# FIRST BUSEY CORP /NV/ (BUSE)

Informational only - not investment advice.

CIK: 0000314489
SIC: 6022 State Commercial Banks
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Depository Institutions](/major-group/60/) > [SIC 6022 State Commercial Banks](/industry/6022/)
Latest 10-K filed: 2026-02-26
SEC page: https://www.sec.gov/edgar/browse/?CIK=314489
Filing source: https://www.sec.gov/Archives/edgar/data/314489/000031448926000013/buse-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-26 · accession 0000314489-26-000013 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000314489.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 719,584,000 USD | 2025 | verified |
| Net income | 135,262,000 USD | 2025 | verified |
| Assets | 18,104,736,000 USD | 2025 | verified |
| Free cash flow | 172,953,000 USD | 2025 | computed |
| Net margin | 18.80% | 2025 | computed |
| Revenue YoY | +55.66% | 2025 | computed |
| ROE | 5.48% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | BUSE | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 18.8% | 21.9% | 36 | 149 |
| Revenue growth | 55.7% | 6.0% | 98 | 148 |
| FCF margin | 24.0% | 23.8% | 52 | 133 |
| ROE | 5.5% | 9.6% | 11 | 149 |
| ROA | 0.7% | 1.1% | 16 | 149 |
| Liabilities / equity | 6.33 | 8.04 | 13 | 149 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6022 State Commercial Banks, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 719584000 | USD | 2025 | 2026-02-26 |
| Net income | 135262000 | USD | 2025 | 2026-02-26 |
| Assets | 18104736000 | USD | 2025 | 2026-02-26 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-26. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000314489.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  |  |  |  |  |  |  |  |  | 450,241,000 | 441,835,000 | 462,293,000 | 719,584,000 |
| Net income |  |  |  | 49,694,000 | 62,726,000 | 98,928,000 | 102,953,000 | 100,344,000 | 123,449,000 | 128,311,000 | 122,565,000 | 113,691,000 | 135,262,000 |
| Diluted EPS |  |  |  | 1.40 | 1.45 | 2.01 | 1.87 | 1.83 | 2.20 | 2.29 | 2.18 | 1.98 | 1.47 |
| Operating cash flow |  |  |  | -20,894,000 | 253,358,000 | 202,547,000 | 88,322,000 | 163,174,000 | 162,012,000 | 165,787,000 | 173,390,000 | 178,267,000 | 192,571,000 |
| Capital expenditures |  |  |  | 8,991,000 | 14,980,000 | 11,618,000 | 13,238,000 | 4,198,000 | 5,042,000 | 4,989,000 | 9,533,000 | 6,430,000 | 19,618,000 |
| Dividends paid |  |  |  | 22,748,000 | 30,707,000 | 39,010,000 | 45,171,000 | 48,012,000 | 50,764,000 | 50,863,000 | 53,076,000 | 54,169,000 | 90,989,000 |
| Share buybacks |  |  | 6,296,000 |  |  |  | 24,292,000 | 12,272,000 | 33,043,000 | 9,912,000 | 4,482,000 | 0.00 | 69,859,000 |
| Assets |  |  |  | 5,425,170,000 | 7,860,640,000 | 7,702,357,000 | 9,695,729,000 | 10,544,047,000 | 12,859,689,000 | 12,336,677,000 | 12,283,415,000 | 12,046,722,000 | 18,104,736,000 |
| Liabilities |  |  |  | 4,830,856,000 | 6,925,637,000 | 6,707,393,000 | 8,475,295,000 | 9,273,978,000 | 11,540,577,000 | 11,190,700,000 | 11,011,434,000 | 10,663,453,000 | 15,635,754,000 |
| Stockholders' equity |  |  |  | 594,314,000 | 935,003,000 | 994,964,000 | 1,220,434,000 | 1,270,069,000 | 1,319,112,000 | 1,145,977,000 | 1,271,981,000 | 1,383,269,000 | 2,468,982,000 |
| Cash and cash equivalents | 231,603,000 | 339,438,000 | 319,280,000 | 166,706,000 | 353,272,000 |  |  |  | 836,095,000 | 227,164,000 | 719,581,000 | 697,659,000 | 294,052,000 |
| Free cash flow |  |  |  | -29,885,000 | 238,378,000 | 190,929,000 | 75,084,000 | 158,976,000 | 156,970,000 | 160,798,000 | 163,857,000 | 171,837,000 | 172,953,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  |  |  |  |  |  |  |  | 28.50% | 27.74% | 24.59% | 18.80% |
| Return on equity |  |  |  | 8.36% | 6.71% | 9.94% | 8.44% | 7.90% | 9.36% | 11.20% | 9.64% | 8.22% | 5.48% |
| Return on assets |  |  |  | 0.92% | 0.80% | 1.28% | 1.06% | 0.95% | 0.96% | 1.04% | 1.00% | 0.94% | 0.75% |
| Liabilities / equity |  |  |  | 8.13 | 7.41 | 6.74 | 6.94 | 7.30 | 8.75 | 9.77 | 8.66 | 7.71 | 6.33 |

