What changed in this filing

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Item 1. Financial Statements

2026-08-06 compared with 2026-05-07 · 567 added, 409 removed, 1375 unchanged (42% of the section changed)

FINANCIAL STATEMENTS

First Busey Corporation (BUSE) | 5

First Busey Corporation (BUSE) | 2026 Q2 — 3

FIRST BUSEY CORPORATION

CONSOLIDATED BALANCE SHEETS (Unaudited)

(dollars in thousands, except per share amounts) March 31,

(dollars in thousands, except per share amounts) June 30,

2026 December 31,

9 unchanged sentences

Loans held for sale 8,660 5,752

Portfolio loans (net of ACL of $ 169,054 at March 31, 2026, and $ 174,023 at December 31, 2025)

Portfolio loans (net of ACL of $ 164,204 at June 30, 2026, and $ 174,023 at December 31, 2025)

13,030,950 13,393,776

19 unchanged sentences

Stockholders’ equity

Preferred stock, $ 0.001 par value, liquidation preference $ 222,750 at March 31, 2026, and December 31, 2025

Preferred stock, $ 0.001 par value, liquidation preference $ 222,750 at June 30, 2026, and December 31, 2025

Common stock, $ 0.001 par value

8 unchanged sentences

222,750 222,750

Common shares ( 200,000,000 authorized at March 31, 2026, and December 31, 2025):

Common shares ( 200,000,000 authorized at June 30, 2026, and December 31, 2025):

Issued 92,694,541 92,694,541

2 unchanged sentences

See accompanying Notes to Consolidated Financial Statements (Unaudited) .

First Busey Corporation (BUSE) | 6

First Busey Corporation (BUSE) | 2026 Q2 — 4

FIRST BUSEY CORPORATION

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

(dollars in thousands, except per share amounts) 2026 2025 2026 2025

21 unchanged sentences

Treasury management services 4,789 4,569 9,245 7,406

Capital markets income 1,871 1,254 4,242 2,579

Card services and ATM fees 4,813 4,880 9,459 8,589

Other service charges on deposit accounts 1,407 1,513 2,913 3,046

Mortgage revenue 438 329

Income on bank owned life insurance 1,637 1,745 3,253 3,191

4 unchanged sentences

Noninterest expense

Salaries, wages, and employee benefits 85,230 67,563

Salaries and employee benefits 67,677 78,360 152,907 145,923

Data processing 8,868 14,021 18,732 23,596

7 unchanged sentences

Total noninterest expense 112,635 127,833 242,154 239,863

Income (loss) before income taxes 63,657 ( 32,669 )

Income before income taxes 81,889 64,513 145,546 31,844

Income taxes 18,713 17,109 32,389 14,430

Net income (loss) $ 49,981 $ ( 29,990 )

Net income $ 63,176 $ 47,404 $ 113,157 $ 17,414

Dividends on preferred stock 4,590 155 $ 9,179 $ 155

Net income (loss) available to common stockholders $ 45,392 $ ( 29,990 )

Weighted average number of common shares outstanding

Basic 86,692,001 68,517,647

Diluted 87,831,295 68,517,647

Basic earnings (loss) per common share $ 0.52 $ ( 0.44 )

Diluted earnings (loss) per common share $ 0.52 $ ( 0.44 )

Net income available to common stockholders $ 58,586 $ 47,249 $ 103,978 $ 17,259

Weighted average number of common shares outstanding, basic 84,498,030 89,645,040 85,588,955 79,139,706

Weighted average number of common shares outstanding, diluted 85,385,382 90,883,711 86,602,278 80,251,577

Basic earnings per common share $ 0.69 $ 0.53 $ 1.21 $ 0.22

Diluted earnings per common share $ 0.69 $ 0.52 $ 1.20 $ 0.22

See accompanying Notes to Consolidated Financial Statements (Unaudited) .

First Busey Corporation (BUSE) | 7

First Busey Corporation (BUSE) | 2026 Q2 — 5

FIRST BUSEY CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

(dollars in thousands) 2026 2025 2026 2025

Net income (loss) $ 49,981 $ ( 29,990 )

Net income $ 63,176 $ 47,404 $ 113,157 $ 17,414

Unrealized/Unrecognized gains (losses) on debt securities:

12 unchanged sentences

See accompanying Notes to Consolidated Financial Statements (Unaudited) .

First Busey Corporation (BUSE) | 8

First Busey Corporation (BUSE) | 2026 Q2 — 6

FIRST BUSEY CORPORATION

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited)

Three Months Ended March 31, 2026

Three Months Ended June 30, 2026

Number of Shares Stock Additional

3 unchanged sentences

(dollars in thousands) Preferred Common Preferred Common

Balance, December 31, 2025 222,750 87,624,430 $ — $ 93 $ 2,375,511 $ 336,707 $ ( 124,473 ) $ ( 118,856 ) $ 2,468,982

Balance, March 31, 2026 222,750 85,507,160 $ — $ 93 $ 2,361,959 $ 359,162 $ ( 135,553 ) $ ( 172,639 ) $ 2,413,022

Net income — — — — — 63,176 — — 63,176

6 unchanged sentences

Stock-based compensation expense — — — — 2,564 — — — 2,564

Balance, June 30, 2026 222,750 83,189,501 $ — $ 93 $ 2,364,585 $ 395,409 $ ( 141,080 ) $ ( 235,837 ) $ 2,383,170

Three Months Ended June 30, 2025

Number of Shares Stock Additional

Capital Retained

Earnings AOCI Treasury

Stockholders'

(dollars in thousands) Preferred Common Preferred Common

Balance, March 31, 2025 7,750 90,008,178 $ — $ 93 $ 2,167,275 $ 249,484 $ ( 172,810 ) $ ( 64,436 ) $ 2,179,606

Three Months Ended March 31, 2025

Net income — — — — — 47,404 — — 47,404

OCI, net of tax — — — — — — 17,499 — 17,499

Issuance of preferred stock, net of issuance costs 215,000 — — — 207,447 — — — 207,447

Repurchase of stock, including excise tax — ( 1,012,000 ) — — — — — ( 21,655 ) ( 21,655 )

Net issuance of treasury stock for stock-based compensation plans — 108,500 — — ( 3,087 ) — — 2,496 ( 591 )

Cash dividends on preferred stock — — — — — ( 155 ) — — ( 155 )

Cash dividends on common stock — — — — — ( 22,442 ) — — ( 22,442 )

Dividend equivalents on RSUs/PSUs/DSUs — — — — 492 ( 492 ) — — —

Stock-based compensation expense — — — — 5,433 — — — 5,433

Balance, June 30, 2025 222,750 89,104,678 $ — $ 93 $ 2,377,560 $ 273,799 $ ( 155,311 ) $ ( 83,595 ) $ 2,412,546

First Busey Corporation (BUSE) | 2026 Q2 — 7

FIRST BUSEY CORPORATION

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited) (Continued)

Six Months Ended June 30, 2026

Number of Shares Stock Additional

4 unchanged sentences

Balance, December 31, 2025 222,750 87,624,430 $ — $ 93 $ 2,375,511 $ 336,707 $ ( 124,473 ) $ ( 118,856 ) $ 2,468,982

Net loss — — — — — ( 29,990 ) — — ( 29,990 )

Net income — — — — — 113,157 — — 113,157

OCI, net of tax — — — — — — ( 16,607 ) — ( 16,607 )

Repurchase of stock, including excise tax — ( 4,957,400 ) — — — — — ( 129,905 ) ( 129,905 )

Net issuance of treasury stock for stock-based compensation plans — 522,471 — — ( 18,211 ) — — 12,924 ( 5,287 )

Cash dividends on preferred stock — — — — — ( 9,179 ) — — ( 9,179 )

Cash dividends on common stock — — — — — ( 44,691 ) — — ( 44,691 )

Dividend equivalents on RSUs/PSUs/DSUs — — — — 585 ( 585 ) — — —

Stock-based compensation expense — — — — 6,700 — — — 6,700

Balance, June 30, 2026 222,750 83,189,501 $ — $ 93 $ 2,364,585 $ 395,409 $ ( 141,080 ) $ ( 235,837 ) $ 2,383,170

Six Months Ended June 30, 2025

Number of Shares Stock Additional

Capital Retained

Earnings AOCI Treasury

Stockholders'

(dollars in thousands) Preferred Common Preferred Common

Balance, December 31, 2024 — 56,895,981 $ — $ 60 $ 1,360,530 $ 294,054 $ ( 207,039 ) $ ( 64,336 ) $ 1,383,269

Net income — — — — — 17,414 — — 17,414

OCI, net of tax — — — — — — 51,728 — 51,728

Stock issued in acquisition, net of stock issuance costs 7,750 33,148,268 — 33 808,022 — — — 808,055

Issuance of preferred stock, net of issuance costs 215,000 — — — 207,447 — — — 207,447

Repurchase of stock, including excise tax — ( 1,232,000 ) — — — — — ( 26,491 ) ( 26,491 )

Net issuance of treasury stock for stock-based compensation plans — 292,429 — — ( 8,114 ) — — 7,232 ( 882 )

Cash dividends on preferred stock — — — — — ( 155 ) — — ( 155 )

Cash dividends on common stock — — — — — ( 36,666 ) — — ( 36,666 )

1 unchanged sentence

Stock-based compensation expense — — — — 8,827 — — — 8,827

Balance, March 31, 2025 7,750 90,008,178 $ — $ 93 $ 2,167,275 $ 249,484 $ ( 172,810 ) $ ( 64,436 ) $ 2,179,606

Balance, June 30, 2025 222,750 89,104,678 $ — $ 93 $ 2,377,560 $ 273,799 $ ( 155,311 ) $ ( 83,595 ) $ 2,412,546

See accompanying Notes to Consolidated Financial Statements (Unaudited) .

First Busey Corporation (BUSE) | 9

First Busey Corporation (BUSE) | 2026 Q2 — 8

FINANCIAL STATEMENTS

1 unchanged sentence

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

Three Months Ended March 31,

Six Months Ended June 30,

(dollars in thousands) 2026 2025

Cash flows provided by (used in) operating activities

Net income (loss) $ 49,981 $ ( 29,990 )

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

Net income $ 113,157 $ 17,414

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

Provision for credit losses 5,247 51,293

6 unchanged sentences

Net amortization (accretion) of premium (discount) on FHLB advances and other borrowings 925 1,000

Impairment of OREO and other repossessed assets 67 270

Impairment of fixed assets held for sale 11 188

Impairment of mortgage servicing rights ( 147 ) ( 2 )

Impairment (reversal of impairment) of mortgage servicing rights ( 155 ) ( 2 )

Unrealized (gains) losses recognized on equity securities, net ( 1,482 ) ( 5,765 )

5 unchanged sentences

Increase in cash surrender value of bank owned life insurance ( 3,253 ) ( 2,834 )

Provision for deferred income taxes expense (benefit) ( 4,728 ) 1,761

Provision for deferred income taxes expense 3,181 2,217

Stock-based compensation expense 6,700 8,827

1 unchanged sentence

Proceeds from sales of mortgage loans 33,033 39,639

(Increase) decrease in other assets 8,272 ( 7,135 )

Increase in other assets ( 3,499 ) ( 3,754 )

Decrease in other liabilities ( 29,481 ) ( 26,151 )

Net cash provided by operating activities $ 93,020 $ 57,894

First Busey Corporation (BUSE) | 10

FINANCIAL STATEMENTS

FIRST BUSEY CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Continued)

Three Months Ended March 31,

(dollars in thousands) 2026 2025

Cash flows provided by (used in) investing activities

10 unchanged sentences

Proceeds from the redemption of restricted bank stock 27,429 11,786

Purchases of loans ( 8,678 ) —

Proceeds from the sales of loans 8,754 —

Net (increase) decrease in loans 367,160 ( 39,614 )

6 unchanged sentences

Net cash provided by investing activities $ 285,373 $ 723,284

First Busey Corporation (BUSE) | 2026 Q2 — 9

FINANCIAL STATEMENTS

FIRST BUSEY CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Continued)

Six Months Ended June 30,

(dollars in thousands) 2026 2025

Cash flows provided by (used in) financing activities

Net decrease in deposits $ ( 169,906 ) $ ( 94,060 )

Net decrease in federal funds purchased and securities sold under agreements to repurchase ( 10,565 ) ( 18,270 )

Net increase (decrease) in deposits $ 222,773 $ ( 750,837 )

Net increase (decrease) in federal funds purchased and securities sold under agreements to repurchase ( 22,868 ) 2,420

Proceeds from short-term borrowings

6 unchanged sentences

Issuance of treasury stock for the ESPP 1,239 1,029

Issuance of preferred stock, net of stock issuance costs — 207,447

Common stock issuance costs — ( 920 )

Net cash used in financing activities $ ( 98,513 ) $ ( 115,964 )

Net cash provided by (used in) financing activities $ 6,753 $ ( 725,605 )

Net increase in cash and cash equivalents 1

$ 385,146 $ 55,573

Cash and cash equivalents, beginning of period 1

280,227 682,410

Cash and cash equivalents, ending of period 1

$ 665,373 $ 737,983

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

4 unchanged sentences

Transfer of loans held for sale to portfolio loans 10 —

___________________________________________

Cash and cash equivalent balances include restricted cash and cash equivalents.

See “ Note 1.

Significa nt Accounting Policies —Cash and Cash Equivalents ” for additional information regarding restrictions on cash and cash equivalents, as required by ASC 230‑10‑50.

