1,300 $1,400 $1,500 $1,600 $1,700 $1,800 $1,900 $2,000 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 $ in millions High Quality Loan Portfolio: C&I ▪ 25.4% of total loan portfolio (ex - PPP loans) ▪ Diversified portfolio results in low levels of concentrated exposure ▪ Top concentration in one industry (manufacturing) is 17% of C&I loans, or 4% of total loans ▪ Only 2.4% of C&I loans are classified ▪ Manufacturing classified balances are primarily one credit ($16 million outstanding) in the Transportation subsector that is experiencing persistent pandemic impacts; relationship was downgraded from special mention to classified during 2Q22 ▪ YoY growth of C&I loans (ex - PPP) of $ 248 million (1) Ex - PPP loan totals include purchase accounting, FASB, overdrafts, etc. (2) Difference in C&I balances from chart on left pr imarily attributable to one large technical overdraft that was subsequently cleared on July 1 C&I Loans by Sector (ex - PPP) $ in thousands NAICS Sector 6/30/22 Balances (ex-PPP) % of Total Loans (ex-PPP) 6/30/22 Classified Balances Manufacturing $317,053 4.2% $20,432 Finance and Insurance $236,655 3.2% $0 Real Estate Rental & Leasing $199,694 2.7% $1,259 Wholesale Trade $191,301 2.6% $452 Construction $186,680 2.5% $2,173 Educational Services $166,645 2.2% $0 Health Care and Social Assistance $107,034 1.4% $7,031 Agriculture, Forestry, Fishing/Hunting $91,924 1.2% $1,496 Public Administration $75,863 1.0% $0 Food Services and Drinking Places $73,349 1.0% $841 Retail Trade $64,826 0.9% $4,261 Other Services (except Public Admin) $44,834 0.6% $75 Transportation $43,370 0.6% $202 Professional, Scientific, & Tech Svcs $41,743 0.6% $4,015 Arts, Entertainment, and Recreation $30,073 0.4% $2,143 Administrative and Support Services $15,379 0.2% $863 Mining, Quarrying, Oil/Gas Extraction $7,305 0.1% $0 Waste Management Services $6,826 0.1% $0 Information $2,608 0.0% $0 Management of Cos. & Enterprises $1,125 0.0% $0 Utilities $819 0.0% $0 Grand Total $1,905,106 25.4% $45,243 Total C&I Loans (1) (2)

32 32 Ticker: BUSE High Quality Loan Portfolio: CRE Total CRE: CRE - I and OOCRE Portfolio ▪ Only 1.3% of total CRE loans and 1.5% of CRE - I loans are classified ▪ Low levels of concentrated exposure ▪ Office top concentration at 20% of total CRE portfolio ▪ Apartments & Student Housing represents 29% of CRE - I ▪ 60.7% WAvg LTV & 61.4% long - term customers (4+ yrs ) ▪ Nursing Home portfolio has been a primary focus of ongoing monitoring activities since onset of pandemic ▪ Customers experienced significant occupancy declines (62.4% avg occupancy of portfolio as of YE 2021) & have been slow to recover ▪ Illinois law boosting funding by $700 million annually for Medicaid - funded nursing homes went into effect on 7/1/22; will provide new support for Illinois - based customers Office Composition by Type – Q2 2022 ▪ 41% of balances are Medical Office, a segment minimally impacted by work - from - home trends ▪ 63.3% Weighted Avg. LTV for total Office portfolio ▪ 0.1% of Office balances are risk - rated classified ▪ 36% of Office are owner - occupied properties underwritten to operating cash flow (1) Investor owned CRE includes C&D, Multifamily and non - owner occupied CRE Investor Owned CRE Loans by Property Type (1) Owner Occupied CRE Loans by Property Type $ in thousands Property Type 6/30/22 Balances % of Total Loans (ex-PPP) 6/30/22 Classified Balances Apartments $511,040 6.8% $857 Office $467,885 6.2% $546 Retail $432,350 5.8% $1,151 Industrial/Warehouse $292,181 3.9% $115 Student Housing $273,790 3.7% $0 Hotel $213,236 2.8% $505 Senior Housing $177,538 2.4% $0 LAD $131,163 1.8% $2,400 Specialty $83,151 1.1% $39 Nursing Homes $60,756 0.8% $34,864 Restaurant $28,774 0.4% $0 1-4 Family $22,735 0.3% $0 Health Care $20,000 0.3% $0 Continuing Care Facilities $14,339 0.2% $0 Other $1,003 0.0% $0 Grand Total $2,729,941 36.4% $40,477 $ in thousands Property Type 6/30/22 Balances % of Total Loans (ex-PPP) 6/30/22 Classified Balances Industrial/Warehouse $327,883 4.4% $2,235 Office $258,002 3.4% $488 Specialty $238,333 3.2% $2,401 Retail $62,223 0.8% $2,283 Restaurant $54,128 0.7% $1,632 Nursing Homes $1,493 0.0% $0 Health Care $1,050 0.0% $0 Hotel $617 0.0% $0 Apartments $445 0.0% $0 Other $185 0.0% $0 Student Housing $106 0.0% $0 Grand Total $944,465 12.6% $9,039

