First Busey Corporation Announces 2026 First Quarter Earnings

Net Income

Diluted EPS

Net Interest Margin¹

ROAA¹

ROATCE¹

$50.0 million

$63.2 million (adj)²

$0.52

$0.67 (adj)²

3.77%²

3.64% (adj)²

1.12%²

1.42% (adj)²

11.10%²

14.12% (adj)²

MESSAGE FROM OUR CHAIRMAN, PRESIDENT & CEO

Busey posted strong results this quarter with adjusted diluted EPS of $0.67, up 17.5% year-over-year, and continued strong profitability as adjusted return on average assets² improved by 33 basis points to 1.42% and adjusted ROATCE improved by 287 basis points to 14.12%. Net interest margin² continued its expansion, up 6 basis points quarter-over-quarter, to 3.77%. Wealth management fee income had another record quarter, with net inflows offsetting lower market valuations and sustaining relatively stable assets under care. Expenses remained well controlled as we identified, and executed on, additional synergies related to the CrossFirst acquisition, with the efficiency ratio improving 390 basis points from last year, to 54.8%. Capital remained strong with Common Equity Tier 1 Capital to Risk Weighted Assets³ at 12.31%, even after significant share repurchases of $65.6 million during the quarter. Tangible book value per common share² grew 8.2% year-over-year to $20.14. As expected, loan and deposit balances were down seasonally. Credit remained strong with non-performing assets down 14.0% quarter-over-quarter and the ratio of allowance to loans was stable at 1.26%. As we look ahead to the rest of the year, we have significant momentum with the addition of talent to the organization, and new business pipelines are building. With robust capital and ample liquidity, Busey remains well positioned to drive meaningful value for our associates, clients, communities, and shareholders in this volatile macro environment.

Van A. Dukeman
Chairman, President and CEO of First Busey Corporation

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited)

Three Months Ended

(dollars in thousands, except per share amounts)

March 31,
2026

December 31,
2025

March 31,
2025⁽ⁱ⁾

Total interest income

$

225,485

$

235,094

$

166,815

Total interest expense

71,516

77,536

63,084

Net interest income

153,969

157,558

103,731

Provision for credit losses

3,058

2,435

45,593

Net interest income after provision for credit losses

150,911

155,123

58,138

Total noninterest income

42,265

42,691

21,223

Total noninterest expense

129,519

120,320

112,030

Income (loss) before income taxes

63,657

77,494

(32,669

)

Income taxes

13,676

16,744

(2,679

)

Net income (loss)

49,981

60,750

(29,990

)

Dividends on preferred stock

4,589

4,590

—

Net income (loss) available to common stockholders

$

45,392

$

56,160

$

(29,990

)

Basic earnings (loss) per common share

$

0.52

$

0.63

$

(0.44

)

Diluted earnings (loss) per common share

$

0.52

$

0.63

$

(0.44

)

Effective income tax rate

21.48

%

21.61

%

8.20

%

________________________

⁽ⁱ⁾

^{Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments out of total noninterest expense and into the provision for credit losses.}

Three Months Ended

(dollars in thousands)

March 31,
2026

December 31,
2025

March 31,
2025

PRE-TAX NON-GAAP ADJUSTMENTS TO NET INCOME

Net securities (gains) losses

$

940

$

667

$

15,768

Provision for credit losses

—

—

45,572

Salaries, wages, and employee benefits

16,124

4,027

15,878

Data processing

80

294

2,302

Net occupancy expense of premises

—

4

—

Professional fees

119

131

7,294

Other noninterest expense

377

360

552

Total pre-tax non-GAAP adjustments to net income

$

17,640

$

5,483

$

87,366

Three Months Ended

March 31, 2026

December 31, 2025

(dollars in thousands)

Average
Balance

Income/
Expense

Yield/
Rate^(vi)

Average
Balance

Income/
Expense

Yield/
Rate^(vi)

ASSETS

Interest-bearing bank deposits and federal funds sold

$

139,204

$

1,222

3.56

%

$

417,451

$

4,101

3.90

%

Investment securities^(i)(ii)