See accompanying Notes to Consolidated Financial Statements (Unaudited) .

First Busey Corporation (BUSE) | 11

First Busey Corporation (BUSE) | 2026 Q2 — 10

FIRST BUSEY CORPORATION

3 unchanged sentences

First Busey Corporation, a Nevada corporation organized in 1980, is an $ 18.19 billion financial holding company headquartered in Leawood, Kansas.

Busey’s stock is traded on The Nasdaq Global Select Market, with its common stock trading under the symbol “BUSE” and its depositary shares of Busey Series B Preferred Stock trading under the symbol “BUSEP.”

First Busey’s stock is traded on The Nasdaq Global Select Market, with its common stock trading under the symbol “BUSE” and its depositary shares of Busey Series B Preferred Stock trading under the symbol “BUSEP.”

Busey operates and reports its business in three segments:

Banking, Wealth Management, and FirsTech.

• The Banking operating segment provides a full range of banking services to individual and corporate customers through its banking center network in Arizona, Colorado, Florida, Illinois, Indiana, Kansas, Missouri, New Mexico, Oklahoma, and Texas.

• The Wealth Management operating segment provides a full range of asset management, investment, brokerage, fiduciary, philanthropic advisory, tax preparation, and farm management services to individuals, businesses, and foundations.

• The FirsTech operating segment provides comprehensive and innovative payment technology solutions including online, mobile, and voice-recognition bill payments;

money management and credit card networks;

direct debit services;

lockbox remittance processing for payments made by mail;

and walk-in payments.

FirsTech also provides additional tools to help clients with billing, reconciliation, bill reminders, and treasury services.

Busey provides a full range of banking and wealth management services through Busey Bank, and payment technology solutions through Busey Bank’s wholly owned subsidiary, FirsTech.

For additional information about Busey's operating segments, see “ Note 16.

Operating Segments and Related Information .”

Busey conducts its Banking and Wealth Management services through Busey Bank, and provides payment technology solutions through Busey Bank’s wholly owned subsidiary, FirsTech.

Busey also has various other subsidiaries that are not significant to the consolidated entity.

Operating Segments and Related Information .” Busey also has various other subsidiaries that are not significant to the consolidated entity.

Basis of Financial Statement Presentation

10 unchanged sentences

Critical accounting estimates which are particularly susceptible to significant change relate to the fair value of assets acquired and liabilities assumed in business combinations, goodwill, income taxes, and the determination of the ACL.

First Busey Corporation (BUSE) | 12

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Assets held for customers in a fiduciary or agency capacity, other than trust cash on deposit at Busey Bank, are not Busey’s assets and, accordingly, are not included in the accompanying unaudited consolidated financial statements.

Busey had assets under care of $ 15.65 billion at March 31, 2026, and $ 15.66 billion at December 31, 2025.

Busey had assets under care of $ 16.51 billion at June 30, 2026, and $ 15.66 billion at December 31, 2025.

Cash and Cash Equivalents

1 unchanged sentence

The carrying amount of these instruments is considered a reasonable estimate of fair value.

First Busey Corporation (BUSE) | 2026 Q2 — 11

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Restrictions on Cash and Cash Equivalents

At March 31, 2026, cash and cash equivalents included $ 13.6 million contractually restricted by a third-party service provider, $ 14.4 million pledged to secure obligations under derivative contracts, and $ 68.1 million of reserved cash subject to call by the Federal Reserve Bank, as a member of the Federal Reserve System.

Cash and cash equivalents reported on the Consolidated Balance Sheets (Unaudited) includes amounts generally described as restricted cash, as summarized in the table below:

(dollars in thousands) Location June 30,

2026 December 31,

Restricted cash and cash equivalents

Contractually restricted by third-party service providers Cash and due from banks $ 13,647 $ 13,647

Cash pledged to secure obligations under derivative contracts Interest-bearing deposits 14,400 14,400

Restricted cash subject to call by the Federal Reserve Bank Interest-bearing deposits 68,055 68,055

Total restricted cash and cash equivalents $ 96,102 $ 96,102

Interest-bearing time deposits in other banks

2 unchanged sentences

federal and various state jurisdictions.

First Busey Corporation and its subsidiaries file consolidated federal and state income tax returns with each subsidiary computing its taxes on a separate entity basis.

First Busey and its subsidiaries file consolidated federal and state income tax returns with each subsidiary computing its taxes on a separate entity basis.

Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations, which requires significant judgment.

Busey monitors evolving federal and state tax legislation and its potential impact on operations on an ongoing basis.

As of March 31, 2026, Busey remains under examination by the Illinois Department of Revenue for M&M's tax filings for the tax years ended December 31, 2022 and 2023.

As of June 30, 2026, Busey remains under examination by the Illinois Department of Revenue for M&M's tax filings for the tax years ended December 31, 2022 and 2023.

Preferred Stock

The following table summarizes Busey’s preferred stock issuances as of both March 31, 2026, and December 31, 2025:

The following table summarizes First Busey’s preferred stock issuances as of both June 30, 2026, and December 31, 2025:

Title of Each Issue Shares Authorized Shares Issued Shares Outstanding Par Value

3 unchanged sentences

230,000 215,000 215,000 $ 215.00

First Busey Corporation (BUSE) | 13

First Busey Corporation (BUSE) | 2026 Q2 — 12

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Changes in preferred stock issued are presented in the following table:

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

Title of Each Issue 2026 2025 2026 2025

Series A Non-Cumulative Perpetual Preferred Stock 1

$ — $ — $ — $ 7.75

8.25 % Fixed-Rate Series B Non-Cumulative Perpetual Preferred Stock 2

— 215.00 — 215.00

___________________________________________

Busey Series A Preferred Stock was issued on March 1, 2025.

2 unchanged sentences

In July 2025, the FASB issued ASU 2025-05 “Financial Instruments—Credit Losses (Topic 326):

Measurement of Credit Losses for Accounts Receivable and Contract Assets,” providing a practical expedient which, if elected, permits an entity to assume that current conditions as of the balance sheet date will remain static for the remaining life of the assets, removing the requirement to consider reasonable, supportable forecasts.

This ASU was adopted prospectively for annual and interim reporting periods beginning January 1, 2026.

Adoption of this standard did not have a material impact on Busey’s financial position or results of operations.

Measurement of Credit Losses for Accounts Receivable and Contract Assets,” providing a practical expedient to reduce complexity in estimating the ACL for current accounts receivable and current contract assets arising from transactions subject to ASC 606 by permitting an entity to assume that current conditions as of the balance sheet date will remain static for the remaining life of these assets.

Busey adopted this ASU prospectively for annual and interim reporting periods beginning January 1, 2026, and elected the practical expedient for in-scope assets.

Loans and other financial assets measured at amortized cost are not within the scope of this ASU.

Because Busey does not currently have in-scope assets, adoption of this standard did not have a material impact on Busey’s financial position or results of operations.

In November 2024, the FASB issued ASU 2024-04 “ Debt—Debt with Conversion and Other Options (Subtopic 470-20):

3 unchanged sentences

Recently Issued Accounting Standards Not Yet Adopted

In May 2026, the FASB issued ASU 2026‑02 “Environmental Credits and Environmental Credit Obligations (Topic 818) ,” which establishes recognition, measurement, presentation, and disclosure requirements for environmental credits and environmental credit obligations.

This update is to be applied on a retrospective basis, and will be effective for Busey for annual and interim reporting periods beginning January 1, 2028.

Early adoption is permitted as of the beginning of an annual reporting period.

Busey is currently evaluating the applicability and effect of this ASU on its financial position, results of operations, and related disclosures.

In November 2025, the FASB issued ASU 2025-09 “ Derivatives and Hedging (Topic 815):

7 unchanged sentences

Busey is currently evaluating the effect this ASU may have on its financial position and results of operations.

First Busey Corporation (BUSE) | 2026 Q2 — 13

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

In November 2025, the FASB issued ASU 2025-08 “ Financial Instruments—Credit Losses (Topic 326):

Purchased Loans ” to expand the population of purchased loans subject to a “gross-up” accounting treatment, under which an ACL is recognized for the estimated credit losses at the acquisition date and the loan values are recorded at their estimated fair values plus a gross-up to offset the ACL.

The gross-up accounting treatment prevents double recognition of an ACL through credit loss expense that was already considered in the fair value measurement of acquired loans.

Under the guidance in this update, the gross-up accounting treatment applies to all non-PCD loans (excluding credit cards) acquired in a business combination and all non-PCD loans (excluding credit cards) that were purchased at least 90 days after origination and for which the purchaser was not involved in the loan origination.

This update is to be applied prospectively, and will be effective for Busey for annual and interim reporting periods beginning January 1, 2027.

Early adoption is permitted.

For future transactions, Busey will evaluate the effect this ASU may have on its financial position and results of operations.

In September 2025, the FASB issued ASU 2025-07 “ Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606):

5 unchanged sentences

Busey is currently evaluating the effect this ASU may have on its financial position and results of operations.

First Busey Corporation (BUSE) | 14

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

In September 2025, the FASB issued ASU 2025-06 “ Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40):

14 unchanged sentences

Because this update relates only to disclosure, Busey does not expect adoption of this ASU to have any impact on its financial position or results of operations.

First Busey Corporation (BUSE) | 2026 Q2 — 14

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

In October 2023, the FASB issued ASU 2023‑06 “ Disclosure Improvements:

5 unchanged sentences

Subsequent Events

Busey has evaluated subsequent events for potential recognition and/or disclosure through the date the unaudited consolidated financial statements included in this Quarterly Report were issued.

Effective April 30, 2026, Busey executed an amendment to its Second Amended and Restated Credit Agreement, pursuant to which:

(1) Busey’s revolving line of credit increased to $ 50.0 million, (2) the interest rate on the revolving line of credit was reduced to the one-month Term SOFR rate plus 1.65 %, and (3) the termination date for the agreement was extended to April 30, 2027.

Other than this, there were no significant events subsequent to the quarter ended March 31, 2026, through the filing date of these unaudited consolidated financial statements.

Busey has evaluated subsequent events for potential recognition and/or disclosure through the date the unaudited consolidated financial statements included in this Quarterly Report were issued, and noted the following:

• On July 13, 2026, Busey entered into a letter agreement with its Chief Executive Officer, which included an equity grant with a three‑year vesting term.

First Busey filed a copy of the letter agreement as Exhibit 10.1 to a Current Report filed with the SEC on July 14, 2026 .

• On July 31, 2026, First Busey filed a C urrent Report with the SEC, announcing the retirement of a member of its board of directors from his position, effective July 29, 2026.

Effective at that time, the board of directors passed a resolution to reduce its size to 11 directors.

Other than these, there were no significant events subsequent to the quarter ended June 30, 2026, through the filing date of these unaudited consolidated financial statements.

BUSINESS COMBINATIONS

1 unchanged sentence

On March 1, 2025, Busey completed its acquisition of CrossFirst (NASDAQ:

CFB), the holding company for CrossFirst Bank, pursuant to an Agreement and Plan of Merger , dated August 26, 2024, by and between Busey and CrossFirst (the “CrossFirst Merger Agreement”).

This partnership created a premier commercial bank spanning 10 states—Illinois, Missouri, Texas, Colorado, Florida, Kansas, Oklahoma, Arizona, Indiana, and New Mexico.

The combined holding company operates under the First Busey Corporation name.

Busey’s common stock continues to trade on the Nasdaq under the “BUSE” stock ticker symbol.

First Busey Corporation (BUSE) | 15

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Merger of CrossFirst Bank into Busey Bank

CrossFirst Bank’s results of operations were included in Busey’s consolidated results of operations beginning March 1, 2025.

CFB), the holding company for CrossFirst Bank.

Busey operated CrossFirst Bank as a separate banking subsidiary until it was merged with and into Busey Bank on June 20, 2025.

At the time of the bank merger, CrossFirst Bank’s banking centers became banking centers of Busey Bank.

Merger Consideration for CrossFirst

Upon completion of the acquisition, each share of CrossFirst common stock converted into the right to receive 0.6675 of a share of Busey’s common stock.

Cash was paid in lieu of fractional shares.

The fair value of common shares issued in consideration of the CrossFirst acquisition was based on the closing price of Busey’s common stock on February 28, 2025.

Further, upon completion of the acquisition, each share of CrossFirst Series A Non-Cumulative Perpetual Preferred Stock converted to the right to receive one share of Busey Series A Preferred Stock.

The fair value of Busey Series A Preferred Stock was based on the redemption price of $ 1,000 per share.

The total consideration paid also included the fair value of replacement equity awards related to past service totaling $ 6.0 million.

Busey used a Monte Carlo simulation to estimate the fair value of SSARs and market-based awards.

Other awards were valued based on Busey’s closing stock price on February 28, 2025.

Additional information about the CrossFirst acquisition, including the merger consideration and the basis for determining the fair value of consideration transferred, was provided in “ Note 2.

Business Combinations ” in Busey’s 2025 Annual Report .

Acquisition Accounting for CrossFirst

6 unchanged sentences

Goodwill recorded for this transaction is not tax deductible and was assigned to the Banking operating segment.

First Busey Corporation (BUSE) | 16

First Busey Corporation (BUSE) | 2026 Q2 — 15

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

28 unchanged sentences

Represents the fair value of replacement equity awards issued to CrossFirst associates attributable to pre-combination service.

