First Busey Corporation · NASDAQ:BUSE
First Busey — Merger or Acquisition (August 2024)
30 slides from First Busey's merger presentation, Aug 27, 2024
Slide 1: Transformative Partnership with CrossFirst Bankshares, Inc.
NASDAQ: BUSE NASDAQ: CFB INVESTOR PRESENTATION Transformative Partnership with CrossFirst Bankshares, Inc. August 27, 2024 CREATING A PREMIER AND DIFFERENTIATED COMMERCIAL BANKING FRANCHISE Members FDIC
Slide 2: Combined Company Profile
Merger Investor Presentation First Busey Corporation | Ticker: BUSE 2 Combined Company Profile Projected Balance Sheet Highlights at Close ~ $20 Billion Total Assets ~ $17 Billion CREATING A PREMIER AND DIFFERENTIATED Total Deposits COMMERCIAL BANKING FRANCHISE ~ $15 Billion Total Loans ~ $13 Billio
Slide 3: Transaction Rationale
Merger Investor Presentation First Busey Corporation | Ticker: BUSE 3 Transaction Rationale • Combines Busey’s low-cost funding base and high-quality commercial portfolio with CrossFirst’s attractive markets and commercial loan engine • With $20B+ in assets, the combined organization is expected to
Slide 4: Pro Forma Loan & Deposit Distribution
Merger Investor Presentation First Busey Corporation | Ticker: BUSE 4 Pro Forma Loan & Deposit Distribution PRO FORMA Based on 6/30/24 financials Improved loan production & yields across a well-diversified combined portfolio OO CRE, 12% NOO CRE, 28% OO CRE, 11% NOO CRE, OO CRE, 9% 30% Loans 1-4 Fami
Slide 5: Combined Management Team
Merger Investor Presentation First Busey Corporation | Ticker: BUSE 5 Combined Management Team Van Dukeman Mike Maddox Executive Chairman & CEO, First Busey President & Executive Vice Chairman, First Busey Chairman, Busey Bank CEO, Busey Bank Jeff Jones Amy Randolph Amy Fauss Randy Rapp Chief Financ
Slide 6: Complementary Strengths
Merger Investor Presentation First Busey Corporation | Ticker: BUSE 6 Complementary Strengths BUSEY’S LOW-COST DEPOSIT BASE CROSSFIRST’S STRONG COMMERCIAL LOAN ENGINE IN ATTRACTIVE GROWTH MARKETS Busey Historical Cost of Deposits, 2015 - 2Q24 1 CrossFirst Loan Growth since 2019 $6.3B $6.1B $5.4B $4.
Slide 7: Combined Markets Ripe for Commercial & Wealth Growth
Merger Investor Presentation First Busey Corporation | Ticker: BUSE 7 Combined Markets Ripe for Commercial & Wealth Growth 7 1 Market GDP as of 2022 | Note: Does not include markets with populations under 500,000 | Source: S&P Capital IQ Pro; Census.gov; BEA.gov
Slide 8: Due Diligence Overview
Merger Investor Presentation First Busey Corporation | Ticker: BUSE 8 Due Diligence Overview Due Diligence Focus Areas Due Diligence Process • Comprehensive due diligence performed over multiple months by 60+ members across the respective management teams of Busey and Regulatory Credit CrossFirst Co
Slide 9: Deal Overview
Merger Investor Presentation First Busey Corporation | Ticker: BUSE 9 Deal Overview • CrossFirst Bankshares, Inc. (CFB) merges into First Busey Corporation (BUSE) in a 100% stock-for-stock exchange Transaction Structure • Post-closing, CrossFirst Bank merges into Busey Bank • Operating under Busey b
Slide 10: Key Assumptions and Pro Forma Financial Impacts
Merger Investor Presentation First Busey Corporation | Ticker: BUSE 10 Key Assumptions and Pro Forma Financial Impacts • Earnings projections for BUSE and CFB based on consensus estimates through 2025, then 5% growth thereafter Earnings • Many revenue synergies identified but not modeled into pro fo
Slide 11: Pro Forma Earnings Power
Merger Investor Presentation First Busey Corporation | Ticker: BUSE 11 Pro Forma Earnings Power Estimated Earnings Adjustments ($ millions) 2025 2026 (assumes 3/31/25 close) -$1 -$1 -$1 -$2 $25 $28 $15 $20 $62 $84 $236 $273 $137 $144 Cost Durbin Cost Durbin BUSE CFB 1 Pro BUSE CFB Pro Savings FMV 2
Slide 12: Robust Capital Foundation
Merger Investor Presentation First Busey Corporation | Ticker: BUSE 12 Robust Capital Foundation BUSE CFB Pro 3/31/2025 3/31/2025 Forma 1 Consolidated Leverage Ratio 2 11.2% 10.2% 9.6% CET1 Ratio 13.4% 10.5% 11.0% Tier 1 Ratio 2 14.2% 10.6% 11.1% TRBC Ratio 17.5% 11.7% 14.1% Bank Level Leverage Rati
Slide 13: Positioned for Upside
Merger Investor Presentation First Busey Corporation | Ticker: BUSE 13 Positioned for Upside Pro Forma Peers 1 Pro Forma Above Peer Estimates Median? Median 75th Percentile 2025Y Profitability 2 Core ROAA 1.28% 1.10% 1.28% Core ROATCE 15.4% 14.1% 16.4% Net Interest Margin 3.47% 3.18% 3.81% Efficienc
Slide 14: Integration Planning
Merger Investor Presentation First Busey Corporation | Ticker: BUSE 14 Integration Planning TRACK RECORD OF SUCCESS REGIONAL OPERATING MODEL INFRASTRUCTURE IN PLACE First Busey invested significantly into technology, Busey successfully integrated seven whole bank CrossFirst would be integrated into
Slide 15: Associate Benefits
