First Busey Corporation Announces 2026 Third Quarter Earnings

(MENAFN- GlobeNewsWire - Nasdaq) LEAWOOD, Kan., Oct. 27, 2026 (GLOBE NEWSWIRE) -- First Busey Corporation (Nasdaq: BUSE) Announces 2026 Third Quarter Earnings.

Net Income		Diluted EPS		Net Interest Margin 1		ROAA 1		ROATCE 1
$55.8 million $57.2 million (adj)2		$0.61 $0.63 (adj)2		3.58% 2 3.46% (adj)2		1.20% 2 1.23% (adj)2		12.93% 2 13.25% (adj)2

	MESSAGE FROM OUR CHAIRMAN, PRESIDENT & CEO
	Busey reported adjusted diluted EPS2 of $0.63. Results were impacted by a single commercial relationship in the Central region that incurred a partial charge-off and moved to non-accrual this quarter. Quarterly provision expense increased to $9.6 million, compared to $2.2 million in the prior quarter, primarily as a result of this credit. Excluding this relationship, underlying trends for the quarter remained solid. Operating revenue2 was stable at $194.3 million, supported by growth in net interest income. Wealth management revenue increased 15.5% from the prior year. We also maintained strong expense discipline, producing an efficiency ratio2 of 54.4%. Deposit growth remained a highlight, increasing at an annualized rate of 11% for the second consecutive quarter as we continued to add relationships and deepen client primacy across our markets. As anticipated, loan balances declined during the quarter, including the repositioning of approximately $65 million of lender finance loans to held for sale as part of our ongoing portfolio management efforts. The loan-to-deposit ratio improved to 82.5% from 87.2% last quarter. Capital remained strong with Common Equity Tier 1 Capital to Risk Weighted Assets3 rising to 12.5% (compared to 12.3% a year ago), even after $188.4 million in year-to-date share repurchases, including $59.6 million this quarter. As we enter the final quarter of 2026, we remain well positioned with an indomitable balance sheet, ample liquidity, and significant capital flexibility. While macroeconomic uncertainty persists, we are confident in our ability to navigate a range of operating environments while continuing to support our clients and create long-term value for our shareholders.
	Van A. Dukeman Chairman, President and CEO of First Busey Corporation

FINANCIAL RESULTS

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited)
	Three Months Ended		Nine Months Ended
(dollars in thousands, except per share amounts)	September 30, 2026		June 30, 2026		September 30, 2025		September 30, 2026		September 30, 2025
Total interest income	$	232,571			$	224,425			$	244,505			$	682,481			$	658,766
Total interest expense		79,426				72,023				89,368				222,965				246,715
Net interest income		153,145				152,402				155,137				459,516				412,051
Provision for credit losses		9,642				2,189				(985	)			14,889				50,308
Net interest income after provision for credit losses		143,503				150,213				156,122				444,627				361,743
Total noninterest income		40,402				44,311				41,198				126,978				107,284
Total noninterest expense		111,398				112,635				120,018				353,552				359,881
Income before income taxes		72,507				81,889				77,302				218,053				109,146
Income taxes		16,662				18,713				20,204				49,051				34,634
Net income		55,845				63,176				57,098				169,002				74,512
Dividends on preferred stock		4,589				4,590				5,131				13,768				5,286
Net income available to common stockholders	$	51,256			$	58,586			$	51,967			$	155,234			$	69,226
Basic earnings per common share	$	0.62			$	0.69			$	0.58			$	1.84			$	0.84
Diluted earnings per common share	$	0.61			$	0.69			$	0.58			$	1.81			$	0.83
Effective income tax rate		22.98	%			22.85	%			26.14	%			22.49	%			31.73	%

Third quarter 2026 net income for First Busey Corporation, together with its consolidated subsidiaries (“Busey,”“we,”“us,” or“our”) was $55.8 million, or $0.61 per diluted common share, compared to net income of $63.2 million, or $0.69 per diluted common share, for the second quarter of 2026, and $57.1 million, or $0.58 per diluted common share, for the third quarter of 2025. Annualized return on average assets² and annualized return on average tangible common equity² were 1.20% and 12.93%, respectively, for the third quarter of 2026.

Pre-provision net revenue² was $82.9 million for the third quarter of 2026, compared to $81.6 million for the second quarter of 2026 and $76.6 million for the third quarter of 2025. Pre-provision net revenue to average assets² was 1.78% for the third quarter of 2026, compared to 1.83% for the second quarter of 2026, and 1.63% for the third quarter of 2025.

Adjusted Financial Results

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

	Three Months Ended		Nine Months Ended
(dollars in thousands)	September 30, 2026		June 30, 2026		September 30, 2025		September 30, 2026		September 30, 2025
PRE-TAX NON-GAAP ADJUSTMENTS TO NET INCOME
Net securities (gains) losses	$	703			$	(2,445	)		$	288			$	(802	)		$	10,059
Other noninterest income		-				-				44				-				44
Provision for credit losses		-				-				-				-				49,602
Salaries and employee benefits		724				2,045				5,610				18,893				33,045
Data processing		-				-				424				80				6,690
Net occupancy expense of premises		-				-				9				-				9
Furniture and equipment expenses		-				-				66				-				67
Professional fees		-				704				358				823				7,969
Other noninterest expense		377				377				740				1,131				2,053
Total pre-tax non-GAAP adjustments to net income	$	1,804			$	681			$	7,539			$	20,125			$	109,538

Adjusted net income,² which excludes the impact of non-GAAP adjustments, was $57.2 million, or $0.63 per diluted common share, for the third quarter of 2026, compared to $63.7 million, or $0.69 per diluted common share, for the second quarter of 2026 and $62.5 million, or $0.64 per diluted common share, for the third quarter of 2025. Annualized adjusted return on average assets² and annualized adjusted return on average tangible common equity² were 1.23% and 13.25%, respectively, for the third quarter of 2026.