First Busey Corporation (BUSE) | 17

First Busey Corporation (BUSE) | 2026 Q2 — 16

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

20 unchanged sentences

Only the acquisition-related expenses that have been recognized are included in net income in the table below:

(dollars in thousands) Three Months Ended March 31, 2025

(dollars in thousands) Three Months Ended June 30, 2025 Six Months Ended June 30, 2025

Revenue (net interest income plus noninterest income) $ 194,806 $ 365,963

Net income 48,032 68,274

First Busey Corporation (BUSE) | 18

First Busey Corporation (BUSE) | 2026 Q2 — 17

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

1 unchanged sentence

Busey incurred acquisition-related expenses as follows:

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

(dollars in thousands) 2026 2025 2026 2025

4 unchanged sentences

___________________________________________

During the three months ended March 31, 2026, Busey recorded acquisition expenses comprising salaries, wages, and employee benefits for multi-year retention agreements, replacement stock-based compensation awards, and relocation related to the CrossFirst acquisition;

During the six months ended June 30, 2026, Busey recorded acquisition expenses comprising salaries and employee benefits for multi-year retention agreements, replacement stock-based compensation awards, and relocation related to the CrossFirst acquisition;

data processing;

and professional fees.

During the three months ended March 31, 2025, Busey recorded an initial provision to establish an ACL on non-PCD loans and unfunded commitments and multiple components of noninterest expense including salaries, wages and employee benefits (including equity compensation);

During the six months ended June 30, 2025, Busey recorded an initial provision to establish an ACL on non-PCD loans and unfunded commitments and multiple components of noninterest expense including salaries and employee benefits (including equity compensation);

data processing;

and legal, professional, and consulting costs.

During the three months ended March 31, 2025, Busey recorded final acquisition expenses, comprising data processing and consulting expenses related to the acquisition of M&M, which was completed on April 1, 2024.

In addition to the acquisition costs presented in the table above, during the three months ended June 30, 2025, Busey recorded a $ 4.0 million adjustment to the initial provision for unfunded commitments for CrossFirst acquisition-date balances based on revised estimates resulting from implementation of a new CECL model.

During the six months ended June 30, 2025, Busey recorded final acquisition expenses, comprising data processing and consulting expenses, related to the acquisition of M&M, which was completed on April 1, 2024.

Of the total acquisition-related expenses, the following legal, professional, and consulting costs were incurred to consummate the merger:

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

(dollars in thousands) 2026 2025 2026 2025

Pre-tax costs to consummate the merger $ — $ 86 $ 119 $ 7,230

First Busey Corporation (BUSE) | 19

First Busey Corporation (BUSE) | 2026 Q2 — 18

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

2 unchanged sentences

The tables below provide the amortized cost, unrealized or unrecognized gains and losses, and fair values of debt securities, summarized by major category:

As of March 31, 2026

As of June 30, 2026

(dollars in thousands) Amortized

22 unchanged sentences

This table includes debt securities marked at par, with no gain or loss.

First Busey Corporation (BUSE) | 20

First Busey Corporation (BUSE) | 2026 Q2 — 19

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

32 unchanged sentences

government corporations and agencies.

As of March 31, 2026

As of June 30, 2026

(dollars in thousands) Amortized

10 unchanged sentences

Debt securities held to maturity $ 703,988 $ 579,303

First Busey Corporation (BUSE) | 21

First Busey Corporation (BUSE) | 2026 Q2 — 20

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

1 unchanged sentence

Realized gains and losses related to sales and calls of debt securities available for sale are summarized as follows:

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

(dollars in thousands) 2026 2025 2026 2025

1 unchanged sentence

Gross gains on debt securities

$ — $ 1 $ 24 $ 9

Gross losses on debt securities 1

3 unchanged sentences

During the first quarter of 2025, Busey sold available for sale debt securities with a book value of approximately $ 205.6 million for a pre-tax loss of $ 15.5 million and related estimated tax benefit of $ 4.3 million, as part of a balance sheet repositioning strategy.

Debt securities with carrying amounts of $ 723.0 million on March 31, 2026, and $ 744.2 million on December 31, 2025, were pledged as collateral for public deposits, securities sold under agreements to repurchase, and for other purposes as required.

First Busey Corporation (BUSE) | 22

Debt securities with carrying amounts of $ 711.8 million on June 30, 2026, and $ 744.2 million on December 31, 2025, were pledged as collateral for public deposits, securities sold under agreements to repurchase, and for other purposes as required.

First Busey Corporation (BUSE) | 2026 Q2 — 21

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

1 unchanged sentence

The following information pertains to debt securities with gross unrealized or unrecognized losses, aggregated by investment category and the length of time that individual securities have been in a continuous loss position:

As of March 31, 2026

As of June 30, 2026

Less than 12 months 12 months or more Total

22 unchanged sentences

Losses on securities in a continuous loss position for 12 months or more were immaterial, rounding to zero thousand.

First Busey Corporation (BUSE) | 23

First Busey Corporation (BUSE) | 2026 Q2 — 22

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

29 unchanged sentences

Additional information about debt securities in an unrealized or unrecognized loss position is presented in the tables below:

As of March 31, 2026

As of June 30, 2026

(dollars in thousands) Available for Sale Held to Maturity Total

4 unchanged sentences

Count of debt securities in an unrealized or unrecognized loss position 463 52 515

First Busey Corporation (BUSE) | 24

First Busey Corporation (BUSE) | 2026 Q2 — 23

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

10 unchanged sentences

therefore, no ACL has been recorded in relation to debt securities, and the impairment related to noncredit factors on debt securities available for sale is recognized in AOCI, net of applicable taxes.

As of March 31, 2026, Busey did not hold general obligation bonds of any single issuer that exceeded, in aggregate, 10% of Busey’s stockholders’ equity.

As of June 30, 2026, Busey did not hold general obligation bonds of any single issuer that exceeded, in aggregate, 10% of Busey’s stockholders’ equity.

PORTFOLIO LOANS

5 unchanged sentences

Distributions of the loan portfolio by loan category and lending activity is presented in the following table:

(dollars in thousands) March 31,

(dollars in thousands) June 30,

2026 December 31,

10 unchanged sentences

Portfolio loans, net $ 13,030,950 $ 13,393,776

First Busey Corporation (BUSE) | 25

First Busey Corporation (BUSE) | 2026 Q2 — 24

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Net deferred loan origination costs included in the balances above were $ 5.7 million as of March 31, 2026, compared to $ 7.0 million as of December 31, 2025.

Net accretable purchase accounting adjustments included in the balances above reduced loans by $ 81.0 million as of March 31, 2026, and $ 86.6 million as of December 31, 2025.

Deposit account overdrafts reported as loans totaled $ 6.1 million as of March 31, 2026, and $ 7.1 million as of December 31, 2025.

Busey did not execute any significant loan purchases or sales during the three months ended March 31, 2026.

Other than loans assumed through acquisition activities, Busey did not execute any significant loan purchases or sales during the three months ended March 31, 2025.

Net deferred loan origination costs included in the balances above were $ 5.0 million as of June 30, 2026, compared to $ 7.0 million as of December 31, 2025.

Net accretable purchase accounting adjustments included in the balances above reduced loans by $ 76.5 million as of June 30, 2026, and $ 86.6 million as of December 31, 2025.

Deposit account overdrafts reported as loans totaled $ 5.2 million as of June 30, 2026, and $ 7.1 million as of December 31, 2025.

Busey purchased $ 8.7 million of retail other loans and sold $ 8.7 million of C&I and other commercial loans during the three and six months ended June 30, 2026.

Other than loans acquired in business combinations, Busey did not execute any significant loan purchases or sales during the three and six months ended June 30, 2025.

Pledged Loans

1 unchanged sentence

The principal balance of loans Busey has pledged as collateral with the FHLB and Federal Reserve Bank for liquidity, which Busey is able to borrow against, is set forth in the table below:

(dollars in thousands) March 31,

(dollars in thousands) June 30,

2026 December 31,

19 unchanged sentences

Interim reviews may take place if circumstances of the borrower warrant a more frequent review.

First Busey Corporation (BUSE) | 26

First Busey Corporation (BUSE) | 2026 Q2 — 25

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Risk grades of portfolio loans and gross charge-offs are presented in the tables below by lending activity, further sorted by origination year:

As of and For The Three Months Ended March 31, 2026

As of and For The Six Months Ended June 30, 2026

Risk Grade Ratings Term Loans Amortized Cost Basis by Origination Year Revolving

20 unchanged sentences

Substandard — — — — — 745 55 800

Substandard non-accrual — — 273 — — — — 273

Total real estate construction 234,211 363,527 207,027 72,385 49,271 13,204 87,444 1,027,069

14 unchanged sentences

Total gross charge-offs $ 563 $ 383 $ 4,964 $ 3,191 $ 6,219 $ 1,658 $ 329 $ 17,307

First Busey Corporation (BUSE) | 27

First Busey Corporation (BUSE) | 2026 Q2 — 26

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

39 unchanged sentences

Total gross charge-offs $ 7,674 $ 14,536 $ 4,617 $ 1,497 $ 13,844 $ 11,581 $ 5,893 $ 59,642

First Busey Corporation (BUSE) | 28

First Busey Corporation (BUSE) | 2026 Q2 — 27

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

1 unchanged sentence

An analysis of portfolio loans that were past due and still accruing, or on a non-accrual status, is presented in the table below:

As of March 31, 2026

As of June 30, 2026

Loans Past Due, Still Accruing Non-Accrual

23 unchanged sentences

Total past due and non-accrual loans $ 9,009 $ 7,466 $ 2,288 $ 51,198 $ 6,707

Gross interest income recorded on 90+ days past due loans, and that would have been recorded on non-accrual loans if they had been accruing interest in accordance with their original terms, was $ 1.1 million for the three months ended March 31, 2026, and was $ 0.2 million for the three months ended March 31, 2025.

The amount of interest collected on those loans and recognized on a cash basis that was included in interest income was $ 0.6 million for the three months ended March 31, 2026, and was immaterial for the three months ended March 31, 2025.

First Busey Corporation (BUSE) | 29

Busey collected $ 0.4 million on non-accrual CRE loans during the three months ended June 30, 2026, which was recognized in interest income on a cash basis.

Busey collected $ 1.0 million on non-accrual loans during the six months ended June 30, 2026, consisting of $ 0.6 million on C&I and other commercial loans and $ 0.4 million on CRE loans, which was recognized in interest income on a cash basis.

Amounts collected on non-accrual loans and recognized in interest income on a cash basis were immaterial for both the three and six months ended June 30, 2025.

First Busey Corporation (BUSE) | 2026 Q2 — 28

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

1 unchanged sentence

The following tables present the amortized cost basis of loans that were modified—specifically in the form of (1) principal forgiveness, (2) an interest rate reduction, (3) an other-than-insignificant payment deferral, and/or (4) a term extension—for borrowers experiencing financial difficulty during the periods indicated, disaggregated by lending activity and the type of modification:

Three Months Ended March 31, 2026

Three Months Ended June 30, 2026

(dollars in thousands) Term Extension

Combination—Interest Rate Reduction and Payment Deferral

% of Total Class of Financing Receivable

Modified Loans

C&I and other commercial

$ 10,686 $ 574 0.3 %

12,161 3,548 0.3 %

Total loans modified during the period 1

$ 22,847 $ 4,122 0.2 %

___________________________________________

Modifications were primarily for loans classified as substandard, with approximately 7.1 % classified as substandard non-accrual.

Three Months Ended June 30, 2025

(dollars in thousands) Payment Deferral

Term Extension

Combination—Payment Deferral and Term Extension

% of Total Class of Financing Receivable

2 unchanged sentences

$ 490 $ 21,913 $ 4,412 0.6 %

— 1,297 — — %

Total loans modified during the period 2

1 unchanged sentence

___________________________________________

Modifications were primarily for loans classified as substandard.

Three Months Ended March 31, 2025

Modified loans represented an insignificant portion of CRE loans, rounding to zero percent.

All modifications were for loans classified as substandard.

Six Months Ended June 30, 2026

(dollars in thousands) Payment Deferral

Term Extension

Combination—Interest Rate Reduction and Payment Deferral

% of Total Class of Financing Receivable

3 unchanged sentences

— 12,161 3,548 0.3 %

Total loans modified during the period 1

$ 1,822 $ 47,603 $ 4,122 0.4 %

___________________________________________

Modifications were primarily for loans classified as substandard, with approximately 8.4 % classified as special mention and approximately 7.8 % classified as substandard non-accrual.

First Busey Corporation (BUSE) | 2026 Q2 — 29

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Six Months Ended June 30, 2025

(dollars in thousands) Payment Deferral

Term Extension

Combination—Payment Deferral and Term Extension

% of Total Class of Financing Receivable

Modified Loans

C&I and other commercial

$ 11,639 $ 26,985 $ 4,412 1.0 %

— 1,848 — — %

Real estate construction

3 unchanged sentences

___________________________________________

All modifications were for loans classified as substandard.

Modified loans represented an insignificant portion of CRE loans, rounding to zero percent.

Modifications were primarily for loans classified as substandard, with approximately 0.9 % classified as substandard non-accrual.

