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FIRST BUSEY CORP /NV/

For the period ended Sep 30, 2025. Filed Nov 6, 2025.

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About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2025 · Filed Nov 6, 2025

BUSE$29.15+1.8%Stored close · as of Nov 9, 2026

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Net Interest Income

Net interest income is the difference between interest income and fees earned on loans and investments (“interest-earning assets”) and interest expense incurred on deposits and borrowings (“interest-bearing liabilities”). Interest rate levels and volume fluctuations within interest-earning assets and interest-bearing liabilities impact net interest income. Net interest margin is tax-equivalent net interest income as a percent of average interest-earning assets.

Certain assets with tax favorable treatment are evaluated on a tax-equivalent basis, assuming a federal income tax rate of 21.0%. Tax favorable assets generally have lower contractual pre-tax yields than fully taxable assets. A tax-equivalent analysis is performed by adding the tax savings to the earnings on tax favorable assets. After factoring in the tax favorable effects of these assets, the yields may be more appropriately evaluated against alternative earning assets. In addition to yield, various other risks are factored into the evaluation process.

Consolidated Average Balance Sheets and Interest Rates

The table below presents Busey’s Consolidated Average Balance Sheets, summarizing average balances for each major category of assets and liabilities, the interest income earned on interest-earning assets, the interest expense paid for interest-bearing liabilities, and the related interest yields for the periods indicated. Average information is provided on a daily average basis:

Three Months Ended September 30,
2025 · 2024
(dollars in thousands) · AverageBalance · Income/Expense · Yield/Rate5 · AverageBalance · Income/Expense · Yield/Rate5
Assets
Interest-bearing bank deposits and federal funds sold$489,730$5,4874.45%$389,005$5,0925.21%
Investment securities:
U.S. Government obligations113,8251,4345.00%2,053244.65%
Obligations of states and political subdivisions1241,5612,6974.43%151,5861,0772.83%
Other securities2,608,08120,0973.06%2,512,63017,0452.70%
Restricted bank stock77,0418714.49%6,1341066.87%
Loans held for sale9,8951556.21%11,5391876.45%
Portfolio loans1, 213,732,229214,5526.20%7,869,798111,4715.63%
Total interest-earning assets1, 317,272,362$245,2935.63%10,942,745$135,0024.91%
Cash and due from banks173,921113,122
Premises and equipment184,113121,296
ACL(184,680)(86,213)
Other assets1,216,733916,752
Total assets$18,662,449$12,007,702
Liabilities and stockholders’ equity
Interest-bearing transaction deposits$3,256,326$16,2081.97%$2,485,443$11,7341.88%
Savings and money market deposits6,199,40444,3612.84%3,294,39620,1982.44%
Time deposits2,545,74924,0423.75%1,517,08214,7023.86%
Federal funds purchased and repurchase agreements150,2609762.58%132,6889812.94%
Borrowings4189,4322,3804.98%227,1363,2075.62%
Junior subordinated debt issued to unconsolidated trusts77,2111,4017.20%74,7141,1376.05%
Total interest-bearing liabilities12,418,382$89,3682.86%7,731,459$51,9592.67%
Net interest spread12.77%2.24%
Noninterest-bearing deposits3,578,1642,706,858
Other liabilities239,995205,008
Stockholders’ equity2,425,9081,364,377
Total liabilities and stockholders’ equity$18,662,449$12,007,702
Interest income / earning assets1, 3$17,272,362$245,2935.63%$10,942,745$135,0024.91%
Interest expense / earning assets17,272,36289,3682.05%10,942,74551,9591.89%
Net interest margin1$155,9253.58%$83,0433.02%
  1. On a tax-equivalent basis and assuming a federal income tax rate of 21.0%. For a reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures, see“Item 2. Management’s Discussion and Analysis—Non-GAAP Financial Information” included in this Quarterly Report.

  2. Non-accrual loans have been included in average portfolio loans.

  3. Interest income includes tax-equivalent adjustments of $0.8 million and $0.4 million for the three months ended September 30, 2025 and 2024, respectively.

