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 FINANCIAL INFORMATION
This Quarterly Report contains certain financial information determined by methods other than in accordance with GAAP. Management uses these non-GAAP financial measures and non-GAAP ratios, together with the related GAAP financial measures, in analysis of Busey’s performance and in making business decisions, as well as for comparison to Busey’s peers. Busey believes the adjusted measures are useful for investors and management to understand the effects of certain non-core and non-recurring noninterest items and provide additional perspective on Busey’s performance over time.
Non-GAAP disclosures have inherent limitations and are not audited. They should not be considered in isolation or as a substitute for the results reported in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Tax effected numbers included in these non-GAAP disclosures are based on estimated federal income tax rates or effective tax rates as noted in the tables below.
The following tables present reconciliations between these non-GAAP measures and what management believes to be the most directly comparable GAAP financial measures.
| Calculation of Adjusted Net Income and Adjusted Diluted Earnings Per Common Share | |||
|---|---|---|---|
| Three Months Ended March 31, | |||
| (dollars in thousands, except per share amounts) · 2026 · 2025 | |||
| Net income (loss) (GAAP) | [a] | $49,981 | $(29,990) |
| Day 2 provision for credit losses1 | — | 45,572 | |
| Other acquisition (income) expenses | 5,244 | 26,026 | |
| Restructuring expenses | 11,456 | — | |
| Net securities (gains) losses | 940 | 15,768 | |
| Related tax benefit2 | (4,410) | (22,069) | |
| Non-recurring deferred tax adjustment3 | — | 4,591 | |
| Adjusted net income (Non-GAAP) | [b] | 63,211 | 39,898 |
| Preferred dividends | [c] | 4,589 | — |
| Adjusted net income available to common stockholders (Non-GAAP) | [d] | $58,622 | $39,898 |
| Weighted average number of common shares outstanding, diluted (GAAP) | [e] | 87,831,295 | 68,517,647 |
| Diluted earnings (loss) per common share (GAAP) | [(a-c)÷e] | $0.52 | $(0.44) |
| Weighted average number of common shares outstanding, diluted (Non-GAAP)4 | [f] | 87,831,295 | 69,502,717 |
| Adjusted diluted earnings per common share (Non-GAAP)4 | [d÷f] | $0.67 | $0.57 |
The Day 2 provision represents the initial provision for credit losses recorded in connection with the CrossFirst acquisition to establish an allowance on non-PCD loans and unfunded commitments and is reflected within the provision for credit losses line on the Statements of Income (Unaudited).
Tax benefits were calculated using tax rates of 25.0% and 25.3% for the three months ended March 31, 2026 and 2025, respectively.
A deferred valuation tax adjustment was recorded in the first quarter of 2025 in connection with the CrossFirst acquisition and the expansion of Busey’s footprint into new states. Deferred tax adjustments are reflected within the income taxes line on the Statements of Income (Unaudited).
Dilution includes shares that would have been dilutive if there had been net income during the period.
| Calculation of Return On Average Assets, Return On Average Tangible Common Equity, and Related Adjusted Return Measures | |||
|---|---|---|---|
| Three Months Ended | |||
| (dollars in thousands) · March 31,2026 · March 31,2025 | |||
| Net income (loss) (GAAP) | [a] | $49,981 | $(29,990) |
| Amortization of intangible assets | 4,291 | 3,083 | |
| Tax effect of amortization of intangible assets1 | (1,073) | (779) | |
| Preferred dividends | (4,589) | — | |
| Tangible net income available to common stockholders (Non-GAAP) | [b] | $48,610 | $(27,686) |
| Adjusted net income (Non-GAAP)2 | [c] | $63,211 | $39,898 |
| Amortization of intangible assets | 4,291 | 3,083 | |
| Tax effect of amortization of intangible assets1 | (1,073) | (779) | |
| Preferred dividends | (4,589) | — | |
| Adjusted tangible net income available to common stockholders (Non-GAAP) | [d] | $61,840 | $42,202 |
| Average total assets | [e] | $18,060,220 | $14,831,298 |
| Return on average assets (Non-GAAP)3 | [a÷e] | 1.12% | (0.82)% |
| Adjusted return on average assets (Non-GAAP)3 | [c÷e] | 1.42% | 1.09% |
| Average common equity | $2,255,075 | $1,932,407 | |
| Average goodwill and other intangible assets, net | (478,885) | (411,020) | |
| Average tangible common equity (Non-GAAP) | [f] | $1,776,190 | $1,521,387 |
| Return on average tangible common equity (Non-GAAP)3, 4 | [b÷f] | 11.10% | (7.38)% |
| Adjusted return on average tangible common equity (Non-GAAP)3, 4 | [d÷f] | 14.12% | 11.25% |
Tax effects were calculated using income tax rates of 25.0% and 25.3% for the three months ended March 31, 2026, and March 31, 2025, respectively.
