Slide 1: Investor Presentation May 2025
INVESTOR PRESENTATION May 2025 DRAFT
Slide 2: Forward-looking statements
2 Investor Presentation First Busey Corporation | Ticker: BUSE 2 This presentation may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance
Slide 3: Registration Statement; No Offer or Solicitation
3 Investor Presentation First Busey Corporation | Ticker: BUSE 3 This presentation is neither an offer to sell nor a solicitation of an offer to purchase any securities of First Busey Corporation (the “Company”). There will be no sale of securities in any jurisdiction in which such an offer, solicit
Slide 4: Table of Contents
4 Investor Presentation First Busey Corporation | Ticker: BUSE 4 Table of Contents Terms of Perpetual Preferred Equity Offering 5 Robust Capital Formation 30 Overview of First Busey Corporation (NASDAQ: BUSE) 6 1Q25 Review 7 Appendix: 31 Investment Highlights 8 Double Leverage & Interest Coverage 32
Slide 5: Terms of Perpetual Preferred Equity Offering
5 Investor Presentation First Busey Corporation | Ticker: BUSE 5 Issuer First Busey Corporation Security (Depositary shares 1/40) Non-Cumulative Perpetual Preferred Stock, Series B Expected Rating BBB- by Kroll Bond Rating Agency Offering Size $200 Million Structure Fixed-Rate Issuance Type SEC Regi
Slide 6: Overview of First Busey Corporation
6 Investor Presentation First Busey Corporation | Ticker: BUSE 6 Overview of First Busey Corporation (NASDAQ: BUSE) 157+ year old financial institution Corporate headquarters in Leawood, KS Payment Technology Solutions $19.5 Billion Total Assets 14.9% Total Capital Ratio $2.0 Billion Market Cap2 Pre
Slide 7: 1Q25 Review
7 Investor Presentation First Busey Corporation | Ticker: BUSE 7 1 Non-GAAP calculations, see Appendix ▪ Closed TBV-accretive acquisition of CrossFirst Bankshares on 3/1/25, growing BUSE’s assets from $12.0 billion to $19.5 billion ▪ 186 days from announce-to-close, a short timeframe relative to oth
Slide 8: Investment Highlights
8 Investor Presentation First Busey Corporation | Ticker: BUSE 8 Attractive Profitability and Returns Disciplined Growth Strategy Driven by Regional Operating Model Powerful Combination of Banking, Wealth, and Payments Business Lines 1 Non-GAAP calculation, see Appendix | 2 Market Data for BUSE upda
Slide 9: Diversified Company with Comprehensive & Innovative Financial Solutions
9 Investor Presentation First Busey Corporation | Ticker: BUSE 9 1 Banking operations at 3/31/25 also include CrossFirst Bank | 2 Consolidated | 3 Banking segment, excluding Wealth Management & FirsTech; excludes intracompany eliminations and consolidations; only includes 1-month of CrossFirst Bank
Slide 10: Closed Acquisition of CrossFirst Bankshares
10 Investor Presentation First Busey Corporation | Ticker: BUSE 10 ▪ Bank merger & core system conversion to occur June 20, 2025 ▪ Critical technology, operating, and personnel decisions made to best position the company for future growth ▪ Integration plan focused on client retention and a best-in-
Slide 11: Combined Markets Ripe for Growth
11 Investor Presentation First Busey Corporation | Ticker: BUSE 11 Combined Markets Ripe for Growth 1 Market Nominal GDP as of 2023 per FRED, Federal Reserve Bank of St. Louis | Note: Does not include markets with populations under 500,000 Source: S&P Capital IQ Pro; Census.gov; BEA.gov 1
Slide 12: Compelling Regional Operating Model
12 Investor Presentation First Busey Corporation | Ticker: BUSE 12 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 the companie
Slide 13: Earnings Performance
13 Investor Presentation First Busey Corporation | Ticker: BUSE 13 1 Non-GAAP calculation, see Appendix | 2 TBV per share as reported in quarterly filings with add-back of after-tax AOCI at each period-end | Note: 1Q25 earnings include 1-month of contributions from CrossFirst Earnings Performance Ad
Slide 14: Fortress Balance Sheet
14 Investor Presentation First Busey Corporation | Ticker: BUSE 14 ▪ Although impacted by strategic deployment of capital, capital ratios remain significantly in excess of well-capitalized minimums ▪ Leverage ratio of 12.9%, CET1 ratio of 12.0%, and Total RBC of 14.9% at 3/31/25 ▪ TCE/TA ratio of 8.
