First Busey reports $55.85 million net income for Q3 2026

Cover page 4 changes

3 unchanged paragraphs

For the Quarterly Period Ended June September 30, 2026

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Registrant's telephone number, including area code: (217) 365-4544 (913) 312-6800 (Former name, former address, and former fiscal year, if changed since last report)

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Class Outstanding at August 6, 2026

Class Outstanding at November 5, 2026

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Exhibits 5 changes

First Busey Corporation (BUSE) | 2026 Q2 Q3

8 unchanged paragraphs

Basel III Rule Regulations promulgated by U.S. federal banking agencies—the OCC, Office of the Comptroller of the Currency, the Federal Reserve, and the FDIC—to both enforce implementation of certain aspects of the Basel III capital reforms and effect certain changes required by the Dodd-Frank Wall Street Reform and Consumer Protection Act bps basis points

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CECL ASC Topic 326 "Financial Instruments-Credit Losses," which established the Current Expected Credit Losses methodology for measuring credit losses on financial instruments

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First Busey Corporation (BUSE) | 2026 Q3 — 1

LOCOM Lower of Cost or Market, an accounting approach under which assets are carried at amortized historical cost less write-offs and downward fair value adjustments, as may be applicable

Management's Discussion and Analysis of Financial Condition and Results of Operations (Unaudited), included in this Quarterly Report 3 changes

1 unchanged paragraph

First Busey Corporation (BUSE) | 2026 Q2 — 1

14 unchanged paragraphs

U.S. Treasury U.S. Department of the Treasury

1 unchanged paragraph

First Busey Corporation (BUSE) | 2026 Q2 Q3 — 2

1 unchanged paragraph

Financial statements 218 changes

First Busey Corporation (BUSE) | 2026 Q2 Q3 — 3

2 unchanged paragraphs

(dollars in thousands, except per share amounts) June September 30,

1 unchanged paragraph

Cash and due from banks $ 182,537 173,136 $ 181,041

Interest-bearing deposits 482,836 709,917 99,186

Total cash and cash equivalents 665,373 883,053 280,227

1 unchanged paragraph

Equity securities 16,397 14,916

Debt securities available for sale 2,265,167 2,669,937 2,162,548

Debt securities held to maturity 703,988 685,134 746,385

Equity securities 15,557 14,916

Loans held for sale 8,660 68,081 5,752

Portfolio loans (net of ACL of $ 164,204 164,280 at June September 30, 2026, and $ 174,023 at December 31, 2025)

Restricted bank stock 83,171 77,067 77,006

Premises and equipment, net 191,953 190,257 193,444

1 unchanged paragraph

Other assets 476,772 475,726

Other intangible assets, net 88,925 84,774 97,449

Cash surrender value of bank owned life insurance 263,698 265,357 260,402

Other assets 554,367 475,726

Total assets $ 18,191,867 18,558,606 $ 18,104,736

1 unchanged paragraph

Interest-bearing 11,632,426 11,246,537

Other liabilities 250,157 272,338

Total liabilities 15,808,697 15,635,754

Noninterest-bearing $ 3,496,319 3,439,061 $ 3,659,421

Interest-bearing 12,098,505 11,246,537

Total deposits 15,128,745 15,537,566 14,905,958

Securities sold under agreements to repurchase 144,061 154,693 166,929

Short-term borrowings 28,333 41,793 —

Long-term borrowings 95,325 98,165 113,806

Subordinated notes, net of unamortized issuance costs 99,603 99,710 99,395

Junior subordinated debt owed to unconsolidated trusts 62,473 62,546 77,328

Other liabilities 307,854 272,338

Total liabilities 16,302,327 15,635,754

2 unchanged paragraphs

Preferred stock, $ 0.001 par value, liquidation preference $ 222,750 at June September 30, 2026, and December 31, 2025

1 unchanged paragraph

Retained earnings 395,409 336,707

AOCI ( 141,080 ) ( 124,473 )

Additional paid-in capital 2,364,585 2,367,703 2,375,511

Retained earnings 424,880 336,707

AOCI ( 241,880 ) ( 124,473 )

Total stockholders' equity before treasury stock 2,619,007 2,550,796 2,587,838

Treasury stock at cost ( 235,837 294,517 ) ( 118,856 )

Total stockholders' equity 2,383,170 2,256,279 2,468,982

Total liabilities and stockholders' equity $ 18,191,867 18,558,606 $ 18,104,736

1 unchanged paragraph

Common shares ( 200,000,000 authorized at June September 30, 2026, and December 31, 2025):