33 33 Ticker: BUSE Non - GAAP Financial Information Pre - Provision Net Revenue, Adjusted Pre - Provision Net Revenue, Pre - Provision Net Revenue to Average Assets, and Adjusted Pre - Provision Net Revenue to Average Assets (dollars in thousands) Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, June 30, 2022 2022 2021 2022 2021 PRE - PROVISION NET REVENUE Net interest income $ 75,928 $ 70,056 $ 64,542 $ 145,984 $ 129,435 Total noninterest income 31,019 35,772 33,011 66,791 64,456 Net security (gains) losses 1,714 614 (898) 2,328 (2,539) Total noninterest expense (69,092) (70,376) (62,625) (139,468) (117,124) Pre - provision net revenue 39,569 36,066 34,030 75,635 74,228 Non - GAAP adjustments: Acquisition and other restructuring expenses 303 835 2,713 1,138 3,033 Provision for unfunded commitments (267) 1,112 (496) 845 (90) Amortization of New Markets Tax Credit 1,662 1,341 1,239 3,003 3,068 Adjusted pre - provision net revenue $ 41,267 $ 39,354 $ 37,486 $ 80,621 $ 80,239 Pre - provision net revenue, annualized [a] $ 158,711 $ 146,268 $ 136,494 $ 152,524 $ 149,686 Adjusted pre - provision net revenue, annualized [b] 165,521 159,602 150,356 162,578 161,808 Average total assets [c] 12,452,070 12,660,939 11,398,655 12,555,928 10,998,672 Reported : Pre - provision net revenue to average assets 1 [a ÷ c] 1.27 % 1.16 % 1.20 % 1.21 % 1.36 % Adjusted : Pre - provision net revenue to average assets 1 [b ÷ c] 1.33 % 1.26 % 1.32 % 1.29 % 1.47 % 1 Annualized measure.

34 34 Ticker: BUSE Non - GAAP Financial Information Adjusted Net Income, Adjusted Diluted Earnings Per Share, Adjusted Return on Average Assets, Return on Average Tangible Common Equity, and Adjusted Return on Average Tangible Common Equity (dollars in thousands, except per share amounts) Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, June 30, 2022 2022 2021 2022 2021 NET INCOME ADJUSTED FOR NON - OPERATING ITEMS Net income [a] $ 29,824 $ 28,439 $ 29,766 $ 58,263 $ 67,582 Non - GAAP adjustments: Acquisition expenses: Salaries, wages, and employee benefits — 587 1,125 587 1,125 Data processing — 214 368 214 375 Professional fees, occupancy, and other 204 34 1,220 238 1,533 Other restructuring expenses: Lease or fixed asset impairment 99 — — 99 — Professional fees, occupancy, and other — — — — — MSR valuation impairment — — — — — Related tax benefit (46) (170) (558) (216) (629) Adjusted net income [b] $ 30,081 $ 29,104 $ 31,921 $ 59,185 $ 69,986 DILUTED EARNINGS PER SHARE Dilutive average common shares outstanding [c] 56,104,017 56,194,946 55,730,883 56,149,466 55,384,942 Reported : Diluted earnings per share [a ÷ c] $ 0.53 $ 0.51 $ 0.53 $ 1.04 $ 1.22 Adjusted : Diluted earnings per share [b ÷ c] $ 0.54 $ 0.52 $ 0.57 $ 1.05 $ 1.26 RETURN ON AVERAGE ASSETS Net income, annualized [d] $ 119,624 $ 115,336 $ 119,391 $ 117,492 $ 136,284 Adjusted net income, annualized [e] 120,655 118,033 128,035 119,351 141,132 Average total assets [f] 12,452,070 12,660,939 11,398,655 12,555,928 10,998,672 Reported : Return on average assets 1 [d ÷ f] 0.96 % 0.91 % 1.05 % 0.94 % 1.24 % Adjusted : Return on average assets 1 [e ÷ f] 0.97 % 0.93 % 1.12 % 0.95 % 1.28 % RETURN ON AVERAGE TANGIBLE COMMON EQUITY Average common equity $ 1,197,052 $ 1,281,535 $ 1,342,771 $ 1,239,060 $ 1,309,418 Average goodwill and other intangible assets, net (371,890) (374,811) (368,709) (373,342) (365,718) Average tangible common equity [g] $ 825,162 $ 906,724 $ 974,062 $ 865,718 $ 943,700 Reported: Return on average tangible common equity 1 [d ÷ g] 14.50 % 12.72 % 12.26 % 13.57 % 14.44 % Adjusted: Return on average tangible common equity 1 [e ÷ g] 14.62 % 13.02 % 13.14 % 13.79 % 14.96 % 1 Annualized measure.

