Slide 1: Q4 2023 Earnings Investor Presentation
Q4 2023 EARNINGS INVESTOR PRESENTATION January 23, 2024
Slide 2: Forward-Looking Statements and Additional Information
4Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 2 Forward-Looking Statements and Additional Information Special Note Concerning Forward-Looking Statements This presentation may contain forward-looking statements within the meaning of the Private Securities Litigation Refor
Slide 3: Non-GAAP Financial Information
4Q23 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
4Q23 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: 31 6 Financial Solutions Compelling Regional Operating Model 7 Experienced Management Team 32 Acqu
Slide 5: Overview of First Busey Corporation (NASDAQ: BUSE)
4Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 5 Overview of First Busey Corporation (NASDAQ: BUSE) Regional operating model 155+ year old financial serving four regions institution headquartered in Champaign, IL Northern (IL) Central (IL/IN) Gateway (MO/IL) Florida 4 M&M
Slide 6: Diversified Company with Comprehensive & Innovative Financial Solutions
4Q23 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
4Q23 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: Merchants and Manufacturers Bank Corp. Acquisition
4Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 8 Merchants and Manufacturers Bank Corp. BUSE announced acquisition of Chicagoland-based Merchants & Manufacturers Bank Corp. during 4Q23 As of 12/31/23 Pro Forma Busey + M&M $12.7 Billion $8.1 Billion $10.7 Billion Assets Lo
Slide 9: Investment Highlights
4Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 9 Investment Highlights ▪ 58 branches across four states: Illinois, Missouri, Indiana, and Florida ▪ Premier commercial bank, wealth management, and payment technology solutions for individuals Attractive Franchise that and b
Slide 10: Fortress Balance Sheet
4Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 10 Fortress Balance Sheet ▪ Diversified portfolio, conservatively underwritten with low levels of concentration 1 ▪ Non-performing (0.06% of total assets) and classified assets (5.0% of capital ) both remain near historically
Slide 11: High Quality Loan Portfolio
4Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 11 High Quality Loan Portfolio 2 Loan Portfolio Composition | 4Q23 Loan Portfolio Regional Segmentation MRQ Yield on Loans HELOC Florida 3% Other 5.22% 6% 4% 4Q23 Net New Funding Yield Commercial & Industrial 7.40% 1-4 Family
Slide 12: High Quality Loan Portfolio: CRE
4Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 12 High Quality Loan Portfolio: CRE 1 Investor Owned CRE Loans by Property Type Owner Occupied CRE Loans by Property Type $ in thousands 12/31/23 $ in thousands 12/31/23 12/31/23 % of Total Classified 12/31/23 % of Total Clas
Slide 13: Office Investor Owned CRE Portfolio
4Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 13 Office Investor Owned CRE Portfolio All data as of 12/31/23 $ in thousands Top Ten Limited Metro Central Business District Exposure Traditional Medical Largest CBD Office Metric Office Office Office Loans Exposure Downtown
Slide 14: High Quality Loan Portfolio: C&I
4Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 14 High Quality Loan Portfolio: C&I C&I Loans by Sector ▪ 23.9% of total loan portfolio ▪ All C&I loans are underwritten to 1.20x FCCR $ in thousands 12/31/23 12/31/23 % of Total Classified requirement and RLOCs greater than
Slide 15: Pristine Credit Quality
4Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 15 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 16: Credit Profile Bolstered by Strong Reserves
4Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 16 Credit Profile Bolstered by Strong Reserves Allowance / Loans (ex-PPP) ▪ Reserve to loans of 1.20% (ex-PPP) $ in millions ▪ Day 1 CECL coverage was 1.06% 1.59% $7,725 $7,651 ▪ Non-performing loan balances decreased by $4.2
Slide 17: Top Tier Core Deposit Franchise
4Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 17 Top Tier Core Deposit Franchise Deposit Portfolio Composition | 4Q23 Total Deposits & Loan-to-Deposit Ratio $ in millions Core Deposits $10,601 96% $10,071 $10,063 $10,332 $10,291 Int DDA $9,801 26% $10,577 MRQ Avg Cost $1
Slide 18: Granular, Stable Deposit Base
4Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 18 Granular, Stable Deposit Base Long-tenured Deposit Relationships that are very granular Customers with Account Balances totaling $250K+ As of 12/31/23 Retail Commercial 2023 Q4 Number of Accounts 257,000+ 33,000+ Number of
Slide 19: Deposit Cost Trends
4Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 19 Deposit Cost Trends 2 Historical Cost of Deposits, 2015 - 4Q23 1 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 20: Diversified and Significant Sources of Fee Income
4Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 20 Diversified and Significant Sources of Fee Income 1 Noninterest Income / Total Revenue ▪ Noninterest income represented 29% of revenue in 4Q23 $ in millions ▪ Key businesses of wealth management and payment technology solu
Slide 21: Wealth Management
4Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 21 Wealth Management 1 Wealth - Revenue and Pre-tax Income ▪ Assets Under Care (AUC) of $12.1 billion, a QoQ increase of $ in millions $589 million and a YoY increase of $1.08 billion, or +9.7% 1 $14.9 $14.7 $14.4 ▪ Wealth re
Slide 22: FirsTech
4Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 22 FirsTech ▪ 2023 segment revenue of $22.8 million, an increase of 5% over 2022, and the highest $11 Payments processed in last twelve 41 Transactions processed in last twelve annual revenue in company history billion months
Slide 23: Net Interest Margin
4Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 23 Net Interest Margin 1 1 Net Interest Income Trend Net Interest Margin Trend $ in millions 4.57% 4.40% 4.23% $91.7 4.05% 3.76% $0.5 $86.4 3.13% $0.4 2.86% 3.24% 2.80% 2.74% NIM & COF $79.2 $78.3 $77.6 stabilized $0.4 $0.3 d
