Slide 1: Q3 2023 Earnings Investor Presentation
Q3 2023 EARNINGS INVESTOR PRESENTATION October 24, 2023
Slide 2: Special Note Concerning Forward-Looking Statements
3Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 2 Special Note Concerning Forward-Looking Statements Statements made in this presentation, other than those concerning historical financial information, may be considered forward-looking statements within the meaning of the P
Slide 3: Non-GAAP Financial Information
3Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 3 Non-GAAP Financial Information This presentation contains certain financial information determined by methods other than U.S. Generally Accepted Accounting Principles (“GAAP”). Management uses these non-GAAP measures, toget
Slide 4: Table of Contents
3Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 4 Table of Contents Overview of First Busey Corporation (BUSE) 5 Diversified Company with Comprehensive & Innovative Appendix: 29 6 Financial Solutions Compelling Regional Operating Model 7 Experienced Management Team 30 Inve
Slide 5: Overview of First Busey Corporation (NASDAQ: BUSE)
3Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 5 Overview of First Busey Corporation (NASDAQ: BUSE) Among the Best 155+ year old financial Regional operating model institution headquartered serving four regions in Champaign, IL Northern (IL) Central (IL/IN) Gateway (MO/IL
Slide 6: Diversified Company with Comprehensive & Innovative Financial Solutions
3Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 6 Diversified Company with Comprehensive & Innovative Financial Solutions Full suite of diversified financial Wealth & asset management services Payment platform that enables the products for individuals and businesses for in
Slide 7: Compelling Regional Operating Model
3Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 7 Compelling Regional Operating Model Integrated enterprise-wide go-to-market strategy focused on combining the power of commercial & wealth to provide a broad set of financial solutions to well-capitalized individuals and th
Slide 8: Investment Highlights
3Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 8 Investment Highlights ▪ 58 branches across four states: Illinois, Missouri, Indiana, and Florida Attractive Franchise that ▪ Premier commercial bank, wealth management, and payment technology solutions for individuals and b
Slide 9: Fortress Balance Sheet
3Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 9 Fortress Balance Sheet ▪ Diversified portfolio, conservatively underwritten with low levels of concentration 3 ▪ Non-performing (0.10% of total assets) and classified assets (4.1% of capital ) both remain near historically
Slide 10: High Quality Loan Portfolio
3Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 10 High Quality Loan Portfolio 2 Loan Portfolio Composition | 3Q23 Loan Portfolio Regional Segmentation MRQ Yield on Loans HELOC Florida 3% 5.07% 6% Other 4% 3Q23 Net New Funding Yield Commercial & Industrial 7.24% 1-4 Family
Slide 11: High Quality Loan Portfolio - CRE
3Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 11 High Quality Loan Portfolio - CRE 1 Investor Owned CRE Loans by Property Type Owner Occupied CRE Loans by Property Type $ in thousands 9/30/23 $ in thousands 9/30/23 9/30/23 % of Total Classified 9/30/23 % of Total Classif
Slide 12: Office Investor Owned CRE Portfolio
3Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 12 Office Investor Owned CRE Portfolio Limited Metro Central Business District Exposure All data as of 9/30/23 $ in thousands Top Ten Downtown Chicago Traditional Medical Largest CBD Office Metric Office Office Office Loans E
Slide 13: High Quality Loan Portfolio: C&I
3Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 13 High Quality Loan Portfolio: C&I C&I Loans by Sector ▪ 24.6% of total loan portfolio (ex-PPP loans) $ in thousands 9/30/23 9/30/23 Balances % of Total Classified NAICS Sector (ex-PPP) Loans Balances ▪ All C&I loans are und
Slide 14: Pristine Credit Quality
3Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 14 Pristine Credit Quality NPAs/ Assets ▪ Conservative underwriting leads to pristine credit quality $ in millions Assets % NPAs/Assets ▪ CRE factors of DSCR, Debt Yield, & LTV stressed for effective gross income decline and
Slide 15: Reserves Supports Credit & Growth Profile
3Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 15 Reserves Supports Credit & Growth Profile Allowance / Loans (ex-PPP) ▪ Reserve to loans of 1.17% (ex-PPP) $ in millions 1.59% ▪ Day 1 CECL coverage was 1.06% $7,725 $7,856 $7,114 $6,687 ▪ Non-performing loan balances decre
Slide 16: Top Tier Core Deposit Franchise
3Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 16 Top Tier Core Deposit Franchise Deposit Portfolio Composition | 3Q23 Total Deposits & Loan-to-Deposit Ratio $ in millions Core Deposits $10,397 $10,601 $10,071 $9,801 $10,063 $10,332 Int DDA 97% 28% $10,506 $10,577 $10,338
Slide 17: Granular, Stable Deposit Base
3Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 17 Granular, Stable Deposit Base Customers with Account Balances totaling $250K+ 2023 Q3 Long-tenured Deposit Relationships that are very granular Number of customers 5,603 As of 9/30/23 Retail Commercial Median account balan
Slide 18: Deposit Cost Trends
3Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 18 Deposit Cost Trends 1 2 Historical Cost of Deposits, 2015 - 3Q23 Cumulative Deposit Betas for Tightening Cycle-to-Date BUSE Cost of Deposits Effective Fed Funds Rate (Quarter Average) 6.0% IB Non-Maturity All IB Deposits T
Slide 19: Diversified and Significant Sources of Fee Income
3Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 19 Diversified and Significant Sources of Fee Income 1 Noninterest Income / Total Revenue ▪ Noninterest income represented 28.7% of revenue (ex-securities gains/losses) in 3Q23 $ in millions $120.2 ▪ Key businesses of wealth
Slide 20: Wealth Management
3Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 20 Wealth Management Assets Under Care $ in millions ▪ Assets Under Care (AUC) of $11.5 billion, a QoQ increase of $70 million $11,478 $11,548 $11,062 $11,208 1 $10,749 ▪ Wealth revenue of $14.4 million, a YoY increase of 14.
Slide 21: FirsTech
3Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 21 FirsTech ▪ LTM revenue of $22.4 million, an increase of 5% over the prior twelve-month period $11 Payments processed in last twelve Revenue Growth 1 billion months ▪ Key competencies of electronic payments and merchant ser
Slide 22: Net Interest Margin
3Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 22 Net Interest Margin 1 1 Net Interest Income Trend Net Interest Margin Trend $ in millions $91.7 4.40% 4.23% 4.05% $86.8 2 $0.5 3.76% $86.4 $0.8 $0.4 3.31% 3.13% $79.2 $78.3 2.86% 2.80% $0.4 $0.3 3.00% 3.24% 1.65% $91.2 1.4
Slide 23: Actively Managing Asset-Sensitive Balance Sheet
3Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 23 Actively Managing Asset-Sensitive Balance Sheet ▪ Balance sheet remains asset-sensitive, progressing towards becoming more rate Annual % Change in Net Interest Income neutral under Shock Scenarios ▪ A +100 bps rate shock f
Slide 24: Focused Control on Expenses
3Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 24 Focused Control on Expenses 1 Noninterest Expense ▪ Adjusted core expenses of $66.0 million in 3Q23, up from $65.6 million in 3Q22, a less than 1% increase in quarterly expense YoY $ in millions Expenses ex-Acq. Acq./Restr
Slide 25: Robust Capital Foundation
3Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 25 Robust Capital Foundation 1 2 2 Tangible Common Equity & CET1 Ratios Total Capital Ratio $ in millions $ in millions 12.5% $1,487 $1,507 $1,528 12.2% 12.4% $1,431 $1,458 11.8% 12.0% $580 $597 $614 $535 $554 $845 $851 $841
Slide 26: Balanced, Low-Risk, Short Duration Investment Portfolio
3Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 26 Balanced, Low-Risk, Short Duration Investment Portfolio Investment Portfolio Composition | 3Q23 ▪ BUSE carried $883 million in held-to-maturity (HTM) securities as of 9/30/23 AFS % of ▪ Transferred a portion of the portfol
Slide 27: 3Q23 Earnings Review
3Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 27 3Q23 Earnings Review ▪ Net interest income was $77.8 million in 3Q23 vs. $78.7 million in 2Q23 and $86.3 million in 3Q22 1 Net Interest ▪ Net interest margin was 2.80% in 3Q23, a decrease of 6 bps vs. 2.86% in 2Q23 Income
Slide 28: Earnings Performance
3Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 28 Earnings Performance 1 1 Adjusted Net Income & Earnings Per Share Adjusted ROAA & Adjusted ROATCE $ in millions $36.4 $36.3 $36.8 19.0% 17.8% 18.5% $29.4 $30.7 13.9% 14.3% $0.65 $0.65 $0.65 $0.52 $0.55 1.17% 1.22% 1.15% 0.