## As-reported value updates

2 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/BUSE/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000314489.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 0.64 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 0.65 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 0.52 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 122,669,000 | 30,666,000 | 0.54 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 128,700,000 | 25,749,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 125,733,000 | 26,225,000 | 0.46 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 131,841,000 | 27,357,000 | 0.47 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 134,500,000 | 32,004,000 | 0.55 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 131,607,000 | 28,105,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 166,815,000 | -29,990,000 | -0.44 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 247,446,000 | 47,404,000 | 0.52 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 244,505,000 | 57,098,000 | 0.58 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 235,094,000 | 60,750,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 225,485,000 | 49,981,000 | 0.52 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 224,425,000 | 63,176,000 | 0.69 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from BUSE's latest 10-K: [/company/BUSE/business/](/company/BUSE/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from BUSE's latest 10-K: [/company/BUSE/risk-factors/](/company/BUSE/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/314489/000031448926000055/buse-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-08-06
Report date: 2026-06-30

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (UNAUDITED)

[[GREPCENT_TABLE]]
[["SCOPE OF DISCUSSION","63"],["BUSINESS","63"],["Banking Center Markets","63"],["Busey's Conservative Banking Strategy","64"],["Business Combinations","64"],["CrossFirst Bankshares, Inc.","64"],["RESULTS OF OPERATIONS \u2014 THREE AND SIX MONTHS ENDED JUNE 30, 2026","65"],["Net Income","65"],["Non-GAAP Adjusting Items and Non-GAAP Measures","66"],["Operating Performance Metrics","67"],["Net Interest Income","67"],["Consolidated Average Balance Sheets and Interest Rates","68"],["Noninterest Income","73"],["Noninterest Expense","76"],["Efficiency Ratio","79"],["Taxes","79"],["FINANCIAL CONDITION","80"],["Balance Sheet","80"],["Portfolio Loans","80"],["Portfolio Composition","81"],["Concentration of Credit Risk","82"],["Allowance for Credit Losses and Provision for Loan Losses","84"],["Non-Performing Loans and Non-Performing Assets","85"],["Potential Problem Loans","87"],["Deposits","87"],["Liquidity","87"],["Off-Balance-Sheet Arrangements","89"],["Capital Resources","89"],["NON-GAAP FINANCIAL INFORMATION","90"],["FORWARD-LOOKING STATEMENTS","96"],["CRITICAL ACCOUNTING ESTIMATES","97"]]
[[/GREPCENT_TABLE]]

First Busey Corporation (BUSE) | 2026 Q2 — 62

TABLE OF CONTENTS

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (UNAUDITED)

SCOPE OF DISCUSSION

The following discussion and analysis are intended to assist readers in understanding Busey’s financial condition and results of operations during the three and six months ended June 30, 2026, and should be read in conjunction with Busey’s Consolidated Financial Statements (Unaudited) and the related Notes to the Consolidated Financial Statements (Unaudited) included in this Quarterly Report, as well as Busey's 2025 Annual Report.

BUSINESS

First Busey Corporation is an $18.19 billion financial holding company headquartered in Leawood, Kansas. First Busey’s common stock is traded on The Nasdaq Global Select Market under the symbol “BUSE,” and its depositary shares of Series B Preferred Stock are traded on The Nasdaq Global Select Market under the symbol “BUSEP.”

Busey provides a full range of banking, wealth management, and payment technology solutions to individuals and corporate clients through its subsidiaries, Busey Bank and FirsTech.

Banking Center Markets

Busey Bank, headquartered in Champaign, Illinois, serves the banking needs of its customers through 80 banking centers located across five geographical regions and verticals spanning 10 states.