1 unchanged paragraph

Less: Treasury 9,505,040 5,070,111

Outstanding 83,189,501 87,624,430

Less: Treasury 11,417,887 5,070,111

Outstanding 81,276,654 87,624,430

1 unchanged paragraph

First Busey Corporation (BUSE) | 2026 Q2 Q3 — 4

2 unchanged paragraphs

Three Months Ended June 30, Six Months Ended June 30,

Interest and fees on loans $ 198,219 $ 214,409 $ 398,774 $ 353,942

Taxable interest income 22,289 23,393 43,384 41,690

Non-taxable interest income 1,733 1,640 3,466 2,282

Dividend income on bank stock 1,127 543 2,007 1,302

Other interest income 1,057 7,461 2,279 15,045

Total interest income 224,425 247,446 449,910 414,261

Deposits 65,761 88,147 131,787 145,459

Short-term borrowings 1,485 496 2,396 563

Long-term borrowings 1,093 743 2,161 1,030

Subordinated notes 1,355 2,599 2,708 5,786

Total interest expense 72,023 94,263 143,539 157,347

Net interest income 152,402 153,183 306,371 256,914

Provision for credit losses 2,189 5,700 5,247 51,293

Wealth management fees 19,981 16,777 39,351 34,141

Payment technology solutions 4,968 4,956 10,045 10,029

Treasury management services 4,789 4,569 9,245 7,406

Capital markets income 1,871 1,254 4,242 2,579

Card services and ATM fees 4,813 4,880 9,459 8,589

Other noninterest income 2,400 3,172 6,563 6,876

Total noninterest income 44,311 44,863 86,576 66,086

Salaries and employee benefits 67,677 78,360 152,907 145,923

Data processing 8,868 14,021 18,732 23,596

Net occupancy expense of premises 7,850 7,832 15,502 13,631

Furniture and equipment expenses 2,336 2,409 4,513 4,153

Professional fees 3,041 2,874 6,280 12,385

Amortization of intangible assets 4,232 4,592 8,523 7,675

Interchange expense 1,096 1,297 2,212 2,640

FDIC insurance 2,349 2,424 4,800 4,591

Other noninterest expense 15,186 14,024 28,685 25,269

Total noninterest expense 112,635 127,833 242,154 239,863

Income before income taxes 81,889 64,513 145,546 31,844

Income taxes 18,713 17,109 32,389 14,430

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and 138 more changes in the filing

Note 1: SIGNIFICANT ACCOUNTING POLICIES 3 changes

1 unchanged paragraph

First Busey Corporation, a Nevada corporation organized in 1980, is an $ 18.19 18.56 billion financial holding company headquartered in Leawood, Kansas. First Busey's stock is traded on The Nasdaq Global Select Market, with its common stock trading under the symbol "BUSE" and its depositary shares of Busey Series B Preferred Stock trading under the symbol "BUSEP."

6 unchanged paragraphs

Assets held for customers in a fiduciary or agency capacity, other than trust cash on deposit at Busey Bank, are not Busey's assets and, accordingly, are not included in the accompanying unaudited consolidated financial statements. Busey had assets under care of $ 16.51 16.72 billion at June September 30, 2026, and $ 15.66 billion at December 31, 2025.

2 unchanged paragraphs

First Busey Corporation (BUSE) | 2026 Q2 Q3 — 11

Notes to the financial statements 6 changes

Recently Issued Accounting Standards Not Yet Adopted

In May 2026, the FASB issued ASU 2026‑02 "Environmental Credits and Environmental Credit Obligations (Topic 818) ," which establishes recognition, measurement, presentation, and disclosure requirements for environmental credits and environmental credit obligations. This update is to be applied on a retrospective basis, and will be effective for Busey for annual and interim reporting periods beginning January 1, 2028. Early adoption is permitted as of the beginning of an annual reporting period. Busey is currently evaluating the applicability and effect of this ASU on its financial position, results of operations, and related disclosures.

In November 2025, the FASB issued ASU 2025-09 " Derivatives and Hedging (Topic 815): Hedge Accounting Improvements " to expand the hedged risks permitted to be aggregated in a group of individual forecasted transactions, enabling entities to apply hedge accounting treatment to a broader portfolio of forecasted transactions. Under the amendments in this update, a group of individual forecasted transactions can be designated as a cash flow hedge if they have a similar risk exposure. Individual forecasted transactions are considered to have a similar risk exposure when the derivative used as the hedging instrument is highly effective against each hedged risk in the group. This update is to be applied on a prospective basis for all hedging relationships; there is an option to elect to adopt the amendments in this update for hedging relationships that exist as of the date of adoption. This update will be effective for Busey for annual and interim reporting periods beginning January 1, 2027. Early adoption is permitted. Busey is currently evaluating the effect this ASU may have on its financial position and results of operations.

2 unchanged paragraphs

In September 2025, the FASB issued ASU 2025-06 " Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software ," changing the criteria for capitalizing software costs to the following: (1) a commitment has been made to fund the software project, and (2) it is probable the project will be completed and used to perform its intended function. Under this update, software development stages are no longer a consideration in the determination of which costs are capitalized. The amendments in this update may be adopted on a prospective, modified transition, or retrospective basis, and will be effective for Busey for annual and interim reporting periods beginning January 1, 2028. Early adoption is permitted. Busey is currently evaluating the effect this ASU may have on its financial position and results of operations.

In November 2024, the FASB issued ASU 2024-03 " Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses " to require additional disclosures within the notes to the financial statements about certain expense items. Specifically, disaggregation of income statement captions that contain expenses within the following five categories is required: (1) purchases of inventory, (2) employee compensation, (3) depreciation, (4) intangible asset amortization, and (5) depreciation, depletion, and amortization ("DD&A") costs recognized as part of oil- and gas-producing activities or other amounts of depletion expense. Further, this update requires disclosure of the total amount of selling expenses and the entity's definition of selling expenses. This update provides a practical expedient for banks and bank holding companies to continue presenting salaries and employee benefits in conformity with SEC Rule 210.9-04 instead of requiring those entities to apply the employee compensation definition included in Subtopic 220-40. The amendments in this update may be applied on either a prospective or retrospective basis and will be effective for Busey beginning with the annual reporting period ending December 31, 2027, and interim reporting periods beginning January 1, 2028. Early adoption is permitted. Because this update relates only to disclosure, Busey does not expect adoption of this ASU to have any impact on its financial position or results of operations.

First Busey Corporation (BUSE) | 2026 Q2 Q3 — 14

Note 2: BUSINESS COMBINATIONS 4 changes

2 unchanged paragraphs

Acquisition Accounting for CrossFirst

The CrossFirst acquisition was accounted for using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed, and consideration exchanged were recorded at estimated fair values as of March 1, 2025, the date of acquisition. Fair values, including initial accounting for deferred taxes, were subject to refinement for up to one year after the closing date as additional information regarding the closing date fair values became available. A final fair value adjustment for deferred taxes was recorded during the three months ended March 31, 2026, resulting in a $ 0.9 million increase to the fair value of net assets acquired. Fair values are now final.