Merger Investor Presentation First Busey Corporation | Ticker: BUSE 15 ASSOCIATE BENEFITS Busey named among America’s CrossFirst Bank was recognized by Best Banks by Forbes for the third Newsweek as one of America’s Best consecutive year in 2024 Regional Banks in 2024 4.3 / 5 90+% 4.4 / 5 ENGAGEMENT
Slide 16: Customer Benefits
Merger Investor Presentation First Busey Corporation | Ticker: BUSE 16 CUSTOMER BENEFITS 56.5 47.0 NET PROMOTER SCORE NET PROMOTER SCORE Busey earned a Net Promoter CrossFirst earned a Net Promoter Score (NPS) of 56.5 in 2023, Score (NPS) of 47.0 in 2024, significantly above industry significantly a
Slide 17: Community Benefits
Merger Investor Presentation First Busey Corporation | Ticker: BUSE 17 COMMUNITY BENEFITS 3,207+ 100+ ORGANIZATIONS COMBINED SERVICE HOURS BENEFITTED CrossFirst Associates & Team Busey contributed Over 100 nonprofit organizations and charitable over 3,207 Community Reinvestment Act causes benefitted
Slide 18: Appendix
Appendix Busey FIRST BUSEY CORPORATION
Slide 19: Pro Forma Earnings Accretion Reconciliation
Merger Investor Presentation First Busey Corporation | Ticker: BUSE 19 Pro Forma Earnings Accretion Reconciliation Illustrative Fully Phased-In Earnings Accretion (Assumes 3/31/25 close) Adjusted 1 Unadjusted ($ millions except for per share figures) 2025Y 2026Y 2025Y 2026Y BUSE Earnings $ 136.9 $ 1
Slide 20: Company Profiles
COMPANY PROFILES For additional information on First Busey Corporation: ir.busey.com For additional information on CrossFirst Bankshares: investors.crossfirstbankshares.com
Slide 21: Overview of First Busey Corporation
Merger Investor Presentation First Busey Corporation | Ticker: BUSE 21 Overview of First Busey Corporation (NASDAQ: BUSE) Business Banking Personal Banking Wealth Management 155+ year old financial institution headquartered Regional in Champaign, IL Payment Tech Solutions operating Regional model se
Slide 22: Busey's Regional Operating Model
Merger Investor Presentation First Busey Corporation | Ticker: BUSE 22 Busey’s Compelling Regional Operating Model Integrated enterprise-wide go-to-market strategy focused on combining the power of commercial & wealth to provide a broad set of financial solutions to well-capitalized individuals and
Slide 23: Busey's Fully Integrated Wealth Platform
Merger Investor Presentation First Busey Corporation | Ticker: BUSE 23 Busey’s Fully Integrated Wealth Platform $13.0 Billion $60.0 Million 42.9% As of 6/30/24 Assets Under Care Revenue LTM 1 PT Margin LTM Wealth Client Segments PERSONAL SERVICES INSTITUTIONAL SERVICES ▪ Uniquely positioned with abi
Slide 24: Busey's Pristine Credit Quality
Merger Investor Presentation First Busey Corporation | Ticker: BUSE 24 Busey’s Pristine Credit Quality NPAs / Assets $ in millions ▪ Conservative underwriting leads to pristine credit quality ▪ CRE factors of DSCR, Debt Yield, & LTV stressed for effective gross income decline and interest & cap rate
Slide 25: Busey's Granular, Stable Deposit Base
Merger Investor Presentation First Busey Corporation | Ticker: BUSE 25 Busey’s Granular, Stable Deposit Base Long-tenured Deposit Relationships that are very granular Customers with Account Balances totaling $250K+ As of 6/30/24 Retail Commercial 2024 Q2 Number of Accounts 256,000+ 33,000+ Number of
Slide 26: CrossFirst Overview & Investment Highlights
Merger Investor Presentation First Busey Corporation | Ticker: BUSE 26 CrossFirst Overview & Investment Highlights Total Assets – $7.6 billion Total Deposits - $6.7 billion The CrossFirst Story • Since 2012, total assets • DDA represents 14% of total compound annual growth deposits • Began de novo o
Slide 27: CrossFirst's Diverse Loan Portfolio
Merger Investor Presentation First Busey Corporation | Ticker: BUSE 27 CrossFirst’s Diverse Loan Portfolio Non-Owner-Occupied CRE by Segment Office Portfolio Statistics Industrial, 22% Consumer, 1% • $286 million, 4.5% of total loans Energy, Multi-Family, 17% • Avg. loan size ~$6.3 million 4% • Larg
Slide 28: CrossFirst's Asset Quality
Merger Investor Presentation First Busey Corporation | Ticker: BUSE 28 CrossFirst’s Asset Quality Classified Loans / Capital + ACL + RUC 1 NPAs / Total Assets 15.8% 14.8% 0.50% 14.0% 13.3% 0.34% 9.6% 0.27% 0.22% 0.19% Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 NC
Slide 29: Forward-Looking Statements
Merger Investor Presentation First Busey Corporation | Ticker: BUSE 29 Forward-Looking Statements Special Note Concerning Forward-Looking Statements This presentation includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the
Slide 30: Additional Financial Information
Merger Investor Presentation First Busey Corporation | Ticker: BUSE 30 Additional Financial Information Additional Information and Where to Find It In connection with the proposed transaction, Busey will file a registration statement on Form S 4 with the SEC. The registration statement will include