East Region – Busey Bank serves its East Region through 17 banking centers in the suburban Chicago market and three banking centers located in southwest Florida.

Midwest Region – Busey Bank serves its Midwest Region through 21 banking centers in central Illinois, including six in the Chicago MSA; 20 banking centers in the St. Louis MSA, including eight banking centers in eastern Missouri and 12 banking centers in western Illinois; and one banking center in Indianapolis, Indiana.

First Busey Corporation (BUSE) | 2026 Q2 — 63

TABLE OF CONTENTS

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (UNAUDITED)

Central Region – Busey Bank serves its Central Region through three banking centers in the Kansas City MSA, including two locations in Leawood, Kansas and one in Kansas City, Missouri; one banking center in Wichita, Kansas; and three banking centers in Oklahoma, including two in Oklahoma City and one in Tulsa.

Texas Region – Busey Bank serves its Texas Region through four banking centers across the Dallas-Fort Worth MSA, including locations in Dallas, Frisco, and Fort Worth, Texas.

West Region – Busey Bank serves its West region through three banking centers in Arizona, located in Phoenix and Tucson; three banking centers in Colorado, located in Denver and Colorado Springs; and one banking center in Clayton, New Mexico.

Verticals – Transcending geographical boundaries, Busey operates in several industry verticals, including Life Equity Lending, Structured Finance, Energy Banking, and SBA Lending.

Busey's Conservative Banking Strategy

Busey’s financial strength is built on a long-term conservative operating approach. The quality of Busey’s core deposit1 franchise is a critical value driver of the institution. Busey remains substantially core deposit funded, with robust liquidity. As of June 30, 2026, Busey’s loan to deposit ratio was 87.2% and core deposits represented 93.7% of total deposits. Busey maintains sufficient on- and off-balance sheet liquidity to manage deposit fluctuations and the liquidity needs of its customers.

Busey’s credit performance reflects its highly diversified, conservatively underwritten loan portfolio. Busey’s approach to lending and its underwriting standards are designed to emphasize relationship banking rather than transactional banking. In addition, as a matter of both policy and practice, Busey limits concentration exposures in any particular loan segment.

Busey’s conservative banking strategy is reflected in the strength of its capital base. Busey strives to consistently maintain capital ratios well in excess of thresholds required to be designated as well capitalized by applicable regulatory guidelines, thereby ensuring financial strength and flexibility across economic and operating cycles. As of June 30, 2026, Busey’s leverage ratio of Tier 1 capital to average assets was 11.9%, its common equity Tier 1 capital to risk weighted assets ratio was 12.5%, and its total capital to risk weighted assets ratio was 16.1%.

Business Combinations

CrossFirst Bankshares, Inc.

On March 1, 2025, Busey completed its acquisition of CrossFirst and its wholly-owned subsidiary, CrossFirst Bank. This transformative partnership helped create a premier commercial bank spanning 10 states.

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

Further information regarding Busey’s acquisitions is provided in Note 2. Business Combinations in the Notes to the Consolidated Financial Statements (Unaudited).

1 Core deposits is a non-GAAP financial measure. For a reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures, see “Non-GAAP Financial Information” included in this MD&A.

First Busey Corporation (BUSE) | 2026 Q2 — 64

TABLE OF CONTENTS

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (UNAUDITED)

RESULTS OF OPERATIONS — THREE AND SIX MONTHS ENDED JUNE 30, 2026

Net Income

Results of Busey’s operations, by operating segment, are presented below:

[[GREPCENT_TABLE]]
[["","Three Months Ended June 30,","","Six Months Ended June 30,"],["(dollars in thousands)","2026","","2025","","2026","","2025"],["Net income"],["Banking","$","58,735","","","$","45,838","","","$","108,975","","","$","26,145"],["Wealth Management","7,498","","","5,823","","","13,665","","","12,042"],["FirsTech","(398)","","","(544)","","","(2,078)","","","(783)"],["Other","(2,659)","","","(3,713)","","","(7,405)","","","(19,990)"],["Net income","$","63,176","","","$","47,404","","","$","113,157","","","$","17,414"]]
[[/GREPCENT_TABLE]]

First Busey Corporation (BUSE) | 2026 Q2 — 65

TABLE OF CONTENTS

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (UNAUDITED)

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:

[[GREPCENT_TABLE]]
[["","Three Months Ended June 30,","","Six Months Ended June 30,"],["(dollars in thousands)","2026","","2025","","2026","","2025"],["Pre-tax non-GAAP adjustments to net income by income/expense category"],["Net securities (gains) losses","$","(2,445)","","","$","(5,997)","","","$","(1,505)","","","$","9,771"],["Provision for credit losses","\u2014","","","4,030","","","\u2014","","","49,602"],["Salaries and employee benefits","2,045","","","11,557","","","18,169","","","27,435"],["Data processing","\u2014","","","3,964","","","80","","","6,266"],["Furniture and equipment expenses","\u2014","","","1","","","\u2014","","","1"],["Professional fees","704","","","317","","","823","","","7,611"],["Other noninterest expense","377","","","761","","","754","","","1,313"],["Total pre-tax non-GAAP adjustments to net income","$","681","","","$","14,633","","","$","18,321","","","$","101,999"],["Pre-tax non-GAAP adjustments to net income by business objective"],["Net securities (gains) losses1","$","(2,445)","","","$","(5,997)","","","$","(1,505)","","","$","9,771"],["Initial provision for credit losses2","\u2014","","","4,030","","","\u2014","","","49,602"],["Other acquisition expenses3","1,196","","","16,600","","","6,440","","","42,626"],["Restructuring expenses4","1,930","","","\u2014","","","13,386","","","\u2014"],["Total pre-tax non-GAAP adjustments to net income","$","681","","","$","14,633","","","$","18,321","","","$","101,999"]]
[[/GREPCENT_TABLE]]
___________________________________________

1.During the six months ended June 30, 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.

2.During the six months ended June 30, 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. During the three and six 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.

3.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.

4.Restructuring expenses were incurred in connection with the execution on additional synergies related to the CrossFirst acquisition and also in connection with the previously announced departure of Michael J. Maddox in the first quarter of 2026.

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.”

First Busey Corporation (BUSE) | 2026 Q2 — 66

TABLE OF CONTENTS

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (UNAUDITED)

Operating Performance Metrics

Operating performance metrics presented in the table below have been derived from information used by management to monitor and manage Busey’s financial performance:

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/314489/000031448926000013/buse-20251231.htm
Complete FY 2025 MD&A: /company/BUSE/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-26
Report date: 2025-12-31

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (UNAUDITED)

Contents of Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Unaudited) (“MD&A”)

[[GREPCENT_TABLE]]
[["SCOPE OF DISCUSSION","53"],["BUSEY\u2019S CONSERVATIVE BANKING STRATEGY","54"],["CRITICAL ACCOUNTING ESTIMATES","54"],["Fair Value of Assets Acquired and Liabilities Assumed in Business Combinations","54"],["Goodwill","55"],["Income Taxes","55"],["Allowance for Credit Losses","55"],["RESULTS OF OPERATIONS \u2014 THREE YEARS ENDED DECEMBER 31, 2025","57"],["Net Income","57"],["Non-GAAP Adjusting Items and Non-GAAP Measures","58"],["Operating Performance Metrics","59"],["Net Interest Income","59"],["Noninterest Income","67"],["Noninterest Expense","69"],["Efficiency Ratio","70"],["Income Taxes","70"],["FINANCIAL CONDITION","71"],["Balance Sheet","71"],["Investment Securities","71"],["Portfolio Loans","74"],["Deposits","83"],["Borrowings","84"],["Liquidity","85"],["Off-Balance-Sheet Arrangements","86"],["Contractual Obligations","87"],["Cash Flows","87"],["Capital Resources","88"],["NEW ACCOUNTING PRONOUNCEMENTS","88"],["EFFECTS OF INFLATION","88"]]
[[/GREPCENT_TABLE]]

SCOPE OF DISCUSSION

The following is management’s discussion and analysis of the financial condition as of December 31, 2025, and 2024, and the results of operations for the years ended December 31, 2025, 2024, and 2023, of First Busey Corporation and its subsidiaries. It should be read in conjunction with “Item 1. Business,” the Consolidated Financial Statements, and the related Notes to the Consolidated Financial Statements included in this Annual Report.

Detailed discussion and analysis of Busey’s financial condition and results of operation for 2025 as compared to 2024 can be found below. Comparison of 2024 to 2023 can be found in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” of Busey's 2024 Annual Report.