The following table provides, as applicable for loan modifications made during the periods indicated for borrowers experiencing financial difficulty, the weighted average interest rate reductions and weighted average term extensions:

Three Months Ended March 31,

Weighted Average Term Extension Weighted Average Term Extension

C&I and other commercial 10 months 1.9 years

CRE — 6 months

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Weighted Average Interest Rate Reduction Weighted Average Term Extension Weighted Average Term Extension Weighted Average Interest Rate Reduction Weighted Average Term Extension Weighted Average Term Extension

C&I and other commercial 3.25 % 8 months 1.7 years 3.25 % 10 months 1.6 years

CRE 3.15 % 1.2 years 7 months 3.15 % 1.2 years 11 months

Real estate construction — % — — — % — 1.3 years

Aggregate effect 10 months 1.6 years

Payment deferrals for borrowers experiencing financial difficulty can include deferrals of 3 or more payments to the end of the loan, accommodations to restructure the payment terms of the loan, or accommodations to allow for an interest-only period on the loan.

First Busey Corporation (BUSE) | 30

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Aggregate effect 3.17 % 11 months 1.6 years 3.17 % 11 months 1.5 years

Payment deferrals for borrowers experiencing financial difficulty can include deferrals of three or more payments to the end of the loan, accommodations to restructure the payment terms of the loan, or accommodations to allow for a period of interest-only payments on the loan.

Performance of Modified Loans

1 unchanged sentence

The following table depicts the payment performance of loans modified during the last twelve months:

As of March 31, 2026

As of June 30, 2026

(dollars in thousands) Current 30-89 Days 90+ Days Non-accrual

2 unchanged sentences

CRE 16,401 — — 273

Real estate construction 10,876 — — —

Loans modified during the last twelve months $ 51,379 $ — $ — $ 4,473

Busey had commitments of $ 15.1 million as of March 31, 2026, and $ 13.5 million as of December 31, 2025, to lend additional funds to debtors experiencing financial difficulty for whom Busey modified a loan within the past twelve months.

Busey had commitments of $ 1.3 million as of June 30, 2026, and $ 13.5 million as of December 31, 2025, to lend additional funds to debtors experiencing financial difficulty for whom Busey modified a loan within the past twelve months.

First Busey Corporation (BUSE) | 2026 Q2 — 30

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

A default occurs when a loan is 90 days or more past due or transferred to non-accrual status.

The following table presents loans that defaulted after having been modified during the twelve months before the default.

Three Months Ended March 31, 2026

(dollars in thousands) Term Extension

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

(dollars in thousands) Term Extension Payment Deferral Term Extension Payment Deferral

Loans with Subsequent Defaults

C&I and other commercial $ — $ 467 $ — $ 467

CRE — — 273 —

Modified loans with subsequent defaults $ — $ 467 $ 273 $ 467

No loans had a default during the three months ended March 31, 2025, after having been modified during the twelve months before that default for borrowers experiencing financial difficulty.

Collateral Dependent Loans

6 unchanged sentences

Loans are written down to the lower of cost or fair value of the underlying collateral, less estimated costs to sell.

Busey had $ 41.8 million and $ 47.8 million of collateral dependent loans as of March 31, 2026, and December 31, 2025, respectively.

Busey had $ 57.4 million of collateral dependent loans as of June 30, 2026, and $ 47.8 million of collateral dependent loans as of December 31, 2025.

OREO and Other Repossessed Assets

Busey held $ 0.1 million of commercial OREO, an immaterial amount of residential OREO, and $ 3.2 million of other repossessed assets, as of March 31, 2026.

Busey’s recorded investment in residential real estate loans that were in the process of foreclosure was $ 1.2 million as of March 31, 2026.

Busey held $ 0.3 million of commercial OREO, an immaterial amount of residential OREO, and $ 2.6 million of other repossessed assets, as of June 30, 2026.

Busey’s recorded investment in residential real estate loans that were in the process of foreclosure was $ 0.9 million as of June 30, 2026.

Busey follows Federal Housing Finance Agency guidelines on single-family foreclosures and real estate owned evictions on portfolio loans.

First Busey Corporation (BUSE) | 31

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Allowance for Credit Losses

The ACL is a valuation account that is deducted from the portfolio loans’ amortized cost bases to present the net amount expected to be collected on the portfolio loans.

The ACL is established through the provision for credit losses charged to income.

Portfolio loans are charged off against the ACL when management believes the uncollectibility of a loan balance is confirmed.

Recoveries are recognized up to the aggregate amount of previously charged-off balances.

Management estimates the ACL balance using relevant available information from internal and external sources relating to past events, current conditions, and reasonable and supportable forecasts.

Historical credit loss experience provides the basis for the estimation of expected credit losses.

The ACL consists of three components:

(1) specific allocations/individual reserves;

(2) quantitative reserves;

and (3) qualitative reserves.

• Specific allocations/individual reserves – When a loan no longer exhibits risk characteristics that are similar to other loans, that loan is individually evaluated.

Individual reserves are calculated for loans that are on a non-accrual status that are greater than a defined dollar threshold or loans that have disparate risk characteristics.

Reserves may be based on collateral, for collateral-dependent loans, or on quantitative and qualitative factors, including expected cash flow, market sentiment, and guarantor support.

• Quantitative reserves – Busey implemented a new non-discounted cash flow model in the second quarter of 2025 that used combined historical loan data from Busey Bank beginning in 2004 and CrossFirst Bank since its inception in 2007.

The model incorporates various baseline forecast scenarios and national unemployment rates with either national gross domestic product, the national home price index, or the national commercial real estate price index.

Further, prepayment and curtailment expectations are factored into the model.

Due to the continued economic uncertainty in the markets in which the Company operates, Busey will continue to utilize a forecast period of 12 months with an immediate reversion to historical loss rates beyond this forecast period in its ACL estimate.

• Qualitative reserves – Busey uses qualitative factors to adjust the historical loss factors for current and forecasted conditions.

Busey considers the ten qualitative factors identified in the Interagency Guidance and ASC Topic 326 at each reporting date.

A description of Busey's accounting policies and methodology related to the ACL, including the three components of the ACL—specific allocations/individual reserves, quantitative reserves, and qualitative reserves— is included under the heading “Allowance for Credit Losses” in “ Note 1.

Significant Accounting Policies ” and “ Note 4.

Portfolio Loan s ” in Busey's 2025 Annual Report .

There were no significant changes to the methodology during the six months ended June 30, 2026.

Busey's quantitative model incorporates various baseline forecast scenarios and national unemployment rates with either national gross domestic product, the national home price index, or the national commercial real estate price index.

Due to the continued economic uncertainty in the markets in which Busey operates, in estimating the ACL, Busey uses a forecast period of 12 months with an immediate reversion to historical loss rates beyond this forecast period.

First Busey Corporation (BUSE) | 2026 Q2 — 31

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

The following tables summarize activity in the ACL attributable to each lending activity.

Allocation of a portion of the ACL to one lending activity does not preclude its availability to absorb losses from other lending activities:

Three Months Ended March 31, 2026

Three Months Ended June 30, 2026

(dollars in thousands) C&I and Other Commercial CRE Real Estate

1 unchanged sentence

Real Estate Retail Other Total

ACL balance, December 31, 2025 $ 61,370 $ 70,328 $ 11,568 $ 29,178 $ 1,579 $ 174,023

ACL balance, March 31, 2026 $ 57,804 $ 70,100 $ 12,588 $ 27,140 $ 1,422 $ 169,054

Provision for loan losses 6,772 ( 8,060 ) 2,367 272 181 1,532

1 unchanged sentence

Recoveries 1,531 1,371 1 87 95 3,085

ACL balance, June 30, 2026 $ 57,419 $ 63,183 $ 14,855 $ 27,216 $ 1,531 $ 164,204

Three Months Ended June 30, 2025

(dollars in thousands) C&I and Other Commercial CRE Real Estate

Construction Retail

Real Estate Retail Other Total

ACL balance, March 31, 2025 $ 89,304 $ 68,478 $ 8,689 $ 26,399 $ 2,340 $ 195,210

First Busey Corporation (BUSE) | 32

Provision for loan losses ( 18,863 ) 13,370 4,300 2,597 ( 399 ) 1,005

Charged-off ( 2,080 ) ( 10,916 ) — ( 119 ) ( 268 ) ( 13,383 )

Recoveries 217 3 83 165 34 502

ACL balance, June 30, 2025 $ 68,578 $ 70,935 $ 13,072 $ 29,042 $ 1,707 $ 183,334

Six Months Ended June 30, 2026

(dollars in thousands) C&I and Other Commercial CRE Real Estate

Construction Retail

Real Estate Retail Other Total

ACL balance, December 31, 2025 $ 61,370 $ 70,328 $ 11,568 $ 29,178 $ 1,579 $ 174,023

Provision for loan losses 10,328 ( 8,294 ) 3,386 ( 1,672 ) 177 3,925

Charged-off ( 16,193 ) ( 228 ) ( 101 ) ( 434 ) ( 351 ) ( 17,307 )

Recoveries 1,914 1,377 2 144 126 3,563

ACL balance, June 30, 2026 $ 57,419 $ 63,183 $ 14,855 $ 27,216 $ 1,531 $ 164,204

First Busey Corporation (BUSE) | 2026 Q2 — 32

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Three Months Ended March 31, 2025

Six Months Ended June 30, 2025

(dollars in thousands) C&I and Other Commercial CRE Real Estate

10 unchanged sentences

313 134 93 298 70 908

ACL balance, March 31, 2025 $ 89,304 $ 68,478 $ 8,689 $ 26,399 $ 2,340 $ 195,210

ACL balance, June 30, 2025 $ 68,578 $ 70,935 $ 13,072 $ 29,042 $ 1,707 $ 183,334

___________________________________________

6 unchanged sentences

Busey’s leases consist primarily of real estate leases for banking centers, ATM locations, and office space, as well as equipment leases.

The following table summarizes lease-related balances that Busey reported on its Consolidated Balance Sheets (Unaudited) :

(dollars in thousands) Location March 31,

Lease-related balances that Busey reported on its Consolidated Balance Sheets (Unaudited) are presented in the table below:

(dollars in thousands) Location June 30,

2026 December 31,

16 unchanged sentences

___________________________________________

Balances are presented net of accumulated amortization of $ 0.3 million and $ 0.3 million at March 31, 2026, and December 31, 2025, respectively.

First Busey Corporation (BUSE) | 33

Balances are presented net of accumulated amortization of $ 0.4 million at June 30, 2026, and $ 0.3 million at December 31, 2025.

First Busey Corporation (BUSE) | 2026 Q2 — 33

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Lease terms are summarized as follows:

Lease terms are summarized in the following table:

2026 December 31,

5 unchanged sentences

Finance leases 5.10 % 5.10 %

The following table presents lease costs that Busey reported on its Consolidated Statements of Income (Unaudited) :

Three Months Ended March 31,

Costs recorded in connection with these leases are summarized in the table below:

Three Months Ended June 30, Six Months Ended June 30,

(dollars in thousands) Location 2026 2025 2026 2025

15 unchanged sentences

$ 1,908 $ 1,828 $ 3,799 $ 2,812

Cash paid for amounts included in the measurement of lease liabilities is presented in the following table:

Three Months Ended March 31,

Cash paid for amounts included in the measurement of lease liabilities is summarized in the table below:

Three Months Ended June 30, Six Months Ended June 30,

(dollars in thousands) 2026 2025 2026 2025

6 unchanged sentences

211 ( 1,115 ) 3,459 29,618

The three months ended March 31, 2025, included $ 30.7 million right of use assets recognized in connection with the acquisition of CrossFirst.

First Busey Corporation (BUSE) | 34

___________________________________________

The six months ended June 30, 2025, included $ 29.6 million right of use assets recognized in connection with the acquisition of CrossFirst.

First Busey Corporation (BUSE) | 2026 Q2 — 34

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Future undiscounted payments for leases with initial terms of one year or more are presented in the table below:

March 31, 2026

Future undiscounted payments for leases with initial terms of one year or more are summarized in the table below:

June 30, 2026

(dollars in thousands) Operating Leases Finance Leases

10 unchanged sentences

Present value of net future minimum lease payments $ 34,422 $ 6,134

As of March 31, 2026, Busey had commitments totaling $ 1.7 million for one lease contract with a future accounting commencement date.

As of June 30, 2026, Busey had commitments totaling $ 1.7 million for one lease contract with a future accounting commencement date.

Busey as the Lessor

Busey leases space to outside parties, consisting of operating leases primarily for offices and parking areas.

Revenues recorded in connection with these leases, reported in other income on Busey’s Consolidated Statements of Income (Unaudited) , are summarized in the table below:

Three Months Ended March 31,

(dollars in thousands) 2026 2025

Rental income $ 214 $ 216

Noncancellable terms for these leases extend through 2030.

Revenues recorded in connection with these leases are summarized in the table below:

Three Months Ended June 30, Six Months Ended June 30,

(dollars in thousands) Location 2026 2025 2026 2025

Rental income Other noninterest income $ 217 $ 217 $ 431 $ 433

Contractual terms for these leases extend through 2036.