Slide 15: High Quality, Diversified Loan Portfolio
15 Investor Presentation First Busey Corporation | Ticker: BUSE 15 1 Capital is Busey Bank CrossFirst Bank Tier 1 Capital (preliminary estimates) + Allowance for credit losses | 2 Based on loan origination 3 Excludes credit card overdraft protection includes tranche loan commitments/associated sub n
Slide 16: High Quality Loan Portfolio: CRE
16 Investor Presentation First Busey Corporation | Ticker: BUSE 16 1 Investor owned CRE (CRE-I) includes C&D, Multifamily and non-owner occupied CRE | 2 Fixed Charge Coverage Ratio | 3 Debt Service Coverage Ratio 4 Net Operating Income of property divided by Loan Amount $ in millions Property Type 3
Slide 17: High Quality Loan Portfolio: C&I
17 Investor Presentation First Busey Corporation | Ticker: BUSE 17 ▪ 32.1% of total loan portfolio ▪ CrossFirst Bank contributed 54% of total C&I loan portfolio at 3/31/25 ▪ Includes CrossFirst’s energy loan portfolio which totaled $288 million at 3/31/25 ▪ C&I loans are generally underwritten to a
Slide 18: Credit Profile Bolstered by Strong Reserves
18 Investor Presentation First Busey Corporation | Ticker: BUSE 18 Credit Profile Bolstered by Strong Reserves Comprises thirteen CrossFirst credits that were flagged as PCD at close on March 1 and subsequently charged-off during March (fully reserved for at Day 1) CECL provision expense on Non-PCD
Slide 19: Pristine Credit Quality
19 Investor Presentation First Busey Corporation | Ticker: BUSE 19 ▪ Conservative underwriting structures have resulted in a legacy of pristine credit quality ▪ Strong portfolio management that identifies early warning indicators and proactively engages the special assets group early in the credit r
Slide 20: Top Tier Core Deposit Franchise
20 Investor Presentation First Busey Corporation | Ticker: BUSE 20 1 Non-GAAP calculation, see Appendix | 2 Other deposits include brokered MMA, brokered CDs, ICS Demand Savings, CDAR CDs Core Deposits 1 90% MRQ Avg Cost of Total Deposits 1.91% MRQ Avg Cost of Non-Time Deposits 1.54% Avg Deposits pe
Slide 21: Deposit Cost Trends
21 Investor Presentation First Busey Corporation | Ticker: BUSE 21 Deposit Cost Trends Total Cost of Deposits vs. Peers $ in millions Historical Cost of Deposits, 1Q15 - 1Q25 1 Quarterly effective Fed Funds per FRED, Federal Reserve Bank of St. Louis. Average during quarter, not seasonally adjusted
Slide 22: Net Interest Income and Margin
22 Investor Presentation First Busey Corporation | Ticker: BUSE 22 1 Tax-equivalent adjusted amounts; Non-GAAP, see Appendix $ in millions Impact of loan production and contribution of CrossFirst Bank Addition of CrossFirst deposits into the mix accompanied by accelerating deposit beta in the curren
Slide 23: Noninterest Income
23 Investor Presentation First Busey Corporation | Ticker: BUSE 23 ▪ Noninterest income represented 26% of revenue in 1Q25 (excluding net securities losses) ▪ Wealth management fees, wealth management referral income included in other noninterest income, and payment technology solutions income repre
Slide 24: Wealth Management
24 Investor Presentation First Busey Corporation | Ticker: BUSE 24 ▪ Assets Under Care (AUC) of $13.7 billion, a QoQ decrease of $0.2 billion and a YoY increase of $0.9 billion, or +7% ▪ 1Q25 Wealth segment revenue of $17.6 million, a YoY increase of +12%. 1Q25 represented another record for quarter
Slide 25: FirsTech
25 Investor Presentation First Busey Corporation | Ticker: BUSE 25 ▪ Last twelve months segment revenue at $22.5 million, a decrease of 2% over the prior twelve-month period ▪ 1Q25 segment revenue of $5.4 million ▪ Key competencies of integrated receivables, merchant services, and online payments wi
Slide 26: Balanced, Low-Risk, Short Duration Investment Portfolio
26 26 Investor Presentation First Busey Corporation | Ticker: BUSE 26 Balanced, Low-Risk, Short Duration Investment Portfolio Securities Portfolio - Amortized Cost vs. TE Yield Investment Portfolio Composition All Mortgage-Backed Securities Collateralized Mortgage Obligations are Agency | 94% of Mun
Slide 27: 1Q25 Balance Sheet Repositioning
27 Investor Presentation First Busey Corporation | Ticker: BUSE 27 1Q25 Balance Sheet Repositioning ▪ $203 million of available-for-sales securities sold in late March ▪ Pre-tax loss of $15.5 million ▪ Approximate yield of 1.7% and weighted average life of 2.9 years at the time of sale Securities So
Slide 28: Actively Managing Well-Positioned Balance Sheet
28 Investor Presentation First Busey Corporation | Ticker: BUSE 28 ▪ Balance sheet well-positioned for rate neutrality ▪ A +100 bps rate shock for Year 1 is +1.8% vs. +2.0% in 4Q24 ▪ A -100 bps rate shock for Year 1 is -1.7% vs. -1.8% in 4Q24 ▪ Continue to evaluate off-balance sheet hedging strategi
Slide 29: Noninterest Expense
29 Investor Presentation First Busey Corporation | Ticker: BUSE 29 1 Non-GAAP, see Appendix| Note: Certain totals above may not tie exactly due to rounding. Detail amounts can be found in Non-GAAP table within Appendix ▪ Continue to be mindful and diligent on expenses in the current operating enviro
Slide 30: Robust Capital Formation