As the total consideration paid for CrossFirst exceeded the estimated fair value of net assets acquired, goodwill of $ 48.6 million was recorded as a result of the acquisition. Goodwill recorded for this transaction reflects synergies expected from the acquisition and the greater revenue opportunities from Busey's broader service capabilities in attractive new markets. Goodwill recorded for this transaction is not tax deductible and was assigned to the Banking operating segment.

First Busey Corporation (BUSE) | 2026 Q2 Q3 — 15

Note 3: DEBT SECURITIES 6 changes

1 unchanged paragraph

As of September 30, 2026

8 unchanged paragraphs

Total debt securities available for sale $ 2,419,023 $ 6,816 $ ( 160,672 ) $ 2,265,167

Total debt securities available for sale $ 2,939,144 $ 117 $ ( 269,324 ) $ 2,669,937

3 unchanged paragraphs

Total debt securities held to maturity $ 703,988 $ — $ ( 124,685 ) $ 579,303

Total debt securities held to maturity $ 685,134 $ — $ ( 148,667 ) $ 536,467

1 unchanged paragraph

First Busey Corporation (BUSE) | 2026 Q2 Q3 — 19 20

Note 4: PORTFOLIO LOANS 13 changes

1 unchanged paragraph

Retail other 638,947 594,668

(dollars in thousands) June September 30,

C&I and other commercial $ 3,959,997 3,770,796 $ 4,229,208

CRE 5,452,781 5,258,021 5,550,018

Real estate construction 1,027,069 1,066,709 1,039,289

Total commercial loans 10,439,847 10,095,526 10,818,515

Retail real estate 2,116,360 2,089,618 2,154,616

Retail other 637,345 594,668

Total retail loans 2,755,307 2,726,963 2,749,284

Total portfolio loans 13,195,154 12,822,489 13,567,799

ACL ( 164,204 164,280 ) ( 174,023 )

Portfolio loans, net $ 13,030,950 12,658,209 $ 13,393,776

First Busey Corporation (BUSE) | 2026 Q2 Q3 — 24 25

Note 5: LEASES 10 changes

1 unchanged paragraph

(dollars in thousands) Location June September 30,

5 unchanged paragraphs

1. Balances are presented net of accumulated amortization of $ 0.4 0.5 million at June September 30, 2026, and $ 0.3 million at December 31, 2025.

Lease terms are summarized in the following table:

Weighted average remaining lease terms:

Operating leases 7.05 years 7.41 years

Finance leases 15.51 years 16.26 years

Weighted average discount rates:

Operating leases 4.28 % 4.24 %

Finance leases 5.10 % 5.10 %

First Busey Corporation (BUSE) | 2026 Q2 Q3 — 33 36

Note 6: DEPOSITS 13 changes

1 unchanged paragraph

(dollars in thousands) June September 30,

Noninterest-bearing demand deposits $ 3,496,319 3,439,061 $ 3,659,421

Interest-bearing transaction deposits 3,315,200 3,546,503 3,119,475

Saving deposits and money market deposits 5,934,920 6,147,198 5,697,172

Time deposits 2,382,306 2,404,804 2,429,890

Total deposits $ 15,128,745 15,537,566 $ 14,905,958

1 unchanged paragraph

(dollars in thousands) June September 30,

Brokered interest-bearing transaction deposits $ 43 — $ 50,136

Brokered savings deposits and money market deposits 60,000 10,000 10,000

6 unchanged paragraphs

Remainder of 2026 $ 1,728,608

Remainder of 2026 $ 756,604

Time deposits $ 2,382,306 2,404,804

First Busey Corporation (BUSE) | 2026 Q2 Q3 — 36 39

Note 7: BORROWINGS 10 changes

2 unchanged paragraphs

(dollars in thousands) June September 30,

Securities sold under agreements to repurchase $ 144,061 154,693 $ 166,929

Weighted average rate for securities sold under agreements to repurchase 2.39 2.56 % 2.22 %

1 unchanged paragraph

Pursuant to Busey's Credit Agreement, as amended effective April 30, 2026, Busey has access to a $ 50.0 million revolving line of credit bearing an interest rate equal to the one-month Term SOFR rate plus 1.65 %. The termination date for the revolving line of credit is April 30, 2027. As of June September 30, 2026, there was no balance outstanding on the revolving line of credit. The revolving line of credit incurs an insignificant immaterial non-usage fee each quarter based on any undrawn amounts.

1 unchanged paragraph

Busey's short-term borrowings include, as applicable, loans maturing within one year of the loan origination date, the current portion of long-term debt that is due within 12 months, and federal funds purchased. Federal funds purchased are short-term borrowings that generally mature between one day an d 90 days . Busey did not have any outstanding balance of federal funds borrowings outstanding at June purchased as of September 30, 2026. Balances of short-term borrowings are presented in the table below:

(dollars in thousands) June September 30,

1 unchanged paragraph

FHLB advances maturing in less than one year from date of origination, and the current portion of long-term FHLB advances due within 12 months $ 28,333 41,793 $ —

Total short-term borrowings $ 28,333 41,793 $ —

Funds borrowed from the FHLB, listed above, consisted of three five notes with a weighted average interest rate of 3.17 2.90 % and a weighted average maturity period of 11 9 months as of June September 30, 2026.