2,918,240

23,289

3.24

%

2,872,518

22,527

3.11

%

Restricted bank stock

81,619

880

4.37

%

77,006

783

4.03

%

Loans held for sale

5,072

73

5.84

%

8,705

128

5.83

%

Portfolio loans^(i)(iii)

13,521,631

200,898

6.03

%

13,565,320

208,415

6.10

%

Total interest-earning assets⁽ⁱ⁾

16,665,766

$

226,362

5.51

%

16,941,000

$

235,954

5.53

%

Noninterest-earning assets

1,394,454

1,368,250

Total assets

$

18,060,220

$

18,309,250

LIABILITIES AND STOCKHOLDERS’ EQUITY

Interest-bearing transaction deposits

$

3,124,068

$

12,505

1.62

%

$

3,207,478

$

13,809

1.71

%

Savings and money market deposits

5,687,520

31,964

2.28

%

5,906,577

36,565

2.46

%

Time deposits

2,409,136

21,557

3.63

%

2,401,447

22,545

3.72

%

Federal funds purchased and repurchase agreements

160,822

896

2.26

%

162,391

970

2.37

%

Borrowings^(iv)

391,965

4,594

4.75

%

278,050

3,647

5.20

%

Total interest-bearing liabilities

11,773,511

$

71,516

2.46

%

11,955,943

$

77,536

2.57

%

Noninterest-bearing deposits

3,536,830

3,636,001

Other liabilities

279,607

248,499

Stockholders’ equity

2,470,272

2,468,807

Total liabilities and stockholders’ equity

$

18,060,220

$

18,309,250

Net interest margin^(i)(v)

$

154,846

3.77

%

$

158,418

3.71

%

________________________

⁽ⁱ⁾

^{On a tax-equivalent basis and assuming a federal income tax rate of 21.0%.}

⁽ⁱⁱ⁾

^{Investment securities include debt securities available for sale, debt securities held to maturity, and equity securities.}

⁽ⁱⁱⁱ⁾

^{Non-accrual loans have been included in average portfolio loans.}

^(iv)

^{Includes, as applicable, short-term borrowings, long-term borrowings, subordinated notes, and junior subordinated debt owed to unconsolidated trusts.}

^(v)

^{For a reconciliation of non-GAAP measures, see “Non-GAAP Financial Information.”}

^(vi)

^Annualized.

Three Months Ended

(dollars in thousands)

March 31,
2026

December 31,
2025

March 31,
2025

NONINTEREST INCOME

Wealth management fees

$

19,370

$

18,101

$

17,364

Payment technology solutions

5,077

4,879

5,073

Treasury management services

4,826

4,726

3,017

Card services and ATM fees

4,646

4,660

3,709

Other service charges on deposit accounts

1,506

1,618

1,533

Mortgage revenue

438

803

329

Income on bank owned life insurance

1,616

1,783

1,446

Net securities gains (losses)

(940

)

(667

)

(15,768

)

Other noninterest income

5,726

6,788

4,520

Total noninterest income

$

42,265

$

42,691

$

21,223

Three Months Ended

(dollars in thousands)

March 31,
2026

December 31,
2025

March 31,
2025⁽ⁱ⁾

NONINTEREST EXPENSE

Salaries, wages, and employee benefits

$

85,230

$

68,995

$

67,563

Data processing

9,864

9,871

9,575

Net occupancy expense of premises

7,652

7,877

5,799

Furniture and equipment expenses

2,177

2,200

1,744

Professional fees

3,239

3,491

9,511

Amortization of intangible assets

4,291

4,432

3,083

Interchange expense

1,116

1,218

1,343

FDIC insurance

2,451

2,655

2,167

Other noninterest expense

13,499

19,581

11,245

Total noninterest expense

$

129,519

$

120,320

$

112,030

________________________

⁽ⁱ⁾

^{Beginning in the second quarter of 2025, Busey revised its presentation to reclassify the provision for unfunded commitments so that it is now included within the provision for credit losses; therefore, it is no longer included within other noninterest expense or total noninterest expense.}