Slide 24: Actively Managing Asset-Sensitive Balance Sheet
4Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 24 Actively Managing Asset-Sensitive Balance Sheet ▪ Balance sheet remains asset-sensitive Annual % Change in Net Interest Income ▪ A +100 bps rate shock for Year 1 is slightly up to +1.8% from +1.6% in 3Q23 under Shock Scena
Slide 25: Focused Control on Expenses
4Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 25 Focused Control on Expenses 1 Noninterest Expense ▪ Adjusted core expenses of $65.2 million in 4Q23, down from $67.2 million in 4Q22, a decrease of 3.1%, and down $ in millions from $66.0 million in 3Q23 Expenses ex-Acq. A
Slide 26: Robust Capital Foundation
4Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 26 Robust Capital Foundation 1 2 2 Tangible Common Equity & CET1 Ratios Total Capital Ratio $ in millions $ in millions $1,487 $1,507 $1,528 $1,540 13.1% $1,458 12.4% 12.5% 12.0% 12.2% $580 $597 $614 $657 $554 $925 17.4% 16.4
Slide 27: Balanced, Low-Risk, Short Duration Investment Portfolio
4Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 27 Balanced, Low-Risk, Short Duration Investment Portfolio Investment Portfolio Composition | 4Q23 ▪ BUSE carried $873 million in held-to-maturity (HTM) securities as of AFS % of 12/31/23 Amortized Cost ▪ $110 million of avai
Slide 28: Previously Announced 4Q23 Balance Sheet Repositioning
4Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 28 Previously Announced 4Q23 Balance Sheet Repositioning BUSE announced a two-part balance sheet repositioning strategy during 4Q23 ▪ $110 million of available-for-sales securities sold Securities Sold ▪ Pre-tax loss of $5.3
Slide 29: 4Q23 Earnings Review
4Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 29 4Q23 Earnings Review ▪ Net interest income was $77.1 million in 4Q23 vs. $77.8 million in 3Q23 and $91.1 million in 4Q22 1 Net Interest ▪ Net interest margin was 2.74% in 4Q23, a decrease of 6 bps vs. 2.80% in 3Q23. Net in
Slide 30: Earnings Performance
4Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 30 Earnings Performance 1 1 Adjusted Net Income & Earnings Per Share Adjusted ROAA & Adjusted ROATCE $ in millions 19.0% 18.5% $36.3 $36.8 $30.7 $29.4 $29.1 14.3% 13.9% 13.6% $0.65 $0.65 $0.52 $0.55 $0.52 1.17% 1.22% 0.96% 1.
Slide 31: Appendix
Appendix Busey , FIRST BUSEY CORPORATION
Slide 32: Experienced Management Team
4Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 32 Experienced Management Team Van A. Dukeman Jeffrey D. Jones Amy L. Randolph Chairman, President & CEO EVP & CFO EVP & COO Has served as Chairman & CEO of First Busey Joined Busey in August 2019, bringing nearly 20 Joined B
Slide 33: Fully Integrated Wealth Platform
4Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 33 Fully Integrated Wealth Platform As of 12/31/23 $12.1 Billion $57.8 Million 40.3% Assets Under Care LTM Revenue PT Margin MRQ I. Client-Focused Strategy II. Team-Based Approach III. Comprehensive Wealth Management Core Tru
Slide 34: FirsTech, A Uniquely Positioned Payment Technology Company
4Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 34 FirsTech, A Uniquely Positioned Payment Technology Company Payments Segments Traditional Receivables Electronic Payments Merchant Services Services Services Services ▪ Lockbox ▪ Online (PA/Core) ▪ PoS ▪ eLockbox ▪ CSR, IVR
Slide 35: FirsTech Verticals & Products
4Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 35 FirsTech, A Uniquely Positioned Payment Technology Company Verticals & Products Through continued growth of the Busey/FirsTech relationship and new opportunities for collaboration, FirsTech is uniquely positioned to levera
Slide 36: Continued Investment in Technology Enterprise-Wide
4Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 36 Continued Investment in Technology Enterprise-Wide 2023 Tech Investment Highlights Investment Legend Enhanced Customer Migrated all telephony infrastructure to the cloud, enhancing video & audio quality and Experience redu
Slide 37: Digital Banking Adoption
4Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 37 Digital Banking Adoption Mobile engagement of customers continues growth trajectory as online banking reaches maturity stage 1 Consumer Monthly Active Users Commercial Quarterly Active Users 2 Mobile MAU Online Banking MAU
Slide 38: Busey Impact: ESG and Corporate Responsibility
4Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 38 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, shareh
Slide 39: Non-GAAP Financial Information
4Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 39 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 40: Non-GAAP Financial Information
4Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 40 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 41: Non-GAAP Financial Information
4Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 41 Non-GAAP Financial Information Adjusted Net Income Excluding Net Securities Gains and Losses and Adjusted Diluted Earnings Per Share Excluding Net Securities Gains and Losses (dollars in thousands, except per share amounts
Slide 42: Non-GAAP Financial Information
4Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 42 Non-GAAP Financial Information Adjusted Net Interest Income and Adjusted Net Interest Margin (dollars in thousands) Three Months Ended Years Ended December 31, September 30, December 31, December 31, December 31, 2023 2023
Slide 43: Non-GAAP Financial Information
4Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 43 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 44: Non-GAAP Financial Information
4Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 44 Non-GAAP Financial Information Tangible Book Value and Tangible Book Value Per Common Share (dollars in thousands, except per share amounts) As of December 31, September 30, June 30, March 31, December 31, 2023 2023 2023 2
Slide 45: Non-GAAP Financial Information
4Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 45 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 December 31, September 30, June 30, Mar