Under the terms of these lease agreements, Busey is entitled to receive aggregate future lease payments as shown in the table below:

(dollars in thousands) As of

March 31, 2026

June 30, 2026

Rents to be received

Remainder of 2026 $ 429

Thereafter 183

Total lease payments from operating leases $ 2,237

First Busey Corporation (BUSE) | 35

First Busey Corporation (BUSE) | 2026 Q2 — 35

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

The composition of Busey’s deposits is presented in the table below:

(dollars in thousands) March 31,

(dollars in thousands) June 30,

2026 December 31,

5 unchanged sentences

Additional information about Busey’s deposits is presented in the table below:

(dollars in thousands) March 31,

(dollars in thousands) June 30,

2026 December 31,

8 unchanged sentences

(dollars in thousands) As of

March 31, 2026

June 30, 2026

Time deposits by schedule of maturities

2 unchanged sentences

Time deposits $ 2,382,306

First Busey Corporation (BUSE) | 36

First Busey Corporation (BUSE) | 2026 Q2 — 36

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

4 unchanged sentences

Busey may be required to provide additional collateral based on fluctuations in the fair value of the underlying securities.

Securities sold under agreements to repurchase were as follows:

(dollars in thousands) March 31,

Securities sold under agreements to repurchase are presented in the table below:

(dollars in thousands) June 30,

2026 December 31,

2 unchanged sentences

Revolving Line of Credit

Pursuant to the Second Amended and Restated Credit Agreement, on March 31, 2026, Busey had access to a $ 40.0 million revolving line of credit bearing an interest rate of 1.80 % plus the one-month forward-looking term rate based on SOFR.

Effective April 30, 2026, Busey executed an amendment to its Second Amended and Restated Credit Agreement, pursuant to which:

As of March 31, 2026, there was no balance outstanding on the revolving line of credit.

Pursuant to Busey’s Credit Agreement, as amended effective April 30, 2026, Busey has access to a $ 50.0 million revolving line of credit bearing an interest rate equal to the one-month Term SOFR rate plus 1.65 %.

The termination date for the revolving line of credit is April 30, 2027.

As of June 30, 2026, there was no balance outstanding on the revolving line of credit.

The revolving line of credit incurs an insignificant non-usage fee based on any undrawn amounts.

2 unchanged sentences

Federal funds purchased are short-term borrowings that generally mature between one day an d 90 days .

During the first quarter of 2026, Busey purchased federal funds to test operational availability to access funds if needed.

Short-term borrowings are presented in the table below:

(dollars in thousands) March 31,

Busey did not have any federal funds borrowings outstanding at June 30, 2026.

Balances of short-term borrowings are presented in the table below:

(dollars in thousands) June 30,

2026 December 31,

2 unchanged sentences

Total short-term borrowings $ 28,333 $ —

Funds borrowed from the FHLB, listed above, consisted of two notes with a weighted average interest rate of 3.80 % and a weighted average maturity period of 1 day as of March 31, 2026.

First Busey Corporation (BUSE) | 37

Funds borrowed from the FHLB, listed above, consisted of three notes with a weighted average interest rate of 3.17 % and a weighted average maturity period of 11 months as of June 30, 2026.

First Busey Corporation (BUSE) | 2026 Q2 — 37

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

1 unchanged sentence

Busey’s long-term borrowings consist of borrowings maturing more than one year from the loan origination date, excluding the current portion that is due within 12 months, and finance lease liabilities.

Long-term borrowings are presented in the table below:

(dollars in thousands) March 31,

Balances of long-term borrowings are presented in the table below:

(dollars in thousands) June 30,

2026 December 31,

5 unchanged sentences

Total long-term borrowings $ 95,325 $ 113,806

Funds borrowed from the FHLB, listed above, consisted of seventeen notes with a weighted average interest rate of 2.49 % and a weighted average maturity period of 1.70 years as of March 31, 2026.

Maturity dates for the long-term FHLB borrowings range from May 2027 through December 2030.

In comparison, as of December 31, 2025, funds borrowed from the FHLB, listed above, consisted of fifteen notes with a weighted average interest rate of 2.43 % and a weighted average maturity period of 1.96 years.

Acquired SBA loans that did not qualify for sale accounting treatment are presented as secured borrowings.

Secured borrowings consisted of six notes with a weighted average maturity period of 15.37 years as of March 31, 2026.

Funds borrowed from the FHLB, listed above, consisted of 14 notes with a weighted average interest rate of 2.27 % and a weighted average maturity period of 1.61 years as of June 30, 2026.

Maturity dates for the long-term FHLB borrowings range from August 2027 through December 2030.

In comparison, as of December 31, 2025, funds borrowed from the FHLB, listed above, consisted of 15 notes with a weighted average interest rate of 2.43 % and a weighted average maturity period of 1.96 years.

SBA loans assumed in the CrossFirst acquisition that did not qualify for sale accounting treatment are presented as secured borrowings.

Secured borrowings consisted of six notes with a weighted average maturity period of 15.20 years as of June 30, 2026.

Maturity dates for the secured borrowings range from September 2030 through September 2045.

1 unchanged sentence

Subordinated Notes

On June 2, 2022, Busey issued $ 100.0 million aggregate principal amount of 5.000 % fixed-to-floating rate subordinated notes maturing June 15, 2032, which qualify as Tier 2 capital for regulatory purposes.

On June 2, 2022, First Busey issued $ 100.0 million aggregate principal amount of 5.000 % fixed-to-floating rate subordinated notes maturing June 15, 2032, which qualify as Tier 2 capital for regulatory purposes.

The price to the public for the subordinated notes was 100 % of the principal amount of the subordinated notes.

1 unchanged sentence

The subordinated notes have an optional redemption, in whole or in part, on any interest payment date on or after June 15, 2027.

Unamortized debt issuance costs related to Busey’s subordinated notes are presented in the following table:

(dollars in thousands) March 31,

Unamortized debt issuance costs related to Busey’s subordinated notes are presented in the table below:

(dollars in thousands) June 30,

2026 December 31,

1 unchanged sentence

Junior Subordinated Debt Owed to Unconsolidated Trusts

In January 2026, Busey’s Board of Directors approved the redemption of the trust preferred securities issued by First Busey Statutory Trust II.

Approval for the redemption has been received from the Federal Reserve Bank.

Busey expects to complete the redemption in June of 2026.

First Busey Corporation (BUSE) | 38

On June 17, 2026, First Busey completed the previously announced redemption of trust preferred securities issued by First Busey Statutory Trust II and the related junior subordinated notes.

First Busey Corporation (BUSE) | 2026 Q2 — 38

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

REGULATORY CAPITAL

First Busey and Busey Bank are subject to various regulatory capital requirements administered by federal banking agencies.

Failure to meet minimum capital requirements can initiate certain mandatory—and possibly additional discretionary—actions by regulators that, if undertaken, could have a direct material effect on First Busey's consolidated financial statements.

Busey and Busey Bank are subject to various regulatory capital requirements administered by federal banking agencies.

Capital amounts and classification also are subject to qualitative judgments by regulators about components, risk weightings, and other factors.

1 unchanged sentence

well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized.

As of March 31, 2026, and December 31, 2025, all capital ratios of First Busey and Busey Bank exceeded well capitalized levels under the applicable regulatory capital adequacy guidelines.

Management believes that no events or changes have occurred subsequent to March 31, 2026, that would change this designation.

As of June 30, 2026, and December 31, 2025, all capital ratios of Busey and Busey Bank exceeded well capitalized levels under the applicable regulatory capital adequacy guidelines.

Management believes that no events or changes have occurred subsequent to June 30, 2026, that would change this designation.

Capital Amounts and Ratios

The following tables summarize regulatory capital requirements applicable to First Busey and Busey Bank:

As of March 31, 2026

The following tables summarize regulatory capital requirements applicable to Busey and Busey Bank:

As of June 30, 2026

Actual Minimum

3 unchanged sentences

Common equity Tier 1 capital to risk weighted assets

First Busey $ 1,880,068 12.31 % $ 687,386 4.50 % $ 992,892 6.50 %

Busey $ 1,859,031 12.53 % $ 667,908 4.50 % $ 964,756 6.50 %

Busey Bank $ 2,168,464 14.65 % $ 665,889 4.50 % $ 961,839 6.50 %

Tier 1 capital to risk weighted assets

First Busey $ 2,102,818 13.77 % $ 916,515 6.00 % $ 1,222,020 8.00 %

Busey $ 2,081,781 14.03 % $ 890,544 6.00 % $ 1,187,391 8.00 %

Busey Bank $ 2,168,464 14.65 % $ 887,852 6.00 % $ 1,183,802 8.00 %

Total capital to risk weighted assets

First Busey $ 2,423,843 15.87 % $ 1,222,020 8.00 % $ 1,527,525 10.00 %

Busey $ 2,390,209 16.10 % $ 1,187,391 8.00 % $ 1,484,239 10.00 %

Busey Bank $ 2,312,314 15.63 % $ 1,183,802 8.00 % $ 1,479,753 10.00 %

Leverage ratio of Tier 1 capital to average assets

First Busey $ 2,102,818 11.88 % $ 708,101 4.00 % N/A N/A

Busey $ 2,081,781 11.86 % $ 702,084 4.00 % N/A N/A

Busey Bank $ 2,168,464 12.38 % $ 700,802 4.00 % $ 876,002 5.00 %

First Busey Corporation (BUSE) | 39

First Busey Corporation (BUSE) | 2026 Q2 — 39

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

5 unchanged sentences

Common equity Tier 1 capital to risk weighted assets

First Busey $ 1,920,388 12.43 % $ 694,987 4.50 % $ 1,003,870 6.50 %

Busey $ 1,920,388 12.43 % $ 694,987 4.50 % $ 1,003,870 6.50 %

Busey Bank $ 2,150,048 13.97 % $ 692,654 4.50 % $ 1,000,500 6.50 %

Tier 1 capital to risk weighted assets

First Busey $ 2,143,138 13.88 % $ 926,650 6.00 % $ 1,235,533 8.00 %

Busey $ 2,143,138 13.88 % $ 926,650 6.00 % $ 1,235,533 8.00 %

Busey Bank $ 2,150,048 13.97 % $ 923,539 6.00 % $ 1,231,385 8.00 %

Total capital to risk weighted assets

First Busey $ 2,459,847 15.93 % $ 1,235,533 8.00 % $ 1,544,416 10.00 %

Busey $ 2,459,847 15.93 % $ 1,235,533 8.00 % $ 1,544,416 10.00 %

Busey Bank $ 2,287,179 14.86 % $ 1,231,385 8.00 % $ 1,539,231 10.00 %

Leverage ratio of Tier 1 capital to average assets

First Busey $ 2,143,138 11.93 % $ 718,334 4.00 % N/A N/A

Busey $ 2,143,138 11.93 % $ 718,334 4.00 % N/A N/A

Busey Bank $ 2,150,048 12.00 % $ 716,476 4.00 % $ 895,596 5.00 %

Capital Conservation Buffer

In July 2013, U.S.

federal banking authorities approved the Basel III Rule for strengthening international capital standards.

The Basel III Rule introduced a capital conservation buffer, composed entirely of common equity Tier 1 capital, which is added to the minimum risk-weighted asset ratios.

Busey is subject to a capital conservation buffer pursuant to the Basel III Rule, composed entirely of common equity Tier 1 capital, which is added to the minimum risk-weighted asset ratios.

The capital conservation buffer is not a minimum capital requirement;

however, banking institutions with a ratio of common equity Tier 1 capital to risk-weighted assets below the capital conservation buffer will face constraints on dividends, equity repurchases, and discretionary bonus payments based on the amount of the shortfall.

In order to refrain from restrictions on dividends, equity repurchases, and discretionary bonus payments, banking institutions must maintain minimum ratios of (1) common equity Tier 1 capital to risk-weighted assets of at least 7.0%, (2) Tier 1 capital to risk-weighted assets of at least 8.5%, and (3) total capital to risk-weighted assets of at least 10.5%.

In order to avoid regulatory limits on dividends, equity repurchases, and discretionary bonus payments, banking institutions must maintain minimum ratios of (1) common equity Tier 1 capital to risk-weighted assets of at least 7.0%, (2) Tier 1 capital to risk-weighted assets of at least 8.5%, and (3) total capital to risk-weighted assets of at least 10.5%.

TAX CREDIT INVESTMENTS AND OTHER INVESTMENTS IN UNCONSOLIDATED ENTITIES

Busey’s investments in unconsolidated entities and related unfunded investment obligations are reflected in other assets and other liabilities on the Consolidated Balance Sheets (Unaudited) , and are summarized in the table below for the periods indicated:

(dollars in thousands) Location March 31,

Busey’s investments in unconsolidated entities and related unfunded investment obligations are summarized in the table below for the periods indicated:

(dollars in thousands) Location June 30,

2026 December 31,

4 unchanged sentences

Unfunded investment obligations Other liabilities $ 70,277 $ 68,690

First Busey Corporation (BUSE) | 40

First Busey Corporation (BUSE) | 2026 Q2 — 40

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

2 unchanged sentences

Actual amounts of income tax credits and other benefits, along with the investment amortization, are presented in the table below:

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

(dollars in thousands) 2026 2025 2026 2025

5 unchanged sentences

1,320,537 525,501 41,218

287,101 279,148 34,655

Dividend equivalents earned

2 unchanged sentences

( 94,764 ) ( 53,944 ) —

Nonvested at March 31, 2026

Nonvested at June 30, 2026

919,881 709,299 34,993

Vested and outstanding at March 31, 2026

Vested and outstanding at June 30, 2026

___________________________________________

3 unchanged sentences

( 5,720 ) ( 140,232 )

Outstanding at March 31, 2026

Outstanding at June 30, 2026

6,746 128,736

Exercisable at March 31, 2026

Exercisable at June 30, 2026

6,746 113,328

Shares remaining available for issuance under Busey’s equity compensation plans as of March 31, 2026, are set forth in the table below:

2020 Equity Plan

On May 20, 2020, the 2020 Equity Plan was approved by stockholders at the 2020 Annual Meeting of Stockholders.