First Busey Corporation (BUSE) | 2025 — 53

Table of Contents

Contents of Item 7. MD&A

BUSEY’S CONSERVATIVE BANKING STRATEGY

Busey’s financial strength is built on a long-term conservative operating approach. The quality of Busey’s core deposit1 franchise is a critical value driver of the institution. Busey remains substantially core deposit funded, with robust liquidity. As of December 31, 2025, Busey’s loan to deposit ratio was 91.0% and core deposits1 represented 93.7% of total deposits. Furthermore, Busey has sufficient on- and off-balance sheet liquidity to manage deposit fluctuations and the liquidity needs of its customers.

Busey’s credit performance reflects its highly diversified, conservatively underwritten loan portfolio. Busey’s approach to lending and its underwriting standards are designed to emphasize relationship banking rather than transactional banking. In addition, as a matter of both policy and practice, Busey limits concentration exposures in any particular loan segment. While impacted by loans acquired as a result of the CrossFirst acquisition, asset quality remains strong by both Busey’s historical and current industry trends.

Busey’s conservative banking strategy is reflected in the strength of its capital base. Busey strives to consistently maintain capital ratios well in excess of thresholds required to be designated as well capitalized by applicable regulatory guidelines, thereby ensuring financial strength and flexibility across economic and operating cycles. At December 31, 2025, Busey’s leverage ratio of Tier 1 capital to average assets was 11.9%, its common equity Tier 1 capital to risk weighted assets ratio was 12.4%, and its total capital to risk weighted assets ratio was 15.9%.

CRITICAL ACCOUNTING ESTIMATES

Busey has established various accounting policies that govern the application of GAAP in the preparation of its Consolidated Financial Statements. Significant accounting policies are described in “Note 1. Significant Accounting Policies” in the Notes to the Consolidated Financial Statements.

Critical accounting estimates are those that are critical to the portrayal and understanding of Busey’s financial condition and results of operations and require management to make assumptions that are subjective or complex. These estimates involve judgments, assumptions, and uncertainties that are susceptible to change. In the event that different assumptions or conditions were to prevail, and depending on the severity of such changes, the possibility of a materially different financial condition or materially different results of operations is a reasonable likelihood. Further, changes in accounting standards could impact Busey’s critical accounting estimates. Management has reviewed these critical accounting estimates and related disclosures with Busey’s Audit Committee. The following estimates could be deemed critical:

Fair Value of Assets Acquired and Liabilities Assumed in Business Combinations

Business combinations are accounted for using the acquisition method of accounting. Under the acquisition method of accounting, assets acquired and liabilities assumed are recorded at their estimated fair value on the date of acquisition. Fair values are determined based on the definition of “fair value” defined in ASC Topic 820 “Fair Value Measurement” as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” The determination of fair values is based on valuations using management’s assumptions of future growth rates, future attrition, discount rates, multiples of earnings or other relevant factors. In addition, Busey engages third party specialists to assist in the development of fair values.

The fair value of a loan portfolio acquired in a business combination generally requires greater levels of management estimates and judgment than other assets acquired or liabilities assumed. Acquired loans are within the scope of ASC Topic 326 “Financial Instruments-Credit Losses.” However, the offset to record the allowance on acquired loans at the date of acquisition depends on whether or not the loan is classified as PCD. The allowance for PCD loans is recorded through a gross-up effect, while the allowance for acquired non-PCD loans is recorded through provision expense, consistent with originated loans. Thus, the determination of which loans are PCD and non-PCD can have a significant effect on the accounting for these loans.

1 Core deposits is a non-GAAP financial measure. For a reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures, see “Item 1. Business—Non-GAAP Financial Information.”

First Busey Corporation (BUSE) | 2025 — 54

Table of Contents

Contents of Item 7. MD&A

Goodwill

Goodwill represents the excess of the purchase price over the fair value of net assets acquired using the acquisition method of accounting. Goodwill is not amortized; instead, Busey assesses the potential for impairment on an annual basis or more frequently if events and circumstances indicate that goodwill might be impaired. Management applies significant judgment when testing goodwill for impairment, such as the valuation approach chosen, market multiples for competitors used in the calculation, and forecasts of business outlook.

Income Taxes

Busey is subject to the income tax laws of the U.S., as well as the tax laws of the individual states and municipalities in which the Company conducts its operations. These laws are often complex and subject to nuanced interpretations.

