Slide 1: Transformative Partnership with CrossFirst Bankshares, Inc.
INVESTOR PRESENTATION N A S D A Q : B U S E N A S D A Q: CF B August 27, 2024 CREATING A PREMIER AND DIFFERENTIATED COMMERCIAL BANKING FRANCHISE Transformative Partnership with CrossFirst Bankshares, Inc. M e m b e r s F D I C
Slide 2: Combined Company Profile
2 Merger Investor Presentation First Busey Corporation | Ticker: BUSE 2 Combined Company Profile Projected Balance Sheet Highlights at Close ~$20 Billion Total Assets ~$17 Billion Total Deposits ~$15 Billion Total Loans 14.1% Total Capital Ratio ~$13 Billion Wealth Assets Under Care ~$1.6 Billion Ta
Slide 3: Transaction Rationale
3 Merger Investor Presentation First Busey Corporation | Ticker: BUSE 3 Transaction Rationale • Combines Busey’s low-cost funding base and high-quality commercial portfolio with CrossFirst’s attractive markets and commercial loan engine • With $20B+ in assets, the combined organization is expected t
Slide 4: Pro Forma Loan & Deposit Distribution
4 Merger Investor Presentation First Busey Corporation | Ticker: BUSE 4 Pro Forma Loan & Deposit Distribution Note: All data most recent quarter, as of June 30, 2024 Loans Deposits 1-4 Family, 9% OO CRE, 9% NOO CRE, 28% C&D, 15% HELOC, <1% C&I, 39% Consumer & Other, <1% 1-4 Family, 15% OO CRE, 11% N
Slide 5: Combined Management Team
5 Merger Investor Presentation First Busey Corporation | Ticker: BUSE 5 Combined Management Team Van Dukeman Executive Chairman & CEO, First Busey Chairman, Busey Bank Mike Maddox President & Executive Vice Chairman, First Busey CEO, Busey Bank Amy Fauss Chief Information & Technology Officer Jeff J
Slide 6: Complementary Strengths
6 Merger Investor Presentation First Busey Corporation | Ticker: BUSE 6 $3.9B $4.4B $4.3B $5.4B $6.1B $6.3B 2019 2020 2021 2022 2023 MRQ Complementary Strengths Busey Historical Cost of Deposits, 2015 - 2Q24 1 CrossFirst Loan Growth since 2019 BUSEY’S LOW-COST DEPOSIT BASE CROSSFIRST’S STRONG COMMER
Slide 7: Combined Markets Ripe for Commercial & Wealth Growth
7 Merger Investor Presentation First Busey Corporation | Ticker: BUSE 7 Combined Markets Ripe for Commercial & Wealth Growth 1 Market GDP as of 2022 | Note: Does not include markets with populations under 500,000 | Source: S&P Capital IQ Pro; Census.gov; BEA.gov
Slide 8: Due Diligence Focus Areas
8 Merger Investor Presentation First Busey Corporation | Ticker: BUSE 8 Due Diligence Focus Areas Due Diligence Process Loan Review • A leading independent credit review team was engaged to review the loan portfolio of both parties • Independent review of ~80% of the loan portfolio of CrossFirst, in
Slide 9: Transaction Structure
9 Merger Investor Presentation First Busey Corporation | Ticker: BUSE 9 • CrossFirst Bankshares, Inc. (CFB) merges into First Busey Corporation (BUSE) in a 100% stock-for-stock exchange • Post-closing, CrossFirst Bank merges into Busey Bank • Operating under Busey brand and will continue trading und
Slide 10: Merger Charges, Balance Sheet Marks and Cost Savings
10 Merger Investor Presentation First Busey Corporation | Ticker: BUSE 10 Merger Charges • Credit mark: 1.88% ($119.4 million); 75% PCD ($89.6 million) and 25% non-PCD ($29.8 million) • $1.1 million write-down on OREO • Interest rate loan mark: 1.39% ($88.4 million) • $6.7 million mark-down on Cross
Slide 11: Pro Forma Earnings Power
11 Merger Investor Presentation First Busey Corporation | Ticker: BUSE 11 1 2025E earnings for CFB include consensus estimates for the last three quarters of 2025 | 2 Fair market value adjustments include securities & derivatives mark amortization, loan mark amortization, CDI amortization, deposit m
Slide 12: Robust Capital Foundation
12 Merger Investor Presentation First Busey Corporation | Ticker: BUSE 12 Robust Capital Foundation BUSE CFB Pro 3/31/2025 3/31/2025 Forma 1 Consolidated Leverage Ratio 2 11.2% 10.2% 9.6% CET1 Ratio 13.4% 10.5% 11.0% Tier 1 Ratio 2 14.2% 10.6% 11.1% TRBC Ratio 17.5% 11.7% 14.1% Bank Level Leverage R
Slide 13: Positioned for Upside
13 Merger Investor Presentation First Busey Corporation | Ticker: BUSE 13 1 Pro forma peers include select exchange-traded U.S. banks with total assets between $10 billion and $35 billion as of June 30, 2024: CBSH, FIBK, TCBI, GBCI, SFNC, HOMB, PPBI, FRME, FFBC, CVBF, BANR, HTH, EFSC | 2 Excludes on
Slide 14: Integration Planning
14 Merger Investor Presentation First Busey Corporation | Ticker: BUSE 14 Integration Planning TRACK RECORD OF SUCCESS REGIONAL OPERATING MODEL INFRASTRUCTURE IN PLACE Demonstrated track record of successfully expanding wealth business into new markets; additional services and capabilities will bene
Slide 15: Associate Benefits
