Busey Q3 2026 Investor Presentation

Huse

FIRST BUSEY CORPORATION

NASDAQ:

Member FDIC

Overview of First Busey Corporation (BUSE) 4

3Q26 Review 5

Earnings Performance 6

Investment Highlights 7

Strategically Configured Regional Operating Model 8

High Quality Loan Portfolio 9

Strong Credit Quality 10

Top Tier Core Deposit Franchise 11

Net Interest Margin 12

Diversified and Significant Sources of Noninterest Income 13

Wealth Management 14-15

Focused Control on Expenses 16

Robust Capital Foundation 17

Appendix: 18

Seasoned Leadership Team 19

Purchase Accounting Projections 20

Non-GAAP Financial Information 21

$16.7 Billion

Wealth Assets Under Care 1

$18.6 Billion

Total Assets 1

A full suite of solutions provided to our clients for every stage of their business and personal life

Holding company of a 158+ year old bank Corporate headquarters in Leawood, KS

$2.5 Billion

Market Cap 1

1 Total Assets and Wealth Assets Under Care as of 9/30/26. Market cap as of 10/26/26

• One $38 million credit relationship in the Central region was moved to nonaccrual, resulting in a

  $10 million net charge-off and an $18 million specific reserve. Consequently, 3Q26 net credit provision expense increased to $9.6 million, compared to $2.2 million in 2Q26 and $3.1 million in 1Q26

• Profitability remained solid at 1.23% adj. ROAA1, a 13.25% adj. ROATCE1, and 54.4% efficiency ratio1

  3Q26 Summary Income Statement

  $ in millions

  Financial Results

  Metric 2Q26 3Q26

  Adj. Diluted EPS 1 $0.69 $0.63 Adj. Net Income to Common S/H 1 $59 million $53 million

  +0.5% QoQ

  (-0.1% ex-PAA)

  $153.2

  -1.8% QoQ

  $41.1

  +0.7% QoQ

  1.28%

  Allowance/Loans

  22.98%

  Effective Tax Rate

  $52.6

  Total Operating Revenue 1 $194 million $194 million Net Interest Margin 1 3.72% 3.58%

  Net Interest	Adj. Noninterest	Adj. Noninterest	Provision for	Income	Reversal of tax	Preferred	Adj. Net Income	Net Interest Income	$152 million	$153 million
  Income	Income¹	Expense¹	credit losses	Taxes	benefit from non-operating costs	Dividend	to Common Shareholders¹	Adj. Noninterest Income 1	$42 million	$41 million

  -$110.3 -$9.6 -$16.7 -$0.5 -$4.6

  Adj. Net Interest Margin 1 3.62% 3.46%

  Wealth management exhibits excellent performance

• Assets Under Care of $16.7 billion at 9/30/26, up $1.8 billion YoY, or 12%, as net AUC inflows across our footprint augmented rising market impact

• 3Q26 Wealth revenue of $20 million, up 15% YoY, with a pre-tax profit margin of 50.3% in 3Q26

  Capital capacity remains compelling as share repurchase initiative continues

• CET1 at 12.47%, up 14 bps YoY. Ex-AOCI, TBV per share up 3% YoY and up 7% inclusive of dividends

  shares that were outstanding at 3/31/25 and returned $258 million to shareholders via buybacks Total Assets	$18.2 billion	$18.6 billion
  Total Loans	$13.2 billion	$12.8 billion
  Total Deposits	$15.1 billion	$15.5 billion
  TBV / Share 1	$20.40	$19.37

• Since embarking on share repurchase initiative in March 2025, repurchased ~11% of the total common

  Adj. Pre-Provision Net Revenue 1 $85 million $84 million

  Adj. PPNR ROAA 1 1.90% 1.80%

  Adj. ROAA 1 1.43% 1.23%

  Adj. ROATCE 1	14.61%	13.25%
  Efficiency Ratio 1	54.0%	54.4%

  Repurchase Plan Update	Common Shares Repurchased	Average Price	$ Return to Shareholders
  FY 2025	3.06 million	$22.81	$69.9 million
  1Q26	2.62 million	$25.07	$65.6 million
  2Q26	2.34 million	$26.98	$63.1 million
  3Q26	1.97 million	$30.21	$59.6 million
  Total	9.99 million	$25.84	$258.2 million