Slide 29: Appendix
Appendix FIRST BUSEY CORPORATION
Slide 30: Experienced Management Team
3Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 30 Experienced Management Team Van A. Dukeman Jeffrey D. Jones Amy L. Randolph Chairman, President & CEO EVP & CFO EVP & COO Has served as President & CEO of First Busey since 2007 and Joined Busey in August 2019, bringing hi
Slide 31: Fully Integrated Wealth Platform
3Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 31 Fully Integrated Wealth Platform As of 9/30/23 $11.5 Billion $57.0 Million 43.8% Assets Under Care LTM Revenue PT Margin MRQ I. Client-Focused Strategy II. Team-Based Approach III. Comprehensive Wealth Management Core Trus
Slide 32: Continued Investment in Technology Enterprise-Wide
3Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 32 Continued Investment in Technology Enterprise-Wide LTM Tech Investment Highlights Investment Legend 2022 Debuted an incentivized program that allows associates to “pitch” their ideas for efficiency improvements to Busey le
Slide 33: Digital Banking Adoption
3Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 33 Digital Banking Adoption Mobile engagement of customers continues growth trajectory as online banking reaches maturity stage 1 2 Consumer Monthly Active Users Commercial Quarterly Active Users Mobile MAU Online Banking MAU
Slide 34: Busey Impact: ESG and Corporate Responsibility
3Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 34 Busey Impact: ESG and Corporate Responsibility Building on 155 Years of Civic Engagement, Corporate Responsibility and Positive Impacts With a strong and unwavering commitment to our Pillars—associates, customers, sharehol
Slide 35: Non-GAAP Financial Information
3Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 35 Non-GAAP Financial Information Pre-Provision Net Revenue, Adjusted Pre-Provision Net Revenue, Pre-Provision Net Revenue to Average Assets, and Adjusted Pre-Provision Net Revenue to Average Assets (dollars in thousands) Thr
Slide 36: Non-GAAP Financial Information
3Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 36 Non-GAAP Financial Information Adjusted Net Income, Adjusted Diluted Earnings Per Share, Adjusted Return on Average Assets, Average Tangible Common Equity, Return on Average Tangible Common Equity, and Adjusted Return on A
Slide 37: Non-GAAP Financial Information
3Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 37 Non-GAAP Financial Information Net Income Excluding Net Securities Gains and Losses and Diluted Earnings Per Share Excluding Net Securities Gains and Losses (dollars in thousands) Three Months Ended Nine Months Ended Septe
Slide 38: Non-GAAP Financial Information
3Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 38 Non-GAAP Financial Information Adjusted Net Interest Income and Adjusted Net Interest Margin (dollars in thousands) Three Months Ended Nine Months Ended September 30, June 30, September 30, September 30, September 30, 2023
Slide 39: Non-GAAP Financial Information
3Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 39 Non-GAAP Financial Information Noninterest Expense Excluding Amortization of Intangible Assets, Adjusted Noninterest Expense, Adjusted Core Expense, Noninterest Expense Excluding Non-operating Adjustments, Efficiency Ratio
Slide 40: Non-GAAP Financial Information
3Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 40 Non-GAAP Financial Information Tangible Book Value and Tangible Book Value Per Common Share (dollars in thousands, except per share amounts) As of September 30, June 30, March 31, December 31, September 30, 2023 2023 2023
Slide 41: Non-GAAP Financial Information
3Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 41 Non-GAAP Financial Information Core Loans, Core Loans to Portfolio Loans, Core Deposits, Core Deposits to Total Deposits, and Core Loans to Core Deposits (dollars in thousands) As of September 30, June 30, March 31, Decemb