First Busey Corporation (BUSE) | 2026 Q2 Q3 — 37 40

Note 8: REGULATORY CAPITAL 19 changes

1 unchanged paragraph

Banking regulations identify five capital categories for insured depository institutions: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized. As of June September 30, 2026, and December 31, 2025, all capital ratios of Busey and Busey Bank exceeded well capitalized levels under the applicable regulatory capital adequacy guidelines. Management believes that no events or changes have occurred subsequent to June September 30, 2026, that would change this designation.

2 unchanged paragraphs

As of September 30, 2026

4 unchanged paragraphs

Busey $ 1,859,031 12.53 % $ 667,908 4.50 % $ 964,756 6.50 %

Busey Bank $ 2,168,464 14.65 % $ 665,889 4.50 % $ 961,839 6.50 %

Busey $ 1,836,193 12.47 % $ 662,846 4.50 % $ 957,444 6.50 %

Busey Bank $ 2,142,635 14.59 % $ 660,884 4.50 % $ 954,610 6.50 %

1 unchanged paragraph

Busey $ 2,081,781 14.03 % $ 890,544 6.00 % $ 1,187,391 8.00 %

Busey Bank $ 2,168,464 14.65 % $ 887,852 6.00 % $ 1,183,802 8.00 %

Busey $ 2,058,943 13.98 % $ 883,795 6.00 % $ 1,178,393 8.00 %

Busey Bank $ 2,142,635 14.59 % $ 881,178 6.00 % $ 1,174,904 8.00 %

1 unchanged paragraph

Busey $ 2,390,209 16.10 % $ 1,187,391 8.00 % $ 1,484,239 10.00 %

Busey Bank $ 2,312,314 15.63 % $ 1,183,802 8.00 % $ 1,479,753 10.00 %

Busey $ 2,371,843 16.10 % $ 1,178,393 8.00 % $ 1,472,991 10.00 %

Busey Bank $ 2,290,958 15.60 % $ 1,174,904 8.00 % $ 1,468,631 10.00 %

1 unchanged paragraph

Busey $ 2,081,781 11.86 % $ 702,084 4.00 % N/A N/A

Busey Bank $ 2,168,464 12.38 % $ 700,802 4.00 % $ 876,002 5.00 %

Busey $ 2,058,943 11.34 % $ 726,301 4.00 % N/A N/A

Busey Bank $ 2,142,635 11.83 % $ 724,601 4.00 % $ 905,752 5.00 %

First Busey Corporation (BUSE) | 2026 Q2 Q3 — 39 42

Note 9: TAX CREDIT INVESTMENTS AND OTHER INVESTMENTS IN UNCONSOLIDATED ENTITIES 6 changes

1 unchanged paragraph

(dollars in thousands) Location June September 30,

1 unchanged paragraph

Tax credit investments Other assets $ 129,930 146,211 $ 119,634

Other investments in unconsolidated entities Other assets 37,717 38,627 46,361

Investments in unconsolidated entities $ 167,647 184,838 $ 165,995

Unfunded investment obligations Other liabilities $ 70,277 71,586 $ 68,690

First Busey Corporation (BUSE) | 2026 Q2 Q3 — 40 43

Note 10: STOCK-BASED COMPENSATION 6 changes

3 unchanged paragraphs

Nonvested at June September 30, 2026

Vested and outstanding at June September 30, 2026

2 unchanged paragraphs

Outstanding at June September 30, 2026

Exercisable at June September 30, 2026

1 unchanged paragraph

• On May 24, 2023, an amendment and restatement of the 2020 Equity Plan was approved by stockholders at the 2023 Annual Meeting of Stockholders. Terms of the amended and restated 2020 Equity Plan remained substantially identical to those of the originally approved 2020 Equity Plan, other than a 1,350,000 increase in the number of shares authorized for issuance under the 2020 Equity Plan. More information can be found in Appendix A within First Busey's Proxy Statement for the 2023 Annual Meeting of Stockholders filed on April 14, 2023 .

First Busey Corporation (BUSE) | 2026 Q2 Q3 — 41 44

Note 11: OUTSTANDING COMMITMENTS AND CONTINGENT LIABILITIES 7 changes

2 unchanged paragraphs

(dollars in thousands) June September 30,

1 unchanged paragraph

Commitments to extend credit $ 4,006,100 4,043,231 $ 4,696,867

Standby letters of credit 103,742 116,932 123,746

Total commitments $ 4,109,842 4,160,163 $ 4,820,613

2 unchanged paragraphs

In 2021, First Busey received an inquiry from the Illinois Secretary of State, pursuant to which the Illinois Secretary of State asked for additional information regarding certain of First Busey's franchise tax filings and the calculation of amounts due thereunder. The franchise tax is established by the Illinois Business Corporation Act ("BCA") 805 ILCS 5/1 et seq., and is a tax imposed on foreign and domestic corporations for the privilege of conducting business in Illinois. First Busey has been cooperating with the inquiry since the initial outreach from the Illinois Secretary of State in 2021 and in October 2024 delivered additional unsigned BCA forms requested by the Illinois Secretary of State, with a full reservation of rights by First Busey.