35 35 Ticker: BUSE Non - GAAP Financial Information Adjusted Net Interest Margin (dollars in thousands) Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, June 30, 2022 2022 2021 2022 2021 Net interest income $ 75,928 $ 70,056 $ 64,542 $ 145,984 $ 129,435 Non - GAAP adjustments: Tax - equivalent adjustment 546 546 579 1,092 1,180 Tax - equivalent net interest income 76,474 70,602 65,121 147,076 130,615 Purchase accounting accretion related to business combinations (599) (1,159) (1,726) (1,758) (3,883) Adjusted net interest income $ 75,875 $ 69,443 $ 63,395 $ 145,318 $ 126,732 Tax - equivalent net interest income, annualized [a] $ 306,736 $ 286,330 $ 261,200 $ 296,590 $ 263,395 Adjusted net interest income, annualized [b] 304,334 281,630 254,277 293,045 255,565 Average interest - earning assets [c] 11,453,198 11,703,947 10,448,417 11,577,879 10,102,278 Reported: Net interest margin 1 [a ÷ c] 2.68 % 2.45 % 2.50 % 2.56 % 2.61 % Adjusted: Net interest margin 1 [b ÷ c] 2.66 % 2.41 % 2.43 % 2.53 % 2.53 % 1 Annualized measure.

36 36 Ticker: BUSE Non - GAAP Financial Information Adjusted Noninterest Expense, Adjusted Core Expense, Efficiency Ratio, Adjusted Efficiency Ratio, and Adjusted Core Efficienc y R atio (dollars in thousands) Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, June 30, 2022 2022 2021 2022 2021 Net interest income $ 75,928 $ 70,056 $ 64,542 $ 145,984 $ 129,435 Non - GAAP adjustments: Tax - equivalent adjustment 546 546 579 1,092 1,180 Tax - equivalent net interest income 76,474 70,602 65,121 147,076 130,615 Total noninterest income 31,019 35,772 33,011 66,791 64,456 Non - GAAP adjustments: Net security (gains) losses 1,714 614 (898) 2,328 (2,539) Noninterest income excluding net securities gains and losses 32,733 36,386 32,113 69,119 61,917 Tax - equivalent net interest income plus noninterest income excluding net securities gains and losses [a] $ 109,207 $ 106,988 $ 97,234 $ 216,195 $ 192,532 Total noninterest expense $ 69,092 $ 70,376 $ 62,625 $ 139,468 $ 117,124 Non - GAAP adjustments: Amortization of intangible assets [b] (2,951) (3,011) (2,650) (5,962) (5,051) Non - interest expense excluding amortization of intangible assets [c] 66,141 67,365 59,975 133,506 112,073 Non - operating adjustments: Salaries, wages, and employee benefits — (587) (1,125) (587) (1,125) Data processing — (214) (368) (214) (375) Impairment, professional fees, occupancy, and other (303) (34) (1,220) (337) (1,533) Adjusted noninterest expense [d] 65,838 66,530 57,262 132,368 109,040 Provision for unfunded commitments 267 (1,112) 496 (845) 90 Amortization of New Markets Tax Credit (1,662) (1,341) (1,239) (3,003) (3,068) Adjusted core expense [e] $ 64,443 $ 64,077 $ 56,519 $ 128,520 $ 106,062 Noninterest expense, excluding non - operating adjustments [d - b] $ 68,789 $ 69,541 $ 59,912 $ 138,330 $ 114,091 Reported: Efficiency ratio [c ÷ a] 60.56 % 62.97 % 61.68 % 61.75 % 58.21 % Adjusted : Efficiency ratio [d ÷ a] 60.29 % 62.18 % 58.89 % 61.23 % 56.63 % Adjusted: Core efficiency ratio [e ÷ a] 59.01 % 59.89 % 58.13 % 59.45 % 55.09 %