A description of the 2020 Equity Plan, as originally approved, can be found in Appendix A within First Busey’s Proxy Statement for the 2020 Annual Meeting of Stockholders filed on April 9, 2020 .

The 2020 Equity Plan has been amended twice, as follows:

• On May 24, 2023, an amendment and restatement of the 2020 Equity Plan was approved by stockholders at the 2023 Annual Meeting of Stockholders.

Terms of the amended and restated 2020 Equity Plan remained substantially identical to those of the originally approved 2020 Equity Plan, other than a 1,350,000 increase in the number of shares authorized for issuance under the 2020 Equity Plan.

More information can be found in Appendix A within First Busey’s Proxy Statement for the 2023 Annual Meeting of Stockholders filed on April 14, 2023 .

First Busey Corporation (BUSE) | 2026 Q2 — 41

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

• On May 20, 2026, a second amendment and restatement of the 2020 Equity Plan was approved by stockholders at the 2026 Annual Meeting of Stockholders.

Terms of the second amended and restated 2020 Equity Plan are substantially identical to those of the originally approved 2020 Equity Plan, as first amended and restated on May 24, 2023, other than an increase of 2,100,000 in the number of shares authorized for issuance under the 2020 Equity Plan.

More information can be found in Appendix A within First Busey’s Revised Proxy Statement for the 2026 Annual Meeting of Stockholders filed on April 13, 2026 .

Shares remaining available for issuance under Busey’s equity compensation plans as of June 30, 2026, are set forth in the table below:

Plan Shares Remaining

2 unchanged sentences

2020 Equity Plan 2,283,484

First Busey Corporation (BUSE) | 41

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Stock-based Compensation Expense

Busey recognized compensation expense related to non-vested equity awards as summarized in the table below:

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

(dollars in thousands) 2026 2025 2026 2025

Stock-based compensation expense

Salaries, wages, and employee benefits 1

Salaries and employee benefits 1

$ 2,441 $ 5,213 $ 6,371 $ 8,430

Other expense 2

Other noninterest expense 2

123 220 329 397

Total stock-based compensation expense

4 unchanged sentences

Unamortized compensation expense related to non-vested equity awards is summarized in the table below:

(dollars in thousands) March 31,

(dollars in thousands) June 30,

2026 December 31,

3 unchanged sentences

Weighted average period over which expense is to be recognized on CrossFirst replacement awards

First Busey Corporation (BUSE) | 2026 Q2 — 42

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

OUTSTANDING COMMITMENTS AND CONTINGENT LIABILITIES

Commitments and Credit Risk

A summary of the contractual amount of Busey’s exposure to off-balance sheet risk relating to the Company’s commitments follows:

(dollars in thousands) March 31,

A summary of the contractual amount of Busey’s exposure to off-balance sheet risk relating to commitments is presented in the table below:

(dollars in thousands) June 30,

2026 December 31,

5 unchanged sentences

Busey is a party to legal actions which arise in the normal course of its business activities.

Additionally, on November 25, 2025, First Busey Corporation filed two lawsuits against the Illinois Secretary of State in connection with an ongoing dispute regarding the amount of franchise taxes, penalties, interest, fees, and charges purportedly due from First Busey Corporation to the Illinois Secretary of State, as described in more detail under the heading “ Franchise Tax Matter ” below.

Additionally, on November 25, 2025, First Busey filed two lawsuits against the Illinois Secretary of State in connection with an ongoing dispute regarding the amount of franchise taxes, penalties, interest, fees, and charges purportedly due from First Busey to the Illinois Secretary of State, as described in more detail under the heading “ Franchise Tax Matter ” below.

Legal and administrative proceedings are subject to inherent uncertainties.

While unfavorable outcomes could occur, Busey does not believe at this time that any potential liabilities relating to pending or potential legal matters are likely to have a material impact on Busey's results of operations or financial position.

First Busey Corporation (BUSE) | 42

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Franchise Tax Matter

In 2021, First Busey Corporation received an inquiry from the Illinois Secretary of State, pursuant to which the Illinois Secretary of State asked for additional information regarding certain of First Busey Corporation’s franchise tax filings and the calculation of amounts due thereunder.

In 2021, First Busey received an inquiry from the Illinois Secretary of State, pursuant to which the Illinois Secretary of State asked for additional information regarding certain of First Busey’s franchise tax filings and the calculation of amounts due thereunder.

The franchise tax is established by the Illinois Business Corporation Act (“BCA”) 805 ILCS 5/1 et seq., and is a tax imposed on foreign and domestic corporations for the privilege of conducting business in Illinois.

First Busey Corporation has been cooperating with the inquiry since the initial outreach from the Illinois Secretary of State in 2021 and in October 2024 delivered additional BCA forms requested by the Illinois Secretary of State, with a full reservation of rights by First Busey Corporation.

On March 20, 2025, the Illinois Secretary of State requested that First Busey Corporation resubmit the requested forms using a proposed methodology for paid-in capital that First Busey Corporation views as inconsistent with the Illinois Secretary of State’s past practice, and existing statutory and case law.

Accordingly, on May 14, 2025, within the Illinois Secretary of State’s requested timeframe, First Busey Corporation informed the Illinois Secretary of State that it would not resubmit the requested forms with the methodology that First Busey Corporation disputes and requested that the parties instead continue good faith discussions.

On July 2, 2025, First Busey Corporation received a notice of hearing from the Illinois Secretary of State indicating that an administrative hearing has been scheduled to “ascertain” the required amount of franchise taxes, penalties, interest, fees, and charges purportedly due from First Busey Corporation to the Illinois Secretary of State.

First Busey has been cooperating with the inquiry since the initial outreach from the Illinois Secretary of State in 2021 and in October 2024 delivered additional BCA forms requested by the Illinois Secretary of State, with a full reservation of rights by First Busey.

On March 20, 2025, the Illinois Secretary of State requested that First Busey resubmit the requested forms using a proposed methodology for paid-in capital that First Busey views as inconsistent with the Illinois Secretary of State’s past practice, and existing statutory and case law.

Accordingly, on May 14, 2025, within the Illinois Secretary of State’s requested timeframe, First Busey informed the Illinois Secretary of State that it would not resubmit the requested forms with the methodology that First Busey disputes and requested that the parties instead continue good faith discussions.

On July 2, 2025, First Busey received a notice of hearing from the Illinois Secretary of State indicating that an administrative hearing has been scheduled to “ascertain” the required amount of franchise taxes, penalties, interest, fees, and charges purportedly due from First Busey to the Illinois Secretary of State.

In the notice, the Illinois Secretary of State requested a determination of an amount due that the Illinois Secretary of State preliminarily estimated in excess of $ 28.0 million, including in excess of $ 17.4 million in interest and approximately $ 0.3 million in penalties.

First Busey Corporation disagrees with the Illinois Secretary of State’s preliminary estimate and believes that the Illinois Secretary of State’s request is contrary not only to the Illinois Secretary of State’s past practice, but also existing statutory and case law.

First Busey Corporation intends to vigorously defend itself against the Illinois Secretary of State’s notice, including through appropriate judicial relief.

To that end, on July 31, 2025, First Busey Corporation filed a special appearance with the Illinois Secretary of State’s Department of Administrative Hearings solely for the limited purpose of contesting the jurisdiction of the Illinois Secretary of State to initiate and conduct the administrative hearing, and on November 25, 2025, First Busey Corporation filed two lawsuits against the Illinois Secretary of State in connection with this matter:

First Busey disagrees with the Illinois Secretary of State’s preliminary estimate and believes that the Illinois Secretary of State’s request is contrary not only to the Illinois Secretary of State’s past practice, but also existing statutory and case law.

First Busey intends to vigorously defend itself against the Illinois Secretary of State’s notice, including through appropriate judicial relief.

To that end, on July 31, 2025, First Busey filed a special appearance with the Illinois Secretary of State’s Department of Administrative Hearings solely for the limited purpose of contesting the jurisdiction of the Illinois Secretary of State to initiate and conduct the administrative hearing, and on November 25, 2025, First Busey filed two lawsuits against the Illinois Secretary of State in connection with this matter:

one in federal court, First Busey Corporation v.

5 unchanged sentences

Both lawsuits and the administrative hearing remain pending.

First Busey Corporation (BUSE) | 2026 Q2 — 43

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Where a loss is believed to be reasonably possible, but not probable, or the loss cannot be reasonably estimated, no accrual is required.

Given the underlying disagreement between First Busey Corporation and the Illinois Secretary of State on the proper methodology for calculating any franchise tax owed, the loss cannot be reasonably estimated.

It is reasonably possible that this matter could require First Busey Corporation to pay additional taxes, including potential penalties and interest, or make other expenditures or accrue liabilities in amounts that could not be reasonably estimated as of March 31, 2026.

If the likelihood of potential liabilities elevates and First Busey Corporation becomes able to reasonably estimate the loss, requiring an accrual, the potential future liabilities could be material in the period(s) in which they are recorded.

Given the underlying disagreement between First Busey and the Illinois Secretary of State on the proper methodology for calculating any franchise tax owed, the loss cannot be reasonably estimated.

It is reasonably possible that this matter could require First Busey to pay additional taxes, including potential penalties and interest, or make other expenditures or accrue liabilities in amounts that could not be reasonably estimated as of June 30, 2026.

If the likelihood of potential liabilities elevates and First Busey becomes able to reasonably estimate the loss, requiring an accrual, the potential future liabilities could be material in the period(s) in which they are recorded.

DERIVATIVE FINANCIAL INSTRUMENTS

5 unchanged sentences

Fair Value Measurements ” for further discussion of the fair value measurement of such derivatives.

First Busey Corporation (BUSE) | 43

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

To secure its obligations under derivative contracts, Busey pledged cash and held collateral as follows:

(dollars in thousands) March 31,

(dollars in thousands) June 30,

2026 December 31,

6 unchanged sentences

Interest Rate Swaps Designated as Cash Flow Hedges

Interest rate swaps with notional amounts totaling $ 700.0 million as of March 31, 2026, and $ 500.0 million as of December 31, 2025, were designated as cash flow hedges.

Interest rate swaps with notional amounts totaling $ 800.0 million as of June 30, 2026, and $ 500.0 million as of December 31, 2025, were designated as cash flow hedges.

Busey entered into a $ 300.0 million receive-fixed, pay-floating interest rate swap to reduce Busey’s asset sensitivity (“Prime Loan Swap”).

5 unchanged sentences

Changes in fair value were recorded net of tax in OCI.

First Busey Corporation (BUSE) | 44

First Busey Corporation (BUSE) | 2026 Q2 — 44

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

A summary of the interest-rate swaps designated as cash flow hedges is presented below:

(dollars in thousands) Location March 31,

(dollars in thousands) Location June 30,

2026 December 31,

1 unchanged sentence

Notional amount $ 300,000 $ 300,000

Weighted average rate:

receive-fixed 4.81 % 4.81 %

Weighted average variable Prime pay rates 6.75 % 6.81 %

Weighted average receive rate, fixed 4.81 % 4.81 %

Weighted average pay rate, variable Prime 6.75 % 6.81 %

Weighted average maturity 2.60 years

1 unchanged sentence

Notional amount $ 500,000 $ 200,000

Weighted average rate:

receive-fixed 3.71 % 3.78 %

Weighted average variable 1-month CME Term SOFR pay rates 1

Weighted average receive rate, fixed 3.72 % 3.78 %

Weighted average pay rate, variable 1-month CME Term SOFR 1

3.63 % 3.82 %

6 unchanged sentences

___________________________________________

A pay rate is not yet applicable for a 6-month forward-starting SOFR loan swap with a notional amount of $ 200 million, which was entered into during the first quarter of 2026, so this SOFR loan swap was excluded from the calculation of the weighted average pay rate.

As of June 30, 2026, a pay rate was not yet established for a 6-month forward-starting SOFR loan swap with a notional amount of $ 200 million, which was entered into during the first quarter of 2026.

For purposes of the weighted average pay rate calculation, Busey used the rate that would have been applicable for this loan swap as of June 30, 2026, if not for the deferred period.

During the next 12 months, Busey expects to reclassify unrealized gains and losses from OCI to interest income as shown in the following table.

Amounts actually recognized could differ from these expectations due to changes in interest rates, hedge de-designations, and the addition of other hedges subsequent to March 31, 2026.

Amounts actually recognized could differ from these expectations due to changes in interest rates, hedge de-designations, and the addition of other hedges subsequent to June 30, 2026.

(dollars in thousands) As of

March 31, 2026

Unrealized gains expected to be reclassified from OCI to interest income $ 481

June 30, 2026

Unrealized losses expected to be reclassified from OCI to interest income $ ( 444 )

Changes in interest income recorded on these swap transactions is presented in the following table:

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

(dollars in thousands) 2026 2025 2026 2025

Decrease in interest income on swap transactions $ ( 1,387 ) $ ( 2,265 ) $ ( 2,790 ) $ ( 4,325 )

First Busey Corporation (BUSE) | 45

First Busey Corporation (BUSE) | 2026 Q2 — 45

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Net gains and losses relating to cash flow derivative instruments that were recorded in OCI on the Consolidated Statements of Income (Unaudited) are presented in the table below:

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

(dollars in thousands) 2026 2025 2026 2025

5 unchanged sentences

Interest Rate Swaps Not Designated as Hedges

Busey may offer derivative contracts to its customers in connection with their risk management needs.