On March 20, 2025, the Illinois Secretary of State requested that First Busey resubmit the requested forms using a proposed methodology for paid-in capital that First Busey views as inconsistent with the Illinois Secretary of State's past practice, and existing statutory and case law. Accordingly, on May 14, 2025, within the Illinois Secretary of State's requested timeframe, First Busey informed the Illinois Secretary of State that it would not resubmit the requested forms with the methodology that First Busey disputes and requested that the parties instead continue good faith discussions. On July 2, 2025, First Busey received a notice of hearing from the Illinois Secretary of State indicating that informing it of the scheduling of an administrative hearing has been scheduled to "ascertain" the required amount of franchise taxes, penalties, interest, fees, and charges purportedly due from First Busey to the Illinois Secretary of State. In the notice, the Illinois Secretary of State requested a determination of an amount due that the Illinois Secretary of State preliminarily estimated in excess of $ 28.0 million, including in excess of $ 17.4 million in interest and approximately $ 0.3 million in penalties. First Busey disagrees with the Illinois Secretary of State's preliminary estimate and believes that the Illinois Secretary of State's request is contrary not only to the Illinois Secretary of State's past practice, but also existing statutory and case law. First Busey intends to vigorously defend itself against the Illinois Secretary of State's notice, including through appropriate judicial relief. To that end, On July 31, 2025, September 3, 2026, First Busey filed received a special appearance with the Illinois Secretary of State's Department of Administrative Hearings solely for the limited purpose of contesting the jurisdiction of letter from the Illinois Secretary of State to initiate and conduct the administrative hearing, and on November 25, 2025, First Busey filed two lawsuits against updating the Illinois Secretary foregoing estimate to an amount in excess of State $ 31.0 million, including in connection with this matter: one excess of $ 20.9 million in federal court, First Busey Corporation v. Alexi Giannoulias , No. 3:25-cv-50488 (N.D. Ill.); interest and one approximately $ 0.2 million in Illinois state court, First Busey Corporation v. Alexi Giannoulias , No. 25-MR-283 (Sixth Judicial Circuit of Illinois, Champaign County). Both lawsuits and the administrative hearing remain pending. penalties.

First Busey Corporation (BUSE) | 2026 Q2 Q3 — 43 46

Note 12: DERIVATIVE FINANCIAL INSTRUMENTS 6 changes

2 unchanged paragraphs

(dollars in thousands) June September 30,

Cash pledged to secure obligations under derivative contracts $ 14,400 15,890 $ 14,400

Collateral held to secure obligations under derivative contracts 7,720 11,260 5,050

2 unchanged paragraphs

Interest Rate Swaps Designated as Cash Flow Hedges

Interest rate swaps with notional amounts totaling $ 800.0 million as of June 30, 2026, and $ 500.0 million as of December 31, 2025, were designated as cash flow hedges. Busey entered into a $ 300.0 million receive-fixed, pay-floating interest rate swap to reduce Busey's asset sensitivity ("Prime Loan Swap"). Duration was added to Busey's loan portfolio by fixing a portion of floating prime-based loans. Interest rates had risen above their historical lows allowing Busey to lock in a portion of its loan portfolio to reduce asset sensitivity while creating a more stable margin in a volatile rate market. These hedges were determined to be highly effective during the period, and Busey expects its hedges to remain highly effective during the remaining terms of the swaps. Further, Busey entered into forward-starting SOFR-based receive-fixed pay-floating interest rate swaps totaling $ 500.0 million to reduce Busey's asset sensitivity ("SOFR Loan Swaps"). These hedges were determined to be highly effective during the period, and Busey expects its hedges to remain highly effective during the remaining terms of the swaps. Changes in fair value were recorded net of tax in OCI.

First Busey Corporation (BUSE) | 2026 Q2 Q3 — 44 47

Note 13: FAIR VALUE MEASUREMENTS 1 change

3 unchanged paragraphs

First Busey Corporation (BUSE) | 2026 Q2 Q3 — 49 53

Note 14: EARNINGS PER COMMON SHARE 20 changes

2 unchanged paragraphs

Three Months Ended June 30, Six Months Ended June 30,

Net income $ 63,176 $ 47,404 $ 113,157 $ 17,414

Dividends on preferred stock ( 4,590 ) ( 155 ) ( 9,179 ) ( 155 )

Net income available to common stockholders $ 58,586 $ 47,249 $ 103,978 $ 17,259

Weighted average number of common shares outstanding, basic 84,498,030 89,645,040 85,588,955 79,139,706

Dilutive effect of outstanding equity-based awards 887,352 1,238,671 1,013,323 1,111,871

Weighted average number of common shares outstanding, diluted 85,385,382 90,883,711 86,602,278 80,251,577

Basic earnings per common share $ 0.69 $ 0.53 $ 1.21 $ 0.22

Diluted earnings per common share $ 0.69 $ 0.52 $ 1.20 $ 0.22

Anti-dilutive equity-based awards 68,094 28,561 34,047 223,149

Three Months Ended September 30, Nine Months Ended September 30, (dollars in thousands, except per share amounts) 2026 2025 2026

Net income $ 55,845 $ 57,098 $ 169,002 $ 74,512

Dividends on preferred stock ( 4,589 ) ( 5,131 ) ( 13,768 ) ( 5,286 )

Net income available to common stockholders $ 51,256 $ 51,967 $ 155,234 $ 69,226

Weighted average number of common shares outstanding, basic 82,478,537 89,136,898 84,540,756 82,508,723

Dilutive effect of outstanding equity-based awards 1,254,573 1,081,484 1,093,740 1,101,276

Weighted average number of common shares outstanding, diluted 83,733,110 90,218,382 85,634,496 83,609,999

Basic earnings per common share $ 0.62 $ 0.58 $ 1.84 $ 0.84

Diluted earnings per common share $ 0.61 $ 0.58 $ 1.81 $ 0.83

Anti-dilutive equity-based awards 66,891 298,211 44,995 249,668

Note 15: ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) 10 changes

1 unchanged paragraph

Three Months Ended June September 30, 2026

1 unchanged paragraph

Balance, March 31, 2026 $ ( 108,779 ) $ ( 17,427 ) $ ( 9,347 ) $ ( 135,553 )

Unrealized holding gains (losses), net ( 1,576 ) — ( 5,664 ) ( 7,240 )

Amounts reclassified from AOCI, net — — 1,039 1,039

Amortization of unrecognized losses on securities transferred to held to maturity — 674 — 674

1 unchanged paragraph

Unrealized holding gains (losses), net ( 86,352 ) — ( 16,098 ) ( 102,450 )

Amounts reclassified from AOCI, net ( 124 ) — 1,099 975

Amortization of unrecognized losses on securities transferred to held to maturity — 675 — 675

Balance, September 30, 2026 $ ( 196,831 ) $ ( 16,078 ) $ ( 28,971 ) $ ( 241,880 )

First Busey Corporation (BUSE) | 2026 Q2 Q3 — 55 59

Note 16: OPERATING SEGMENTS AND RELATED INFORMATION 13 changes

4 unchanged paragraphs

Additional information about Busey's operating segments is included in " Note 23. Operating Segments and Related In formation Information " of Busey's 2025 Annual Report .