30 Investor Presentation First Busey Corporation | Ticker: BUSE 30 Tangible Common Equity 1 & CET1 Ratios 1 Non-GAAP calculation, see Appendix | 2 1Q25 leverage ratio is temporarily inflated due to only 1-month of consolidated company average balances $ in millions Common Equity Tier 1 Ratio Tier 1
Slide 31: Appendix
Appendix lS
Slide 32: Double Leverage & Interest Coverage
32 Investor Presentation First Busey Corporation | Ticker: BUSE 32 1 Assumes 100% of the remaining proceeds net of the redemption of the 5.25% fixed-to-floating rate subordinated notes due 2030 are down-streamed for illustrative purposes (the Company may elect to retain some or all of these net proc
Slide 33: Illustrative Pro Forma Capital Ratios
33 Investor Presentation First Busey Corporation | Ticker: BUSE 33 1 Beginning in 2025, Busey revised its calculation of tangible assets and tangible common equity for all periods presented to exclude any tax adjustment; Non-GAAP calculations, see Appendix | Note: Assumes a gross offering size of $2
Slide 34: Liquidity Detail
34 Investor Presentation First Busey Corporation | Ticker: BUSE 34 Liquidity Detail • Associated with the completion of the CrossFirst acquisition on March 1 , 2025 , Busey issued 7 ,750 shares of $ 1 ,000 par value Series A Non -Cumulative Perpetual Preferred Stock ; no preferred stock dividend has
Slide 35: Experienced Management Team
35 Investor Presentation First Busey Corporation | Ticker: BUSE 35 Has served as Vice Chairman & President of First Busey Corporation and President & CEO of Busey Bank since March 2025. He also serves as Chairman of FirsTech, Inc. Prior to its merger with Busey in 2025, Mr. Maddox served as Presiden
Slide 36: Fully Integrated Wealth Platform
36 Investor Presentation First Busey Corporation | Ticker: BUSE 36 $13.7 Billion Assets Under Care LTM Revenue1 $66.8 Million PT Margin LTM 45.8% Core Principles I. Client-Focused Strategy Trusted fiduciaries that identify prudent financial solutions to meet client-specific needs and objectives and
Slide 37: FirsTech, A Uniquely Positioned Payment Technology Company
37 Investor Presentation First Busey Corporation | Ticker: BUSE 37 FirsTech, A Uniquely Positioned Payment Technology Company Integrated Receivables Electronic Payments Merchant Services Services Services Services Sales Channels Sales Channels Sales Channels Lines of Business Lines of Business Lines
Slide 38: FirsTech, A Uniquely Positioned Payment Technology Company
38 Investor Presentation First Busey Corporation | Ticker: BUSE 38 FirsTech, A Uniquely Positioned Payment Technology Company Through continued growth of the Busey/FirsTech relationship and new opportunities for collaboration, FirsTech is uniquely positioned to leverage our relationship to grow in b
Slide 39: Non-GAAP Financial Information
39 Investor Presentation First Busey Corporation | Ticker: BUSE 39 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, together with t
Slide 40: Pre-Provision Net Revenue and Related Measures
40 Investor Presentation First Busey Corporation | Ticker: BUSE 40 ___________________________________________ 1. For the three months ended March 31, 2025, the provision for unfunded commitments included Day 2 provision expense of $3,139 thousand recorded in connection with the CrossFirst merger. 2
Slide 41: Adjusted Net Income, Average Tangible Common Equity, and Related Ratios
41 Investor Presentation First Busey Corporation | Ticker: BUSE 41 Non-GAAP Financial Information (Unaudited) Adjusted Net Income, Average Tangible Common Equity, and Related Ratios Three Months Ended (dollars in thousands, except per share amounts) March 31, 2025 December 31, 2024 March 31, 2024 Ne
Slide 42: Adjusted Pre-Tax Income
42 Investor Presentation First Busey Corporation | Ticker: BUSE 42 ___________________________________________ 1. Day 2 provision for credit losses was recorded in connection with the CrossFirst merger to establish an allowance on non-PCD loans, and is reflected within the provision for credit losse
Slide 43: Tax-Equivalent Net Interest Income and Net Interest Margin
43 Investor Presentation First Busey Corporation | Ticker: BUSE 43 Non-GAAP Financial Information (Unaudited) Tax-Equivalent Net Interest Income, Adjusted Net Interest Income, Net Interest Margin, and Adjusted Net Interest Margin Three Months Ended (dollars in thousands) March 31, 2025 December 31,
Slide 44: Non-GAAP Financial Information (Unaudited)
44 Investor Presentation First Busey Corporation | Ticker: BUSE 44 Non-GAAP Financial Information (Unaudited) ___________________________________________ 1. Tax-equivalent adjustments were calculated using an estimated federal income tax rate of 21%, applied to non-taxable interest income on investm
Slide 45: Tangible Assets, Tangible Common Equity, and Related Measures
45 Investor Presentation First Busey Corporation | Ticker: BUSE 45 ___________________________________________ 1. Beginning in 2025, Busey revised its calculation of tangible assets and tangible common equity for all periods presented to exclude any tax adjustment. Non-GAAP Financial Information (Un