Busey manages the risk associated with these contracts by entering into equal and offsetting derivative agreements with third-party dealers.

These contracts supported variable rate, commercial loan relationships totaling $ 1.27 billion as of March 31, 2026, and $ 1.16 billion as of December 31, 2025.

Busey may offer interest rate swap contracts to its customers in connection with their risk management needs.

Busey manages the risk associated with these contracts by entering into equal and offsetting derivative agreements with other financial institutions.

These contracts supported variable rate, commercial loan relationships totaling $ 1.33 billion as of June 30, 2026, and $ 1.16 billion as of December 31, 2025.

These derivatives generally worked together as an economic interest rate hedge, but Busey did not designate them for hedge accounting treatment.

1 unchanged sentence

Amounts and fair values of derivative assets and derivative liabilities related to customer interest rate swaps recorded on the Consolidated Balance Sheets (Unaudited) are summarized as follows:

As of March 31, 2026 As of December 31, 2025

As of June 30, 2026 As of December 31, 2025

(dollars in thousands) Location Notional

12 unchanged sentences

Derivative liabilities not designated as hedging instruments $ 1,329,534 $ 24,668 $ 1,160,259 $ 27,540

First Busey Corporation (BUSE) | 46

First Busey Corporation (BUSE) | 2026 Q2 — 46

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Changes in fair value of these derivative assets and derivative liabilities were recorded in noninterest expense on the Consolidated Statements of Income (Unaudited) and are summarized as follows:

Three Months Ended March 31,

(dollars in thousands) Location 2026 2025

Changes in fair value of these derivative assets and derivative liabilities were as follows:

Three Months Ended June 30, Six Months Ended June 30,

(dollars in thousands) 2026 2025 2026 2025

Interest rate swaps

Receive-fixed, pay-floating Noninterest expense $ ( 3,116 ) $ 3,034

Receive-floating, pay-fixed Noninterest expense 3,116 ( 3,034 )

Receive-fixed, pay-floating $ 230 $ ( 1,972 ) $ ( 2,886 ) $ 1,062

Receive-floating, pay-fixed ( 230 ) 1,972 2,886 ( 1,062 )

Net change in fair value of interest rate swaps $ — $ — $ — $ —

Risk Participation Agreements

To manage the credit risk exposure related to customer-facing swaps, Busey entered into risk participation agreements in conjunction with loan participation arrangements with other financial institutions.

To manage the credit risk exposure related to customer-facing swaps, Busey entered into risk participation agreements that were not designated as hedging instruments in conjunction with loan participation arrangements with other financial institutions.

Under these risk participation agreements, Busey purchased credit risk participation, paying an up-front fee to a counterparty to accept a portion of its credit exposure, and will receive a payment from the counterparty if the swap customer defaults on its obligations.

Busey also assumed additional risk participation agreements entered into by CrossFirst, in which CrossFirst purchased credit risk participation, and Busey will receive a payment from the counterparty if the swap customer defaults on its obligations.

Busey also acquired additional risk participation agreements entered into by CrossFirst, in which CrossFirst purchased credit risk participation, and Busey will receive a payment from the counterparty if the swap customer defaults on its obligations.

In connection with the CrossFirst acquisition, Busey assumed risk participation agreements entered into by CrossFirst, under which CrossFirst sold credit risk participation, receiving an up-front fee from a counterparty in exchange for accepting a portion of the counterparty’s credit exposure.

1 unchanged sentence

Notional amounts of the risk participation agreements reflect the participating banks’ pro-rata shares of the derivative instruments, consistent with their shares of the related participated loans.

The risk participation agreements mature between May 2026 and October 2033, and are summarized as follows:

(dollars in thousands) March 31,

2026 December 31,

Risk participation agreements purchased

Number of risk participation agreements 12 12

Notional amount $ 74,942 $ 74,590

Fair value 22 30

Risk participation agreements sold

Number of risk participation agreements 13 13

Notional amount $ 108,242 $ 108,743

Fair value 48 65

First Busey Corporation (BUSE) | 47

The risk participation agreements mature between August 2026 and October 2033, and are summarized as follows:

As of June 30, 2026 As of December 31, 2025

(dollars in thousands) Location Notional

Value Notional

Risk participation agreements

Purchased Other assets $ 74,808 $ 12 $ 74,590 $ 30

Sold Other liabilities 95,783 29 108,743 65

Changes in fair value of these derivative assets and derivative liabilities were recognized on the Consolidated Statements of Income (Unaudited) as follows:

Three Months Ended June 30, Six Months Ended June 30,

(dollars in thousands) Location 2026 2025 2026 2025

Risk participation agreements

Gains recognized in earnings Other noninterest expense $ 9 $ 5 $ 18 $ 7

Gains (losses) recognized in earnings Other noninterest income — ( 3 ) — ( 14 )

Net change in fair value of risk participation agreements $ 9 $ 2 $ 18 $ ( 7 )

First Busey Corporation (BUSE) | 2026 Q2 — 47

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Foreign Currency Exchange Contracts

Busey entered into foreign currency exchange contracts to support the business requirements of its customers.

Foreign currency contracts involve the exchange of one currency for another on a specified date and at a specified rate.

These contracts are executed on behalf of Busey's customers and are used by customers to manage fluctuations in foreign exchange rates.

Busey generally minimizes its exposure by entering into similar offsetting positions with other financial institutions.

Busey is subject to the credit risk that another party will fail to perform.

Amounts and fair values of derivative assets and derivative liabilities related to foreign currency contracts recorded on the Consolidated Balance Sheets (Unaudited) are summarized as follows:

As of March 31, 2026 As of December 31, 2025

From time to time, Busey enters into foreign currency exchange forward contracts that are not designated as hedging instruments to support its customers’ or its own business requirements.

Foreign currency contracts, which involve the exchange of one currency for another on a specified date and at a specified rate, are used to manage fluctuations in foreign exchange rates.

Foreign currency exchange contracts are carried at fair value.

Amounts and fair values of foreign currency exchange derivative instruments included on the Consolidated Balance Sheets (Unaudited) are summarized as follows:

As of June 30, 2026 As of December 31, 2025

(dollars in thousands) Location Notional

Value Notional

Foreign currency exchange forward contracts

Customer contracts Other assets $ 3,531 $ 211 $ — $ —

Third-party dealer contracts Other liabilities 629 6 — —

Foreign currency exchange contract Other assets $ 3,226 $ 172 $ — $ —

Gains and/or losses relating to foreign currency exchange derivative instruments are reported in noninterest income on the Consolidated Statements of Income (Unaudited) , and are summarized as follows:

Three Months Ended June 30, Six Months Ended June 30,

(dollars in thousands) Location 2026 2025 2026 2025

Gains on foreign currency exchange contracts Other noninterest income $ 14 $ — $ 25 $ —

Mortgage Banking Derivatives

6 unchanged sentences

Changes in fair value of the corresponding derivative financial asset or liability were recorded as either a charge or credit to current earnings during the period in which the changes occurred.

First Busey Corporation (BUSE) | 48

First Busey Corporation (BUSE) | 2026 Q2 — 48

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Amounts and fair values of mortgage banking derivatives included on the Consolidated Balance Sheets (Unaudited) are summarized as follows:

As of March 31, 2026 As of December 31, 2025

As of June 30, 2026 As of December 31, 2025

(dollars in thousands) Location Notional

8 unchanged sentences

Mortgage banking derivative liabilities $ 2,307 $ 6 $ 9,278 $ 26

___________________________________________

The fair value of forward sales commitments in a liability position was immaterial, rounding to zero thousand.

Gains and losses relating to these derivative instruments are reported in noninterest income, and are summarized as follows:

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

(dollars in thousands) Location 2026 2025 2026 2025

Net gains (losses) on mortgage banking derivatives

Gains (losses) on interest rate lock commitments Mortgage revenue $ 44 $ 242

Gains (losses) on forward sales commitments Mortgage revenue 96 ( 87 )

Gains (losses) on interest rate lock commitments Other noninterest income $ 58 $ 239 $ 102 $ 481

Gains (losses) on forward sales commitments Other noninterest income 27 26 123 ( 61 )

Net gains (losses) on mortgage banking derivatives $ 85 $ 265 $ 225 $ 420

3 unchanged sentences

The fair value hierarchy is as follows:

• Level 1 Inputs —Unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

• Level 1 Inputs —Unadjusted quoted prices in active markets for identical assets or liabilities that Busey has the ability to access at the measurement date.

• Level 2 Inputs —Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.

These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatility, prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated by market data by correlation or other means.

• Level 3 Inputs —Unobservable inputs for estimating the fair values of assets or liabilities that reflect the Company’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities.

First Busey Corporation (BUSE) | 49

First Busey Corporation (BUSE) | 2026 Q2 — 49

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

• Level 3 Inputs —Unobservable inputs for estimating the fair values of assets or liabilities that reflect Busey’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities.

A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below.

29 unchanged sentences

Due to the significance of unobservable inputs, derivative assets and liabilities related to risk participation agreements are classified as Level 3.

First Busey Corporation (BUSE) | 50

First Busey Corporation (BUSE) | 2026 Q2 — 50

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

The following tables summarize financial assets and financial liabilities measured at estimated fair value on a recurring basis:

As of March 31, 2026

As of June 30, 2026

(dollars in thousands) Level 1

27 unchanged sentences

Derivative liabilities — 42,155 65 42,220

First Busey Corporation (BUSE) | 51

First Busey Corporation (BUSE) | 2026 Q2 — 51

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Activity for Busey's risk participation agreements, which are measured at estimated fair value on a recurring basis using Level 3 inputs, is summarized in the table below:

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

(dollars in thousands) Location 2026 2025 2026 2025

Beginning Balance $ ( 26 ) $ ( 39 ) $ ( 35 ) $ 5

Gains (losses) recognized in earnings Other noninterest expense 9 2

Gains (losses) recognized in earnings 1

Gains recognized in earnings Other noninterest expense 9 5 18 7

Losses recognized in earnings 1

Other noninterest income — ( 3 ) — ( 14 )

Purchases — ( 26 ) — ( 26 )

Sales — 18 — 24

Assumed in business combinations 2

1 unchanged sentence

___________________________________________

CrossFirst Bank, which Busey operated as a separate banking subsidiary from the time of its acquisition on March 1, 2025, until it was merged with and into Busey Bank on June 20, 2025, recorded gains and losses on its risk participation agreements as other noninterest income.

CrossFirst Bank, which First Busey operated as a separate banking subsidiary from the time of its acquisition on March 1, 2025, until it was merged with and into Busey Bank on June 20, 2025, recorded gains and losses on its risk participation agreements as other noninterest income.

Throughout 2025, Busey accounted for the CrossFirst portfolio of risk participation agreements consistent with this methodology.

20 unchanged sentences

Bank property held for sale is included in premises and equipment, net on Busey’s Consolidated Balance Sheets (Unaudited) .

First Busey Corporation (BUSE) | 52

First Busey Corporation (BUSE) | 2026 Q2 — 52

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

The following tables summarize financial assets and financial liabilities measured at estimated fair value on a non-recurring basis:

As of March 31, 2026

As of June 30, 2026

(dollars in thousands) Level 1

12 unchanged sentences

The following tables present additional quantitative information about assets measured at estimated fair value on a non-recurring basis using Level 3 inputs:

As of March 31, 2026

As of June 30, 2026

(dollars in thousands) Fair Value Valuation

11 unchanged sentences

Bank property held for sale with impairment 1,855 Appraisal of collateral or real estate listing price Appraisal adjustments - 9.0 % to - 58.0 %

First Busey Corporation (BUSE) | 53

First Busey Corporation (BUSE) | 2026 Q2 — 53

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

1 unchanged sentence

Fair values of financial instruments that are not carried at fair value on Busey’s Consolidated Balance Sheets (Unaudited) were estimated as follows:

As of March 31, 2026 As of December 31, 2025

As of June 30, 2026 As of December 31, 2025

(dollars in thousands) Carrying

23 unchanged sentences

Subordinated notes, net of unamortized issuance costs 99,603 98,250 99,395 94,500

First Busey Corporation (BUSE) | 54

First Busey Corporation (BUSE) | 2026 Q2 — 54

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

1 unchanged sentence

Basic earnings per common share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding, which include DSUs that are vested but not delivered.

Net income available to common stockholders is net income less dividends that have been declared on Busey’s preferred stock (all of which is non-cumulative).

Net income available to common stockholders is net income less dividends that have been declared on First Busey’s preferred stock (all of which is non-cumulative).

Diluted earnings per common share is computed using the treasury stock method and reflects the potential dilution that could occur if shares were issued for Busey’s outstanding equity-based awards.