2 unchanged paragraphs

Total assets 17,962,087 164,648 44,485 20,647 18,191,867

As of December 31, 2025

(dollars in thousands) Banking Wealth Management FirsTech Other Total

Goodwill and total assets are summarized below by operating segment. The "other" category Reconciling items included in the tables below consists consist of amounts attributable to the parent company and the elimination of intercompany transactions:

As of September 30, 2026

(dollars in thousands) Banking Wealth Management FirsTech Other Total Reportable Segments Reconciling Items Consolidated Total

Goodwill $ 359,263 $ 14,108 $ 8,992 $ 382,363 $ — $ 382,363

Total assets 18,321,683 173,722 44,081 18,539,486 19,120 18,558,606 (dollars in thousands) Banking Wealth Management FirsTech Total Reportable Segments Reconciling Items Consolidated Total

Goodwill $ 360,180 $ 14,108 $ 8,992 $ 383,280 $ — $ 383,280

Total assets 17,880,797 152,422 45,373 18,078,592 26,144 18,104,736

Financial results by operating segment, including significant expense categories provided to the chief operating decision maker, are summarized in the following tables:

First Busey Corporation (BUSE) | 2026 Q2 Q3 — 57 61

Business 2 changes

First Busey Corporation is an $18.19 $18.56 billion financial holding company headquartered in Leawood, Kansas. First Busey's common stock is traded on The Nasdaq Global Select Market under the symbol "BUSE," and its depositary shares of Busey Series B Preferred Stock are traded on The Nasdaq Global Select Market under the symbol "BUSEP."

5 unchanged paragraphs

First Busey Corporation (BUSE) | 2026 Q2 Q3 — 63 67

MD&A 15 changes

Salaries and employee benefits totaled $67.7 million for the three months ended June 30, 2026, representing a decrease of 13.6% from the comparable period in 2025. Excluding acquisition and restructuring expenses, which include severance, retention, and stock-based compensation expenses related to the CrossFirst acquisition, these expenses totaled $65.6 million for the three months ended June 30, 2026, representing a decrease of 1.8% from the comparable period in 2025. Busey's associate base declined by 117 full-time equivalent associates, from 1,950 at June 30, 2025 to 1,833 at June 30, 2026. Salaries and employee benefits totaled $152.9 million for the six months ended June 30, 2026, representing an increase of 4.8% from the comparable period in 2025. Excluding acquisition and restructuring expenses, these expenses totaled $134.7 million for the six months ended June 30, 2026, representing an increase of 13.7% from the comparable period in 2025. Busey's associate base and footprint broadened in connection with the CrossFirst acquisition, which was completed March 1, 2025, affecting four months during the first half of 2025 compared to six months during the first half of 2026.

Data processing expense totaled $8.9 million for the three months ended June 30, 2026, representing a decrease of 36.8% from the comparable period in 2025. Excluding acquisition and restructuring expenses, data processing expense totaled $8.9 million for the three months ended June 30, 2026, representing a decrease of 11.8% from the comparable period in 2025. Data processing expense totaled $18.7 million for the six months ended June 30, 2026, representing a decrease of 20.6% from the comparable period in 2025. Excluding acquisition and restructuring expenses, data processing expense totaled $18.7 million for the six months ended June 30, 2026, representing an increase of 7.6% from the comparable period in 2025. Increases were primarily attributable to Company-wide investments in technology enhancements, as well as inflation-driven price increases.

Combined, net occupancy expense of premises and furniture and equipment expense totaled $10.2 million for the three months ended June 30, 2026, representing a decrease of 0.5% from the comparable period in 2025. Combined, net occupancy expense of premises and furniture and equipment expense totaled $20.0 million for the six months ended June 30, 2026, representing an increase of 12.5% from the comparable period in 2025. Primary cost drivers in these expense categories include lease costs, repairs and maintenance, depreciation expense, real estate taxes, and utilities. Expense growth for the six months ended June 30, 2026, over the comparable period in 2025, resulted primarily from the addition of banking centers assumed in the CrossFirst acquisition, as well as new banking centers opened in 2025 and 2026.

Professional fees totaled $3.0 million for the three months ended June 30, 2026, representing an increase of 5.8% from the comparable period in 2025. Excluding acquisition and restructuring expenses, professional fees totaled $2.3 million for the three months ended June 30, 2026, representing a decrease of 8.6% from the comparable period in 2025. Professional fees totaled $6.3 million for the six months ended June 30, 2026, representing a decrease of 49.3% from the comparable period in 2025. Excluding acquisition and restructuring expenses, professional fees totaled $5.5 million for the six months ended June 30, 2026, representing an increase of 14.3% from the comparable period in 2025. Changes in professional fees were primarily related to legal and consulting expenses.