  Sustained sequential deposit growth amid anticipated loan attrition as overall asset quality remains healthy

• Deposits increased by $409 million during 3Q26, or 11% annualized, driven by strategic efforts to grow core client deposits, and accompanied intentional runoff of

  $50 million of brokered deposits during the quarter. This followed a 2Q26 deposits increase of $393 million, 11% annualized, and loan-to-deposit ratio is now at 82.5% compared to 91.0% as of 12/31/25

• Loans declined by $373 million impacted by payoff headwinds and due to the reclassification of a ~$65 million pool of commercial lender finance loans into held for sale during 3Q26 (sale completed on 10/1/26 for a small premium). Asset quality in the overall portfolio remains healthy relative to peers with NPAs / Assets of 0.45%

  1 Non-GAAP calculations, see Appendix

  ‌Earnings Performance Adjusted Net Income & Earnings Per Common Share 1 Adjusted ROATCE & Adjusted ROAA 1

  $ in millions

  $57.4

  $60.6

  $58.6

  $59.1

  $52.6

  $0.68

  $0.69

  $0.67

  $0.64

  $0.63

  Adj. Net Income Avail. to Common S/H Adj. EPS

  2025 Q3 2025 Q4 2026 Q1 2026 Q2 2026 Q3

  Adj. ROATCE Adj. ROAA

  14.0%

  14.3%

  14.1%

  14.6%

  13.2%

  1.41%

  1.42%

  1.43%

  1.33%

  1.23%

  2025 Q3 2025 Q4 2026 Q1 2026 Q2 2026 Q3

  Tangible Common BV 1 / Share (ex-AOCI) + Dividends 2 Earnings Track Record: Adjusted EPS1 5-Year Trend

  $31.81

  $0.80

  +10% CAGR

  +$18.76

  $13.05

  $30

  $0.70

  $20

  $0.60

  $0.50

  $10

  FY 2016

  FY 2017

  FY 2018

  FY 2019

  FY 2020

  FY 2021

  FY 2022

  FY 2023

  FY 2024

  FY 2025

  2026

  Q3

  $0.40

  2021

  Q3

  2022

  Q3

  2023

  Q3

  2024

  Q3

  2025

  Q3

  2026

  Q3

  Current common stock dividend yield of 3.4%3

1 Non-GAAP calculation, see Appendix | 2 Includes cumulative dividends per share over the period | 3 Market Data for BUSE updated to close on 10/26/26

3Q26

KRE Median MRQ 3

$ in billions

Core Deposits Asset Quality Robust Capital

Total Assets $18.6 $11.6

over the last twelve months

• • Organic growth powered by an approach that brings the full capabilities of commercial, wealth, and payments to each community through local leadership and autonomy

    ratio ranging from 37%-41% in the last twelve months

• Wealth Management AUC of

  $16.7 billion at 9/30/26, up 12% YoY, supported by net new inflows including from new Western markets

  outstanding common shares and returning $258 million to shareholders

  • Executed nine strategic acquisitions over the last eleven years to enhance franchise value without unduly diluting shareholders, including the TBV-accretive acquisition of $7.5 billion asset CrossFirst in March 2025

Adj. PPNR ROAA 1 1.80 % 1.89 %

Adj. ROAA 1 1.23 % 1.39 %

Adj. ROATCE 1 13.25 % 15.06 %

Efficiency Ratio 1 54.4 % 54.9 %

Market Cap 4 $2.5 $1.8

Dividend Yield 4 3.4% 2.6 %

Price / TBV 4 1.6x 1.6x

Price / 2026E 5 11.3x 11.5x

1 Non-GAAP calculation, see Appendix | 2 3Q26 capital ratios are preliminary estimates | 3 Most recent quarter reported for KRE components as of 10/26/26 | 4 Market Data for BUSE updated to close on 10/26/26

