Slide 1: Q1 2024 Earnings Investor Presentation
Q1 2024 EARNINGS INVESTOR PRESENTATION April 23, 2024
Slide 2: Forward-Looking Statements and Non-GAAP Financial Information
1Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 2 Forward-Looking Statements and Non-GAAP Financial Information Special Note Concerning Forward-Looking Statements This presentation may contain forward-looking statements within the meaning of the Private Securities Litigati
Slide 3: Table of Contents
1Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 3 Table of Contents Overview of First Busey Corporation (BUSE) 4 Diversified Company with Comprehensive & Innovative Appendix: 30 5 Financial Solutions Compelling Regional Operating Model 6 Experienced Management Team 31 Acqu
Slide 4: Overview of First Busey Corporation (NASDAQ: BUSE)
1Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 4 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 5: Diversified Company with Comprehensive & Innovative Financial Solutions
1Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 5 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 6: Compelling Regional Operating Model
1Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 6 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 7: Merchants and Manufacturers Bank Corp. Acquisition
1Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 7 Merchants and Manufacturers Bank Corp. Busey closed the acquisition of Merchants & Manufacturers Bank Corp. on April 1 As of 3/31/24 Pro Forma Busey + M&M $12.4 Billion $8.0 Billion $10.4 Billion Assets Loans Deposits Compe
Slide 8: Investment Highlights
1Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 8 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 9: Fortress Balance Sheet
1Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 9 Fortress Balance Sheet ▪ Diversified portfolio, conservatively underwritten with low levels of concentration 1 ▪ Non-performing (0.15% of total assets) and classified assets (7.2% of capital ) both remain low High Quality,
Slide 10: High Quality Loan Portfolio
1Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 10 High Quality Loan Portfolio 2 Loan Portfolio Composition | 1Q24 Loan Portfolio Regional Segmentation MRQ Yield on Loans HELOC Florida 3% Other 5.27% 6% 3% +5 bps from 4Q23 Commercial & Industrial 1Q24 Net New Funding Yield
Slide 11: High Quality Loan Portfolio: CRE
1Q24 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 3/31/24 $ in thousands 3/31/24 3/31/24 % of Total Classified 3/31/24 % of Total Classifi
Slide 12: Office Investor Owned CRE Portfolio
1Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 12 Office Investor Owned CRE Portfolio All data as of 3/31/24 $ in thousands Top Ten Limited Metro Central Business District Exposure Traditional Medical Largest CBD Office Metric Office Office Office Loans Exposure Downtown
Slide 13: High Quality Loan Portfolio: C&I
1Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 13 High Quality Loan Portfolio: C&I C&I Loans by Sector ▪ 23.9% of total loan portfolio $ in thousands 3/31/24 ▪ 69% of C&I borrowers have been Busey customers 3/31/24 % of Total Classified NAICS Sector Balances Loans Balance
Slide 14: Pristine Credit Quality
1Q24 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: Credit Profile Bolstered by Strong Reserves
1Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 15 Credit Profile Bolstered by Strong Reserves Allowance / Loans (ex-PPP) $ in millions ▪ Reserve to loans of 1.21% (ex-PPP) ▪ Day 1 CECL coverage was 1.06% 1.59% $7,725 $7,651 $7,588 $7,114 ▪ Non-performing loan balances inc
Slide 16: Top Tier Core Deposit Franchise
1Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 16 Top Tier Core Deposit Franchise Deposit Portfolio Composition | 1Q24 Total Deposits & Loan-to-Deposit Ratio $ in millions Core Deposits 97% $10,332 $10,291 Int DDA $10,071 $10,063 $9,960 24% MRQ Avg Cost $9,801 of Total De
Slide 17: Granular, Stable Deposit Base
1Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 17 Granular, Stable Deposit Base Long-tenured Deposit Relationships that are very granular Customers with Account Balances totaling $250K+ As of 3/31/24 Retail Commercial 2024 Q1 Number of Accounts 253,000+ 33,000+ Number of
Slide 18: Deposit Cost Trends
1Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 18 Deposit Cost Trends 2 Historical Cost of Deposits, 2015 - 1Q24 1 Cumulative Deposit Betas for Tightening Cycle-to-Date BUSE Cost of Deposits Effective Fed Funds Rate (Qtr Avg) 6.0% 5.5% Cost of deposits has run at ~30% of
Slide 19: Net Interest Margin
1Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 19 Net Interest Margin 1 1 Net Interest Income Trend Net Interest Margin Trend $ in millions 4.62% 4.57% 4.40% $86.4 4.05% 4.23% $0.4 $79.2 $78.3 $77.6 2.86% NIM $0.4 $0.3 $76.2 3.13% 2.80% 2.74% 2.79% $0.4 inflected $0.2 hig
Slide 20: Diversified and Significant Sources of Fee Income
1Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 20 Diversified and Significant Sources of Fee Income ▪ Noninterest income represented 31.6% of revenue in 1Q24 1 (30.9% excluding gain on sale of mortgage servicing rights and Noninterest Income / Total Revenue net securities
Slide 21: Wealth Management
1Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 21 Wealth Management 1 Wealth - Revenue and Pre-tax Income ▪ Assets Under Care (AUC) of $12.8 billion, a QoQ increase of $ in millions $0.6 billion and a YoY increase of $1.6 billion, or +13.9% $15.7 ▪ 1Q24 Wealth segment rev
Slide 22: FirsTech
1Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 22 FirsTech $11 41 ▪ LTM segment revenue of $23.1 million, an Payments Transactions increase of 5% over the prior twelve-month processed processed period in last twelve in last twelve months million months billion ▪ 1Q24 segm
Slide 23: Balanced, Low-Risk, Short Duration Investment Portfolio
1Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 23 Balanced, Low-Risk, Short Duration Investment Portfolio Investment Portfolio Composition | 1Q24 ▪ Carrying value of investment portfolio is 25% of total assets AFS % of ▪ BUSE carried $862 million in held-to-maturity (HTM)
Slide 24: 1Q24 Strategic Balance Sheet Repositioning
1Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 24 1Q24 Strategic Balance Sheet Repositioning BUSE completed a two-part balance sheet repositioning strategy during 1Q24 ▪ $108 million of available-for-sales securities sold Securities Sold ▪ Pre-tax loss of $6.8 million ▪ A
Slide 25: Actively Managing Asset-Sensitive Balance Sheet
1Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 25 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 +2.1% from +1.8% in 4Q23 under Shock Scena
Slide 26: Focused Control on Expenses
1Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 26 Focused Control on Expenses Noninterest Expense 1 ▪ Adjusted core expenses of $68.6 million in 1Q24 $ in millions Expenses ex-Acq. Acq./Restructuring Exp. ▪ Adopted accounting standard update 2023-02 on Adj. Efficiency Rat
Slide 27: Robust Capital Foundation
1Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 27 Robust Capital Foundation 1 2 2 Tangible Common Equity & CET1 Ratios Total Capital Ratio $ in millions $ in millions 13.4% $1,507 $1,528 $1,540 $1,557 13.1% $1,487 12.4% 12.5% $689 12.2% $580 $597 $614 $657 $925 $938 17.9%
Slide 28: 1Q24 Earnings Review
1Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 28 1Q24 Earnings Review ▪ Net interest income was $75.8 million in 1Q24 vs. $77.1 million in 4Q23 and $85.9 million in 1Q23 1 Net Interest ▪ Net interest margin was 2.79% in 1Q24, an increase of 5 bps vs. 2.74% in 4Q23 Income
Slide 29: Earnings Performance
1Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 29 Earnings Performance 1 1 Adjusted Net Income & Earnings Per Share Adjusted ROAA & Adjusted ROATCE $ in millions $36.8 18.5% $30.7 $29.4 $29.1 14.3% 13.9% 13.6% $26.5 11.6% $0.65 $0.52 $0.55 $0.52 $0.47 1.22% 0.96% 1.00% 0.
Slide 30: Appendix
Appendix Busey FIRST BUSEY CORPORATION
Slide 31: Experienced Management Team
1Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 31 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 32: Fully Integrated Wealth Platform
1Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 32 Fully Integrated Wealth Platform As of 3/31/24 $12.8 Billion $58.6 Million 42.5% Assets Under Care LTM Revenue PT Margin LTM I. Client-Focused Strategy II. Team-Based Approach III. Comprehensive Wealth Management Core Trus
Slide 33: FirsTech, A Uniquely Positioned Payment Technology Company
1Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 33 FirsTech, A Uniquely Positioned Payment Technology Company Payments Segments Traditional Receivables Electronic Payments Merchant Services Services Services Services ▪ Online (Core) ▪ Point of Sale ▪ Lockbox ▪ Customer Ser
Slide 34: FirsTech Verticals & Products
1Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 34 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 35: Busey Impact: ESG and Corporate Responsibility
1Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 35 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, share
Slide 36: Non-GAAP Financial Information (Unaudited)
1Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 36 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 37: Non-GAAP Financial Information (Unaudited)
1Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 37 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 38: Non-GAAP Financial Information (Unaudited)
1Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 38 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 March 31, December 31, March 31, 20
Slide 39: Non-GAAP Financial Information (Unaudited)
1Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 39 Non-GAAP Financial Information (Unaudited) Noninterest Expense Excluding Amortization of Intangible Assets, Adjusted Noninterest Expense, Adjusted Core Expense, Noninterest Expense Excluding Non-operating Adjustments, Effi
Slide 40: Non-GAAP Financial Information (Unaudited)
1Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 40 Non-GAAP Financial Information (Unaudited) Tangible Book Value and Tangible Book Value Per Common Share (dollars in thousands, except per share amounts) As of March 31, December 31, March 31, 2024 2023 2023 Total stockhold
Slide 41: Non-GAAP Financial Information (Unaudited)
1Q24 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 41 Non-GAAP Financial Information (Unaudited) Core Deposits, Core Deposits to Total Deposits, and Portfolio Loans to Core Deposits (dollars in thousands) As of March 31, December 31, March 31, 2024 2023 2023 Portfolio loans [