Three Months Ended

(dollars in thousands)

March 31,
2026

December 31,
2025

March 31,
2025

NONINTEREST EXPENSE WITH NON-GAAP ADJUSTMENTS

Salaries, wages, and employee benefits

$

69,106

$

64,968

$

51,685

Data processing

9,784

9,577

7,273

Net occupancy expense of premises

7,652

7,873

5,799

Furniture and equipment expenses

2,177

2,200

1,744

Professional fees

3,120

3,360

2,217

Amortization of intangible assets

4,291

4,432

3,083

Interchange expense

1,116

1,218

1,343

FDIC insurance

2,451

2,655

2,167

Other noninterest expense

13,122

19,221

10,693

Adjusted noninterest expense (Non-GAAP)⁽ⁱ⁾

$

112,819

$

115,504

$

86,004

________________________

⁽ⁱ⁾

^{Beginning in 2026, to better align with industry standards, Busey revised its calculation of adjusted noninterest expense, for all periods presented, to exclude any adjustment for amortization of intangible assets.}

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

As of

(dollars in thousands)

March 31,
2026

December 31,
2025

March 31,
2025

ASSETS

Cash and cash equivalents

$

288,462

$

280,227

$

1,185,653

Interest-bearing time deposits in other banks

13,725

13,825

14,639

Debt securities available for sale

2,215,267

2,162,548

2,273,874

Debt securities held to maturity

725,540

746,385

815,402

Equity securities

13,951

14,916

10,828

Loans held for sale

5,224

5,752

7,270

Portfolio loans

13,459,890

13,567,799

13,868,357

Allowance for credit losses

(169,054

)

(174,023

)

(195,210

)

Restricted bank stock

81,722

77,006

53,518

Premises and equipment, net

193,322

193,444

182,003

Goodwill and other intangible assets, net

475,520

480,729

496,118

Other assets

733,053

736,128

751,800

Total assets

$

18,036,622

$

18,104,736

$

19,464,252

LIABILITIES AND STOCKHOLDERS’ EQUITY

Liabilities

Total deposits

$

14,736,060

$

14,905,958

$

16,459,470

Securities sold under agreements to repurchase

156,364

166,929

137,340

Borrowings

470,365

290,529

401,861

Other liabilities

260,811

272,338

285,975

Total liabilities

15,623,600

15,635,754

17,284,646

Stockholders’ equity

Retained earnings

359,162

336,707

249,484

Accumulated other comprehensive income (loss)

(135,553

)

(124,473

)

(172,810

)

Other stockholders' equity⁽ⁱ⁾

2,189,413

2,256,748

2,102,932

Total stockholders’ equity

2,413,022

2,468,982

2,179,606

Total liabilities and stockholders’ equity

$

18,036,622

$

18,104,736

$

19,464,252

________________________

⁽ⁱ⁾

^{Net balance of preferred stock ($0.001 par value), common stock ($0.001 par value), additional paid-in capital, and treasury stock.}

As of

(dollars in thousands)

March 31,
2026

December 31,
2025

March 31,
2025

PORTFOLIO LOANS

Commercial loans:

Commercial and industrial and other commercial

$

4,124,737

$

4,229,208

$

4,513,543

Commercial real estate

5,566,044

5,550,018

5,573,766

Real estate construction

1,052,505

1,039,289

1,051,179

Total commercial loans

10,743,286

10,818,515

11,138,488

Retail loans:

Retail real estate

2,119,621

2,154,616

2,245,705

Retail other

596,983

594,668

484,164

Total retail loans

2,716,604

2,749,284

2,729,869

Total portfolio loans

$

13,459,890

$

13,567,799

$

13,868,357

As of

(dollars in thousands)