5 Based on consensus median net income of covering analysts as of 10/26/26

$8B deposits

$5B $14B

loans AUC

Enterprise-wide sales structure is organized by region - bringing full capabilities and the complete Busey experience to each community through local leadership and autonomy

$3B

deposits $0.2B

$2B loans

AUC

$1B loans

$1B deposits

$1B loans

$1B deposits

Notes: Balances based on origination location; data as of 9/30/26

Focused on bringing the full breadth of commercial, wealth, and payments to provide a broad set of financial solutions to well-capitalized individuals and the companies they own & operate

$2B deposits

$2B loans

$3B AUC

$1B

loans

Life Equity Lending Structured Finance Energy Banking SBA Lending

Other

5%

Residential

Real Estate 16%

Real Estate Construction 8%

Total Loan Portfolio:

$12.8

Billion

Commercial &

Industrial 30%

Non-Owner-Occupied CRE 30%

Owner-Occupied CRE 11%

As of 9/30/26

Commercially-oriented portfolio is

well-diversified by sector and geographic location and conservatively underwritten with low levels of concentration

Commercial Loans /

Disciplined loan pricing remains a key enterprise-wide priority

Net New Funding Yield Loan Yield SOFR 30D (Avg)

7.06%

Total Portfolio

Classified Assets / Capital 1

100/300 Test

218% CRE

NPLs / Total Loans

6.35%

6.49%

6.23%

6.32%

6.20% 6.10% 6.03% 5.97% 5.99%

4.35%

10.6% 0.64%

4.09%

3.68% 3.63% 3.64%

KRE Mean MRQ 2 KRE Mean MRQ 2

13.0% 0.72%

9/30/25 12/31/25 3/31/26 6/30/26 9/30/26

3Q26 Loan Balances Change

Anticipated QoQ balance decline influenced by loan pool sale, and payoff headwinds that are expected to continue into 4Q26

paydown pressures in Chicagoland

East region experienced forecasted payoff and

$ in millions

+$600

+$407

-$65

+$21

(Central IL, Indy, St. Louis)

(KC, Wichita, OKC, Tulsa)

West

(AZ, CO, NM) $1,072 +$22 $1,094 8.5 %

Verticals $1,466 -$67 $1,399 10.9 %

Total Loans $13,195 -$373 $12,822 100 %

Texas region loan balances pressured by payoff headwinds during the quarter. Also reclassified a

~$65 million pool of lender finance commercial loans into held for sale, then completed sale on October 1 for an expected small gain in 4Q26

West region produced growth of 2% QoQ; driven by production from new hires and existing teams in Phoenix and Denver markets

Life Equity Lending continued to provide strong loan production that partially offset declines in other verticals

-$400

New Loan Production

Net Line of Credit Draws

Lender Finance Loan pool moved to held for sale

-$143

Payoffs⁴ Amortization

1 Capital is Busey Bank Tier 1 Capital (preliminary estimates) + Allowance for credit losses | 2 Most recent quarter reported for KRE components as of 10/26/26 | 3 Based on loan origination

4 Includes $11.4 million of net charge-offs, which represent an immaterial percentage of other payoffs

• Our conservative approach to credit risk management has resulted in a continued legacy of strong and stable credit quality

• Loans 90+ days past due and still accruing of $0.7 million at 9/30/26, or 0.01% of total loans, and loans 30-89 days past due represent 0.13% of total loans

• OREO and repossessed asset balances total $2.0 million at 9/30/26

• NPAs increased by $13.3 million QoQ, primarily due to one

  $37.6 million commercial relationship in the Central region that had previously been risk rated special mention. Due to emerging circumstances, the relationship was moved to nonaccrual status, incurred a partial charge-off of $10.0 million, and was allocated an individual reserve of $17.8 million against the remaining $27.6 million balance at 9/30/26. As a result, 3Q26 net credit provision expense increased to $9.6 million, compared to $2.2 million in 2Q26.