15 Merger Investor Presentation First Busey Corporation | Ticker: BUSE 15 ASSOCIATE BENEFITS 155+ YEARS OF TRUSTED RELATIONSHIPS & THRIVING COMMUNITIES Busey named among America’s Best Banks by Forbes for the third consecutive year in 2024 CrossFirst Bank was recognized by Newsweek as one of America
Slide 16: Customer Benefits
16 Merger Investor Presentation First Busey Corporation | Ticker: BUSE 16 CUSTOMER BENEFITS Busey earned a Net Promoter Score (NPS) of 56.5 in 2023, significantly above industry average of 23.5 Full suite of innovative remote banking capabilities, nationwide ATM coverage, drive-up banking, Busey eBa
Slide 17: Community Benefits
17 Merger Investor Presentation First Busey Corporation | Ticker: BUSE 17 Over 100 nonprofit organizations and charitable causes benefitted from CrossFirst team members Busey gives over $1.8 million in annual charitable contributions through scholarships, youth programs, court advocacy, community ba
Slide 18: Appendix
Appendix FIRST BUSEY CORPORATION
Slide 19: Pro Forma Earnings Accretion Reconciliation
19 Merger Investor Presentation First Busey Corporation | Ticker: BUSE 19 Pro Forma Earnings Accretion Reconciliation Illustrative Fully Phased-In Earnings Accretion (Assumes 3/31/25 close) Adjusted 1 Unadjusted ($ millions except for per share figures) 2025Y 2026Y 2025Y 2026Y BUSE Earnings $ 136.9
Slide 20: Company Profiles
COMPANY PROFILES For additional information on First Busey Corporation: ir.busey.com For additional information on CrossFirst Bankshares: investors.crossfirstbankshares.com
Slide 21: Overview of First Busey Corporation
21 Merger Investor Presentation First Busey Corporation | Ticker: BUSE 21 Overview of First Busey Corporation (NASDAQ: BUSE) 1 Consolidated | 2 Busey Bank segment, excluding Wealth Management & FirsTech; excludes intracompany eliminations and consolidations 3 Wealth Management segment | 4 FirsTech s
Slide 22: Busey's Compelling Regional Operating Model
22 Merger Investor Presentation First Busey Corporation | Ticker: BUSE 22 Busey’s Compelling Regional Operating Model Loans Banking Centers Legacy Institutions Deposits Northern Chicago suburbs Gateway St. Louis MSA Central Central IL, Joliet, Indiana Florida Southwest Florida 28 20 11 3 $5.4 billio
Slide 23: Busey's Fully Integrated Wealth Platform
23 Merger Investor Presentation First Busey Corporation | Ticker: BUSE 23 Busey’s Fully Integrated Wealth Platform $13.0 Billion Assets Under Care Revenue LTM 1 $60.0 Million PT Margin LTM 42.9% As of 6/30/24 ▪ Uniquely positioned with ability to provide comprehensive solutions similar to larger adv
Slide 24: Busey's Pristine Credit Quality
24 Merger Investor Presentation First Busey Corporation | Ticker: BUSE 24 ▪ Conservative underwriting leads to pristine credit quality ▪ CRE factors of DSCR, Debt Yield, & LTV stressed for effective gross income decline and interest & cap rate stress ▪ C&I factors including core, operating, traditio
Slide 25: Busey's Granular, Stable Deposit Base
25 Merger Investor Presentation First Busey Corporation | Ticker: BUSE 25 1 Estimated uninsured & uncollateralized deposits consists of the excess of accounts over $250K FDIC insurance limit, less internal accounts and fully-collateralized accounts (including preferred deposits) 2 Other deposits inc
Slide 26: CrossFirst Overview & Investment Highlights
26 Merger Investor Presentation First Busey Corporation | Ticker: BUSE 26 CrossFirst Overview & Investment Highlights 1 Defined as net interest income plus non-interest income Note: Data as of and for the quarter ended June 30, 2024, unless otherwise noted The CrossFirst Story • Began de novo operat
Slide 27: CrossFirst's Diverse Loan Portfolio
27 Merger Investor Presentation First Busey Corporation | Ticker: BUSE 27 CrossFirst’s Diverse Loan Portfolio Non-Owner-Occupied CRE by Segment Commercial by Loan Type Note: Gross loans (net of unearned income), data as of June 30, 2024 NOO CRE, 44% Commercial, 35% OO CRE, 9% Residential Real Estate
Slide 28: CrossFirst's Asset Quality
28 Merger Investor Presentation First Busey Corporation | Ticker: BUSE 28 CrossFirst’s Asset Quality 9.6% 14.0% 14.8% 15.8% 13.3% Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 0.19% 0.50% 0.34% 0.27% 0.22% Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 0.04% 0.09% 0.12% 0.10% 0.07% Q2 2023 Q3 2023 Q4 2023 Q1 202
Slide 29: Forward-Looking Statements
29 Merger Investor Presentation First Busey Corporation | Ticker: BUSE 29 This presentation includes “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 Excha
Slide 30: Additional Information and Participants in Solicitation
30 Merger Investor Presentation First Busey Corporation | Ticker: BUSE 30 Busey, CrossFirst, and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction under the rules of the SEC. Information