FIRST BUSEY CORP /NV/
For the period ended Mar 31, 2026. Filed May 7, 2026.
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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.
Mar 31, 2026 · Filed May 7, 2026
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Non-GAAP Adjusting Items and Non-GAAP Measures
Busey views certain non-operating items, including acquisition-related expenses, restructuring charges, and nonrecurring strategic events, as adjustments to net income reported under GAAP. Busey also adjusts for net securities gains and losses to align with industry and research analyst reporting. The objective of Busey’s presentation of adjusted earnings and adjusted earnings metrics is to allow investors and analysts to more clearly identify quarterly trends in core earnings performance. Pre-tax non-GAAP adjustments were as follows:
| Three Months Ended March 31, | ||
|---|---|---|
| (dollars in thousands) | 2026 | 2025 |
| Pre-tax non-GAAP adjustments to net income by income/expense category | ||
| Net securities (gains) losses | $940 | $15,768 |
| Provision for credit losses1 | — | 45,572 |
| Salaries, wages, and employee benefits | 16,124 | 15,878 |
| Data processing | 80 | 2,302 |
| Professional fees | 119 | 7,294 |
| Other noninterest expense1 | 377 | 552 |
| Total pre-tax non-GAAP adjustments to net income | $17,640 | $87,366 |
| Pre-tax non-GAAP adjustments to net income by business objective | ||
| Net securities (gains) losses2 | $940 | $15,768 |
| Initial provision for credit losses3 | — | 45,572 |
| Other acquisition (income) expenses4 | 5,244 | 26,026 |
| Restructuring expenses5 | 11,456 | — |
| Total pre-tax non-GAAP adjustments to net income | $17,640 | $87,366 |
Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments from other noninterest expense to the provision for credit losses.
During the three months ended March 31, 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.
During the three months ended March 31, 2025, in connection with the CrossFirst acquisition, Busey’s recorded expense for the initial provision for credit losses consisting of a Day 2 provision for loan losses of $42.4 million, and a Day 2 provision for unfunded commitments of $3.1 million.
Other acquisition expenses related to the acquisition of CrossFirst, which was completed on March 1, 2025. Final expenses for the acquisition of M&M were also included for 2025.
Restructuring expenses were incurred in connection with the execution on additional synergies identified in the first quarter of 2026 related to the CrossFirst acquisition and also in connection with the previously announced departure of Michael J. Maddox.
A reconciliation of non-GAAP measures, which Busey believes facilitates the assessment of its financial results and peer comparability, is included in tabular form in this MD&A. See“Non-GAAP Financial Information.”
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