  4. Includes short-term and long-term borrowings. Interest expense includes non-usage fees on a revolving loan.

  5. Annualized.

Nine Months Ended September 30,
2025 · 2024
(dollars in thousands) · AverageBalance · Income/Expense · Yield/Rate5 · AverageBalance · Income/Expense · Yield/Rate5
Assets
Interest-bearing bank deposits and federal funds sold$629,137$20,5324.36%$371,472$14,5905.25%
Investment securities:
U.S. Government obligations90,7683,3834.98%6,8051392.73%
Obligations of states and political subdivisions1225,5496,9194.10%155,2133,2922.83%
Other securities2,627,40858,5042.98%2,607,84453,9942.77%
Restricted bank stock62,2752,1734.67%6,3372916.13%
Loans held for sale6,7703126.16%8,5854176.49%
Portfolio loans1, 212,484,515569,0596.09%7,826,741320,8895.48%
Total interest-earning assets1, 316,126,422$660,8825.48%10,982,997$393,6124.79%
Cash and due from banks167,752109,507
Premises and equipment169,085122,178
ACL(170,863)(90,497)
Other assets1,242,248916,229
Total assets$17,534,644$12,040,414
Liabilities and stockholders’ equity
Interest-bearing transaction deposits$3,032,978$42,4241.87%$2,467,803$32,5501.76%
Savings and money market deposits5,681,287117,7352.77%3,213,52155,3322.30%
Time deposits2,494,47069,9113.75%1,611,56046,4293.85%
Federal funds purchased and repurchase agreements145,7112,7382.51%151,8353,3932.98%
Borrowings4256,1969,7595.09%244,35910,4435.71%
Junior subordinated debt issued to unconsolidated trusts76,6594,1487.23%73,7893,1855.77%
Total interest-bearing liabilities11,687,301$246,7152.82%7,762,867$151,3322.60%
Net interest spread12.66%2.19%
Noninterest-bearing deposits3,387,6212,743,777
Other liabilities242,735209,651
Stockholders’ equity2,216,9871,324,119
Total liabilities and stockholders’ equity$17,534,644$12,040,414
Interest income / earning assets1, 3$16,126,422$660,8825.48%$10,982,997$393,6124.79%
Interest expense / earning assets16,126,422246,7152.05%10,982,997151,3321.84%
Net interest margin1$414,1673.43%$242,2802.95%
  1. On a tax-equivalent basis and assuming a federal income tax rate of 21.0%. For a reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures, see“Item 2. Management’s Discussion and Analysis—Non-GAAP Financial Information” included in this Quarterly Report.

  2. Non-accrual loans have been included in average portfolio loans.

  3. Interest income includes tax-equivalent adjustments of $2.1 million and $1.2 million for the nine months ended September 30, 2025 and 2024, respectively.

  4. Includes short-term and long-term borrowings. Interest expense includes non-usage fees on a revolving loan.

  5. Annualized.

Notable changes in average assets and average liabilities are summarized as follows:

Three Months Ended September 30,
(dollars in thousands)20252024Change% Change
Average interest-earning assets$17,272,362$10,942,745$6,329,61757.8%
Average interest-bearing liabilities12,418,3827,731,4594,686,92360.6%
Average noninterest-bearing deposits3,578,1642,706,858871,30632.2%
Total average deposits15,579,64310,003,7795,575,86455.7%
Total average liabilities16,236,54110,643,3255,593,21652.6%
Average noninterest-bearing deposits as a percent of total average deposits23.0%27.1%(410) bps
Total average deposits as a percent of total average liabilities96.0%94.0%200 bps
Nine Months Ended September 30,
(dollars in thousands)20252024Change% Change
Average interest-earning assets$16,126,422$10,982,997$5,143,42546.8%
Average interest-bearing liabilities11,687,3017,762,8673,924,43450.6%
Average noninterest-bearing deposits3,387,6212,743,777643,84423.5%
Total average deposits14,596,35610,036,6614,559,69545.4%
Total average liabilities15,317,65710,716,2954,601,36242.9%
Average noninterest-bearing deposits as a percent of total average deposits23.2%27.3%(410) bps
Total average deposits as a percent of total average liabilities95.3%93.7%160 bps

Changes in net interest income and net interest margin are summarized as follows:

Three Months Ended September 30,
(dollars in thousands)20252024Change% Change
Net interest income
Interest income, on a tax-equivalent basis1$245,293$135,002$110,29181.7%
Interest expense(89,368)(51,959)(37,409)(72.0)%
Net interest income, on a tax-equivalent basis1$155,925$83,043$72,88287.8%
Net interest margin1, 23.58%3.02%56 bps
Nine Months Ended September 30,
(dollars in thousands)20252024Change% Change
Net interest income
Interest income, on a tax-equivalent basis1$660,882$393,612$267,27067.9%
Interest expense(246,715)(151,332)(95,383)(63.0)%
Net interest income, on a tax-equivalent basis1$414,167$242,280$171,88770.9%
Net interest margin1, 23.43%2.95%48 bps
  1. Assuming a federal income tax rate of 21.0%. For a reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures, see“Item 2. Management’s Discussion and Analysis—Non-GAAP Financial Information” included in this Quarterly Report.

  2. Net interest income expressed as a percentage of average earning assets, stated on a tax-equivalent basis.

Busey continues to evaluate and execute off-balance sheet hedging and balance sheet strategies as well as embedding rate protection in our asset originations to provide stabilization to net interest income in lower rate environments. Stability in core deposit balances, as well as retail time deposit and savings specials, have continued to provide sufficient funding flows to allow intentional runoff of brokered and high-cost, non-relationship funding. During the three months ended September 30, 2025, Busey executed a strategic targeted reduction of $794.6 million high-cost, non-relationship deposits bearing a weighted average cost of 4.45%, including $228.2 million of brokered deposits.

Net interest spread represents the difference between the average rate earned on earning assets and the average rate paid on interest-bearing liabilities, and is presented in the table below:

Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Net interest spread12.77%2.24%2.66%2.19%
  1. Net interest spread is calculated on a tax-equivalent basis.

Annualized net interest margins for the quarterly periods indicated were as follows:

20252024
First Quarter3.16%2.79%
Second Quarter3.49%3.03%
Third Quarter3.58%3.02%
Fourth Quarter2.95%

Management attempts to mitigate the effects of an unpredictable interest-rate environment through effective portfolio management, prudent loan underwriting and pricing discipline, and operational efficiencies. For a description of accounting policies underlying the recognition of interest income and expense, refer to the Notes to Consolidated Financial Statements in Busey’s 2024 Annual Report.

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.