Adjusted pre-provision net revenue² was $84.0 million for the third quarter of 2026, compared to $84.8 million for the second quarter of 2026 and $83.9 million for the third quarter of 2025. Adjusted pre-provision net revenue to average assets² was 1.80% for the third quarter of 2026, compared to 1.90% for the second quarter of 2026 and 1.78% for the third quarter of 2025.

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

Net Interest Income

Net interest income increased by $0.7 million in the third quarter of 2026, compared to the second quarter of 2026, driven by growth in average earning assets. Deposit funding costs were 13 basis points higher during the quarter largely due to continued success in deposit gathering initiatives as well as repricing impacts from the late quarter Federal Open Market Committee rate hike. Based on our most recent Asset Liability Management Committee model, a +100 basis point parallel rate shock is expected to increase net interest income by 1.5% (relative to a current base rate scenario) over the subsequent twelve-month period. Busey continues to evaluate and execute off-balance sheet hedging and balance sheet strategies as well as embedding rate protection in our asset originations to provide consistent and predictable net interest income performance across different interest rate environments. Deposit balances increased by $408.8 million, or 2.7%, primarily as a result of seasonal public funds inflows and strategic efforts to grow core customer deposits. At September 30, 2026, Busey Bank had $10.0 million of brokered funding, comprising 0.1% of total deposits, reflecting a $50.0 million reduction of brokered funding during the third quarter. Total deposit cost of funds increased from 1.80% during the second quarter of 2026 to 1.93% during the third quarter of 2026, with spot rates on total deposit costs increasing from 1.87% at June 30, 2026, to 1.97% at September 30, 2026. Busey continues to operate in a net excess cash position and at September 30, 2026, had cash and due from banks balances of $907.5 million. Busey's average total cost of funds was 1.99% for the third quarter of 2026.

Net Interest Margin ²

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

	Three Months Ended
	September 30, 2026		June 30, 2026
(dollars in thousands)	Average Balance		Income/ Expense		Yield/ Rate (vi)		Average Balance		Income/ Expense		Yield/ Rate (vi)
ASSETS
Interest-bearing bank deposits and federal funds sold	$	688,669		$	6,387		3.68	%		$	123,868		$	1,057		3.42	%
Investment securities(i)(ii)		3,234,024			28,664		3.52	%			2,964,414			24,483		3.31	%
Restricted bank stock		77,935			1,237		6.30	%			85,153			1,127		5.31	%
Loans held for sale		20,037			398		7.88	%			8,358			122		5.85	%
Portfolio loans(i)(iii)		13,035,599			196,736		5.99	%			13,326,579			198,477		5.97	%
Total interest-earning assets(i)		17,056,264		$	233,422		5.43	%			16,508,372		$	225,266		5.47	%
Noninterest-earning assets		1,414,675							1,378,725
Total assets	$	18,470,939						$	17,887,097
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest-bearing transaction deposits	$	3,426,877		$	15,343		1.78	%		$	3,203,014		$	13,463		1.69	%
Savings and money market deposits		6,127,538			38,445		2.49	%			5,615,951			32,220		2.30	%
Time deposits		2,408,540			21,135		3.48	%			2,342,629			20,078		3.44	%
Federal funds purchased and repurchase agreements		150,791			928		2.44	%			169,008			1,098		2.61	%
Borrowings(iv)		292,005			3,575		4.86	%			450,454			5,164		4.60	%
Total interest-bearing liabilities		12,405,751		$	79,426		2.54	%			11,781,056		$	72,023		2.45	%
Noninterest-bearing deposits		3,439,388							3,467,436
Other liabilities		272,038							240,118
Stockholders' equity		2,353,762							2,398,487
Total liabilities and stockholders' equity	$	18,470,939						$	17,887,097
Net interest margin(i)(v)			$	153,996		3.58	%				$	153,243		3.72	%

___________________________________________

(i)		On a tax-equivalent basis and assuming a federal income tax rate of 21.0%.
(ii)		Investment securities include debt securities available for sale, debt securities held to maturity, and equity securities.
(iii)		Non-accrual loans have been included in average portfolio loans.
(iv)		Includes, as applicable, short-term borrowings, long-term borrowings, subordinated notes, and junior subordinated debt owed to unconsolidated trusts.
(v)		For a reconciliation of non-GAAP measures, see“Non-GAAP Financial Information.”
(vi)		Annualized.

Noninterest Income

	Three Months Ended		Nine Months Ended
(dollars in thousands)	September 30, 2026		June 30, 2026		September 30, 2025		September 30, 2026		September 30, 2025
NONINTEREST INCOME
Wealth management fees	$	19,846			$	19,981			$	17,184			$	59,197			$	51,325
Payment technology solutions		5,108				4,968				5,092				15,153				15,121
Treasury management services		4,824				4,789				4,228				14,069				11,634
Capital markets income		1,472				1,871				1,936				5,714				4,515
Card services and ATM fees		4,733				4,813				4,799				14,192				13,388
Other service charges on deposit accounts		1,361				1,407				1,617				4,274				4,663
Income on bank owned life insurance		1,659				1,637				1,623				4,912				4,814
Net securities gains (losses)		(703	)			2,445				(288	)			802				(10,059	)
Other noninterest income		2,102				2,400				5,007				8,665				11,883
Total noninterest income	$	40,402			$	44,311			$	41,198			$	126,978			$	107,284

Compared to the Second Quarter of 2026

Total noninterest income decreased by 8.8% compared to the second quarter of 2026, primarily due to a $3.1 million unfavorable swing in net securities gains (losses). Net securities gains and losses were largely unrealized.