Income taxes are estimated for the tax effects of the transactions reported on Busey’s Consolidated Financial Statements and consist of an expense for taxes currently due plus assets and/or liabilities for deferred taxes. Deferred taxes represent the future tax consequences of differences between the tax basis and accounting basis of certain assets and liabilities, which will either be taxable or deductible when the assets and liabilities are recovered or settled. Deferred tax assets and liabilities are estimates that are reflected at income tax rates applicable to the period in which the deferred tax assets or liabilities are expected to be realized or settled. Deferred taxes are reported in other assets or other liabilities on the Consolidated Balance Sheets. Estimated income tax expense is reported on the Consolidated Statements of Income.

In establishing its provision for income taxes and its estimates of deferred tax assets and liabilities, Busey must make judgments and interpretations about the application of inherently complex tax laws. Busey must also make estimates about when in the future certain items will affect taxable income. Disputes over interpretations of the tax laws may be subject to review and adjudication by the court systems of the various tax jurisdictions or may be settled with the taxing authority upon examination or audit. Although Busey’s management believes that its judgments are sound and its tax estimates are reasonable, interpretations of tax law applied by the taxing jurisdictions could differ. As such, Busey may be exposed to losses or gains, which could be material. An unfavorable tax settlement would result in an increase in Busey’s effective income tax rate in the period of resolution. A favorable tax settlement would result in a reduction in Busey’s effective income tax rate in the period of resolution.

Allowance for Credit Losses

Busey calculates the ACL at each reporting date. Busey recognizes an allowance for the lifetime expected credit losses for the amount it does not expect to collect. Measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported book value. The calculation also contemplates that Busey may not be able to make or obtain such forecasts for the entire life of the financial assets and requires a reversion to historical credit loss information.

In determining the ACL, management relies predominantly on a disciplined credit review and approval process that extends to the full range of Busey’s credit exposure. The ACL must be determined on a collective (pool) basis when similar risk characteristics exist. On a case-by-case basis, Busey may conclude that a loan should be evaluated on an individual basis based on disparate risk characteristics.

Loans deemed uncollectible are charged-off against and reduce the ACL. A provision for credit losses is charged to current expense and acts to replenish the ACL in order to maintain the ACL at a level that management deems adequate.

First Busey Corporation (BUSE) | 2025 — 55

Table of Contents

Contents of Item 7. MD&A

Determining the ACL involves significant judgments and assumptions. Macroeconomic forecasts provided by a third party and the economic indices sourced are significant judgments used in determining the allowance. Changes in these economic forecasts could significantly affect the ACL and lead to materially different amounts from one period to the next. Additionally, prepayment assumptions impact model output. Further, Busey completes a quarterly evaluation of several qualitative factors to determine if there should be adjustments made to the ACL. These factors include economic conditions, collateral, concentrations, delinquency trends, portfolio composition, underwriting, and certain other risks. Significant downturns relating to loan quality and economic conditions could result in a requirement for an additional allowance. Likewise, an upturn in loan quality and improved economic conditions may allow for a reduction in the required allowance. Because of the nature of the judgments and assumptions made by management, actual results may differ from these judgments and assumptions.

First

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/BUSE/mda/fy2025/
All MD&A years: /company/BUSE/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/BUSE/mda/fy2024/): filed 2025-02-27; accession 0000314489-25-000041 (https://www.sec.gov/Archives/edgar/data/314489/000031448925000041/buse-20241231.htm)
- [FY 2023 MD&A](/company/BUSE/mda/fy2023/): filed 2024-02-23; accession 0000314489-24-000054 (https://www.sec.gov/Archives/edgar/data/314489/000031448924000054/buse-20231231.htm)
- [FY 2022 MD&A](/company/BUSE/mda/fy2022/): filed 2023-02-23; accession 0000314489-23-000010 (https://www.sec.gov/Archives/edgar/data/314489/000031448923000010/buse-20221231.htm)
- [FY 2021 MD&A](/company/BUSE/mda/fy2021/): filed 2022-02-24; accession 0001558370-22-001928 (https://www.sec.gov/Archives/edgar/data/314489/000155837022001928/buse-20211231x10k.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6022 State Commercial Banks) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit
- [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity

Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Consumer & credit](/thread/consumer-credit/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/BUSE.md · JSON record: /company/BUSE.json · verified financials: /company/BUSE/financials.json / /company/BUSE/financials.csv · machine TOC for the whole site: /llms.txt