March 31,
2026

December 31,
2025

March 31,
2025

COMMERCIAL REAL ESTATE LOANS

Non-owner occupied commercial real estate

$

4,125,785

$

4,118,361

$

4,123,772

Owner occupied commercial real estate

1,440,259

1,431,657

1,449,994

Total commercial real estate loans

$

5,566,044

$

5,550,018

$

5,573,766

As of

(dollars in thousands)

March 31,
2026

December 31,
2025

March 31,
2025

Total assets

$

18,036,622

$

18,104,736

$

19,464,252

Portfolio loans

13,459,890

13,567,799

13,868,357

Loans 30 – 89 days past due

17,465

16,475

18,554

Non-performing loans:

Non-accrual loans

45,799

51,198

48,647

Loans 90+ days past due and still accruing

812

2,288

6,077

Non-performing loans

46,611

53,486

54,724

Other non-performing assets

3,337

4,626

4,757

Non-performing assets

49,948

58,112

59,481

Substandard (excludes 90+ days past due)

166,467

116,402

131,078

Classified assets

$

216,415

$

174,514

$

190,559

Allowance for credit losses

$

169,054

$

174,023

$

195,210

RATIOS

Non-performing loans to portfolio loans

0.35

%

0.39

%

0.39

%

Non-performing assets to total assets

0.28

%

0.32

%

0.31

%

Non-performing assets to portfolio loans and other non-performing assets

0.37

%

0.43

%

0.43

%

Allowance for credit losses to portfolio loans

1.26

%

1.28

%

1.41

%

Coverage ratio of the allowance for credit losses to non-performing loans

3.63 x

3.25 x

3.57 x

Classified assets to Bank Tier 1 capital⁽ⁱ⁾and reserves

9.35

%

7.51

%

8.40

%

________________________

⁽ⁱ⁾

^{Capital amounts for the first quarter of 2026 are not yet finalized and are subject to change.}

Three Months Ended

(dollars in thousands)

March 31,
2026

December 31,
2025

March 31,
2025^{(i, ii)}

Net charge-offs

$

7,362

$

5,752

$

31,429

Provision for loan losses

$

2,393

$

5,594

$

42,452

Provision for unfunded commitments

665

(3,159

)

3,141

Provision for credit losses

$

3,058

$

2,435

$

45,593

________________________

⁽ⁱ⁾

^{Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments so that it is now included within the provision for credit losses. For periods ending prior to June 30, 2025, amounts reported as provision for loan losses were previously reported as provision for credit losses.}

⁽ⁱⁱ⁾

^{The three months ended March 31, 2025, included $42.4 million to establish an initial allowance for loan losses for loans purchased without credit deterioration (“non-PCD” loans) and $3.1 million to establish an initial allowance for unfunded commitments following the close of the CrossFirst acquisition.}

As of

(dollars in thousands)

March 31,
2026

December 31,
2025

March 31,
2025

DEPOSITS

Noninterest-bearing deposits

$

3,526,036

$

3,659,421

$

3,693,070

Interest-bearing transaction deposits

3,129,186

3,119,475

3,200,137

Savings deposits and money market deposits

5,714,697

5,697,172

6,475,187

Time deposits

2,366,141

2,429,890

3,091,076

Total deposits

$

14,736,060

$

14,905,958

$

16,459,470

As of

(dollars in thousands, except per share amounts)

March 31,
2026

December 31,
2025

March 31,
2025

Common equity Tier 1 capital to risk weighted assets⁽ⁱ⁾

12.31

%

12.43

%

12.00

%

Total capital to risk weighted assets⁽ⁱ⁾

15.87

%

15.93

%

14.88

%

Tangible common equity⁽ⁱⁱ⁾

$

1,722,305

$

1,773,056

$

1,675,738

Tangible common equity to tangible assets⁽ⁱⁱ⁾

9.81

%

10.06

%

8.83

%

Tangible book value per common share⁽ⁱⁱ⁾

$

20.14

$

20.23

$

18.62

________________________

(i)

Capital amounts and ratios as of March 31, 2026, are not yet finalized and are subject to change.