A reconciliation is provided in the previous table.
Annualized measure.
Beginning in 2026, Busey revised, for all periods presented, its calculation of return on average tangible common equity and adjusted return on average tangible common equity to eliminate the effects of intangible asset amortization from the numerator of both calculations.
| Calculation of Net Interest Margin and Adjusted Net Interest Margin | |||
|---|---|---|---|
| Three Months Ended March 31, | |||
| (dollars in thousands) · 2026 · 2025 | |||
| Net interest income (GAAP) | $153,969 | $103,731 | |
| Tax-equivalent adjustment1 | 877 | 537 | |
| Tax-equivalent net interest income (Non-GAAP) | [a] | 154,846 | 104,268 |
| Purchase accounting accretion related to business combinations | (5,394) | (2,728) | |
| Adjusted net interest income (Non-GAAP) | [b] | $149,452 | $101,540 |
| Average interest-earning assets (Non-GAAP) | [c] | $16,665,766 | $13,363,594 |
| Net interest margin (Non-GAAP)2 | [a÷c] | 3.77% | 3.16% |
| Adjusted net interest margin (Non-GAAP)2 | [b÷c] | 3.64% | 3.08% |
- Tax-equivalent adjustments were calculated using an estimated federal income tax rate of 21.0%, applied to non-taxable interest income on investments and loans.
| Calculation of Pre-Provision Net Revenue and Related Measures | |||
|---|---|---|---|
| Three Months Ended March 31, | |||
| (dollars in thousands) · 2026 · 2025 | |||
| Net interest income (GAAP) | $153,969 | $103,731 | |
| Total noninterest income (GAAP) | 42,265 | 21,223 | |
| Net security (gains) losses (GAAP) | 940 | 15,768 | |
| Total noninterest expense (GAAP)1 | (129,519) | (112,030) | |
| Pre-provision net revenue (Non-GAAP) | [a] | 67,655 | 28,692 |
| Acquisition and restructuring (income) expenses, excluding initial provision expenses | 16,700 | 26,026 | |
| Adjusted pre-provision net revenue (Non-GAAP) | [b] | $84,355 | $54,718 |
| Average total assets | [c] | $18,060,220 | $14,831,298 |
| Pre-provision net revenue to average total assets (Non-GAAP)2 | [a÷c] | 1.52% | 0.78% |
| Adjusted pre-provision net revenue to average total assets (Non-GAAP)2 | [b÷c] | 1.89% | 1.50% |
- Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments out of total noninterest expense and into the provision for credit losses. This change affects all measures and ratios derived from total noninterest expense.
