FIRST BUSEY CORP /NV/

For the period ended Sep 30, 2026. Filed Nov 5, 2026.

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, 2026 · Filed Nov 5, 2026

BUSE$29.11-0.1%Stored close · as of Nov 10, 2026

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Contents

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.

First Busey Corporation(BUSE) | 2026 Q3 — 94

Calculation of Adjusted Net Income and Adjusted Diluted Earnings Per Common Share
Three Months Ended September 30, · Nine Months Ended September 30,
(dollars in thousands, except per share amounts) · 2026 · 2025 · 2026 · 2025
Net income (GAAP)	[a]	$55,845	$57,098	$169,002	$74,512
Day 2 provision for credit losses1		—	—	—	45,572
Adjustment of initial provision for unfunded commitments due to adoption of new model2		—	—	—	4,030
Other acquisition (income) expenses		1,132	7,251	7,572	49,877
Restructuring expenses		(31)	—	13,355	—
Net securities (gains) losses		703	288	(802)	10,059
Related tax benefit3		(451)	(2,141)	(5,031)	(29,181)
Non-recurring deferred tax adjustment4		—	—	—	4,919
Adjusted net income (Non-GAAP)	[b]	57,198	62,496	184,096	159,788
Preferred dividends	[c]	4,589	5,131	13,768	5,286
Adjusted net income available to common stockholders (Non-GAAP)	[d]	$52,609	$57,365	$170,328	$154,502
Weighted average number of common shares outstanding, diluted (GAAP)	[e]	83,733,110	90,218,382	85,634,496	83,609,999
Diluted earnings per common share (GAAP)	[(a-c)÷e]	$0.61	$0.58	$1.81	$0.83
Adjusted diluted earnings per common share (Non-GAAP)	[d÷e]	$0.63	$0.64	$1.99	$1.85

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).
In the second quarter of 2025, Busey recorded an 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.
Tax benefits were calculated using tax rates of 25.0% and 26.6% for the nine months ended September 30, 2026 and 2025, respectively. Tax benefits for quarterly periods were calculated as the year-to-date tax amounts less the tax reported for previous quarters during the year.
A deferred tax valuation 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. Additionally, 2025 included a write-off of deferred tax assets related to non-deductible compensation and acquisition-related expenses. Deferred tax adjustments are reflected within the income taxes line on the Statements of Income (Unaudited).

First Busey Corporation(BUSE) | 2026 Q3 — 95

Calculation of Return On Average Assets, Return On Average Tangible Common Equity, and Related Adjusted Return Measures
Three Months Ended September 30, · Nine Months Ended September 30,
(dollars in thousands) · 2026 · 2025 · 2026 · 2025
Net income (GAAP)	[a]	$55,845	$57,098	$169,002	$74,512
Amortization of intangible assets		4,151	4,507	12,674	12,182
Tax effect of amortization of intangible assets1		(1,038)	(1,210)	(3,169)	(3,245)
Preferred dividends		(4,589)	(5,131)	(13,768)	(5,286)
Tangible net income available to common stockholders (Non-GAAP)	[b]	$54,369	$55,264	$164,739	$78,163
Adjusted net income (Non-GAAP)2	[c]	$57,198	$62,496	$184,096	$159,788
Amortization of intangible assets		4,151	4,507	12,674	12,182
Tax effect of amortization of intangible assets1		(1,038)	(1,210)	(3,169)	(3,245)
Preferred dividends		(4,589)	(5,131)	(13,768)	(5,286)
Adjusted tangible net income available to common stockholders (Non-GAAP)	[d]	$55,722	$60,662	$179,833	$163,439
Average total assets	[e]	$18,470,939	$18,662,449	$18,140,923	$17,534,644
Return on average assets (Non-GAAP)3	[a÷e]	1.20%	1.21%	1.25%	0.57%
Adjusted return on average assets (Non-GAAP)3	[c÷e]	1.23%	1.33%	1.36%	1.22%
Average common equity		$2,138,564	$2,210,711	$2,191,883	$2,109,046
Average goodwill and other intangible assets, net		(469,792)	(486,625)	(474,207)	(464,316)
Average tangible common equity (Non-GAAP)	[f]	$1,668,772	$1,724,086	$1,717,676	$1,644,730
Return on average tangible common equity (Non-GAAP)3, 4	[b÷f]	12.93%	12.72%	12.82%	6.35%
Adjusted return on average tangible common equity (Non-GAAP)3, 4	[d÷f]	13.25%	13.96%	14.00%	13.29%

Tax effects were calculated using income tax rates of 25.0% and 26.6% for the nine months ended September 30, 2026 and 2025, respectively. Tax effects for quarterly periods were calculated as the year-to-date tax amounts less the tax reported for previous quarters during the year.
A reconciliation is provided on 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.

First Busey Corporation(BUSE) | 2026 Q3 — 96

Calculation of Net Interest Margin and Adjusted Net Interest Margin
Three Months Ended September 30, · Nine Months Ended September 30,
(dollars in thousands) · 2026 · 2025 · 2026 · 2025
Net interest income (GAAP)		$153,145	$155,137	$459,516	$412,051
Tax-equivalent adjustment1		851	788	2,569	2,116
Tax-equivalent net interest income (Non-GAAP)	[a]	153,996	155,925	462,085	414,167
Purchase accounting accretion related to business combinations		(5,199)	(5,854)	(14,743)	(15,701)
Adjusted net interest income (Non-GAAP)	[b]	$148,797	$150,071	$447,342	$398,466
Average interest-earning assets (Non-GAAP)	[c]	$17,056,264	$17,272,362	$16,744,898	$16,126,422
Net interest margin (Non-GAAP)2	[a÷c]	3.58%	3.58%	3.69%	3.43%
Adjusted net interest margin (Non-GAAP)2	[b÷c]	3.46%	3.45%	3.57%	3.30%

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.
Annualized measure.