(ii)

For a reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures, see “Non-GAAP Financial Information.”

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)

Calculation of Adjusted Net Income and Adjusted Diluted Earnings Per Common Share

Three Months Ended

(dollars in thousands, except per share amounts)

March 31,
2026

December 31,
2025

March 31,
2025

Net income (loss) (GAAP)

[a]

$

49,981

$

60,750

$

(29,990

)

Day 2 provision for credit losses⁽ⁱ⁾

—

—

45,572

Other acquisition (income) expenses

5,244

4,859

26,026

Restructuring expenses

11,456

(43

)

—

Net securities (gains) losses

940

667

15,768

Related tax benefit⁽ⁱⁱ⁾

(4,410

)

(1,047

)

(22,069

)

Non-recurring deferred tax adjustment⁽ⁱⁱⁱ⁾

—

—

4,591

Adjusted net income (Non-GAAP)

[b]

63,211

65,186

39,898

Preferred dividends

[c]

4,589

4,590

—

Adjusted net income available to common stockholders (Non-GAAP)

[d]

$

58,622

$

60,596

$

39,898

Weighted average number of common shares outstanding, diluted (GAAP)

[e]

87,831,295

89,655,632

68,517,647

Diluted earnings (loss) per common share (GAAP)

[(a-c)÷e]

$

0.52

$

0.63

$

(0.44

)

Weighted average number of common shares outstanding, diluted (Non-GAAP)^(iv)

[f]

87,831,295

89,655,632

69,502,717

Adjusted diluted earnings per common share (Non-GAAP)^(iv)

[d÷f]

$

0.67

$

0.68

$

0.57

________________________

⁽ⁱ⁾

^{The Day 2 provision represents the initial provision for credit losses recorded in connection with the CrossFirst acquisition to establish an allowance on non-PCD loans and unfunded commitments and is reflected within the provision for credit losses line on the Statements of Income.}

⁽ⁱⁱ⁾

^{Tax benefits were calculated using tax rates of 25.0%, 19.1%, and 25.3% for the three months ended March 31, 2026, December 31, 2025, and March 31, 2025, respectively.}

⁽ⁱⁱⁱ⁾

^{A deferred valuation tax adjustment was recorded in the first quarter of 2025 in connection with the CrossFirst acquisition and the expansion of Busey’s footprint into new states. Deferred tax adjustments are reflected within the income taxes line on the Statements of Income.}

^(iv)

^{Dilution includes shares that would have been dilutive if there had been net income during the period for March 31, 2025.}

Calculation of Return On Average Assets, Return On Average Tangible Common Equity, and Related Adjusted Return Measures

Three Months Ended

(dollars in thousands)

March 31,
2026

December 31,
2025

March 31,
2025

Net income (loss) (GAAP)

[a]

$

49,981

$

60,750

$

(29,990

)

Amortization of intangible assets

4,291

4,432

3,083

Tax effect of amortization of intangible assets⁽ⁱ⁾

(1,073

)

(1,121

)

(779

)

Preferred dividends

(4,589

)

(4,590

)

—

Tangible net income available to common stockholders (Non-GAAP)

[b]

$

48,610

$

59,471

$

(27,686

)

Adjusted net income (Non-GAAP)⁽ⁱⁱ⁾

[c]

$

63,211

$

65,186

$

39,898

Amortization of intangible assets

4,291

4,432

3,083

Tax effect of amortization of intangible assets⁽ⁱ⁾

(1,073

)

(1,121

)

(779

)

Preferred dividends

(4,589

)

(4,590

)

—

Adjusted tangible net income available to common stockholders (Non-GAAP)

[d]

$

61,840

$

63,907

$

42,202

Average total assets

[e]

$

18,060,220

$

18,309,250

$

14,831,298

Return on average assets (Non-GAAP)⁽ⁱⁱⁱ⁾

[a÷e]

1.12

%

1.32

%

(0.82

)%

Adjusted return on average assets (Non-GAAP)⁽ⁱⁱⁱ⁾

[c÷e]