Wealth management fees were impacted by a $0.7 million decrease in seasonal tax preparation fees.

Other noninterest income was impacted by a $0.7 million lower-of-cost-or-market (“LOCOM”) adjustment recorded in connection with the repositioning of a pool of lender finance loans to held for sale as part of our ongoing portfolio management efforts.

Compared to the Third Quarter of 2025

Total noninterest income decreased by 1.9% compared to the third quarter of 2025, primarily due to $2.9 million in declines from other noninterest income, partially offset by $2.7 million in increases from wealth management fees.

Busey's Wealth Management division ended the third quarter of 2026 with $16.72 billion in assets under care, compared to $14.96 billion at the end of the third quarter of 2025. Busey's portfolio management team continues to focus on long-term returns and managing risk in the face of volatile markets and has outperformed its blended benchmark⁴ over the last three, five, and seven years.

Declines in other noninterest income were primarily driven by decreases in income from private equity investments, mortgage revenue, and the aforementioned LOCOM adjustment.

Operating Efficiency

	Three Months Ended		Nine Months Ended
(dollars in thousands)	September 30, 2026		June 30, 2026		September 30, 2025		September 30, 2026		September 30, 2025
NONINTEREST EXPENSE
Salaries and employee benefits	$	66,432			$	67,677			$	74,145			$	219,339			$	220,068
Data processing		9,436				8,868				9,714				28,168				33,310
Net occupancy expense of premises		7,977				7,850				7,982				23,479				21,613
Furniture and equipment expenses		2,530				2,336				2,143				7,043				6,296
Professional fees		2,507				3,041				2,931				8,787				15,316
Amortization of intangible assets		4,151				4,232				4,507				12,674				12,182
Interchange expense		1,156				1,096				1,336				3,368				3,976
FDIC insurance		1,293				2,349				3,151				6,093				7,742
Other noninterest expense		15,916				15,186				14,109				44,601				39,378
Total noninterest expense	$	111,398			$	112,635			$	120,018			$	353,552			$	359,881

Adjusted noninterest expense², which excludes acquisition and restructuring expenses, was as follows:

	Three Months Ended		Nine Months Ended
(dollars in thousands)	September 30, 2026		June 30, 2026		September 30, 2025		September 30, 2026		September 30, 2025
NONINTEREST EXPENSE WITH NON-GAAP ADJUSTMENTS
Salaries and employee benefits	$	65,708			$	65,632			$	68,535			$	200,446			$	187,023
Data processing		9,436				8,868				9,290				28,088				26,620
Net occupancy expense of premises		7,977				7,850				7,973				23,479				21,604
Furniture and equipment expenses		2,530				2,336				2,077				7,043				6,229
Professional fees		2,507				2,337				2,573				7,964				7,347
Amortization of intangible assets		4,151				4,232				4,507				12,674				12,182
Interchange expense		1,156				1,096				1,336				3,368				3,976
FDIC insurance		1,293				2,349				3,151				6,093				7,742
Other noninterest expense		15,539				14,809				13,369				43,470				37,325
Adjusted noninterest expense (Non-GAAP)(i)	$	110,297			$	109,509			$	112,811			$	332,625			$	310,048

___________________________________________

(i)		Beginning in 2026, to better align with industry standards, Busey revised its calculation of adjusted noninterest expense, for all periods presented, to exclude any adjustment for amortization of intangible assets.

Compared to the Second Quarter of 2026

Total noninterest expense decreased by 1.1% compared to the second quarter of 2026. Excluding acquisition and restructuring expenses, total noninterest expense increased by 0.7%, primarily due to increases in data processing and other noninterest expense, partially offset by a decrease in expense for FDIC insurance. FDIC insurance costs declined as a result of prior-period adjustments. Increases in other noninterest expense were driven by business development and loan costs.

Compared to the Third Quarter of 2025

Total noninterest expense decreased by 7.2% compared to the third quarter of 2025. Excluding acquisition and restructuring expenses, total noninterest expense declined by 2.2%, primarily due to decreases in expense for salaries and employee benefits and FDIC insurance, partially offset by an increase in other noninterest expense. Increases in other noninterest expense were driven by marketing, business development, and check card service fees.

Busey remains focused on prudently managing its expense base and operating efficiency. The efficiency ratio² was 54.4% for the third quarter of 2026, compared to 54.0% for the second quarter of 2026, and 54.8% for the third quarter of 2025.

BALANCE SHEET STRENGTH

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

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
	As of
(dollars in thousands)	September 30, 2026		June 30, 2026		September 30, 2025
ASSETS
Cash and cash equivalents	$	883,053			$	665,373			$	371,894
Interest-bearing time deposits in other banks		24,450				14,450				13,580
Debt securities available for sale		2,669,937				2,265,167				2,099,259
Debt securities held to maturity		685,134				703,988				784,821
Equity securities		15,557				16,397				15,931
Loans held for sale		68,081				8,660				8,943
Portfolio loans		12,822,489				13,195,154				13,598,266
Allowance for credit losses		(164,280	)			(164,204	)			(174,181	)
Restricted bank stock		77,067				83,171				77,006
Premises and equipment, net		190,257				191,953				190,721
Goodwill and other intangible assets, net		467,137				471,288				485,203
Other assets		819,724				740,470				717,185
Total assets	$	18,558,606			$	18,191,867			$	18,188,628
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Total deposits	$	15,537,566			$	15,128,745			$	15,070,162
Securities sold under agreements to repurchase		154,693				144,061				147,152
Borrowings		302,214				285,734				272,971
Other liabilities		307,854				250,157				249,508
Total liabilities		16,302,327				15,808,697				15,739,793
Stockholders' equity
Retained earnings		424,880				395,409				303,077
Accumulated other comprehensive income (loss)		(241,880	)			(141,080	)			(136,801	)
Other stockholders' equity(i)		2,073,279				2,128,841				2,282,559
Total stockholders' equity		2,256,279				2,383,170				2,448,835
Total liabilities and stockholders' equity	$	18,558,606			$	18,191,867			$	18,188,628

