SEC Filing | First Busey Corporation

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 27, 2021

First Busey Corporation
(Exact name of registrant as specified in its charter)


Nevada	0-15950	37-1078406
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

100 W. University Ave.
Champaign, Illinois 61820
(Address of principal executive offices) (Zip code)

(217) 365-4544
(Registrant's telephone number, including area code)

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):


	☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
	☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
	☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
	☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.001 par value	BUSE	Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b– 2 of the Securities Exchange Act of 1934 (§ 240.12b–2 of this chapter). ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02Results of Operations and Financial Condition.

On July 27, 2021, First Busey Corporation (“First Busey”) issued a press release disclosing financial results for the quarter ended June 30, 2021. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The information in Item 2.02 of this Current Report on Form 8-K and Exhibit 99.1 attached hereto is being “furnished” and will not, except to the extent required by applicable law or regulation, be deemed “filed” by First Busey for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor will any of such information or exhibits be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act.

Item 7.01Regulation FD Disclosure.

On July 27, 2021, First Busey published supplemental slides discussing First Busey’s financial results for the quarter ended June 30, 2021, and coronavirus disease 2019 response. A copy is attached hereto as Exhibit 99.2 and is incorporated herein by reference.

The information in Item 7.01 of this Current Report on Form 8-K and Exhibit 99.2 attached hereto is being “furnished” and will not, except to the extent required by applicable law or regulation, be deemed “filed” by First Busey for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor will any of such information or exhibits be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act.

Item 9.01Financial Statements and Exhibits.

(d)Exhibits.


99.1	Press Release issued by First Busey Corporation, dated July 27, 2021.

99.2	Supplemental slides issued by First Busey Corporation, dated July 27, 2021.

104	Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101).

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



Date: July 27, 2021	First Busey Corporation


	By:	/s/ Jeffrey D. Jones
	Name:	Jeffrey D. Jones
	Title:	Chief Financial Officer

First Busey Announces 2021 Second Quarter Results

July 27, 2021

First Busey Announces 2021 Second Quarter Earnings

CHAMPAIGN, IL – (GLOBE NEWSWIRE) – First Busey Corporation (Nasdaq: BUSE)

Message from our Chairman & CEO

Second Quarter 2021 Highlights:

●Second quarter 2021 net income of $29.8 million and diluted EPS of $0.53, compared to $25.8 million and $0.47, respectively, in the second quarter of 2020

●Second quarter 2021 adjusted net income¹ of $31.9 million and adjusted diluted EPS¹ of $0.57, compared to $26.2 million and $0.48, respectively in the second quarter of 2020

●Finalized our acquisition of Cummins-American Corp. (“CAC”), the holding company for Glenview State Bank (“GSB”)

●Core organic loan growth (excluding GSB loans acquired and PPP loans) of $142.0 million, or 2.3%, in the second quarter

●Wealth management assets under care of $12.30 billion at June 30, 2021, up from $10.69 billion at March 31, 2021, and $9.02 billion at June 30, 2020.

●Non-interest income (excluding security gains) accounted for 33.2% of total revenue

●Tangible book value per common share¹ of $17.11 at June 30, 2021, compared to $16.65 at March 31, 2021, and $15.92 at June 30, 2020, an increase of 7.5% year-over-year

●For additional information, please refer to the 2Q21 Quarterly Earnings Supplement

Second Quarter Financial Results

Net income for First Busey Corporation (“First Busey” or the “Company”) for the second quarter of 2021 was $29.8 million, or $0.53 per diluted common share, as compared to $37.8 million, or $0.69 per diluted common share, for the first quarter of 2021 and $25.8 million, or $0.47 per diluted common share, for the second quarter of 2020. Adjusted net income¹ for the second quarter of 2021 was $31.9 million, or $0.57 per diluted common share, as compared to $38.1 million, or $0.69 per diluted common share, for the first quarter of 2021 and $26.2 million, or $0.48 per diluted common share, for the second quarter of 2020. For the second quarter of 2021, annualized return on average assets and annualized return on average tangible common equity¹ were 1.05% and 12.26%, respectively. Based on adjusted net income¹, annualized return on average assets was 1.12% and annualized return on average tangible common equity¹ was 13.14% for the second quarter of 2021. Second quarter results include GSB’s performance for one month of post-acquisition activity.

