Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☑ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Period Ended June 30, 2022 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File No. 0-15950 FIRST BUSEY CORPORATION (Exact name of registrant as specified in its charter) Nevada 37-1078406 (State or other jurisdiction of incorporation or organization) ...

| --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|-------|-------|-------|----------------------------------------------------| | | | | | | | | | | | | | | | | | | | | | | | | | | July 26, 2022 2Q22 QUARTERLY EARNINGS SUPPLEMENT | | | | | | | | | | Special Note Concerning Forward-Looking Statements Statements made in this document, other than those concerning historical financial information, may be considered forwardlooking statements within the meaning of the Private Secur ...

1Q22 QUARTERLY EARNINGS SUPPLEMENT April 26, 2022 busey.com Member FDI Special Note Concerning Forward-Looking Statements Statements made in this document, other than those concerning historical financial information, may be considered forwardlooking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance, and business of the Company. Forward-looking statements, which may be ba ...

Financial Performance - First Busey reported net income of $28.439 million for the three months ended March 31, 2022, compared to $29.926 million for the previous quarter and $37.816 million for the same period last year [196]. - Diluted earnings per common share were $0.51 for Q1 2022, down from $0.53 in Q4 2021 and $0.69 in Q1 2021 [196]. - Adjusted net income for Q1 2022 was $29.104 million, compared to $34.277 million in Q4 2021 and $38.065 million in Q1 2021 [196]. - Noninterest income totaled $35.8 million, reflecting a 13.8% increase from $31.4 million in the same period last year [217]. - Wealth management fees increased by 25.4% to $15,779 compared to $12,584 in the prior year [217]. - The efficiency ratio was 63.0% for the three months ended March 31, 2022, compared to 54.7% for the same period in 2021 [234]. Asset and Deposit Growth - Average interest-earning assets increased by 20.0% to $11,703,947 compared to $9,752,294 in the previous year [209]. - Total average deposits rose by 21.7% to $10,617,438 from $8,722,458 year-over-year [209]. - Total deposits decreased by 1.6% to $10.6 billion as of March 31, 2022, compared to $10.8 billion as of December 31, 2021 [264]. Loan Portfolio - Portfolio loans, net increased by 1.2% to $7.18 billion as of March 31, 2022, compared to $7.10 billion as of December 31, 2021 [239]. - The loan to deposit ratio was 68.7% as of March 31, 2022 [213]. - Core loans reached $7,241,104 in March 2022, up from $7,114,040 in December 2021, while portfolio loans increased to $7,272,873 [298]. - Excluding PPP loans, commercial balances increased by $80.3 million since December 31, 2021 [252]. Non-Performing Loans and Credit Quality - Non-performing loans are classified based on payment obligations, with management actively monitoring loan performance [255]. - Non-performing loan balances decreased by 24.7% to $12.7 million as of March 31, 2022, compared to $16.9 million as of December 31, 2021 [259]. - The Allowance for Credit Losses (ACL) was $88.213 million as of March 31, 2022, with a ratio of ACL to portfolio loans at 1.21% [257]. - The ACL to non-performing loans ratio improved to 695.41% as of March 31, 2022, compared to 521.52% as of December 31, 2021 [259]. Interest Income and Margin - The net interest margin decreased to 2.45% from 2.72% year-over-year [210]. - Net interest income for March 31, 2022, was $70,056 thousand, a slight decrease from $70,508 thousand for the three months ended December 31, 2021 [289]. - Reported net interest margin for March 31, 2022, was 2.45%, an increase from 2.36% in the previous quarter [289]. Operational Changes and Acquisitions - The company completed the acquisition of CAC, enhancing its operational capabilities and resetting the baseline for future financial performance [195]. - Non-operating pre-tax adjustments for Q1 2022 included $0.8 million in acquisition-related expenses [198]. Economic and Market Conditions - The company anticipates potential impacts from economic factors such as inflation, supply chain constraints, and changes in interest rates [300]. - The interest rate risk affecting First Busey is primarily due to movements in interest rates, with minimal impact from foreign currency exchange rate risk and commodity price risk [316]. Accounting and Financial Reporting - The company has established critical accounting estimates that may affect financial condition and results of operations, which are reviewed with the Audit Committee [302]. - Goodwill represents the excess of purchase price over the fair value of net assets acquired, and is assessed for impairment annually [310].

Table of Contents 7 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 0-15950 FIRST BUSEY CORPORATION (Exact name of registrant as specified in its charter) Nevada 37-1078406 (State or other jurisdiction of incorporation of organizatio ...

[Part I - Financial Information](index=4&type=section&id=Part%20I%20-%20FINANCIAL%20INFORMATION) [Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20FINANCIAL%20STATEMENTS) The unaudited consolidated financial statements detail the company's financial position, performance, and cash flows as of September 30, 2021 [Consolidated Balance Sheets](index=5&type=section&id=CONSOLIDATED%20BALANCE%20SHEETS) Total assets grew to $12.90 billion funded by a significant rise in deposits, reflecting increases in debt securities and portfolio loans Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2021 | Dec 31, 2020 | | :--- | :--- | :--- | | **Total Assets** | **$12,899,330** | **$10,544,047** | | Total cash and cash equivalents | $883,845 | $688,537 | | Debt securities available for sale | $3,997,244 | $2,261,187 | | Portfolio loans, net | $7,057,833 | $6,713,129 | | Goodwill | $317,766 | $311,536 | | **Total Liabilities** | **$11,566,254** | **$9,273,978** | | Total deposits | $10,817,867 | $8,677,849 | | **Total Stockholders' Equity** | **$1,333,076** | **$1,270,069** | [Consolidated Statements of Income](index=6&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20INCOME) Net income for the nine-month period rose to $93.5 million, driven by a significant decrease in the provision for credit losses Income Statement Summary (in thousands, except per share data) | Metric | Nine Months Ended Sep 30, 2021 | Nine Months Ended Sep 30, 2020 | | :--- | :--- | :--- | | Net Interest Income | $200,190 | $209,999 | | Provision for credit losses | $(10,365) | $35,656 | | Total Noninterest Income | $97,715 | $87,766 | | Total Noninterest Expense | $190,611 | $170,124 | | **Net Income** | **$93,523** | **$71,999** | | **Diluted EPS** | **$1.67** | **$1.31** | [Notes to Unaudited Consolidated Financial Statements](index=12&type=section&id=NOTES%20TO%20UNAUDITED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) Notes detail accounting policies, the Cummins-American Corp acquisition, and the composition of portfolios, capital, and segments - The company operates in three segments: Banking, Remittance Processing, and Wealth Management[32](index=32&type=chunk) - The company participated in the Paycheck Protection Program (PPP), originating or acquiring over **$1.09 billion** in loans, with **$183.1 million** outstanding as of September 30, 2021[38](index=38&type=chunk)[40](index=40&type=chunk) - On May 31, 2021, the company completed its acquisition of Cummins-American Corp (CAC), the holding company for Glenview State Bank (GSB), for total consideration of **$129.5 million**, resulting in **$6.2 million** of goodwill[43](index=43&type=chunk)[47](index=47&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=46&type=section&id=Item%202.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management analyzes financial performance, noting impacts from COVID-19, the CAC acquisition, and a compressed net interest margin - The company continues to navigate the COVID-19 economic environment, with **$116.6 million** in commercial loans remaining on interest-only deferrals[180](index=180&type=chunk)[183](index=183&type=chunk)[185](index=185&type=chunk) - A plan was announced to close and consolidate **17 banking centers** in Q4 2021 to improve operational efficiency[191](index=191&type=chunk) - The tax-equivalent net interest margin compressed to **2.41%** for Q3 2021 from 2.86% in Q3 2020, impacted by rate cuts and liquidity growth[201](index=201&type=chunk)[203](index=203&type=chunk) [Financial Condition](index=59&type=section&id=FINANCIAL%20CONDITION) Total assets reached $12.9 billion, a 22.3% increase, driven by the CAC acquisition and strong growth in loans and deposits Balance Sheet Changes (in thousands) | Account | Sep 30, 2021 | Dec 31, 2020 | % Change | | :--- | :--- | :--- | :--- | | Total Assets | $12,899,330 | $10,544,047 | 22.3% | | Portfolio loans, net | $7,057,833 | $6,713,129 | 5.1% | | Total Deposits | $10,817,867 | $8,677,849 | 24.7% | | Total Stockholders' Equity | $1,333,076 | $1,270,069 | 5.0% | Asset Quality Ratios | Metric | Sep 30, 2021 | Dec 31, 2020 | | :--- | :--- | :--- | | Non-performing loans to portfolio loans | 0.36% | 0.36% | | ACL to portfolio loans | 1.30% | 1.48% | | ACL to non-performing loans | 358.86% | 415.82% | [Liquidity](index=65&type=section&id=LIQUIDITY) The company maintains a strong liquidity position funded by core deposits, with significant additional borrowing capacity available - Primary sources of funds include deposits, investment maturities, loan repayments, and capital[261](index=261&type=chunk) - As of September 30, 2021, the company had additional borrowing capacity of **$1.2 billion** from the FHLB and **$603.6 million** from the Federal Reserve[261](index=261&type=chunk) [Capital Resources](index=65&type=section&id=CAPITAL%20RESOURCES) Capital ratios remain well in excess of regulatory 'well-capitalized' requirements, with a CET1 ratio of 11.95% Capital Ratios as of September 30, 2021 | Ratio | First Busey Corp. | Busey Bank | Minimum with Buffer | | :--- | :--- | :--- | :--- | | Total Capital to Risk Weighted Assets | 15.91% | 15.87% | 10.50% | | Tier 1 Capital to Risk Weighted Assets | 12.84% | 15.04% | 8.50% | | CET1 Capital to Risk Weighted Assets | 11.95% | 15.04% | 7.00% | [Quantitative and Qualitative Disclosures About Market Risk](index=74&type=section&id=Item%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company's primary market risk is interest rate risk, with simulations showing an asset-sensitive position Net Interest Income Sensitivity to Interest Rate Changes | Rate Change | Year-One Change (Sep 30, 2021) | Year-One Change (Dec 31, 2020) | | :--- | :--- | :--- | | +100 bps | +8.44% | +7.40% | | +200 bps | +16.43% | +14.16% | | +300 bps | +24.32% | +20.20% | [Controls and Procedures](index=75&type=section&id=Item%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded that disclosure controls and procedures were effective, with no material changes to internal controls - The CEO and CFO concluded that disclosure controls and procedures were **effective** as of the end of the period[306](index=306&type=chunk) - **No material changes** in internal control over financial reporting were identified during the third quarter of 2021[307](index=307&type=chunk) [Part II - Other Information](index=76&type=section&id=Part%20II%20-%20OTHER%20INFORMATION) [Legal Proceedings](index=76&type=section&id=Item%201.%20LEGAL%20PROCEEDINGS) The company is not involved in any material pending litigation outside the ordinary course of business - There is **no material pending litigation**, other than ordinary routine litigation incidental to its business[311](index=311&type=chunk) [Risk Factors](index=76&type=section&id=Item%201A.%20RISK%20FACTORS) No material changes were reported to the risk factors previously disclosed in the 2020 Annual Report - **No material changes** to the risk factors disclosed in the 2020 Annual Report were reported[313](index=313&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=76&type=section&id=Item%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) The company repurchased 625,000 shares in Q3 2021, with 953,824 shares remaining available under the current plan Share Repurchases in Q3 2021 | Period | Total Shares Purchased | Average Price Paid | | :--- | :--- | :--- | | July 2021 | 137,000 | $23.84 | | August 2021 | 288,000 | $23.73 | | September 2021 | 200,000 | $23.45 | | **Total Q3** | **625,000** | **$23.66** | - As of September 30, 2021, **953,824 shares** may still be purchased under the existing repurchase plan[314](index=314&type=chunk)[315](index=315&type=chunk) [Exhibits](index=77&type=section&id=Item%206.%20EXHIBITS) This section lists exhibits filed with the Form 10-Q, including certifications and interactive data files

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☑ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Period Ended June 30, 2021 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File No. 0-15950 FIRST BUSEY CORPORATION (Exact name of registrant as specified in its charter) Nevada 37-1078406 (State or other jurisdiction of incorporation or organization) ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☑ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Period Ended March 31, 2021 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File No. 0-15950 FIRST BUSEY CORPORATION (Exact name of registrant as specified in its charter) Nevada 37-1078406 (State or other jurisdiction of incorporation or organization) ...

Table of Contents Title of each class Trading SymbolName of each exchange on which registered Common Stock ($0.001 par value) BUSE The Nasdaq Stock Market LLC UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 0-15950 FIRST BUSEY CORPOR ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☑ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Period Ended September 30, 2020 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File No. 0-15950 FIRST BUSEY CORPORATION (Exact name of registrant as specified in its charter) Nevada 37-1078406 (State or other jurisdiction of incorporation or organizat ...