___________________________________________

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

Loans Held for Sale

A pool of lender finance commercial loans acquired in the acquisition of CrossFirst Bankshares, Inc. (“CrossFirst”) was reclassified to held for sale during the third quarter of 2026. As a result of the transfer, Busey recognized both (1) a $0.7 million LOCOM adjustment as a reduction to other noninterest income, primarily attributable to the purchase premium assigned to these loans at acquisition, and (2) a $0.7 million release of allowance for credit losses as a reduction to provision expense. The loans were subsequently sold in the fourth quarter. As of September 30, 2026, loans held for sale included $3.0 million of mortgage loans and $65.1 million of commercial loans.

Portfolio Loans

Busey remains steadfast in its conservative approach to underwriting and disciplined approach to pricing. Busey's loan portfolio comprised the following:

	As of
(dollars in thousands)	September 30, 2026		June 30, 2026		September 30, 2025
PORTFOLIO LOANS
Commercial loans:
Commercial and industrial and other commercial	$	3,770,796			$	3,959,997			$	4,395,871
Commercial real estate		5,258,021				5,452,781				5,424,095
Real estate construction		1,066,709				1,027,069				1,099,524
Total commercial loans		10,095,526				10,439,847				10,919,490
Retail loans:
Retail real estate		2,089,618				2,116,360				2,196,246
Retail other		637,345				638,947				482,530
Total retail loans		2,726,963				2,755,307				2,678,776
Total portfolio loans	$	12,822,489			$	13,195,154			$	13,598,266

CRE loans comprised 41.0% of Busey's total loan portfolio as of September 30, 2026, and CRE properties were 26.6% owner occupied. Owner-occupied commercial real estate is generally dependent on the performance of the borrowers' businesses, whereas non-owner-occupied commercial real estate is generally reliant on property cash flows generated by third-party tenants.

	As of
(dollars in thousands)	September 30, 2026		June 30, 2026		September 30, 2025
COMMERCIAL REAL ESTATE LOANS
Non-owner-occupied commercial real estate	$	3,861,572			$	4,019,517			$	4,034,429
Owner-occupied commercial real estate		1,396,449				1,433,264				1,389,666
Total commercial real estate loans	$	5,258,021			$	5,452,781			$	5,424,095

Asset Quality

Despite the previously mentioned credit relationship that went on non-accural status, asset quality remains strong. Busey maintains a well-diversified loan portfolio and, as a matter of policy and practice, limits concentration exposure in any particular loan segment.

	As of
(dollars in thousands)	September 30, 2026		June 30, 2026		September 30, 2025
Total assets	$	18,558,606			$	18,191,867			$	18,188,628
Portfolio loans		12,822,489				13,195,154				13,598,266
Loans 30 – 89 days past due		16,877				8,135				18,914
Non-performing loans:
Non-accrual loans		80,949				62,766				46,096
Loans 90+ days past due and still accruing		689				4,668				1,418
Non-performing loans		81,638				67,434				47,514
Other non-performing assets		1,969				2,871				10,210
Non-performing assets		83,607				70,305				57,724
Substandard (excludes 90+ days past due)		161,253				155,737				103,329
Classified assets	$	244,860			$	226,042			$	161,053
Allowance for credit losses	$	164,280			$	164,204			$	174,181
RATIOS
Non-performing loans to portfolio loans		0.64	%			0.51	%			0.35	%
Non-performing assets to total assets		0.45	%			0.39	%			0.32	%
Non-performing assets to portfolio loans and other non-performing assets		0.65	%			0.53	%			0.42	%
Allowance for credit losses to portfolio loans		1.28	%			1.24	%			1.28	%
Coverage ratio of the allowance for credit losses to non-performing loans	2.01 x		2.44 x		3.67 x
Classified assets to Bank Tier 1 capital(i) and allowance for credit losses		10.61	%			9.69	%			7.03	%

___________________________________________

(i)		Capital amounts for the third quarter of 2026 are not yet finalized and are subject to change.

Non-performing assets increased by $13.3 million compared to June 30, 2026, and increased by $25.9 million compared to September 30, 2025. The quarter-over-quarter increase was driven by one commercial relationship totaling $37.6 million. Due to emerging circumstances, the relationship was moved to a non-accrual status, incurred a partial charge-off of $10.0 million, and was allocated an individual reserve of $17.8 million against the remaining $27.6 million September 30, 2026, balance. Non-performing assets represented 0.45% of total assets as of September 30, 2026, a 6 basis point increase from June 30, 2026, and a 13 basis point increase from September 30, 2025.

Classified assets increased by $18.8 million compared to June 30, 2026, and increased by $83.8 million compared to September 30, 2025.

The allowance for credit losses was $164.3 million as of September 30, 2026, equal to 2.0 times the balance of non-performing loans and representing 1.28% of total portfolio loans.