  • Excluding the $10.0 million charge-off related to this one credit relationship, NCOs would have been 0.04% in 3Q26

    Net Charge-Offs / Average Loans (Annualized) 1

    Nonperforming Assets / Total Assets

    $ in millions

    Busey KRE Mean

    0.52%

    0.40%

    0.45%

    0.39%

    0.32%

    0.28%

    0.19%

    0.55% 0.57% 0.58%

    0.06%

    2023 YE 2024 YE 2025 YE 2026 Q1 2026 Q2 2026 Q3

    BUSE NPAs

    $7.9

    $23.3

    $58.1

    $49.9

    $70.3

    $83.6

    Allowance / Loans

    $ in millions

    Busey KRE Mean

    Busey KRE Mean

    0.32%

    0.26%

    0.23%

    0.26%

    0.35%

    1.22%

    1.28%

    1.26%

    1.24%

    1.28%

    0.17% 0.17%

    0.22%

    0.19%

    1.20%

    1.24% 1.23% 1.23% 1.22%

    1.08%

    2025 Q3 2025 Q4 2026 Q1 2026 Q2 2026 Q3

    2023 YE 2024 YE 2025 YE 2026 Q1 2026 Q2 2026 Q3

    BUSE NCOs

    $5.8

    $5.8

    $7.4

    $6.4

    $11.4

    • Reserves + purchase accounting marks / loans = 1.84%

    • Allowance to Nonperforming Loans coverage of 2.01x

      1 Average loans was calculated as the average of the ending portfolio loan balances over the most recent four quarters

      ‌Top Tier Core Deposit Franchise Deposit Portfolio Composition

      As of 9/30/26

      Low Cost, Granular Deposit Base with an Efficient Branch Footprint

      34%

      % of Total Deposits priced at 1 bp or less

Interest-bearing 22.8%

Noninterest-bearing 22.1%

Total Deposits:

$15.5

Savings & Money Market 39.6%

Time

>250k 5.9%

Time

<250k 9.5%

Brokered 0.1%

$ in millions

+$802 million, or 5%, over last 2 quarters

Total Deposits Total Cost of Deposits

1.81%

$14,736

1.91%

$14,906

1.80%

$15,129

$15,070

2.15%

1.93%

$15,538

Balances ($ millions)

Weighted Average Rate

$755 $1,224

$315

3.5 %

3.4 %

3.8 %

• New CD production in 3Q26 had a weighted-average term of 9.2 months and a weighted-average rate of 3.5%

  2025 Q3 2025 Q4 2026 Q1 2026 Q2 2026 Q3

  • Spot total cost of deposits was 1.97% at 9/30/26, compared to spot cost of 1.87% at 6/30/26 and 3Q26 total average cost of deposits of 1.93%

1 Non-GAAP calculation, see Appendix

Net Interest Income Trend $ in millions Net Interest Margin Trend 1

Net Interest Income ex-PAA

Purchase Accounting Accretion

Earning Assets Cost of Funds NIM

$155.1 $157.6 $154.0 $152.4 $153.1

5.63% 5.63% 5.53% 5.47% 5.43%

Note: Company Purchase Accounting Schedule in appendix

Continue to benefit from the substantial amount of low-yield loans and securities rolling off into higher-yield products

Scheduled Maturities / Repricing of Fixed Rate Loans

• As expected, -12 bps in NIM decline was due to higher cash balances during the quarter as a result of recent significant success in growing deposits (average cash balances of $689 million during 3Q26 compared to $124 million during 2Q26). Expect NIM to modestly improve in 4Q26.

• Nonaccrual-related interest income reversals during 3Q26 pressured NII by

  -$0.6 million, and NIM by -2 bps

• Purchase Accounting Accretion contribution to NII increased by $1.0 million

  Balances ($ millions)

  Weighted Average Rate

  4.9 %

  5.0 %

  5.3 %

  4Q26 2027 2028

Roll-off of Securities

Roll-off Cash Flow

$389 $992 $679

Approximate Roll-off Yield

3.4 %

3.4 %

3.7 %

QoQ due to higher than expected payoffs of discount marked loans, while ex-PAA net interest income was relatively stable, down -0.1%

($ millions) $90 $342 $374

1 Tax-equivalent adjusted amounts; Non-GAAP, see Appendix

2 Based on a static balance sheet that is projected over one- and two-year time horizons, with net interest income calculated under current market rates assuming permanent instantaneous shifts

$ in millions

21.2%

As a percentage of

Adj. Nonint. Inc. Net Interest Income Adj. Nonint. Inc./Op. Rev.