Pre-provision net revenue¹ for the second quarter of 2021 was $34.0 million, compared to $40.2 million for the first quarter of 2021 and $45.4 million for the second quarter of 2020. Adjusted pre-provision net revenue¹ for the second quarter of 2021 was $37.5 million, as compared to $42.8 million for the first quarter of 2021 and $46.4 million for the second quarter of 2020. Pre-provision net revenue to average assets¹ for the second quarter of 2021 was 1.20%, as compared to 1.54% for the first quarter of 2021 and 1.76% for the second quarter of 2020. Adjusted pre-provision net revenue to average assets¹ for the second quarter of 2021 was 1.32%, as compared to 1.64% for the first quarter of 2021 and 1.80% for the second quarter of 2020.

Our fee-based businesses continue to add dynamic revenue diversification and growing contributions. In the second quarter of 2021, wealth management fees were $13.0 million, an increase of 27.6% from the second quarter of 2020, while remittance processing revenue was $4.3 million, an increase of 17.0% from the same period last year. Fees for customer services were $8.6 million in the second quarter of 2021, a 22.6% increase from $7.0 million in the second quarter of 2020. Mortgage revenue was $1.7 million in the second quarter of 2021, compared to $2.7 million in the second quarter of 2020. Total non-interest income, excluding net security gains, accounted for 33.2% of our total revenue in the second quarter of 2021, compared to 28.1% in second quarter of 2020.

The continued challenge of low interest rates, coupled with high levels of excess liquidity, resulted in further pressure on our net interest margin during the second quarter. The Company reported net interest income of $64.5 million in the second quarter of 2021, down from $64.9 million in the first quarter of 2021, and $70.8 million in the second quarter of 2020. A $0.5 million decrease in net fee recognition on Paycheck Protection Program (“PPP”) loans contributed to the quarter-over-quarter decline in reported net interest income. Our reported net interest margin was 2.50% in the second quarter of 2021, as compared to 2.72% in the first quarter of 2021. The impact of the GSB acquisition reflected in our results for one month of the quarter accounted for five basis points of the decline in net interest margin.

¹ A Non-GAAP financial measure. See “Non-GAAP Financial Information” for reconciliation.

Second quarter 2021 results reflect a provision release, as compared to a reserve build at the onset of the coronavirus disease 2019 (“COVID-19”) pandemic. Specifically, Busey Bank recorded a $5.5 million negative provision for credit losses and a $0.6 million negative provision for unfunded commitments amid improved US economic outlooks. As a result of the acquisition, GSB recorded a Day 1 allowance of $4.2 million for loans purchased with credit deterioration (“PCD”), provision for credit losses of $3.8 million, and a provision for unfunded commitments of $0.2 million. The total allowance for credit losses was $95.4 million at June 30, 2021, representing 1.33% of total portfolio loans outstanding and 1.40% of portfolio loans excluding PPP loans.

The Company views certain non-operating items, including acquisition-related and other restructuring charges, as adjustments to net income reported under U.S. generally accepted accounting principles (“GAAP”). Non-operating pretax adjustments for the second quarter of 2021 included $2.7 million of expenses related to acquisitions. The Company believes that non-GAAP measures (including adjusted pre-provision net revenue, adjusted net income, adjusted diluted earnings per share, adjusted return on average assets, adjusted net interest margin, efficiency ratio, adjusted efficiency ratio, tangible common equity, tangible common equity to tangible assets, tangible book value per share, and return on average tangible common equity) facilitate the assessment of its financial results and peer comparability. A reconciliation of these non-GAAP measures is included in tabular form at the end of this release.

Acquisition of Cummins-American Corp.