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

NET CHARGE-OFFS (RECOVERIES) AND PROVISION EXPENSE (RELEASE) (unaudited)
	Three Months Ended		Nine Months Ended
(dollars in thousands)	September 30, 2026		June 30, 2026		September 30, 2025		September 30, 2026		September 30, 2025 (i)
Net charge-offs	$	11,368			$	6,382			$	5,848			$	25,112			$	50,158
Provision for loan losses	$	11,444			$	1,532			$	(3,305	)		$	15,369			$	40,152
Provision for unfunded commitments		(1,802	)			657				2,320				(480	)			10,156
Provision for credit losses	$	9,642			$	2,189			$	(985	)		$	14,889			$	50,308
Net charge-off ratio(ii)		0.35	%			0.19	%			0.17	%			0.25	%			0.54	%

___________________________________________

(i)		The nine months ended September 30, 2025, included $42.4 million to establish an initial allowance for loan losses for loans purchased without credit deterioration (“non-PCD” loans) and $7.2 million to establish an initial allowance for unfunded commitments following the close of the CrossFirst acquisition in the first quarter of 2025 and adoption of a new CECL model in the second quarter of 2025.
(ii)		Annualized measure.

Net charge-offs increased by $5.0 million when compared to the second quarter of 2026, and increased by $5.5 million when compared with the third quarter of 2025. The third quarter increase in net charge-offs was primarily the result of the commercial relationship for which Busey recorded a $10.0 million partial charge-off, as discussed above.

Deposits

Busey's deposits were comprised of the following:

	As of
(dollars in thousands)	September 30, 2026		June 30, 2026		September 30, 2025
DEPOSITS
Noninterest-bearing deposits	$	3,439,061			$	3,496,319			$	3,554,936
Interest-bearing transaction deposits		3,546,503				3,315,200				3,171,255
Savings deposits and money market deposits		6,147,198				5,934,920				5,910,183
Time deposits		2,404,804				2,382,306				2,433,788
Total deposits	$	15,537,566			$	15,128,745			$	15,070,162

Busey's loan-to-deposit ratio improved to 82.5% as of September 30, 2026, compared to 87.2% as of June 30, 2026. Core deposits² accounted for 94.0% of total deposits as of September 30, 2026. The quality of Busey's core deposit franchise is a critical value driver of the institution. In addition to the $3.44 billion of noninterest-bearing deposits, Busey also has $1.84 billion of interest-bearing non-maturity deposits that are priced at 1 basis point, providing stable, rate inelastic funding. Busey management believes we have ample on- and off-balance sheet liquidity to manage deposit fluctuations and the liquidity needs of our customers.

Liquidity

As of September 30, 2026, Busey's available sources of on- and off-balance sheet liquidity⁵ totaled $9.36 billion. Furthermore, Busey's balance sheet liquidity profile continues to be aided by the cash flows expected from Busey's relatively short-duration securities portfolio. Those cash flows were approximately $138.0 million in the third quarter of 2026. Cash flows from our securities portfolio are expected to be approximately $89.6 million for the remainder of 2026, with a current book yield of 3.40%.

Capital Strength

The strength of our balance sheet is also reflected in our robust capital foundation. The following table presents Busey's capital estimates³ and tangible equity position:

	As of
(dollars in thousands, except per share amounts)	September 30, 2026		June 30, 2026		September 30, 2025
Common equity Tier 1 capital to risk weighted assets(i)		12.47	%			12.53	%			12.33	%
Total capital to risk weighted assets(i)		16.10	%			16.10	%			15.89	%
Tangible common equity(ii)	$	1,573,945			$	1,696,685			$	1,748,435
Tangible common equity to tangible assets(ii)		8.70	%			9.57	%			9.88	%
Tangible book value per common share(ii)	$	19.37			$	20.40			$	19.69

___________________________________________

(i)		Capital amounts and ratios as of September 30, 2026, are not yet finalized and are subject to change.
(ii)		For a reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures, see“Non-GAAP Financial Information.”

Dividends

Busey's strong capital levels, coupled with its earnings, have allowed it to provide a steady return to its stockholders through dividends. During the third quarter of 2026, Busey paid dividends of $0.26 per share on its outstanding shares of common stock. Busey also paid dividends of $20.00 per share on its outstanding shares of Series A Non-Cumulative Perpetual Preferred Stock and $0.515625 per share on its outstanding depositary shares, each representing a 1/40th interest in a share of Busey's 8.25% Fixed-Rate Series B Non-Cumulative Perpetual Preferred Stock.

Share Repurchases

During the third quarter of 2026, under its stock repurchase plan, Busey purchased 1,972,900 shares of its common stock at a weighted average price of $30.21 per share for a total of $59.6 million (excluding excise taxes). As of September 30, 2026, Busey had 1,925,875 shares remaining available for repurchase under the plan.

THIRD QUARTER EARNINGS INVESTOR PRESENTATION

For additional information on Busey's financial condition and operating results, please refer to our Q3 2026 Earnings Investor Presentation furnished via Form 8‐K on October 27, 2026, in connection with this earnings release.

CORPORATE PROFILE

As of September 30, 2026, First Busey Corporation (Nasdaq: BUSE) was an $18.56 billion financial holding company headquartered in Leawood, Kansas.

Busey Bank, a wholly-owned bank subsidiary of First Busey Corporation headquartered in Champaign, Illinois, had total assets of $18.51 billion as of September 30, 2026. Busey Bank currently has 80 banking centers, with 21 in central Illinois markets, 17 in suburban Chicago markets, 20 in the St. Louis Metropolitan Statistical Area, four in the Dallas-Fort Worth Metropolitan Statistical Area, three in the Kansas City Metropolitan Statistical Area, three in southwest Florida, three in Oklahoma, three in Colorado, three in Arizona, one in Indianapolis, Indiana, one in Wichita, Kansas, and one in Clayton, New Mexico. More information about Busey Bank can be found at busey.com.

Through its Wealth Management division, Busey provides a full range of asset management, investment, brokerage, fiduciary, philanthropic advisory, tax preparation, and farm management services to individuals, businesses, and foundations. Assets under care totaled $16.72 billion as of September 30, 2026. More information about Busey's Wealth Management services can be found at busey.com/wealthmanagement.