79.2%

Wealth +

Payments/Treasury Management + Capital Markets

As a percentage of

$196.7

$155.1

$200.9

$157.6

$197.2

$154.0

$194.3

$152.4

$194.3

$153.1

21.1%

21.6%

21.9%

21.6%

21.2%

$41.5

$43.4

$43.2

$41.9

$41.1

2025 Q3 2025 Q4 2026 Q1 2026 Q2 2026 Q3

$ in thousands

Noninterest Income Detail

2025 Q3

YoY Change

% of Total

2026 Q3 (Adj.)

Payment Technology Solutions includes lockbox/ACH payment processing, merchant services, online payments, and other electronic payments

Treasury Management Services includes commercial cash management services, wires, and other commercial business service charges

Capital markets team built out in 2H25 and includes directors of derivatives, syndications, and international banking. Capital markets income is tied to loan

production and to a certain extent, volatility of interest rates.

3Q26 Card Services line item includes $1.2 million of interchange fees from corporate credit cards that are managed by Treasury Management team

YoY decrease in other noninterest income is primarily due to a large positive other asset valuation that occurred in 3Q25; these other asset valuations will typically fluctuate. Additionally, 3Q26 other noninterest income was negatively impacted by $0.7 million due to reclassifying a pool of lender finance commercial loans into held for sale, which triggered a lower-of-cost-or-market adjustment, primarily attributable to the purchase premium assigned to these loans at the CrossFirst acquisition.

1 3Q26 adjusted noninterest income contributed 21.2% of total operating revenue (excludes net securities gains)

279.2% of 3Q26 adjusted noninterest income is contributed by wealth management fees, wealth management referral income included in other noninterest income, payment technology solutions revenue, revenue lines managed by treasury management division (treasury management services revenue and corporate credit card interchange), and capital markets

3 Non-GAAP calculation, see Appendix | 4 Approximately $0.2 million and $0.1 million of Other Noninterest Income was attributable to the wealth segment in 2Q26 and 3Q26, respectively

$16.7 Billion Assets Under Care $77.9 Million LTM Revenue 1 48.5% LTM PT Margin 2

2025 Q3 2025 Q4 2026 Q1 2026 Q2 2026 Q3

2025 Q3 2025 Q4 2026 Q1 2026 Q2 2026 Q3

Integrated comprehensive capabilities to serve Personal & Institutional Clients

Typical seasonal revenue declines from Tax & Financial Planning and Ag Services, and lower Estate Settlement results in slight overall Wealth

revenue decline, despite core Trust/Agency revenue increasing 7% QoQ

1 Wealth Management segment | 2 1Q26 wealth management pre-tax income is adjusted to exclude non-operating expenses

Nearly 160 year-old firm with an uncompromised commitment to always act in the best interest of our clients, guiding decisions on what matters most and building a path to multigenerational success

Large Advisory Firms

Client accessibility to team can be limited due to large spread of client base

Service can become standardized as focus shifts to scalability & driving growth

Comprehensive wealth platform covering all primary services

Access to varied solutions providing optionality for specific client needs

Enterprise-wide team collaborating to develop the best solutions for the client; seamless interconnectivity with bank services

Personalized client prospecting and relationship management programs with scalability

Flat nature of Proactive client organization allows engagement with a for access to tailored, client-decision-makers focused approach

Firm continuity may depend heavily on the investment expertise of a few key professionals

Variety of solutions likely to be limited due to resource constraints

Boutique Investment Firms

INVESTMENT MANAGEMENT FINANCIAL PLANNING

TAX PLANNING & PREPARATION PRIVATE CLIENT

TRUST SERVICES LEGACY PLANNING AG SERVICES

HOUSEHOLD OPERATIONS

Fully Internalized Investment Office

Experienced & credentialed team using specialized research and analysis to develop adaptive, tax efficient investment strategies

Core satellite portfolios have produced outperformance vs. benchmarks1 in 1-Year, 3-Year, 5-Year, and 7-Year measurement periods

1 Busey Wealth Management's blended portfolio returns vs. blended benchmark of 60% MSCI All-Country World Index and 40% Bloomberg Intermediate Govt/Credit Index

61.8%

60.2%

58.7%

55.3%

54.8%

55.0%

54.8%

54.0%

54.4%

2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1 2026 Q2 2026 Q3

• Company priority to continue delivering positive operating leverage over the long run: Positive operating leverage of 1.2% year-to-date

  • Expense discipline offset headwinds from loan contraction

  • Adjusted NIE (including amortization of intangibles) increased 0.7% QoQ

• Continue to be mindful and diligent on expenses, focused on employing the best talent and deploying a best-in-class product set to position the company for efficient future growth

  • Operating revenue1 per employee is $107k at 9/30/2026

    compared to $78k at 12/31/2024, up 38% since 12/31/2024

  • Expect 4Q26 adjusted NIE of $113-$114 million

• Successfully delivered significant cost synergies since acquisition of CrossFirst Bankshares on 3/1/2025

$ in millions 2025 Q3 2025 Q4 2026 Q1 2026 Q2 2026 Q3

QoQ

% of

Other NIE $18.3 -1.6% $18.0 16.3 %

1 Non-GAAP, see Appendix | Note: Certain totals above may not tie exactly due to rounding. Detail amounts can be found in Non-GAAP table within Appendix

$ in millions

$ in millions

TCE TCE Ratio

Common Equity Tier 1 CET1 Ratio Min + Buffer Ratio

$1,908

$1,836

12.3%

12.5%

7.0%

$1,859

12.5%

$1,880

12.3%

12.4%

$1,920

8.7%

$1,574

9.6%

$1,697

9.8%

$1,722

10.1%

$1,773

9.9%

$1,748

AOCI declined

$101 million in 3Q26 vs. 2Q26,

contributing to the majority of the decline in the TCE Ratio

2025 Q3 2025 Q4 2026 Q1 2026 Q2 2026 Q3

2025 Q3 2025 Q4 2026 Q1 2026 Q2 2026 Q3

Adjusted Common Stock Payout Ratio 3 Consolidated Capital as of 9/30/26 2

Dividend Payout Ratio Payout Ratio with Dividends & Share Repurchases

$ in millions

Common Equity

Tier 1 Capital

Total Capital

150%

151%

155%

Tier 1 Ratio

Ratio

Ratio

Excess over Well Cap. Min. with Buffer

$805

$807

$825

100%

Minimum Well Capitalized with Capital Buffer

7.0 % 8.5 % 10.5 %

Amount of Capital $1,836 $2,059 $2,372

144%

86%

63%

50%

-%

39% 37% 39% 37% 41%

2025 Q3 2025 Q4 2026 Q1 2026 Q2 2026 Q3

Well Capitalized Minimum with Buffer

$1,031 $1,252 $1,547

1 Non-GAAP calculation, see Appendix | 2 3Q26 capital ratios are preliminary estimates

3 Common dividends and share repurchases during period divided by adjusted net income available to common shareholders during period

‌FIRST BUSEY CORPORATION

Se

Van A. Dukeman

Chairman, President & CEO, First Busey Corp. Chairman & CEO, Busey Bank

Amy L. Randolph

Chief Operating Officer

25%

100%

25%

Relative Operating ROAA vs. Proxy Peer Group

Relative TBV growth ex-AOCI plus cumulative dividends and share repurchases vs. Proxy Peer Group

Total

50%

Long-term incentives

Relative Total Shareholder Return vs. KRE constituents

100%

Total

5%

Regulatory Ratings

10%

Core Deposit Growth

20%

Fee Revenue from Wealth Mgmt., Payment Technology Solutions, Treasury Mgmt., and Capital Markets

25%

Asset Quality vs. Proxy Peer Group

40%

Short-term incentives

Operating EPS

Executive compensation reinforces

corporate priorities and is aligned with driving long-term shareholder value

Weighting

2026 Executive Compensation Performance-Based Measures

Has served as Chairman & CEO of First Busey since 2007 and became Chairman of the Board effective July 2020. Offers 40 years of diverse financial services experience and extensive board involvement with a conservative operating philosophy and management style that focuses on Busey's associates, customers, communities and shareholders.

Joined Busey in 2008 and has nearly 30 years of financial and leadership experience. Oversees various areas at Busey and its subsidiaries, including human resources, corporate communications, executive administration, marketing, the overall Busey experience, enterprise and strategic projects, as well as consumer and digital banking. Prior to Busey, Amy worked for 10+ years with CliftonLarsonAllen LLP.

Chris H.M. Chan

Chief Financial Officer

Monica L. Bowe

Chief Risk Officer

Joined Busey in September 2025. Oversees various areas at Busey and its subsidiaries-including accounting and corporate reporting, financial planning and analysis, budgeting and forecasting, artificial intelligence, capital management, treasury, specialty finance and community investments, corporate development and investor relations. Chris previously served as Chief Strategy Officer at First National Bank, the largest subsidiary of F.N.B. Corporation.

Amy J. Fauss

Chief Information & Technology Officer

Joined Busey in March 2025 with the CrossFirst Bankshares merger and oversees various areas at Busey and its subsidiaries, including all information technology and business services and systems, service support, enterprise lending services, enterprise deposits and payments, and facilities. Previously, Amy held multiple executive leadership roles with CrossFirst Bank, most recently serving as Chief Operating Officer.

Chip Jorstad

Chief Credit Officer

Joined Busey in 2011 and has over 20 years of experience in the financial services industry. Chip oversees all aspects of credit administration at Busey Bank, including commercial and consumer credit, portfolio monitoring and special assets. Before being named Chief Credit Officer in 2025, he held the roles of President of Credit and Bank Administration, Co-Chief Banking Officer, and Regional President for Commercial Banking.

Joined Busey in January 2020 with over 25 years of financial leadership experience, including a 16-year tenure with KeyCorp. Oversees various areas at Busey and its subsidiaries, including enterprise, operational and third-party risk management, compliance, fair and responsible banking, vendor management, model risk, business continuity and information security.

Tony Hammond

President, Busey Bank

Joined Busey in May 2025. Oversees Busey's regional operating sales and revenue model which includes all commercial, wealth, treasury management, payments and specialty business units. Tony has two decades of commercial banking experience-including serving as Head of Commercial and Middle Market Banking at HTLF and senior leadership roles at Arizona Bank & Trust, Johnson Bank and BOK Financial-with a track record of consistently leading high-performing teams, growing market share and attracting top talent across the industry.

Michael A. Peluso

General Counsel

Joined Busey in 2015 and served as Assistant General Counsel and then Deputy General Counsel prior to assuming his current role in 2026. Prior to joining Busey, Mike began his legal career in the Global Finance group of Sidley Austin LLP in Chicago. He earned a Bachelor of Arts from Cornell University and his Juris Doctor with honors, Order of the Coif, from the University of Chicago Law School.

Projections

4Q26

1Q27

2Q27

3Q27

4Q27 Thereafter

($ in thousands)

Actuals

Accretion/Amortization Impact Item

FY 2025

1Q26

2Q26

3Q26

Estimated accretion schedule of loan discounts based on anticipated cash flow. These projections include remaining purchase accounting impact from all prior M&A transactions.

This presentation contains certain financial information determined by methods other than U.S. Generally Accepted Accounting Principles ("GAAP"). Management uses these non-GAAP measures, together with the related GAAP 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 items and provide additional perspective on Busey's performance over time.

Included in the Appendix are tables that present reconciliations between these non-GAAP measures and what management believes to be the most directly comparable GAAP financial measures.

These non-GAAP disclosures have inherent limitations and are not audited. They should not be considered in isolation or as a substitute for operating 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 statutory rates, estimated federal income tax rates, or effective tax rates, as noted in the tables below.

Calculation of Adjusted Net Income and Adjusted Diluted Earnings Per Common Share

Three Months Ended Nine Months Ended

1. 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.

2. 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.

3. 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.

4. 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.

Calculation of Return On Average Assets, Return On Average Tangible Common Equity, and Related Adjusted Return Measures

Three Months Ended Nine Months Ended

163,439

179,833 $

60,662 $

62,271 $

55,722 $

$

[d]

Adjusted tangible net income available to common stockholders (Non-GAAP)

Return on average tangible common equity (Non-GAAP)3, 4

[b÷f]

12.93 %

14.49 %

12.72 %

12.82 %

6.35 %

Tangible net income available to common stockholders (Non-GAAP)

[b]

$

54,369 $

61,760 $

55,264 $

164,739 $

78,163

(dollars in thousands)

September 30,

2026

June 30,

2026

September 30,

2025

September 30,

2026

September 30,

2025

Amortization of intangible assets

4,151

4,232

4,507

12,674

12,182

Preferred dividends

(4,589)

(4,590)

(5,131)

(13,768)

(5,286)

Amortization of intangible assets

4,151

4,232

4,507

12,674

12,182

Preferred dividends

(4,589)

(4,590)

(5,131)

(13,768)

(5,286)

Return on average assets (Non-GAAP)3

[a÷e]

1.20 %

1.42 %

1.21 %

1.25 %

0.57 %

Average goodwill and other intangible assets, net

(469,792)

(474,043)

(486,625)

(474,207)

(464,316)

Net income (GAAP) [a] $ 55,845 $ 63,176 $ 57,098 $ 169,002 $ 74,512

Average tangible common equity (Non-GAAP) [f] $ 1,668,772 $ 1,709,247 $ 1,724,086 $ 1,717,676 $ 1,644,730

Average common equity $ 2,138,564 $ 2,183,290 $ 2,210,711 $ 2,191,883 $ 2,109,046

Adjusted return on average assets (Non-GAAP)3 [c÷e] 1.23 % 1.43 % 1.33 % 1.36 % 1.22 %

Average total assets [e] $ 18,470,939 $ 17,887,097 $ 18,662,449 $ 18,140,923 $ 17,534,644

Tax effect of amortization of intangible assets1 (1,038) (1,058) (1,210) (3,169) (3,245)

Adjusted net income (Non-GAAP)2 [c] $ 57,198 $ 63,687 $ 62,496 $ 184,096 $ 159,788

Tax effect of amortization of intangible assets1 (1,038) (1,058) (1,210) (3,169) (3,245)

Adjusted return on average tangible common

equity (Non-GAAP)3, 4 [d÷f] 13.25 % 14.61 % 13.96 % 14.00 % 13.29 %

1. 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.

2. A reconciliation is provided on the previous table.

3. Annualized measure.

4. 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 Nine Months Ended

Adjusted net interest margin (Non-GAAP)2 [b÷c] 3.46 % 3.62 % 3.45 % 3.57 % 3.30 %

1. Tax-equivalent adjustments were calculated using an estimated federal income tax rate of 21%, applied to non-taxable interest income on investments and loans.

2. Annualized measure.

Calculation of Pre-Provision Net Revenue and Related Measures

Three Months Ended Nine Months Ended

Adjusted pre-provision net revenue to average total

assets (Non-GAAP)1 [b÷c] 1.80 % 1.90 % 1.78 % 1.87 % 1.67 %

1. Annualized measure.

Calculation of Efficiency Ratio

Three Months Ended Nine Months Ended

(Non-GAAP)

Efficiency ratio (Non-GAAP)5

[f÷e]

54.41 %

53.96 %

54.85 %

54.39 %

56.04 %

1. Tax-equivalent adjustments were calculated using an estimated federal income tax rate of 21%, applied to non-taxable interest income on investments and loans.

2. 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.

3. 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.

4. 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.

5. 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

September 30,

June 30,

September 30,

Calculation of Core Deposits and Related Ratio

As of

September 30,

June 30,

September 30,

Core deposits (Non-GAAP) [b] $ 14,607,424 $ 14,172,348 $ 14,137,352 Core deposits to total deposits (Non-GAAP) [b÷a] 94.01 % 93.68 % 93.81 %