Effective May 31, 2021, the Company completed its acquisition of CAC, the holding company for GSB. The partnership will enhance the Company’s existing deposit, commercial banking, and wealth management presence in the Chicago-Naperville-Elgin, IL-IN-WI Metropolitan Statistical Area. First Busey will operate GSB as a separate banking subsidiary until it is merged with Busey Bank, which is expected to occur in the third quarter of 2021. At the time of the bank merger, GSB banking centers will become branches of Busey Bank. It is anticipated that two of GSB’s seven banking centers will be closed and consolidated in the fourth quarter of 2021.

Under the terms of the merger agreement, each share of CAC common stock issued and outstanding as of the effective date was converted into the right to receive 444.4783 shares of First Busey’s common stock and $14,173.96 in cash. As additional consideration provided to CAC’s shareholders in the merger, CAC paid a special dividend to its shareholders in the amount of $60 million, or $12,087.58 per share of CAC common stock, on May 28, 2021.

At the date of the merger, the estimated fair value of CAC’s total assets was $1.48 billion, the fair value of total loans was $434.7 million, and the fair value of total deposits was $1.32 billion, which included $347.8 million of noninterest-bearing deposits. In addition, GSB had $1.26 billion in assets under care at May 31, 2021. Fair values are considered provisional until finalized. Reviews of third-party valuations are still being performed by management; therefore, amounts are subject to change.

Personal Banking Transformation Plan

Based on thoughtful consideration and analysis, in July 2021 the Company approved a plan to close and consolidate 15 Busey Bank banking centers to ensure a balance between the Company’s physical banking center network and its robust digital banking services. An efficient banking center footprint is necessary to keep First Busey competitive, responsive, and independent. The banking centers are expected to close in the fourth quarter of 2021. When fully realized, annualized expense savings net of expected associated revenue impacts are anticipated to be approximately $3.5 million, with the impact of these cost savings beginning to be realized in the fourth quarter of 2021. One-time expenses expected in relation to the banking center closures are estimated to be in the range of $4.3 to $5.0 million and are anticipated to be incurred during the third and fourth quarters of 2021.

COVID-19 Update

The Company continues to navigate the economic environment caused by COVID-19 effectively and prudently and remains resolute in its focus on serving its customers, communities, and associates while protecting its balance sheet. To alleviate some of the financial hardships faced as a result of COVID-19, First Busey offered an internal Financial Relief Program to qualifying customers. As of June 30, 2021, the Company had 49 commercial loans remaining on payment deferrals representing $143.5 million in loans. Importantly, only $10.4 million of these balances remain on full payment deferral with the remaining $133.1 million on interest only deferral. Commercial loans on full payment deferral now represent less than 0.2% of commercial loans outstanding. In addition, as of June 30, 2021, the Company had eight retail loans remaining on payment deferrals representing $0.8 million in loans.

First Busey served as a bridge for the PPP, actively helping existing and new business clients sign up for this important financial resource. The Company originated a total of $749.4 million of first round PPP loans and acquired an additional $15.8 million of GSB first round PPP loans, representing 4,595 new and existing customers. Net fee income accretion recognized on these loans in the second quarter of 2021 was $1.4 million, compared to $3.3 million in the first quarter of 2021.

The Company originated a total of $296.3 million of second round PPP loans and acquired an additional $27.7 million of GSB second round PPP loans, representing 2,740 new and existing customers. Net fee income accretion recognized on these loans in the second quarter of 2021 was $1.6 million, compared to $0.3 million in the first quarter of 2021.

As of June 30, 2021, the Company had received approximately $685.6 million in loan forgiveness from the SBA and had submitted forgiveness applications to the SBA for another $20.9 million, including $4.3 million for GSB loans. At June 30, 2021, First Busey had $399.7 million in total PPP loans outstanding, with an amortized cost of $390.4 million, representing 3,104 customers.

Community Banking

First Busey’s goal of being a strong community bank for the communities it serves begins with outstanding associates. The Company is honored to be named among the 2020 Best Banks to Work For by American Banker, the 2021 Best Places to Work in Illinois by Daily Herald Business Ledger, the 2020 Best Companies to Work For in Florida by Florida Trend magazine, the 2021 Best Place to Work in Indiana by the Indiana Chamber of Commerce, and the 2020 Best Places to Work in Money Management by Pensions and Investments.