Amortization of intangible assets totaled $4.2 million for the three months ended June 30, 2026, representing a decrease of 7.8% from the comparable period in 2025, and totaled $8.5 million for the six months ended June 30, 2026, representing an increase of 11.0% from the comparable period for 2025. The CrossFirst acquisition added an estimated $81.8 million of finite-lived intangible assets. Busey uses an accelerated amortization methodology.

Interchange expense totaled $1.1 million for the three months ended June 30, 2026, representing a decrease of 15.5% from the comparable period in 2025, and totaled $2.2 million for the six months ended June 30, 2026, representing a decrease of 16.2% from the comparable period in 2025. Fluctuations in interchange expense relate to payment and volume activity at FirsTech.

FDIC insurance expense totaled $2.3 million for the three months ended June 30, 2026, representing a decrease of 3.1% from the comparable period in 2025, and totaled $4.8 million for the six months ended June 30, 2026, representing an increase of 4.6% from the comparable period in 2025.

Treasury management services, which consist primarily of business analysis and domestic wire transfers on commercial accounts, provided income of $4.8 million for the three months ended September 30, 2026, representing an increase of 14.1% from the comparable period in 2025, and provided income of $14.1 million for the nine months ended September 30, 2026, representing an increase of 20.9% from the comparable period in 2025. Growth in treasury management services was primarily attributable to increased income from business analysis.

Capital markets income, which consists primarily of swap origination fees, foreign wire transfer fees on commercial accounts, syndication fees, and letter of credit fees, provided income of $1.5 million for the three months ended September 30, 2026, representing a decrease of 24.0% from the comparable period in 2025, primarily due to decreases in income from swap origination fees and syndication fees, which are tied to loan production, and to an extent is impacted by volatility of interest rates. Capital markets income provided $5.7 million for the nine months ended September 30, 2026, representing an increase of 26.6% from the comparable period in 2025, primarily due to increases in income from syndication fees and letter of credit fees.

Card services and ATM fees, which include both commercial and consumer accounts, provided income of $4.7 million for the three months ended September 30, 2026, representing a decrease of 1.4% from the comparable period in 2025, primarily due to declines in ATM fees. Card services and ATM fees provided income of $14.2 million for the nine months ended September 30, 2026, representing an increase of 6.0% from the comparable period in 2025, primarily due to income from interchange fees.

Other service charges on deposit accounts provided income of $1.4 million for the three months ended September 30, 2026, representing a decrease of 15.8% from the comparable period in 2025, and provided income of $4.3 million for the nine months ended September 30, 2026, representing a decrease of 8.3% from the comparable period in 2025. Declines were largely related to lower non-sufficient fund charges.

Income on bank owned life insurance provided $1.7 million for the three months ended September 30, 2026, representing an increase of 2.2% from the comparable period in 2025, due to earnings on the cash surrender value of the policies. Income on bank owned life insurance provided $4.9 million for the nine months ended September 30, 2026, representing an increase of 2.0% from the comparable period in 2025, as a result of an increase of over $0.5 million on the cash surrender value of the policies, largely offset by a decrease of nearly $0.4 million in earnings on death proceeds.

Net securities losses of $0.7 million recognized during the three months ended September 30, 2026, exceeded net securities losses of $0.3 million recognized during the comparable period in 2025. Net securities gains of $0.8 million were recognized during the nine months ended September 30, 2026, compared to net securities losses of $10.1 million that were recognized during the nine months ended September 30, 2025. Losses in 2025 were realized in connection with a strategic balance sheet repositioning completed during the first quarter of 2025, which was partially offset by unrealized net gains on securities, which were elevated in the second quarter of 2025 due to Busey's approximately 3% equity ownership in a financial institution that was the target of an announced acquisition at a significant market premium.

Other noninterest income provided $2.1 million for the three months ended September 30, 2026, representing a decrease of 58.0% from the comparable period in 2025, and provided $8.7 million for the nine months ended September 30, 2026, representing a decrease of 27.1% from the comparable period in 2025. Decreases were primarily attributable to fluctuations in income recognized on private equity investments and mortgage revenue. Other noninterest income was also impacted by a $0.7 million LOCOM adjustment recorded in the third quarter of 2026 in connection with the repositioning of a pool of lender finance loans to held for sale as part of our ongoing portfolio management efforts.