Calculation of Pre-Provision Net Revenue and Related Measures
Three Months Ended September 30, · Nine Months Ended September 30,
(dollars in thousands) · 2026 · 2025 · 2026 · 2025
Net interest income (GAAP)		$153,145	$155,137	$459,516	$412,051
Total noninterest income (GAAP)		40,402	41,198	126,978	107,284
Net security (gains) losses (GAAP)		703	288	(802)	10,059
Total noninterest expense (GAAP)		(111,398)	(120,018)	(353,552)	(359,881)
Pre-provision net revenue (Non-GAAP)	[a]	82,852	76,605	232,140	169,513
Acquisition and restructuring (income) expenses, excluding initial provision expenses		1,101	7,251	20,927	49,877
Adjusted pre-provision net revenue (Non-GAAP)	[b]	$83,953	$83,856	$253,067	$219,390
Average total assets	[c]	$18,470,939	$18,662,449	$18,140,923	$17,534,644
Pre-provision net revenue to average total assets (Non-GAAP)1	[a÷c]	1.78%	1.63%	1.71%	1.29%
Adjusted pre-provision net revenue to average total assets (Non-GAAP)1	[b÷c]	1.80%	1.78%	1.87%	1.67%

Annualized measure.

First Busey Corporation(BUSE) | 2026 Q3 — 97

Calculation of Efficiency Ratio
Three Months Ended September 30, · Nine Months Ended September 30,
(dollars in thousands) · 2026 · 2025 · 2026 · 2025
Net interest income (GAAP)	[a]	$153,145	$155,137	$459,516	$412,051
Tax-equivalent adjustment1		851	788	2,569	2,116
Tax-equivalent net interest income (Non-GAAP)	[b]	153,996	155,925	462,085	414,167
Total noninterest income (GAAP)		40,402	41,198	126,978	107,284
Net security (gains) losses		703	288	(802)	10,059
Acquisition and restructuring (gain) loss		—	44	—	44
Adjusted noninterest income (Non-GAAP)	[c]	$41,105	$41,530	$126,176	$117,387
Operating revenue (Non-GAAP)	[d = a+c]	$194,250	$196,667	$585,692	$529,438
Tax-equivalent operating revenue (Non-GAAP)2	[e = b+c]	195,101	197,455	588,261	531,554
Adjusted noninterest income to operating revenue (Non-GAAP)	[c÷d]	21.16%	21.12%	21.54%	22.17%
Total noninterest expense (GAAP)		$111,398	$120,018	$353,552	$359,881
Acquisition and restructuring expenses, excluding initial provision expenses		(1,101)	(7,207)	(20,927)	(49,833)
Adjusted noninterest expense (Non-GAAP)3		110,297	112,811	332,625	310,048
Amortization of intangible assets		(4,151)	(4,507)	(12,674)	(12,182)
Adjusted noninterest expense excluding amortization of intangible assets (Non-GAAP)4	[f]	$106,146	$108,304	$319,951	$297,866
Efficiency ratio (Non-GAAP)5	[f÷e]	54.41%	54.85%	54.39%	56.04%

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 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.”

First Busey Corporation(BUSE) | 2026 Q3 — 98

Calculation of Tangible Common Equity, and Related Measures and Ratio
	As of
(dollars in thousands, except per share amounts) · September 30,2026 · December 31,2025
Total assets (GAAP)		$18,558,606		$18,104,736
Goodwill and other intangible assets, net		(467,137)		(480,729)
Tangible assets (Non-GAAP)1	[a]	$18,091,469		$17,624,007
Total stockholders’ equity (GAAP)		$2,256,279		$2,468,982
Preferred stock and additional paid in capital on preferred stock		(215,197)		(215,197)
Common equity	[b]	2,041,082		2,253,785
Goodwill and other intangible assets, net		(467,137)		(480,729)
Tangible common equity (Non-GAAP)1	[c]	$1,573,945		$1,773,056
Tangible common equity to tangible assets (Non-GAAP)1	[c÷a]	8.70%		10.06%
Ending number of common shares outstanding (GAAP)	[d]	81,276,654	87,624,430
Book value per common share (Non-GAAP)	[b÷d]	$25.11		$25.72
Tangible book value per common share (Non-GAAP)	[c÷d]	$19.37		$20.23

Calculation of Core Deposits and Related Ratio
	As of
(dollars in thousands) · September 30,2026 · December 31,2025
Total deposits (GAAP)	[a]	$15,537,566	$14,905,958
Brokered deposits, excluding brokered time deposits of more than $250,000		(10,000)	(70,140)
Time deposits of more than $250,000		(920,142)	(876,207)
Core deposits (Non-GAAP)	[b]	$14,607,424	$13,959,611
Core deposits to total deposits (Non-GAAP)	[b÷a]	94.01%	93.65%

First Busey Corporation(BUSE) | 2026 Q3 — 99

ContentsView on SEC.gov

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