Our second quarter results reflect our strategic growth plans and improving economic conditions. As we enter into the second half of 2021, we are working towards a successful integration of GSB and excited about the opportunities for efficiency enhancements and growth as we move ahead as a combined Company. In today’s fluid, ever-evolving landscape, the Company remains steadfast in its commitment to the customers and communities it serves.

/s/ Van A. Dukeman

Chairman, President & Chief Executive Officer

First Busey Corporation


SELECTED FINANCIAL HIGHLIGHTS (Unaudited)
(dollars in thousands, except per share data)

	As of and for the																As of and for the
	Three Months Ended																Six Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,			June 30,			June 30,
	2021			2021			2020			2020			2020			2021			2020
EARNINGS & PER SHARE DATA
Net income	$	29,766		$	37,816		$	28,345		$	30,829		$	25,806		$	67,582		$	41,170
Diluted earnings per share		0.53			0.69			0.52			0.56			0.47			1.22			0.75
Cash dividends paid per share		0.23			0.23			0.22			0.22			0.22			0.46			0.44
Pre-provision net revenue^1,2		34,030			40,198			38,507			45,922			45,394			74,228			81,243
Revenue³		96,655			94,697			102,580			102,464			98,462			191,352			194,825

Net income by operating segments:
Banking		29,237			35,528			28,573			31,744			25,985			64,765			40,909
Remittance Processing		401			429			406			578			528			830			1,388
Wealth Management		4,885			4,682			3,334			3,166			3,082			9,567			6,681

AVERAGE BALANCES
Cash and cash equivalents	$	647,465		$	536,457		$	551,844		$	836,097		$	563,022		$	592,267		$	520,132
Investment securities		3,031,250			2,561,680			2,077,284			1,824,327			1,717,790			2,797,762			1,728,177
Loans held for sale		22,393			31,373			52,745			104,965			108,821			26,858			85,392
Portfolio loans		6,889,551			6,736,664			6,990,414			7,160,757			7,216,825			6,813,530			6,937,551
Interest-earning assets		10,448,417			9,752,294			9,557,265			9,805,948			9,485,200			10,102,278			9,151,372
Total assets		11,398,655			10,594,245			10,419,364			10,680,995			10,374,820			10,998,672			10,031,499

Non-interest bearing deposits		2,970,890			2,688,845			2,545,830			2,592,130			2,472,568			2,830,646			2,157,656
Interest-bearing deposits		6,432,336			6,033,613			5,985,020			6,169,377			6,073,795			6,234,076			6,077,884
Total deposits		9,403,226			8,722,458			8,530,850			8,761,507			8,546,363			9,064,722			8,235,540

Securities sold under agreements to repurchase		204,417			184,694			194,610			190,046			184,208			194,610			183,244
Interest-bearing liabilities		6,966,046			6,521,195			6,482,475			6,694,561			6,527,709			6,744,850			6,519,964
Total liabilities		10,055,884			9,318,551			9,158,066			9,432,547			9,141,550			9,689,254			8,805,784
Stockholders' equity - common		1,342,771			1,275,694			1,261,298			1,248,448			1,233,270			1,309,418			1,225,715
Tangible stockholders' equity - common²		974,062			913,001			896,178			880,958			863,571			943,700			854,746

PERFORMANCE RATIOS
Pre-provision net revenue to average assets^1,2		1.20	%		1.54	%		1.47	%		1.71	%		1.76	%		1.36	%		1.63	%
Return on average assets		1.05	%		1.45	%		1.08	%		1.15	%		1.00	%		1.24	%		0.83	%
Return on average common equity		8.89	%		12.02	%		8.94	%		9.82	%		8.42	%		10.41	%		6.75	%
Return on average tangible common equity²		12.26	%		16.80	%		12.58	%		13.92	%		12.02	%		14.44	%		9.69	%
Net interest margin^2,4		2.50	%		2.72	%		3.06	%		2.86	%		3.03	%		2.61	%		3.11	%
Efficiency ratio²		61.68	%		54.67	%		59.70	%		52.42	%		50.97	%		58.21	%		55.28	%
Non-interest revenue as a % of total revenues³		33.22	%		31.47	%		28.90	%		31.92	%		28.08	%		32.36	%		28.01	%