First Busey Corporation (BUSE) | 2026 Q2 Q3 — 78 79

Forward-looking statements 2 changes

1 unchanged paragraph

A number of factors, many of which are beyond Busey's ability to control or predict, could cause actual results to differ materially from those in any forward-looking statements. These factors include, among others, the following: (1) the strength of the local, state, national, and international economies and financial markets (including effects of inflationary pressures, the threat or implementation of tariffs, trade wars, and changes to immigration policy); (2) changes in, and the interpretation and prioritization of, local, state, and federal laws, regulations, and governmental policies (including those concerning Busey's general business); (3) the economic impact of any future terrorist threats or attacks, widespread disease or pandemics, military conflicts, acts of war or threats thereof, or other adverse external events that could increase levels of political and economic unpredictability, contribute to rising energy and commodity prices, affect global supply chains, increase the volatility of financial markets, and other matters beyond our control (including the conflicts in the Middle East and Russia's invasion of Ukraine); (4) unexpected results of acquisitions, including the acquisition of CrossFirst, which may include the failure to realize the anticipated benefits of the acquisitions and the possibility that the transaction and integration costs may be greater than anticipated; (5) the imposition of tariffs or other governmental policies impacting the value of products produced by Busey's commercial borrowers; (6) the impact of bank failures or adverse developments at other banks and related negative publicity about the banking industry, including investor and depositor sentiment regarding bank stability and liquidity; (7) new or revised accounting policies and practices as may be adopted by state and federal regulatory banking agencies, the FASB, the SEC, or the PCAOB; (8) changes in interest rates and prepayment rates of Busey's assets (including the impact as a result of sustained elevated interest rates); the recent increase in the benchmark federal funds rate by the Federal Reserve); (9) increased competition in the financial services sector (including from non-bank competitors such as credit unions, digital asset service providers, private credit, and fintech companies) and the inability to attract new customers; (10) technological changes implemented by us and other parties, including our third-party vendors, which may have unforeseen consequences to us and our customers, including the development and implementation of tools incorporating artificial intelligence; (11) the loss of key executives or associates, talent shortages, and employee turnover; (12) unexpected outcomes and costs of existing or new litigation, investigations, or other legal proceedings, inquiries, and regulatory actions involving Busey (including with respect to First Busey's Illinois franchise taxes); (13) fluctuations in the value of securities held in Busey's securities portfolio, including as a result of changes in interest rates; (14) credit risk and risk from concentrations (by type of borrower, geographic area, collateral, and industry) within Busey's loan portfolio and large loans to certain borrowers (including CRE loans); (15) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and may withdraw deposits to diversify their exposure; (16) the level of non-performing assets on Busey's balance sheets; (17) interruptions involving information technology and communications systems or third-party vendors; (18) breaches or failures of information security controls or cybersecurity-related incidents; (19) the availability of future equity and debt issuances and other capital raising opportunities on favorable terms; (20) the economic impact on Busey and its customers of climate change, natural disasters, and exceptional weather occurrences such as tornadoes, hurricanes, floods, blizzards, and droughts; (21) the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact Busey's cost of funds; (22) the ability to maintain an adequate level of allowance for credit losses on loans; (23) the effectiveness of Busey's risk management framework; and (24) the ability of Busey to manage the risks associated with the foregoing. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.

1 unchanged paragraph

First Busey Corporation (BUSE) | 2026 Q2 Q3 — 96 100

Market risk 9 changes

4 unchanged paragraphs

Year-One: Basis Point Changes Year-Two: Basis Point Changes

Projected Percentage Change in Net Interest Income Year-Two:

Projected Percentage Change in Net Interest Income

Hypothetical Immediate and Sustained Change in Interest Rates September 30,

+200 bps 2.50 % 4.14 % 2.87 % 5.65 %

+100 bps 1.47 % 2.31 % 1.66 % 3.13 %

-100 bps (0.65) % (1.76) % (1.62) % (3.27) %

-200 bps (0.39) % (2.18) % (2.69) % (5.59) %

1 unchanged paragraph

First Busey Corporation (BUSE) | 2026 Q2 Q3 — 97 101

Controls and procedures 2 changes

1 unchanged paragraph

An evaluation of Busey's disclosure controls and procedures, as defined in Rule 13a-15(e) under the Exchange Act, was carried out as of June September 30, 2026, under the supervision and with the participation of its Chief Executive Officer, Chief Financial Officer, and several other members of senior management. Based on this evaluation, Busey's Chief Executive Officer and Chief Financial Officer concluded that, as of June September 30, 2026, Busey's disclosure controls and procedures were effective in ensuring that the information First Busey is required to disclose in the reports First Busey files or submits under the Exchange Act was (1) accumulated and communicated to Busey's management (including the Chief Executive Officer and Chief Financial Officer) to allow timely decisions regarding required disclosure, and (2) recorded, processed, summarized, and reported within the time periods specified in the SEC's rules and forms.

1 unchanged paragraph

During the three months ended June September 30, 2026, no change occurred in Busey's internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, Busey's internal control over financial reporting.

Unregistered sales of stock 14 changes

First Busey Corporation (BUSE) | 2026 Q3 — 102

1 unchanged paragraph

First Busey Corporation (BUSE) | 2026 Q2 — 98

The following table summarizes share repurchase activity, excluding excise taxes, during the second quarter of 2026.

On February 3, 2015, First Busey's board of directors approved the Stock Repurchase Plan authorizing, authorizes, but does not obligating, obligate, First Busey to repurchase shares of its common stock. The Stock Repurchase Plan may be terminated, or the number of shares authorized for repurchase may be increased or decreased by First Busey's board of directors at its discretion at any time. On May 20, 2026, First Additional information about Busey's board of directors approved an amendment to the Stock Repurchase Plan to increase by 4,000,000 the number of shares of First Busey's common stock is available for repurchase under the heading "Stock Repurchase Plan" in Part II , Item 5 of Busey ' s 2025 Annual Report . The following table summarizes share repurchase activity, excluding excise taxes, during the third quarter of 2026.

1 unchanged paragraph

April 1-30, 2026 720,000 $ 26.26 720,000 1,518,775

May 1-31, 2026 885,000 26.57 885,000 4,633,775

June 1-30, 2026 735,000 28.18 735,000 3,898,775

Three months ended June 30, 2026 2,340,000 $ 26.98 2,340,000

Six Months ended June 30, 2026 4,957,400 $ 25.97 4,957,400

July 1-31, 2026 542,900 $ 29.50 542,900 3,355,875

August 1-31, 2026 665,000 30.81 665,000 2,690,875

September 1-30, 2026 765,000 30.19 765,000 1,925,875

Three months ended September 30, 2026 1,972,900 $ 30.21 1,972,900

Nine Months ended September 30, 2026 6,930,300 $ 27.18 6,930,300

Other information 2 changes

During the fiscal quarter ended June September 30, 2026, none of Busey's directors or executive officers adopted or terminated any contract, instruction, or written plan for the purchase or sale of First Busey securities that was intended to satisfy the affirmative defense conditions of Rule 10b5‑1(c) or any non-Rule 10b5‑1 trading arrangement.

First Busey Corporation (BUSE) | 2026 Q2 Q3 — 99 103