Slide 1: Q3 2024 Earnings Investor Presentation
Q3 2024 EARNINGS INVESTOR PRESENTATION October 22, 2024
Slide 2: Forward-Looking Statements
3Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 2 Forward-Looking Statements Forward-Looking Statements This presentation may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to Busey’s financial c
Slide 3: Non-GAAP Financial Information
3Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 3 Non-GAAP Financial Information Non-GAAP Financial Information This presentation contains certain financial information determined by methods other than U.S. Generally Accepted Accounting Principles (“GAAP”). Management uses
Slide 4: Table of Contents
3Q24 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: 32 6 Financial Solutions Compelling Regional Operating Model 7 Experienced Management Team 33 Inve
Slide 5: Overview of First Busey Corporation (NASDAQ: BUSE)
3Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 5 Overview of First Busey Corporation (NASDAQ: BUSE) Business Banking Personal Banking Wealth Management 155+ year old financial institution headquartered Regional in Champaign, IL Payment Tech Solutions operating model servi
Slide 6: Diversified Company with Comprehensive & Innovative Financial Solutions
3Q24 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
3Q24 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
3Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 8 Investment Highlights ▪ 62 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 9: Fortress Balance Sheet
3Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 9 Fortress Balance Sheet ▪ Diversified portfolio, conservatively underwritten with low levels of concentration 1 ▪ Non-performing (0.07% of total assets) and classified assets (5.9% of capital ) both remain low High Quality,
Slide 10: Transformational Partnership with CrossFirst Bankshares
3Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 10 Transformational Partnership with CrossFirst Bankshares First Busey Corp. announced a transformative partnership with CrossFirst Bankshares on August 27, 2024 Projected Balance Sheet 1 Highlights at Close ~$20 Billion Tota
Slide 11: CrossFirst Bankshares Partnership
3Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 11 CrossFirst Bankshares Partnership 1 Strategic Highlights Attractive Deal Metrics Merger Update ▪ Enhancing Busey’s growth profile with ▪ Fixed exchange ratio of 0.6675x and ▪ Potential integration planning well expansion i
Slide 12: Track Record of Successful Integrations
3Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 12 Track Record of Successful Integrations ▪ Busey successfully integrated seven whole bank mergers aggregating $7B+ in total assets and one wealth management firm since 2015; most recent integration in 2Q24 ▪ An integral com
Slide 13: High Quality Loan Portfolio
3Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 13 High Quality Loan Portfolio 2 Loan Portfolio Composition | 3Q24 Loan Portfolio Regional Segmentation MRQ Yield on Loans HELOC Florida 3% Other 5.63% 6% 6% +12 bps vs. 2Q24, +41 bps vs. 4Q23 Commercial & Industrial 24% 3Q24
Slide 14: High Quality Loan Portfolio: CRE
3Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 14 High Quality Loan Portfolio: CRE 1 Investor Owned CRE Loans by Property Type Owner Occupied CRE Loans by Property Type $ in thousands 9/30/24 $ in thousands 9/30/24 9/30/24 % of Total Classified 9/30/24 % of Total Classifi
Slide 15: Office Investor Owned CRE Portfolio
3Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 15 Office Investor Owned CRE Portfolio All data as of 9/30/24 $ in thousands Top Ten Limited Metro Central Business District Exposure Traditional Medical Largest CBD Office Metric Office Office Office Loans Exposure Downtown
Slide 16: High Quality Loan Portfolio: C&I
3Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 16 High Quality Loan Portfolio: C&I C&I Loans by Sector ▪ 23.8% of total loan portfolio $ in thousands 9/30/24 9/30/24 % of Total Classified NAICS Sector Balances Loans Balances ▪ 65% of C&I borrowers have been Busey customer
Slide 17: Pristine Credit Quality
3Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 17 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 18: Credit Profile Bolstered by Strong Reserves
3Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 18 Credit Profile Bolstered by Strong Reserves Allowance / Loans (ex-PPP) $ in millions ▪ Reserve to loans of 1.09% (up from 1.07% at 6/30/24) ▪ Non-performing loan balances decreased by $0.9 million QoQ 1.59% $7,809 $7,725 $
Slide 19: Top Tier Core Deposit Franchise
3Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 19 Top Tier Core Deposit Franchise Deposit Portfolio Composition | 3Q24 Total Deposits & Loan-to-Deposit Ratio $ in millions Core Deposits 96% $10,332 $10,291 $9,960 $9,976 $9,943 Int DDA $10,063 25% MRQ Avg Cost of Total Dep
Slide 20: Granular, Stable Deposit Base
3Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 20 Granular, Stable Deposit Base Long-tenured Deposit Relationships that are very granular Customers with Account Balances totaling $250K+ As of 9/30/24 Retail Commercial 2024 Q3 Number of Accounts 253,000+ 33,000+ Number of
Slide 21: Deposit Cost Trends
3Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 21 Deposit Cost Trends 1 2 Historical Cost of Deposits, 2015 - 3Q24 Cumulative Deposits Betas in Tightening Cycle Easing Cycle began September 18, 2024 BUSE Cost of Deposits Effective Fed Funds Rate (Qtr Avg) 6.0% 5.5% Cost o
Slide 22: Net Interest Margin
3Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 22 Net Interest Margin 1 1 Net Interest Income Trend Net Interest Margin Trend $ in millions 4.83% 4.90% $82.8 $82.9 4.57% 4.62% $78.3 $77.6 $76.2 $0.8 $1.3 4.40% $0.3 $0.4 $0.2 3.03% 3.02% 2.80% 2.74% 2.79% $82.0 $81.6 $78.0
Slide 23: Diversified and Significant Sources of Fee Income
3Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 23 Diversified and Significant Sources of Fee Income 1 ▪ Noninterest income represented 29.9% of revenue in Noninterest Income / Total Revenue 3Q24 (excluding net securities gains) $ in millions ▪ The key Wealth Management an
Slide 24: Wealth Management
3Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 24 Wealth Management 1 Wealth - Revenue and Pre-tax Income ▪ Assets Under Care (AUC) of $13.7 billion, a QoQ increase of $ in millions $0.7 billion and a YoY increase of $2.1 billion, or +18.6% $15.7 $16.1 $16.2 ▪ 3Q24 Wealth
Slide 25: FirsTech
3Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 25 FirsTech ▪ LTM segment revenue of $23.5 million, an increase of 5% over the prior twelve-month period $12 Payments processed in last twelve 43 Transactions processed in last twelve months million months billion ▪ 3Q24 segm
Slide 26: Balanced, Low-Risk, Short Duration Investment Portfolio
3Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 26 Balanced, Low-Risk, Short Duration Investment Portfolio Investment Portfolio Composition | 3Q24 ▪ Carrying value of investment portfolio is 24% of total assets AFS % of Amortized Cost ▪ BUSE carried $839 million in held-to
Slide 27: Actively Managing Well-Positioned Balance Sheet
3Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 27 Actively Managing Well-Positioned Balance Sheet ▪ Balance sheet well-positioned for rate neutrality Annual % Change in Net Interest Income ▪ A +100 bps rate shock for Year 1 is +2.1% vs. +1.8% in 2Q24 under Shock Scenarios
Slide 28: Focused Control on Expenses
3Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 28 Focused Control on Expenses Noninterest Expense 1 ▪ Adjusted core expenses of $71.0 million in 3Q24 $ in millions Expenses ex-Acq. Acq./Restructuring Exp. ▪ Non-operating other expenses during 3Q24 were Adj. Efficiency Rat
Slide 29: Robust Capital Foundation
3Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 29 Robust Capital Foundation 1 2 2 Tangible Common Equity & CET1 Ratios Total Capital Ratio $ in millions $ in millions 13.8% $1,589 $1,610 13.4% $1,528 $1,540 $1,556 13.1% 13.2% 12.5% $681 $725 $614 $657 $689 $1,042 $971 $92
Slide 30: 3Q24 Earnings Review
3Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 30 3Q24 Earnings Review ▪ Net interest income was $82.5 million in 3Q24 vs. $82.4 million in 2Q24 and $77.8 million in 3Q23 1 Net Interest ▪ Net interest margin was 3.02% in 3Q24, a decrease of 1 bp vs. 3.03% in 2Q24 Income ▪
Slide 31: Earnings Performance
3Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 31 Earnings Performance 1 1 Adjusted Net Income & Earnings Per Share Adjusted ROAA & Adjusted ROATCE $ in millions 14.3% $33.5 13.6% 13.4% $30.7 12.2% $29.1 $29.0 11.6% $26.5 $0.55 $0.58 $0.52 $0.47 $0.50 1.11% 1.00% 0.97% 0.