| Calculation of Efficiency Ratio | |||
|---|---|---|---|
| Three Months Ended March 31, | |||
| (dollars in thousands) · 2026 · 2025 | |||
| Net interest income (GAAP) | [a] | $153,969 | $103,731 |
| Tax-equivalent adjustment1 | 877 | 537 | |
| Tax-equivalent net interest income (Non-GAAP) | [b] | 154,846 | 104,268 |
| Total noninterest income (GAAP) | 42,265 | 21,223 | |
| Net security (gains) losses | 940 | 15,768 | |
| Adjusted noninterest income (Non-GAAP) | [c] | $43,205 | $36,991 |
| Operating revenue (Non-GAAP) | [d = a+c] | $197,174 | $140,722 |
| Tax-equivalent operating revenue (Non-GAAP)2 | [e = b+c] | 198,051 | 141,259 |
| Adjusted noninterest income to operating revenue (Non-GAAP) | [c÷d] | 21.91% | 26.29% |
| Total noninterest expense (GAAP)3 | $129,519 | $112,030 | |
| Acquisition and restructuring expenses, excluding initial provision expenses | (16,700) | (26,026) | |
| Adjusted noninterest expense (Non-GAAP)3, 4 | 112,819 | 86,004 | |
| Amortization of intangible assets | (4,291) | (3,083) | |
| Adjusted noninterest expense excluding amortization of intangible assets (Non-GAAP)3, 5 | [f] | $108,528 | $82,921 |
| Efficiency ratio (Non-GAAP)3, 6 | [f÷e] | 54.80% | 58.70% |
Tax-equivalent adjustments were calculated using an estimated federal income tax rate of 21.0%, applied to non-taxable interest income on investments and loans.
Beginning in 2026, Busey changed the caption for this revenue measure, which was previously called “adjusted tax-equivalent revenue.” The calculation itself has not changed.
Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments out of total noninterest expense and into the provision for credit losses. This change affects all measures and ratios derived from total noninterest expense.
Beginning in 2026, to better align with industry standards, Busey revised its calculation of adjusted noninterest expense, for all periods presented, to exclude any adjustment for amortization of intangible assets.
Beginning in 2026, Busey changed the caption for the efficiency ratio numerator from “adjusted noninterest expense” to “adjusted noninterest expense excluding amortization of intangible assets.” The calculation itself has not changed.
Beginning in 2026, Busey now reports a single efficiency ratio, which was previously reported as the “Adjusted efficiency ratio.”
| Calculation of Tangible Common Equity, and Related Measures and Ratio | ||||
|---|---|---|---|---|
| As of | ||||
| (dollars in thousands, except per share amounts) · March 31,2026 · December 31,2025 | ||||
| Total assets (GAAP) | $18,036,622 | $18,104,736 | ||
| Goodwill and other intangible assets, net | (475,520) | (480,729) | ||
| Tangible assets (Non-GAAP)1 | [a] | $17,561,102 | $17,624,007 | |
| Total stockholders’ equity (GAAP) | $2,413,022 | $2,468,982 | ||
| Preferred stock and additional paid in capital on preferred stock | (215,197) | (215,197) | ||
| Common equity | [b] | 2,197,825 | 2,253,785 | |
| Goodwill and other intangible assets, net | (475,520) | (480,729) | ||
| Tangible common equity (Non-GAAP)1 | [c] | $1,722,305 | $1,773,056 | |
| Tangible common equity to tangible assets (Non-GAAP)1 | [c÷a] | 9.81% | 10.06% | |
| Ending number of common shares outstanding (GAAP) | [d] | 85,507,160 | 87,624,430 | |
| Book value per common share (Non-GAAP) | [b÷d] | $25.70 | $25.72 | |
| Tangible book value per common share (Non-GAAP) | [c÷d] | $20.14 | $20.23 | |
- Beginning in 2025, Busey revised its calculation of tangible assets and tangible common equity, for all periods presented, to exclude any tax adjustment.
| Calculation of Core Deposits and Related Ratio | |||
|---|---|---|---|
| As of | |||
| (dollars in thousands) · March 31,2026 · December 31,2025 | |||
| Total deposits (GAAP) | [a] | $14,736,060 | $14,905,958 |
| Brokered deposits, excluding brokered time deposits of $250,000 or more | (60,123) | (70,140) | |
| Time deposits of $250,000 or more | (865,493) | (876,207) | |
| Core deposits (Non-GAAP) | [b] | $13,810,444 | $13,959,611 |
| Core deposits to total deposits (Non-GAAP) | [b÷a] | 93.72% | 93.65% |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.