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

Busey is honored to be consistently recognized as an outstanding financial services organization with the proven ability to preserve profitability, along with an engaged culture of integrity and commitment to community development. In 2026, Busey was recognized among the World's Top Performing Banks by Forbes and American Banker's Top-Performing Banks with $10 to $50 billion in assets. Additionally, American Banker has named Busey a Best Bank to Work For since 2016 while Pensions and Investments has recognized Busey as a Best Place to Work in Money Management since 2018. At the local level, Busey is continually honored among the Best Places to Work in Illinois (since 2016), Best Companies to Work For in Florida (since 2017) and Best Places to Work in Indiana (since 2024).

NON-GAAP FINANCIAL INFORMATION

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

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

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

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)
Calculation of Adjusted Net Income and Adjusted Diluted Earnings Per Common Share
		Three Months Ended		Nine Months Ended
(dollars in thousands, except per share amounts)		September 30, 2026		June 30, 2026		September 30, 2025		September 30, 2026		September 30, 2025
Net income (GAAP)	[a]	$	55,845			$	63,176			$	57,098			$	169,002			$	74,512
Day 2 provision for credit losses(i)			-				-				-				-				45,572
Adjustment of initial provision for unfunded commitments due to adoption of new model(ii)			-				-				-				-				4,030
Other acquisition (income) expenses			1,132				1,196				7,251				7,572				49,877
Restructuring expenses			(31	)			1,930				-				13,355				-
Net securities (gains) losses			703				(2,445	)			288				(802	)			10,059
Related tax benefit(iii)			(451	)			(170	)			(2,141	)			(5,031	)			(29,181	)
Non-recurring deferred tax adjustment(iv)			-				-				-				-				4,919
Adjusted net income (Non-GAAP)	[b]		57,198				63,687				62,496				184,096				159,788
Preferred dividends	[c]		4,589				4,590				5,131				13,768				5,286
Adjusted net income available to common stockholders (Non-GAAP)	[d]	$	52,609			$	59,097			$	57,365			$	170,328			$	154,502
Weighted average number of common shares outstanding, diluted (GAAP)	[e]		83,733,110				85,385,382				90,218,382				85,634,496				83,609,999
Diluted earnings per common share (GAAP)	[(a-c)÷e]	$	0.61			$	0.69			$	0.58			$	1.81			$	0.83
Adjusted diluted earnings per common share (Non-GAAP)	[d÷e]	$	0.63			$	0.69			$	0.64			$	1.99			$	1.85

___________________________________________

(i)		The Day 2 provision represents the initial provision for credit losses recorded in connection with the CrossFirst acquisition to establish an allowance on non-PCD loans and unfunded commitments and is reflected within the provision for credit losses line on the Statements of Income.
(ii)		In the second quarter of 2025, Busey recorded an adjustment to the initial provision for unfunded commitments for CrossFirst acquisition-date balances based on revised estimates resulting from implementation of a new CECL model.
(iii)		Tax benefits were calculated using tax rates of 25.0% and 26.6% for the nine months ended September 30, 2026 and 2025, respectively. Tax benefits for quarterly periods were calculated as the year-to-date tax amounts less the tax reported for previous quarters during the year.
(iv)		A deferred tax valuation adjustment was recorded in the first quarter of 2025 in connection with the CrossFirst acquisition and the expansion of Busey's footprint into new states. Additionally, 2025 included a write-off of deferred tax assets related to non-deductible compensation and acquisition-related expenses. Deferred tax adjustments are reflected within the income taxes line on the Statements of Income.

Calculation of Return On Average Assets, Return On Average Tangible Common Equity, and Related Adjusted Return Measures
		Three Months Ended		Nine Months Ended
(dollars in thousands)		September 30, 2026		June 30, 2026		September 30, 2025		September 30, 2026		September 30, 2025
Net income (GAAP)	[a]	$	55,845			$	63,176			$	57,098			$	169,002			$	74,512
Amortization of intangible assets			4,151				4,232				4,507				12,674				12,182
Tax effect of amortization of intangible assets(i)			(1,038	)			(1,058	)			(1,210	)			(3,169	)			(3,245	)
Preferred dividends			(4,589	)			(4,590	)			(5,131	)			(13,768	)			(5,286	)
Tangible net income available to common stockholders (Non-GAAP)	[b]	$	54,369			$	61,760			$	55,264			$	164,739			$	78,163
Adjusted net income (Non-GAAP)(ii)	[c]	$	57,198			$	63,687			$	62,496			$	184,096			$	159,788
Amortization of intangible assets			4,151				4,232				4,507				12,674				12,182
Tax effect of amortization of intangible assets(i)			(1,038	)			(1,058	)			(1,210	)			(3,169	)			(3,245	)
Preferred dividends			(4,589	)			(4,590	)			(5,131	)			(13,768	)			(5,286	)
Adjusted tangible net income available to common stockholders (Non-GAAP)	[d]	$	55,722			$	62,271			$	60,662			$	179,833			$	163,439
Average total assets	[e]	$	18,470,939			$	17,887,097			$	18,662,449			$	18,140,923			$	17,534,644
Return on average assets (Non-GAAP)(iii)	[a÷e]		1.20	%			1.42	%			1.21	%			1.25	%			0.57	%
Adjusted return on average assets (Non-GAAP)(iii)	[c÷e]		1.23	%			1.43	%			1.33	%			1.36	%			1.22	%
Average common equity		$	2,138,564			$	2,183,290			$	2,210,711			$	2,191,883			$	2,109,046
Average goodwill and other intangible assets, net			(469,792	)			(474,043	)			(486,625	)			(474,207	)			(464,316	)
Average tangible common equity (Non-GAAP)	[f]	$	1,668,772			$	1,709,247			$	1,724,086			$	1,717,676			$	1,644,730
Return on average tangible common equity (Non-GAAP)(iii, iv)	[b÷f]		12.93	%			14.49	%			12.72	%			12.82	%			6.35	%
Adjusted return on average tangible common equity (Non-GAAP)(iii, iv)	[d÷f]		13.25	%			14.61	%			13.96	%			14.00	%			13.29	%

___________________________________________

(i)		Tax effects were calculated using income tax rates of 25.0% and 26.6% for the nine months ended September 30, 2026 and 2025, respectively. Tax effects for quarterly periods were calculated as the year-to-date tax amounts less the tax reported for previous quarters during the year.
(ii)		A reconciliation is provided on the previous table.
(iii)		Annualized measure.
(iv)		Beginning in 2026, Busey revised, for all periods presented, its calculation of return on average tangible common equity and adjusted return on average tangible common equity to eliminate the effects of intangible asset amortization from the numerator of both calculations.

Calculation of Net Interest Margin and Adjusted Net Interest Margin
		Three Months Ended		Nine Months Ended
(dollars in thousands)		September 30, 2026		June 30, 2026		September 30, 2025		September 30, 2026		September 30, 2025
Net interest income (GAAP)		$	153,145			$	152,402			$	155,137			$	459,516			$	412,051
Tax-equivalent adjustment(i)			851				841				788				2,569				2,116
Tax-equivalent net interest income (Non-GAAP)	[a]		153,996				153,243				155,925				462,085				414,167
Purchase accounting accretion related to business combinations			(5,199	)			(4,150	)			(5,854	)			(14,743	)			(15,701	)
Adjusted net interest income (Non-GAAP)	[b]	$	148,797			$	149,093			$	150,071			$	447,342			$	398,466
Average interest-earning assets (Non-GAAP)	[c]	$	17,056,264			$	16,508,372			$	17,272,362			$	16,744,898			$	16,126,422
Net interest margin (Non-GAAP)(ii)	[a÷c]		3.58	%			3.72	%			3.58	%			3.69	%			3.43	%
Adjusted net interest margin (Non-GAAP)(ii)	[b÷c]		3.46	%			3.62	%			3.45	%			3.57	%			3.30	%

___________________________________________

(i)		Tax-equivalent adjustments were calculated using an estimated federal income tax rate of 21%, applied to non-taxable interest income on investments and loans.
(ii)		Annualized measure.

Calculation of Pre-Provision Net Revenue and Related Measures
		Three Months Ended		Nine Months Ended
(dollars in thousands)		September 30, 2026		June 30, 2026		September 30, 2025		September 30, 2026		September 30, 2025
Net interest income (GAAP)		$	153,145			$	152,402			$	155,137			$	459,516			$	412,051
Total noninterest income (GAAP)			40,402				44,311				41,198				126,978				107,284
Net security (gains) losses (GAAP)			703				(2,445	)			288				(802	)			10,059
Total noninterest expense (GAAP)			(111,398	)			(112,635	)			(120,018	)			(353,552	)			(359,881	)
Pre-provision net revenue (Non-GAAP)	[a]		82,852				81,633				76,605				232,140				169,513
Acquisition and restructuring (income) expenses, excluding initial provision expenses			1,101				3,126				7,251				20,927				49,877
Adjusted pre-provision net revenue (Non-GAAP)	[b]	$	83,953			$	84,759			$	83,856			$	253,067			$	219,390
Average total assets	[c]	$	18,470,939			$	17,887,097			$	18,662,449			$	18,140,923			$	17,534,644
Pre-provision net revenue to average total assets (Non-GAAP)(i)	[a÷c]		1.78	%			1.83	%			1.63	%			1.71	%			1.29	%
Adjusted pre-provision net revenue to average total assets (Non-GAAP)(i)	[b÷c]		1.80	%			1.90	%			1.78	%			1.87	%			1.67	%

___________________________________________

(i)		Annualized measure.

Calculation of Efficiency Ratio
		Three Months Ended		Nine Months Ended
(dollars in thousands)		September 30, 2026		June 30, 2026		September 30, 2025		September 30, 2026		September 30, 2025
Net interest income (GAAP)	[a]	$	153,145			$	152,402			$	155,137			$	459,516			$	412,051
Tax-equivalent adjustment(i)			851				841				788				2,569				2,116
Tax-equivalent net interest income (Non-GAAP)	[b]		153,996				153,243				155,925				462,085				414,167
Total noninterest income (GAAP)			40,402				44,311				41,198				126,978				107,284
Net security (gains) losses			703				(2,445	)			288				(802	)			10,059
Acquisition and restructuring (gain) loss			-				-				44				-				44
Adjusted noninterest income (Non-GAAP)	[c]	$	41,105			$	41,866			$	41,530			$	126,176			$	117,387
Operating revenue (Non-GAAP)	[d = a+c]	$	194,250			$	194,268			$	196,667			$	585,692			$	529,438
Tax-equivalent operating revenue (Non-GAAP)(ii)	[e = b+c]		195,101				195,109				197,455				588,261				531,554
Adjusted noninterest income to operating revenue (Non-GAAP)	[c÷d]		21.16	%			21.55	%			21.12	%			21.54	%			22.17	%
Total noninterest expense (GAAP)		$	111,398			$	112,635			$	120,018			$	353,552			$	359,881
Acquisition and restructuring expenses, excluding initial provision expenses			(1,101	)			(3,126	)			(7,207	)			(20,927	)			(49,833	)
Adjusted noninterest expense (Non-GAAP)(iii)			110,297				109,509				112,811				332,625				310,048
Amortization of intangible assets			(4,151	)			(4,232	)			(4,507	)			(12,674	)			(12,182	)
Adjusted noninterest expense excluding amortization of intangible assets (Non-GAAP)(iv)	[f]	$	106,146			$	105,277			$	108,304			$	319,951			$	297,866
Efficiency ratio (Non-GAAP)(v)	[f÷e]		54.41	%			53.96	%			54.85	%			54.39	%			56.04	%