Slide 32: Appendix
Appendix Busey , FIRST BUSEY CORPORATION
Slide 33: Experienced Management Team
3Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 32 Experienced Management Team Van A. Dukeman Jeffrey D. Jones Amy L. Randolph Chairman & CEO EVP & CFO EVP & COO Has served as Chairman & CEO of First Busey since 2007 Joined Busey in August 2019, bringing nearly 20 years of
Slide 34: Fully Integrated Wealth Platform
3Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 34 Fully Integrated Wealth Platform $13.7 Billion $61.8 Million 43.4% As of 9/30/24 Assets Under Care LTM Revenue PT Margin LTM I. Client-Focused Strategy II. Team-Based Approach III. Comprehensive Wealth Management Core Trus
Slide 35: FirsTech, A Uniquely Positioned Payment Technology Company
3Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 35 FirsTech, A Uniquely Positioned Payment Technology Company $12 Billion 43 Million $23.5 Million 1 As of 9/30/24 Payments Processed LTM Transactions Processed LTM Revenue LTM Payments Segments Traditional Receivables Electr
Slide 36: FirsTech Verticals & Products
3Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 36 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 leverag
Slide 37: Busey Impact: ESG and Corporate Responsibility
3Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 37 Busey Impact: ESG and Corporate Responsibility Building on 155+ Years of Civic Engagement, Corporate Responsibility and Positive Impacts 3Q24 Featured Impact | Busey Bank Bridge Scholarship In July 2024—based on their comm
Slide 38: Non-GAAP Financial Information (Unaudited)
3Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 38 Non-GAAP Financial Information (Unaudited) 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 th
Slide 39: Non-GAAP Financial Information (Unaudited)
3Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 39 Non-GAAP Financial Information (Unaudited) 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
Slide 40: Non-GAAP Financial Information (Unaudited)
3Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 40 Non-GAAP Financial Information (Unaudited) Further Adjusted Net Income and Further Adjusted Diluted Earnings Per Share (dollars in thousands, except per share amounts) Three Months Ended Nine Months Ended September 30, Jun
Slide 41: Non-GAAP Financial Information (Unaudited)
3Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 41 Non-GAAP Financial Information (Unaudited) 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, Septem
Slide 42: Non-GAAP Financial Information (Unaudited)
3Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 42 Non-GAAP Financial Information (Unaudited) Adjusted Noninterest Income, Operating Revenue, Adjusted Noninterest Income to Operating Revenue, Noninterest Expense Excluding Amortization of Intangible Assets, Adjusted Noninte
Slide 43: Non-GAAP Financial Information (Unaudited)
3Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 43 Non-GAAP Financial Information (Unaudited) Tangible Book Value and Tangible Book Value Per Common Share (dollars in thousands, except per share amounts) As of September 30, June 30, September 30, 2024 2024 2023 Total stock
Slide 44: Non-GAAP Financial Information (Unaudited)
3Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 44 Non-GAAP Financial Information (Unaudited) Core Deposits, Core Deposits to Total Deposits, and Portfolio Loans to Core Deposits (dollars in thousands) As of September 30, June 30, September 30, 2024 2024 2023 Portfolio loa