Earnings per common share have been computed as follows:

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

(dollars in thousands, except per share amounts) 2026 2025 2026

Net income (loss) $ 49,981 $ ( 29,990 )

Net income $ 63,176 $ 47,404 $ 113,157 $ 17,414

Dividends on preferred stock ( 4,590 ) ( 155 ) ( 9,179 ) ( 155 )

Net income (loss) available to common stockholders $ 45,392 $ ( 29,990 )

Net income available to common stockholders $ 58,586 $ 47,249 $ 103,978 $ 17,259

Weighted average number of common shares outstanding, basic 84,498,030 89,645,040 85,588,955 79,139,706

1 unchanged sentence

Weighted average number of common shares outstanding, diluted 85,385,382 90,883,711 86,602,278 80,251,577

Basic earnings (loss) per common share $ 0.52 $ ( 0.44 )

Diluted earnings (loss) per common share $ 0.52 $ ( 0.44 )

Basic earnings per common share $ 0.69 $ 0.53 $ 1.21 $ 0.22

Diluted earnings per common share $ 0.69 $ 0.52 $ 1.20 $ 0.22

Anti-dilutive equity-based awards 68,094 28,561 34,047 223,149

___________________________________________

Since the Company experienced a net loss for the three months ended March 31, 2025, the inclusion of all potential common shares outstanding would have been anti-dilutive, so diluted loss per common share was the same as basic loss per common share.

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following tables present changes in AOCI by component, net of tax:

Three Months Ended March 31, 2026

The following tables present changes in AOCI by component, net of tax, for the periods indicated:

Three Months Ended June 30, 2026

(dollars in thousands) Unrealized Gains (Losses) on Debt Securities Available For Sale Unrecognized Gains (Losses) on Debt Securities Held to Maturity Unrealized Gains (Losses) on Cash Flow Hedges Total

Balance, December 31, 2025 $ ( 98,693 ) $ ( 18,164 ) $ ( 7,616 ) $ ( 124,473 )

Balance, March 31, 2026 $ ( 108,779 ) $ ( 17,427 ) $ ( 9,347 ) $ ( 135,553 )

Unrealized holding gains (losses), net ( 1,576 ) — ( 5,664 ) ( 7,240 )

1 unchanged sentence

Amortization of unrecognized losses on securities transferred to held to maturity — 674 — 674

Balance, March 31, 2026 $ ( 108,779 ) $ ( 17,427 ) $ ( 9,347 ) $ ( 135,553 )

First Busey Corporation (BUSE) | 55

Balance, June 30, 2026 $ ( 110,355 ) $ ( 16,753 ) $ ( 13,972 ) $ ( 141,080 )

First Busey Corporation (BUSE) | 2026 Q2 — 55

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

Balance, March 31, 2025 $ ( 137,725 ) $ ( 21,426 ) $ ( 13,659 ) $ ( 172,810 )

Unrealized holding gains (losses), net 11,988 — 2,598 14,586

Amounts reclassified from AOCI, net ( 8 ) — 1,693 1,685

Amortization of unrecognized losses on securities transferred to held to maturity — 1,228 — 1,228

Balance, June 30, 2025 $ ( 125,745 ) $ ( 20,198 ) $ ( 9,368 ) $ ( 155,311 )

Six Months Ended June 30, 2026

Balance, December 31, 2025 $ ( 98,693 ) $ ( 18,164 ) $ ( 7,616 ) $ ( 124,473 )

2 unchanged sentences

Amortization of unrecognized losses on securities transferred to held to maturity — 1,411 — 1,411

Balance, March 31, 2025 $ ( 137,725 ) $ ( 21,426 ) $ ( 13,659 ) $ ( 172,810 )

Balance, June 30, 2026 $ ( 110,355 ) $ ( 16,753 ) $ ( 13,972 ) $ ( 141,080 )

Six Months Ended June 30, 2025

Balance, December 31, 2024 $ ( 165,680 ) $ ( 21,554 ) $ ( 19,805 ) $ ( 207,039 )

Unrealized holding gains (losses), net 28,569 — 7,239 35,808

Amounts reclassified from AOCI, net 11,366 — 3,198 14,564

Amortization of unrecognized losses on securities transferred to held to maturity — 1,356 — 1,356

Balance, June 30, 2025 $ ( 125,745 ) $ ( 20,198 ) $ ( 9,368 ) $ ( 155,311 )

First Busey Corporation (BUSE) | 2026 Q2 — 56

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

OPERATING SEGMENTS AND RELATED INFORMATION

Busey’s reportable segments are determined by its chief executive officer, who is the designated chief operating decision maker.

Busey is organized into three reportable operating segments:

1 unchanged sentence

These operating segments are strategic business units that are separately managed, as they offer different products and services and have different marketing strategies.

The Banking operating segment provides a full range of banking services to individual and corporate customers through First Busey Corporation’s wholly-owned bank subsidiary, Busey Bank.

Busey Bank has 80 banking centers located throughout Illinois;

Louis, Missouri MSA;

southwest Florida;

Indianapolis, Indiana;

the Dallas-Fort Worth MSA;

the Kansas City MSA;

Wichita, Kansas;

Oklahoma City and Tulsa, Oklahoma;

Phoenix and Tucson, Arizona;

Denver and Colorado Springs, Colorado;

and Clayton, New Mexico.

Banking services offered to individual customers include customary types of demand and savings deposits, money transfers, safe deposit services, individual retirement accounts and other fiduciary services, automated teller machines, and technology-based networks, as well as a variety of loan products including residential real estate, home equity lines of credit, and consumer loans.

Banking services offered to corporate customers include commercial, CRE, real estate construction, and agricultural loans, as well as commercial depository services such as cash management.

Wealth Management

• The Banking operating segment provides a full range of banking services to individual and corporate customers through its banking center network in Illinois, Missouri, Texas, Arizona, Colorado, Florida, Kansas, Oklahoma, Indiana, and New Mexico.

Services are provided through Busey Capital Management, Inc., a wholly-owned subsidiary of Busey Bank, and Busey Wealth Management, a division of Busey Bank.

Wealth management services tailored to individuals include trust and estate advisory services and financial planning.

Business services include business succession planning and employee retirement plan services.

Services for foundations include investment strategy consulting and fiduciary services.

First Busey Corporation (BUSE) | 56

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

The FirsTech operating segment provides comprehensive and innovative payment technology solutions through Busey Bank’s wholly-owned subsidiary, FirsTech.

FirsTech's multi-channel payment platform allows businesses to collect payments from their customers in a variety of ways to enable fast, frictionless payments.

Payment method vehicles include text-based mobile bill pay;

interactive voice response;

electronic payment concentration delivered to Automated Clearing House networks, money management, and credit card networks;

walk-in payment processing for customers at retail pay agents;

customer service payments made over a telephone;

• The FirsTech operating segment provides comprehensive and innovative payment technology solutions including online, mobile, and voice-recognition bill payments;

money management and credit card networks;

direct debit services;

merchant services referral solutions serving partner financial institutions and their business customers;

and lockbox remittance processing for customers to make payments by mail.

lockbox remittance processing for payments made by mail;

and walk-in payments.

FirsTech also provides additional tools to help clients with billing, reconciliation, bill reminders, and treasury services.

FirsTech's client base represents a diverse set of industries, with a higher concentration in highly regulated industries, such as financial institutions, utility, insurance, and telecommunications industries.

Additional information about Busey’s operating segments is included in “ Note 23.

Operating Segments and Related In formation ” of Busey’s 2025 Annual Report .

Segment Financial Information

5 unchanged sentences

The “other” category included in the tables below consists of the parent company and the elimination of intercompany transactions:

As of March 31, 2026

As of June 30, 2026

(dollars in thousands) Banking Wealth Management FirsTech Other Total

5 unchanged sentences

Total assets 17,880,797 152,422 45,373 26,144 18,104,736

First Busey Corporation (BUSE) | 57

First Busey Corporation (BUSE) | 2026 Q2 — 57

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Financial results by operating segment, including significant expense categories provided to the chief operating decision maker, are summarized below:

Three Months Ended March 31, 2026

Three Months Ended June 30, 2026

(dollars in thousands) Banking Wealth Management FirsTech Other Total

10 unchanged sentences

Treasury management services 4,789 — — — 4,789

Capital markets income 1,871 — — — 1,871

Card services and ATM fees 4,813 — — — 4,813

5 unchanged sentences

Noninterest expense

Salaries, wages, and employee benefits 71,707 8,866 4,657 — 85,230

Salaries and employee benefits 56,801 8,115 2,761 — 67,677

Data processing 7,266 704 872 26 8,868

6 unchanged sentences

Income taxes 17,328 2,368 ( 128 ) ( 855 ) 18,713

Net income (loss) $ 50,240 $ 6,167 $ ( 1,680 ) $ ( 4,746 ) $ 49,981

First Busey Corporation (BUSE) | 58

Net income $ 58,735 $ 7,498 $ ( 398 ) $ ( 2,659 ) $ 63,176

First Busey Corporation (BUSE) | 2026 Q2 — 58

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

(dollars in thousands) Banking Wealth Management FirsTech Other Total

10 unchanged sentences

Treasury management services 4,569 — — — 4,569

Capital markets income 1,254 — — — 1,254

Card services and ATM fees 4,880 — — — 4,880

5 unchanged sentences

Noninterest expense

Salaries, wages, and employee benefits 46,726 7,031 2,481 11,325 67,563

Salaries and employee benefits 57,247 7,106 2,851 11,156 78,360

Data processing 12,381 622 922 96 14,021

6 unchanged sentences

Income taxes 16,729 1,839 ( 202 ) ( 1,257 ) 17,109

Net income $ 45,838 $ 5,823 $ ( 544 ) $ ( 3,713 ) $ 47,404

First Busey Corporation (BUSE) | 2026 Q2 — 59

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Six Months Ended June 30, 2026

(dollars in thousands) Banking Wealth Management FirsTech Other Total

Interest income $ 449,756 $ — $ — $ 154 $ 449,910

Intersegment interest income — — 29 ( 29 ) —

Interest expense 138,284 — — 5,255 143,539

Intersegment interest expense 804 — — ( 804 ) —

Net interest income 310,668 — 29 ( 4,326 ) 306,371

Provision for credit losses 5,247 — — — 5,247

Net interest income after provision for credit losses 305,421 — 29 ( 4,326 ) 301,124

Noninterest income

Wealth management fees — 39,351 — — 39,351

Payment technology solutions — — 10,045 — 10,045

Treasury management services 9,245 — — — 9,245

Capital markets income 4,242 — — — 4,242

Card services and ATM fees 9,459 — — — 9,459

Other service charges on deposit accounts 2,913 — — — 2,913

All other noninterest income 9,909 321 — 1,091 11,321

Intersegment noninterest income 5,665 — 1,092 ( 6,757 ) —

Noninterest income 41,433 39,672 11,137 ( 5,666 ) 86,576

Revenue 352,101 39,672 11,166 ( 9,992 ) 392,947

Noninterest expense

Salaries and employee benefits 128,508 16,981 7,418 — 152,907

Data processing 15,448 1,467 1,758 59 18,732

Amortization of intangible assets 8,176 347 — — 8,523

Interchange expense — — 2,212 — 2,212

All other noninterest expense 53,287 1,397 1,447 3,649 59,780

Intersegment noninterest expense 1,329 1,499 1,079 ( 3,907 ) —

Noninterest expense 206,748 21,691 13,914 ( 199 ) 242,154

Income (loss) before income taxes 140,106 17,981 ( 2,748 ) ( 9,793 ) 145,546

Income taxes 31,131 4,316 ( 670 ) ( 2,388 ) 32,389

Net income $ 108,975 $ 13,665 $ ( 2,078 ) $ ( 7,405 ) $ 113,157

First Busey Corporation (BUSE) | 2026 Q2 — 60

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Six Months Ended June 30, 2025

(dollars in thousands) Banking Wealth Management FirsTech Other Total

Interest income $ 414,256 $ — $ — $ 5 $ 414,261

Intersegment interest income — — 30 ( 30 ) —

Interest expense 148,764 — — 8,583 157,347

Intersegment interest expense 1,357 — — ( 1,357 ) —

Net interest income 264,135 — 30 ( 7,251 ) 256,914

Provision for credit losses 51,293 — — — 51,293

Net interest income after provision for credit losses 212,842 — 30 ( 7,251 ) 205,621

Noninterest income

Wealth management fees — 34,141 — — 34,141

Payment technology solutions — — 10,029 — 10,029

Treasury management services 7,406 — — — 7,406

Capital markets income 2,579 — — — 2,579

Card services and ATM fees 8,589 — — — 8,589

Other service charges on deposit accounts 3,046 — — — 3,046

All other noninterest income ( 5,810 ) 411 ( 2 ) 5,697 296

Intersegment noninterest income 668 — 774 ( 1,442 ) —

Noninterest income 16,478 34,552 10,801 4,255 66,086

Revenue 280,613 34,552 10,831 ( 2,996 ) 323,000

Noninterest expense

Salaries and employee benefits 103,973 14,137 5,332 22,481 145,923

Data processing 20,330 1,215 1,859 192 23,596

Amortization of intangible assets 7,205 470 — — 7,675

Interchange expense — — 2,640 — 2,640

All other noninterest expense 45,987 1,327 1,335 11,380 60,029

Intersegment noninterest expense 9,821 1,558 729 ( 12,108 ) —

Noninterest expense 187,316 18,707 11,895 21,945 239,863

Income (loss) before income taxes 42,004 15,845 ( 1,064 ) ( 24,941 ) 31,844

Income taxes 15,859 3,803 ( 281 ) ( 4,951 ) 14,430

Net income (loss) $ 26,145 $ 12,042 $ ( 783 ) $ ( 19,990 ) $ 17,414

First Busey Corporation (BUSE) | 59

First Busey Corporation (BUSE) | 2026 Q2 — 61

FIRST BUSEY CORPORATION

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements