Table of Contents 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, 2019 ☐ 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 organization) ...

Part I - Financial Information This section provides the company's unaudited consolidated financial statements, management's discussion and analysis, market risk disclosures, and internal controls for the period ended September 30, 2019 [Item 1. Financial Statements](index=5&type=section&id=Item%201.%20FINANCIAL%20STATEMENTS) This section presents the unaudited consolidated financial statements, including balance sheets, income statements, cash flows, and comprehensive notes, for the period ending September 30, 2019 [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) This statement provides a snapshot of the company's financial position, detailing assets, liabilities, and equity as of September 30, 2019, and December 31, 2018 Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2019 | Dec 31, 2018 | | :--- | :--- | :--- | | **Total Assets** | **$9,753,760** | **$7,702,357** | | Total Cash and Cash Equivalents | $525,457 | $239,973 | | Portfolio Loans, Net | $6,616,450 | $5,517,780 | | Goodwill | $322,699 | $267,685 | | **Total Liabilities** | **$8,537,779** | **$6,707,393** | | Total Deposits | $7,930,466 | $6,249,321 | | **Total Stockholders' Equity** | **$1,215,981** | **$994,964** | - Total assets grew by **26.6%** to **$9.75 billion** at September 30, 2019, from **$7.70 billion** at year-end 2018, primarily driven by the acquisition of The Banc Ed Corp[7](index=7&type=chunk) - Portfolio loans, net of allowance, increased by **19.9%** to **$6.62 billion**, and total deposits increased by **26.9%** to **$7.93 billion** over the same period[7](index=7&type=chunk) [Consolidated Statements of Income](index=6&type=section&id=Consolidated%20Statements%20of%20Income) This statement details the company's revenues, expenses, and net income for the third quarter and nine months ended September 30, 2019 and 2018 Income Statement Summary (in thousands, except per share data) | Metric | Q3 2019 | Q3 2018 | 9 Months 2019 | 9 Months 2018 | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $73,476 | $60,774 | $215,287 | $180,903 | | Provision for Loan Losses | $3,411 | $758 | $8,039 | $4,024 | | Non-interest Income | $30,936 | $21,853 | $84,777 | $67,141 | | Non-interest Expense | $68,121 | $45,929 | $193,304 | $144,274 | | **Net Income** | **$24,828** | **$26,859** | **$74,382** | **$73,638** | | **Diluted EPS** | **$0.45** | **$0.55** | **$1.35** | **$1.50** | - Net income for Q3 2019 was **$24.8 million**, a decrease from **$26.9 million** in Q3 2018, primarily due to a significant increase in non-interest expense related to acquisitions[11](index=11&type=chunk) - For the nine months ended September 30, 2019, net income was **$74.4 million**, slightly up from **$73.6 million** in the prior-year period, with strong growth in both net interest income and non-interest income being largely offset by higher expenses and provision for loan losses[11](index=11&type=chunk) [Consolidated Statements of Cash Flows](index=12&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) This statement outlines the cash inflows and outflows from operating, investing, and financing activities for the nine months ended September 30, 2019 and 2018 Cash Flow Summary for Nine Months Ended Sep 30 (in thousands) | Cash Flow Category | 2019 | 2018 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $52,315 | $147,136 | | Net Cash from Investing Activities | $19,667 | $(305,405) | | Net Cash from Financing Activities | $213,502 | $(34,351) | | **Net Increase (Decrease) in Cash** | **$285,484** | **$(192,620)** | - Investing activities provided net cash of **$19.7 million** in the first nine months of 2019, a significant shift from a net use of **$305.4 million** in the same period of 2018, mainly due to proceeds from sales and maturities of securities offsetting purchases and cash paid for acquisitions (**$61.5 million**)[23](index=23&type=chunk) - Financing activities provided **$213.5 million** in cash, driven by a net increase in deposits of **$243.2 million**, which funded acquisitions, dividends, and share repurchases[25](index=25&type=chunk) [Notes to Unaudited Consolidated Financial Statements](index=14&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Financial%20Statements) This section provides detailed explanations of the accounting policies, significant transactions, and financial statement line items, including acquisitions and new accounting standards - On January 31, 2019, the Company completed its acquisition of The Banc Ed Corp. for total consideration of **$257.9 million**, consisting of **$91.4 million** in cash and **$166.5 million** in common stock, adding approximately **$1.74 billion** in assets and resulting in **$46.4 million** of goodwill[43](index=43&type=chunk)[44](index=44&type=chunk)[48](index=48&type=chunk) - On August 31, 2019, Busey Bank acquired Investors' Security Trust Company (IST), a wealth management firm in Fort Myers, Florida, which is not expected to have an immediate material impact on earnings[50](index=50&type=chunk) - The company adopted new lease accounting standards (Topic 842) on January 1, 2019, resulting in the recognition of right-of-use assets and lease liabilities of approximately **$8.1 million**[36](index=36&type=chunk)[37](index=37&type=chunk) - During Q1 2019, the Company transferred **$573.6 million** of securities from held-to-maturity to available-for-sale, recording a related unrealized loss of **$4.8 million** in other comprehensive income[56](index=56&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=64&type=section&id=Item%202.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management analyzes the company's financial performance, condition, liquidity, and capital for Q3 and the first nine months of 2019, including the impact of recent acquisitions and market trends [Executive Summary & Operating Results](index=64&type=section&id=Executive%20Summary%20%26%20Operating%20Results) This section provides an overview of key financial highlights and operating performance for the third quarter of 2019, including acquisition impacts and loan growth Q3 2019 Performance Summary (per diluted share) | Metric | Q3 2019 | Q2 2019 | Q3 2018 | | :--- | :--- | :--- | :--- | | **Net Income (GAAP)** | **$0.45** | **$0.43** | **$0.55** | | **Adjusted Net Income (Non-GAAP)** | **$0.55** | **$0.53** | **$0.55** | - The company completed the acquisition of The Banc Ed Corp. on January 31, 2019, with full synergies expected in future quarters following the subsidiary bank merger on October 4, 2019[203](index=203&type=chunk) - Net organic loan growth was strong at **$137.3 million** in the third quarter, increasing total portfolio loans to **$6.67 billion**[207](index=207&type=chunk) [Asset Quality](index=66&type=section&id=Asset%20Quality) This section evaluates the quality of the company's loan portfolio, focusing on non-performing assets and allowance for loan losses Asset Quality Metrics | Metric | Sep 30, 2019 | Dec 31, 2018 | | :--- | :--- | :--- | | Non-performing loans to portfolio loans | 0.50% | 0.66% | | Allowance for loan losses to portfolio loans | 0.79% | 0.91% | | Allowance as a % of non-performing loans | 160.0% | 138.4% | - Asset quality improved, with non-performing loans as a percentage of total portfolio loans decreasing to **0.50%** at September 30, 2019, from **0.66%** at year-end 2018[208](index=208&type=chunk) [Net Interest Income and Margin](index=68&type=section&id=Net%20Interest%20Income%20and%20Margin) This section analyzes the trends in net interest income and net interest margin, considering the impact of balance sheet growth and interest rate changes - Tax-equivalent net interest income increased **21.0%** to **$74.3 million** for Q3 2019 compared to Q3 2018, driven by balance sheet growth from the Banc Ed acquisition[217](index=217&type=chunk)[224](index=224&type=chunk) - The net interest margin (tax-equivalent) decreased to **3.35%** in Q3 2019 from **3.41%** in Q3 2018, attributed to increases in funding costs and the impact of falling interest rates[225](index=225&type=chunk)[226](index=226&type=chunk) Quarterly Net Interest Margin Trend | Quarter | 2019 | 2018 | | :--- | :--- | :--- | | Q1 | 3.46% | 3.51% | | Q2 | 3.43% | 3.50% | | Q3 | 3.35% | 3.41% | [Non-interest Income and Expense](index=75&type=section&id=Non-interest%20Income%20and%20Expense) This section examines the components and trends of non-interest income and expenses, including the efficiency ratio, for the reporting period - Total non-interest income for Q3 2019 increased **41.6%** to **$30.9 million** year-over-year, driven by growth in customer service fees (**+34.1%**), trust fees (**+21.6%**), and mortgage revenue (**+161.9%**)[230](index=230&type=chunk)[234](index=234&type=chunk) - Total non-interest expense for Q3 2019 increased **48.3%** to **$68.1 million** year-over-year, primarily due to higher salaries and benefits (**+48.9%**) and other expenses (**+65.5%**) related to acquisitions[237](index=237&type=chunk) - The reported efficiency ratio for Q3 2019 was **62.7%**, while the adjusted efficiency ratio was **55.4%**, reflecting the impact of non-operating acquisition and restructuring costs[246](index=246&type=chunk) [Financial Condition, Liquidity, and Capital](index=80&type=section&id=Financial%20Condition%2C%20Liquidity%2C%20and%20Capital) This section assesses the company's overall financial health, including loan portfolio growth, allowance for loan losses, liquidity sources, and capital adequacy - Portfolio loans increased by **$1.1 billion** (**19.8%**) from year-end 2018, driven by the Banc Ed acquisition and organic growth[259](index=259&type=chunk) - The allowance for loan losses as a percentage of portfolio loans was **0.79%** at September 30, 2019, down from **0.91%** at year-end 2018, attributed to purchase accounting for the Banc Ed acquisition[261](index=261&type=chunk)[262](index=262&type=chunk) - The company maintains a strong liquidity position with primary sources from deposits, loan repayments, and investment cash flows, supplemented by borrowing capacity of **$1.1 billion** from the FHLB and **$479.4 million** from the Federal Reserve[275](index=275&type=chunk) - All capital ratios remain in excess of "well-capitalized" regulatory requirements, with a Common Equity Tier 1 ratio of **11.20%** and a Total Capital ratio of **13.71%** at the consolidated level as of September 30, 2019[136](index=136&type=chunk)[279](index=279&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=95&type=section&id=Item%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company's primary market risk is interest rate risk, with simulation analysis indicating asset sensitivity to rising rates and moderate exposure to falling rates Interest Rate Sensitivity Analysis (% Change in Net Interest Income) | Rate Shock (bps) | Year-One Impact | Year-Two Impact | | :--- | :--- | :--- | | +300 | +6.98% | +10.53% | | +200 | +4.81% | +7.36% | | +100 | +2.50% | +4.00% | | -100 | (4.84)% | (7.22)% | - The analysis shows the company is asset-sensitive, meaning net interest income is projected to increase in a rising rate environment and decrease in a falling rate environment[309](index=309&type=chunk)[311](index=311&type=chunk) [Item 4. Controls and Procedures](index=96&type=section&id=Item%204.%20CONTROLS%20AND%20PROCEDURES) Management confirmed the effectiveness of disclosure controls and procedures as of September 30, 2019, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that disclosure controls and procedures were effective as of the end of the period[313](index=313&type=chunk) - No changes were made in internal control over financial reporting during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[314](index=314&type=chunk) Part II - Other Information This section provides information on legal proceedings, risk factors, and details regarding unregistered sales of equity securities and use of proceeds [Item 1. Legal Proceedings](index=96&type=section&id=Item%201.%20LEGAL%20PROCEEDINGS) The company is party to routine litigation incidental to business, with no material pending cases expected to impact financial condition or operations - There is no material pending litigation, other than ordinary routine litigation incidental to the business[316](index=316&type=chunk) [Item 1A. Risk Factors](index=96&type=section&id=Item%201A.RISK%20FACTORS) No material changes have occurred to the risk factors previously disclosed in the company's 2018 Annual Report on Form 10-K - No material changes to the risk factors disclosed in the 2018 Form 10-K have occurred[318](index=318&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=97&type=section&id=Item%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) The company details its share repurchase activity for the third quarter of 2019, repurchasing 194,062 shares at an average price of $25.19, with 805,938 shares remaining available Share Repurchase Activity (Q3 2019) | Period | Total Shares Purchased | Average Price Paid | | :--- | :--- | :--- | | July 2019 | 0 | N/A | | August 2019 | 64,062 | $24.72 | | September 2019 | 130,000 | $25.43 | - As of September 30, 2019, **805,938 shares** remained available for purchase under the company's stock repurchase program[320](index=320&type=chunk)

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 6/30/2019 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File No. 0-15950 | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------|-------|-------|----------------- ...

```markdown Part I FINANCIAL INFORMATION [FINANCIAL STATEMENTS](index=3&type=section&id=Item%201.%20FINANCIAL%20STATEMENTS) This section presents the unaudited consolidated financial statements, detailing the company's financial position, performance, and cash flows, along with significant accounting policies [Consolidated Balance Sheets](index=4&type=section&id=CONSOLIDATED%20BALANCE%20SHEETS) Total assets increased to **$9.54 billion** at March 31, 2019, primarily due to the Banc Ed Corp. acquisition, with corresponding increases in liabilities and stockholders' equity Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2019 | December 31, 2018 | | :--- | :--- | :--- | | **Total Assets** | **$9,537,334** | **$7,702,357** | | Total cash and cash equivalents | $330,407 | $239,973 | | Portfolio loans, net | $6,464,166 | $5,517,780 | | Goodwill | $314,343 | $267,685 | | **Total Liabilities** | **$8,351,193** | **$6,707,393** | | Total deposits | $7,763,226 | $6,249,321 | | **Total Stockholders' Equity** | **$1,186,141** | **$994,964** | [Consolidated Statements of Income](index=5&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20INCOME) For Q1 2019, net income rose to **$25.5 million** from **$21.9 million** in Q1 2018, driven by a **14.4%** increase in net interest income to **$68.4 million**, resulting in diluted EPS of **$0.48** Q1 2019 vs Q1 2018 Income Statement (in thousands, except per share data) | Metric | Q1 2019 | Q1 2018 | | :--- | :--- | :--- | | Net Interest Income | $68,383 | $59,757 | | Provision for loan losses | $2,111 | $1,008 | | Total Non-interest Income | $25,945 | $22,486 | | Total Non-interest Expense | $57,163 | $51,040 | | **Net Income** | **$25,469** | **$21,917** | | Diluted EPS | $0.48 | $0.45 | | Dividends declared per share | $0.21 | $0.20 | [Consolidated Statements of Comprehensive Income](index=6&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20COMPREHENSIVE%20INCOME) Comprehensive income for Q1 2019 significantly increased to **$33.9 million** from **$15.7 million** in Q1 2018, primarily due to a positive swing in other comprehensive income driven by unrealized gains on securities Comprehensive Income (in thousands) | Item | Q1 2019 | Q1 2018 | | :--- | :--- | :--- | | Net Income | $25,469 | $21,917 | | Other comprehensive income (loss), net of tax | $8,407 | $(6,259) | | **Comprehensive Income** | **$33,876** | **$15,658** | [Consolidated Statements of Stockholders' Equity](index=7&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20STOCKHOLDERS%27%20EQUITY) Total stockholders' equity increased to **$1.186 billion** at March 31, 2019, primarily driven by **$166.3 million** in stock issued for the Banc Ed acquisition and **$25.5 million** in net income - Stockholders' equity increased mainly due to stock issued for the Banc Ed acquisition (**$166.3 million**) and net income (**$25.5 million**)[13](index=13&type=chunk) [Consolidated Statements of Cash Flows](index=8&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) Cash and cash equivalents increased by **$90.4 million** in Q1 2019, with **$36.3 million** from operating activities, **$48.4 million** used in investing activities (including **$49.4 million** for acquisitions), and **$102.6 million** provided by financing activities Cash Flow Summary (in thousands) | Cash Flow Activity | Q1 2019 | Q1 2018 | | :--- | :--- | :--- | | Net cash provided by operating activities | $36,269 | $93,663 | | Net cash (used in) provided by investing activities | $(48,398) | $14,197 | | Net cash provided by (used in) financing activities | $102,563 | $(93,607) | | **Net increase in cash and cash equivalents** | **$90,434** | **$14,253** | - The company paid a net amount of **$49.4 million** in cash for acquisitions during Q1 2019[14](index=14&type=chunk) [Notes to Unaudited Consolidated Financial Statements](index=10&type=section&id=NOTES%20TO%20UNAUDITED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) The notes detail accounting policies, business combinations including the **$257.9 million** Banc Ed Corp. acquisition, adoption of new lease standards, and a **$573.6 million** securities transfer, confirming the company remains 'well capitalized' - On January 31, 2019, the Company acquired The Banc Ed Corp. for total consideration of **$257.9 million** (**$91.4 million** cash and **$166.5 million** stock), resulting in **$46.7 million** of goodwill[36](index=36&type=chunk)[38](index=38&type=chunk) - The company adopted new lease accounting standard ASU 2016-02, recording an **$11.6 million** right-of-use asset and a corresponding lease liability on January 1, 2019[26](index=26&type=chunk)[29](index=29&type=chunk) - In Q1 2019, the company transferred **$573.6 million** of securities from held-to-maturity to available-for-sale, resulting in a **$4.8 million** unrealized loss recorded in other comprehensive income[33](index=33&type=chunk)[43](index=43&type=chunk) - The company's three reportable operating segments are Banking, Remittance Processing, and Wealth Management[107](index=107&type=chunk) - All capital ratios for the Company and its subsidiary banks exceeded the 'well capitalized' levels required by federal banking agencies as of March 31, 2019[102](index=102&type=chunk)[105](index=105&type=chunk) [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](index=38&type=section&id=Item%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management discusses Q1 2019 financial performance, highlighting **$25.5 million** net income and the impact of the Banc Ed Corp. acquisition on balance sheet growth, net interest margin, non-interest income, operating expenses, and strong asset quality [Executive Summary](index=38&type=section&id=EXECUTIVE%20SUMMARY) The company reported Q1 2019 net income of **$25.5 million** (**$0.48** diluted EPS), with adjusted net income of **$26.6 million** (**$0.50** diluted EPS), following the Banc Ed Corp. acquisition and diversified fee-based revenues Q1 2019 Key Performance Metrics | Metric | Reported | Adjusted (Non-GAAP) | | :--- | :--- | :--- | | Net Income | $25.5 million | $26.6 million | | Diluted EPS | $0.48 | $0.50 | - The acquisition of The Banc Ed Corp. was completed on January 31, 2019[154](index=154&type=chunk) [Financial Condition](index=44&type=section&id=FINANCIAL%20CONDITION) Total assets grew **23.8%** to **$9.5 billion** at March 31, 2019, driven by the Banc Ed acquisition, which also increased portfolio loans by **17.2%** to **$6.5 billion** and total deposits by **24.2%** to **$7.8 billion** Balance Sheet Changes (Q1 2019 vs YE 2018) | Account | % Change | | :--- | :--- | | Total Assets | +23.8% | | Portfolio loans, net | +17.2% | | Total deposits | +24.2% | | Securities available for sale | +175.0% | | Securities held to maturity | -97.4% | - The company's lending is focused in Illinois (**$4.3B**) and Missouri (**$1.6B**), with smaller portfolios in Florida and Indiana[198](index=198&type=chunk) [Results of Operations](index=39&type=section&id=RESULTS%20OF%20OPERATIONS) Net interest income rose **14.5%** to **$69.1 million**, with a stable adjusted net interest margin of **3.31%**, while non-interest income grew **15.4%** to **$25.9 million**, and the efficiency ratio improved to **58.0%** Net Interest Margin | Period | Reported NIM | Adjusted NIM (Non-GAAP) | | :--- | :--- | :--- | | Q1 2019 | 3.46% | 3.31% | | Q1 2018 | 3.51% | 3.31% | Non-Interest Income Breakdown (Q1 2019 vs Q1 2018) | Category | Q1 2019 ($M) | % Change YoY | | :--- | :--- | :--- | | Trust fees | $8.1 | +8.0% | | Remittance processing | $3.8 | +11.4% | | Fees for customer services | $8.1 | +16.6% | | Mortgage revenue | $1.9 | +18.4% | | **Total Non-Interest Income** | **$25.9** | **+15.4%** | - The efficiency ratio improved to **58.0%** in Q1 2019 from **59.8%** in Q1 2018. The adjusted efficiency ratio was **56.4%** in Q1 2019[187](index=187&type=chunk)[188](index=188&type=chunk) [Asset Quality](index=39&type=section&id=Asset%20Quality) Asset quality remained strong with non-performing loans at **0.56%** of total portfolio loans, and the allowance for loan losses at **0.78%**, reflecting the accounting for acquired loans and a **$2.1 million** provision Asset Quality Metrics | Metric | March 31, 2019 | Dec 31, 2018 | | :--- | :--- | :--- | | Non-performing loans to portfolio loans | 0.56% | 0.66% | | Allowance for loan losses to portfolio loans | 0.78% | 0.91% | | Allowance as a % of non-performing loans | 139.2% | 138.4% | - The provision for loan losses was **$2.1 million** in Q1 2019, compared to **$1.0 million** in Q1 2018[201](index=201&type=chunk)[203](index=203&type=chunk) [Liquidity and Capital Resources](index=47&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) The company maintains adequate liquidity and strong capital resources, with all regulatory capital ratios, including a **13.95%** Total Capital Ratio and **10.55%** Tier 1 Leverage Ratio, significantly exceeding 'well-capitalized' thresholds - The company's capital ratios are in excess of those required to be considered 'well-capitalized' under regulatory guidelines[215](index=215&type=chunk) Consolidated Capital Ratios (March 31, 2019) | Ratio | Actual | Minimum to be Well-Capitalized | | :--- | :--- | :--- | | Total Capital (to Risk Weighted Assets) | 13.95% | 10.00% | | Tier 1 Capital (to Risk Weighted Assets) | 12.42% | 8.00% | | Common Equity Tier 1 Capital | 11.40% | 6.50% | | Tier 1 Capital (to Average Assets) | 10.55% | 5.00% (for bank) | [QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](index=53&type=section&id=Item%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company's primary market risk is interest rate risk, with a **+100 basis point** rate shock projected to increase net interest income by **0.88%** and a **-100 basis point** shock to decrease it by **3.26%** over one year Net Interest Income Sensitivity (Year-One Horizon at March 31, 2019) | Rate Shock | % Change in NII | | :--- | :--- | | +300 bps | +3.01% | | +200 bps | +2.09% | | +100 bps | +0.88% | | -100 bps | (3.26)% | | -200 bps | (9.79)% | - The company's primary market risk is interest rate risk, managed by an asset-liability committee that meets at least quarterly[240](index=240&type=chunk)[241](index=241&type=chunk) [CONTROLS AND PROCEDURES](index=54&type=section&id=Item%204.%20CONTROLS%20AND%20PROCEDURES) The CEO and CFO concluded that disclosure controls and procedures were effective as of March 31, 2019, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that as of March 31, 2019, disclosure controls and procedures were effective[246](index=246&type=chunk) - No material changes were made to internal control over financial reporting during the first quarter of 2019[247](index=247&type=chunk) Part II OTHER INFORMATION [LEGAL PROCEEDINGS](index=55&type=section&id=Item%201.%20LEGAL%20PROCEEDINGS) The company is party to routine litigation incidental to its business, with no material pending litigation expected to significantly affect its financial position or results - There is no material pending litigation, other than ordinary routine litigation incidental to its business[251](index=251&type=chunk) [RISK FACTORS](index=55&type=section&id=Item%201A.%20RISK%20FACTORS) No material changes to the risk factors previously disclosed in the Annual Report on Form 10-K were reported - No material changes to risk factors were reported for the period[253](index=253&type=chunk) [UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](index=55&type=section&id=Item%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) The company did not repurchase common stock during Q1 2019, with **333,334** shares remaining available under the existing repurchase plan - No shares of common stock were repurchased during the quarter ended March 31, 2019[254](index=254&type=chunk) - As of March 31, 2019, **333,334** shares may still be purchased under the existing stock repurchase plan[254](index=254&type=chunk) [EXHIBITS](index=56&type=section&id=Item%206.%20EXHIBITS) This section lists the exhibits filed with the Form 10-Q, including credit agreements, employment addendums, and required Sarbanes-Oxley certifications - Exhibits filed include an Amended and Restated Credit Agreement, employment agreement addendums for executives, and Sarbanes-Oxley certifications[257](index=257&type=chunk) ```

Table of Contents 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, 2018 ☐ 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 organization) ...