1.42

%

1.41

%

1.09

%

Average common equity

$

2,255,075

$

2,253,609

$

1,932,407

Average goodwill and other intangible assets, net

(478,885

)

(483,640

)

(411,020

)

Average tangible common equity (Non-GAAP)

[f]

$

1,776,190

$

1,769,969

$

1,521,387

Return on average tangible common equity (Non-GAAP)^{(iii, iv)}

[b÷f]

11.10

%

13.33

%

(7.38

)%

Adjusted return on average tangible common equity (Non-GAAP)^{(iii, iv)}

[d÷f]

14.12

%

14.32

%

11.25

%

________________________

⁽ⁱ⁾

^{Tax effects were calculated using income tax rates of 25.0%, 25.3%, and 25.3% for the three months ended March 31, 2026, December 31, 2025, and March 31, 2025, respectively.}

⁽ⁱⁱ⁾

^{A reconciliation is provided in the previous table.}

⁽ⁱⁱⁱ⁾

^{Annualized measure.}

^(iv)

^{Beginning in 2026, Busey revised, for all periods presented, its calculation of return on average tangible common equity and adjusted return on average tangible common equity to eliminate the effects of intangible asset amortization from the numerator of both calculations.}

Calculation of Net Interest Margin and Adjusted Net Interest Margin

Three Months Ended

(dollars in thousands)

March 31,
2026

December 31,
2025

March 31,
2025

Net interest income (GAAP)

$

153,969

$

157,558

$

103,731

Tax-equivalent adjustment⁽ⁱ⁾

877

860

537

Tax-equivalent net interest income (Non-GAAP)

[a]

154,846

158,418

104,268

Purchase accounting accretion related to business combinations

(5,394

)

(5,200

)

(2,728

)

Adjusted net interest income (Non-GAAP)

[b]

$

149,452

$

153,218

$

101,540

Average interest-earning assets (Non-GAAP)

[c]

$

16,665,766

$

16,941,000

$

13,363,594

Net interest margin (Non-GAAP)⁽ⁱⁱ⁾

[a÷c]

3.77

%

3.71

%

3.16

%

Adjusted net interest margin (Non-GAAP)⁽ⁱⁱ⁾

[b÷c]

3.64

%

3.59

%

3.08

%

________________________

⁽ⁱ⁾

^{Tax-equivalent adjustments were calculated using an estimated federal income tax rate of 21%, applied to non-taxable interest income on investments and loans.}

⁽ⁱⁱ⁾

^{Annualized measure.}

Calculation of Pre-Provision Net Revenue and Related Measures

Three Months Ended

(dollars in thousands)

March 31,
2026

December 31,
2025

March 31,
2025

Net interest income (GAAP)

$

153,969

$

157,558

$

103,731

Total noninterest income (GAAP)

42,265

42,691

21,223

Net security (gains) losses (GAAP)

940

667

15,768

Total noninterest expense (GAAP)⁽ⁱ⁾

(129,519

)

(120,320

)

(112,030

)

Pre-provision net revenue (Non-GAAP)

[a]

67,655

80,596

28,692

Acquisition and restructuring (income) expenses, excluding initial provision expenses

16,700

4,816

26,026

Adjusted pre-provision net revenue (Non-GAAP)

[b]

$

84,355

$

85,412

$

54,718

Average total assets

[c]

$

18,060,220

$

18,309,250

$

14,831,298

Pre-provision net revenue to average total assets (Non-GAAP)^{(i, ii)}

[a÷c]

1.52

%

1.75

%

0.78

%

Adjusted pre-provision net revenue to average total assets (Non-GAAP)⁽ⁱⁱ⁾

[b÷c]

1.89

%

1.85

%

1.50

%

________________________

⁽ⁱ⁾

^{Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments out of total noninterest expense and into the provision for credit losses. This change affects all measures and ratios derived from total noninterest expense.}

⁽ⁱⁱ⁾

^{Annualized measure.}

Calculation of Efficiency Ratio