37 37 Ticker: BUSE Non - GAAP Financial Information Tangible Book Value Per Common Share (dollars in thousands, except per share amounts) As of June 30, March 31, December 31, September 30, June 30, 2022 2022 2021 2021 2021 Total stockholders’ equity $ 1,161,957 $ 1,218,025 $ 1,319,112 $ 1,333,076 $ 1,345,691 Goodwill and other intangible assets, net (369,962) (372,913) (375,924) (378,891) (381,795) Tangible book value [a] $ 791,995 $ 845,112 $ 943,188 $ 954,185 $ 963,896 Ending number of common shares outstanding [b] 55,335,703 55,278,785 55,434,910 55,826,984 56,330,616 Tangible book value per common share [a ÷ b] $ 14.31 $ 15.29 $ 17.01 $ 17.09 $ 17.11 Tangible Common Equity and Tangible Common Equity to Tangible Assets (dollars in thousands) As of June 30, March 31, December 31, September 30, June 30, 2022 2022 2021 2021 2021 Total assets $ 12,356,433 $ 12,567,509 $ 12,859,689 $ 12,899,330 $ 12,415,449 Non - GAAP adjustments: Goodwill and other intangible assets, net (369,962) (372,913) (375,924) (378,891) (381,795) Tax effect of other intangible assets 1 9,905 10,456 16,254 17,115 17,997 Tangible assets [a] $ 11,996,376 $ 12,205,052 $ 12,500,019 $ 12,537,554 $ 12,051,651 Total stockholders’ equity $ 1,161,957 $ 1,218,025 $ 1,319,112 $ 1,333,076 $ 1,345,691 Non - GAAP adjustments: Goodwill and other intangible assets, net (369,962) (372,913) (375,924) (378,891) (381,795) Tax effect of other intangible assets 1 9,905 10,456 16,254 17,115 17,997 Tangible common equity [b] $ 801,900 $ 855,568 $ 959,442 $ 971,300 $ 981,893 Tangible common equity to tangible assets 2 [ b ÷ a ] 6.68 % 7.01 % 7.68 % 7.75 % 8.15 % 1 Net of estimated deferred tax liability. 2 Tax - effected measure.

38 38 Ticker: BUSE Non - GAAP Financial Information Core Loans, Core Loans to Portfolio Loans, Core Deposits, Core Deposits to Total Deposits, and Core Loans to Core Deposits (dollars in thousands) As of June 30, March 31, December 31, September 30, June 30, 2022 2022 2021 2021 2021 Portfolio loans [a] $ 7,497,778 $ 7,272,873 $ 7,188,998 $ 7,150,635 $ 7,185,650 Non - GAAP adjustments: PPP Loans amortized cost (7,616) (31,769) (74,958) (178,231) (390,395) Core loans [b] $ 7,490,162 $ 7,241,104 $ 7,114,040 $ 6,972,404 $ 6,795,255 Total deposits [c] $ 10,397,228 $ 10,591,836 $ 10,768,577 $ 10,817,867 $ 10,337,117 Non - GAAP adjustments: Brokered transaction accounts (2,002) (2,002) (2,248) (2,002) (2,002) Time deposits of $250,000 or more (117,957) (139,245) (137,449) (156,419) (129,187) Core deposits [d] $ 10,277,269 $ 10,450,589 $ 10,628,880 $ 10,659,446 $ 10,205,928 RATIOS Core loans to portfolio loans [b ÷ a] 99.90 % 99.56 % 98.96 % 97.51 % 94.57 % Core deposits to total deposits [d ÷ c] 98.85 % 98.67 % 98.70 % 98.54 % 98.73 % Core loans to core deposits [b ÷ d] 72.88 % 69.29 % 66.93 % 65.41 % 66.53 %


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


	☐	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))


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.001 par value	BUSE	Nasdaq Stock Market LLC







Exhibit Number		Description of Exhibit
99.1		Press Release issued by First Busey Corporation, dated July 26, 2022.

99.2		Supplemental slides issued by First Busey Corporation, dated July 26, 2022.

104		Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101).



Date: July 26, 2022	First Busey Corporation


	By:	/s/ Jeffrey D. Jones
	Name:	Jeffrey D. Jones
	Title:	Chief Financial Officer