___________________________________________

(i)		Tax-equivalent adjustments were calculated using an estimated federal income tax rate of 21%, applied to non-taxable interest income on investments and loans.
(ii)		Beginning in 2026, Busey changed the caption for this revenue measure, which was previously called“adjusted tax-equivalent revenue.” The calculation itself has not changed.
(iii)		Beginning in 2026, to better align with industry standards, Busey revised its calculation of adjusted noninterest expense, for all periods presented, to exclude any adjustment for amortization of intangible assets.
(iv)		Beginning in 2026, Busey changed the caption for the efficiency ratio numerator from“adjusted noninterest expense” to“adjusted noninterest expense excluding amortization of intangible assets.” The calculation itself has not changed.
(v)		Beginning in 2026, Busey now reports a single efficiency ratio, which was previously reported as the“adjusted efficiency ratio.”

Calculation of Tangible Common Equity, and Related Measures and Ratio
		As of
(dollars in thousands, except per share amounts)		September 30, 2026		June 30, 2026		September 30, 2025
Total assets (GAAP)		$	18,558,606			$	18,191,867			$	18,188,628
Goodwill and other intangible assets, net			(467,137	)			(471,288	)			(485,203	)
Tangible assets (Non-GAAP)(i)	[a]	$	18,091,469			$	17,720,579			$	17,703,425
Total stockholders' equity (GAAP)		$	2,256,279			$	2,383,170			$	2,448,835
Preferred stock and additional paid in capital on preferred stock			(215,197	)			(215,197	)			(215,197	)
Common equity	[b]		2,041,082				2,167,973				2,233,638
Goodwill and other intangible assets, net			(467,137	)			(471,288	)			(485,203	)
Tangible common equity (Non-GAAP)	[c]	$	1,573,945			$	1,696,685			$	1,748,435
Tangible common equity to tangible assets (Non-GAAP)	[c÷a]		8.70	%			9.57	%			9.88	%
Ending number of common shares outstanding (GAAP)	[d]		81,276,654				83,189,501				88,789,043
Book value per common share (Non-GAAP)	[b÷d]	$	25.11			$	26.06			$	25.16
Tangible book value per common share (Non-GAAP)	[c÷d]	$	19.37			$	20.40			$	19.69

Calculation of Core Deposits and Related Ratio
		As of
(dollars in thousands)		September 30, 2026		June 30, 2026		September 30, 2025
Total deposits (GAAP)	[a]	$	15,537,566			$	15,128,745			$	15,070,162
Brokered deposits, excluding brokered time deposits of more than $250,000			(10,000	)			(60,043	)			(125,432	)
Time deposits of more than $250,000			(920,142	)			(896,354	)			(807,378	)
Core deposits (Non-GAAP)	[b]	$	14,607,424			$	14,172,348			$	14,137,352
Core deposits to total deposits (Non-GAAP)	[b÷a]		94.01	%			93.68	%			93.81	%

FORWARD-LOOKING STATEMENTS

This press release may contain“forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to Busey's financial condition, results of operations, plans, objectives, future performance, and business. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of Busey's management and on information currently available to management, are generally identifiable by the use of words such as“believe,”“expect,”“anticipate,”“plan,”“intend,”“estimate,”“may,”“will,”“would,”“could,”“should,”“position,” or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and Busey undertakes no obligation to update any statement in light of new information or future events.

A number of factors, many of which are beyond Busey's ability to control or predict, could cause actual results to differ materially from those in any forward-looking statements. These factors include, among others, the following: (1) the strength of the local, state, national, and international economies and financial markets (including effects of inflationary pressures, the threat or implementation of tariffs, trade wars, and changes to immigration policy); (2) changes in, and the interpretation and prioritization of, local, state, and federal laws, regulations, and governmental policies (including those concerning Busey's general business); (3) the economic impact of any future terrorist threats or attacks, widespread disease or pandemics, 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, 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 Financial Accounting Standards Board, the Securities and Exchange Commission, or the Public Company Accounting Oversight Board; (8) changes in interest rates and prepayment rates of Busey's assets (including as a result of 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 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 commercial real estate loans); (15) the concentration of large deposits from certain clients who have balances above current Federal Deposit Insurance Corporation insurance limits and may withdraw deposits to diversify their exposure; (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.

Additional information concerning Busey and its business, including additional factors that could materially affect Busey's financial results, is included in Busey's filings with the Securities and Exchange Commission.

END NOTES

1		Annualized measure.
2		Represents a non-GAAP financial measure. For a reconciliation to the most directly comparable financial measure calculated and presented in accordance with Generally Accepted Accounting Principles (“GAAP”), see "Non-GAAP Financial Information.”
3		Capital amounts and ratios as of September 30, 2026, are not yet finalized and are subject to change.
4		The blended benchmark consists of 60% MSCI All Country World Index and 40% Bloomberg Intermediate US Government/Credit Total Return Index.
5		On- and off-balance sheet liquidity is comprised of cash and cash equivalents, debt securities excluding those pledged as collateral, brokered deposits, and Busey's borrowing capacity through its revolving credit facility, the FHLB, the Federal Reserve Bank, and federal funds purchased lines.

INVESTOR CONTACT: Tate McKay, Director of Investor Relations and Corporate Development | 217-351-6709

MENAFN27102026004107003653ID1111875421