NON-GAAP FINANCIAL INFORMATION
Adjusted pre-provision net revenue^1,2	$	37,486		$	42,753		$	47,156		$	48,701		$	46,448		$	80,239		$	84,659
Adjusted net income²		31,921			38,065			34,255			32,803			26,191			69,986			41,670
Adjusted diluted earnings per share²		0.57			0.69			0.62			0.60			0.48			1.26			0.76
Adjusted pre-provision net revenue to average assets²		1.32	%		1.64	%		1.80	%		1.81	%		1.80	%		1.47	%		1.70	%
Adjusted return on average assets²		1.12	%		1.46	%		1.31	%		1.22	%		1.02	%		1.28	%		0.84	%
Adjusted return on average tangible common equity²		13.14	%		16.91	%		15.21	%		14.81	%		12.20	%		14.96	%		9.80	%
Adjusted net interest margin^2,4		2.43	%		2.63	%		2.96	%		2.75	%		2.93	%		2.53	%		3.00	%
Adjusted efficiency ratio²		58.89	%		54.33	%		52.39	%		49.97	%		50.48	%		56.63	%		54.96	%

¹Net interest income plus non-interest income, excluding security gains and losses, less non-interest expense.
²See “Non-GAAP Financial Information” for reconciliation.
³Revenue consists of net interest income plus non-interest income, excluding security gains and losses.
⁴On a tax-equivalent basis, assuming a federal income tax rate of 21%.


CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(dollars in thousands, except per share data)

	June 30,		March 31,		December 31,		September 30,		June 30,
	2021		2021		2020		2020		2020
ASSETS
Cash and cash equivalents	$	920,810	$	404,802	$	688,537	$	479,721	$	1,050,072
Investment securities		3,478,467		2,804,101		2,266,717		2,098,657		1,701,992

Loans held for sale		17,834		38,272		42,813		87,772		108,140

Commercial loans		5,475,461		5,402,970		5,368,897		5,600,705		5,637,999
Retail real estate and retail other loans		1,710,189		1,376,330		1,445,280		1,520,606		1,591,021
Portfolio loans		7,185,650		6,779,300		6,814,177		7,121,311		7,229,020

Allowance for credit losses		(95,410)		(93,943)		(101,048)		(98,841)		(96,046)
Premises and equipment		145,437		132,669		135,191		144,001		146,951
Goodwill and other intangibles		381,795		361,120		363,521		365,960		368,053
Right of use asset		8,228		7,333		7,714		7,251		8,511
Other assets		372,638		325,909		326,425		333,796		319,272
Total assets	$	12,415,449	$	10,759,563	$	10,544,047	$	10,539,628	$	10,835,965

LIABILITIES & STOCKHOLDERS' EQUITY
Non-interest bearing deposits	$	3,186,650	$	2,859,492	$	2,552,039	$	2,595,075	$	2,764,408
Interest checking, savings, and money market deposits		6,034,871		4,991,887		5,006,462		4,819,859		4,781,761
Time deposits		1,115,596		1,022,468		1,119,348		1,227,767		1,363,497
Total deposits	$	10,337,117	$	8,873,847	$	8,677,849	$	8,642,701	$	8,909,666

Securities sold under agreements to repurchase	$	207,266	$	210,132	$	175,614	$	201,641	$	194,249
Short-term borrowings		30,168		4,663		4,658		4,651		24,648
Long-term debt		274,788		226,797		226,792		226,801		256,837
Junior subordinated debt owed to unconsolidated trusts		71,551		71,509		71,468		71,427		71,387
Lease liability		8,280		7,380		7,757		7,342		8,601
Other liabilities		140,588		99,413		109,840		129,360		134,493
Total liabilities	$	11,069,758	$	9,493,741	$	9,273,978	$	9,283,923	$	9,599,881
Total stockholders' equity	$	1,345,691	$	1,265,822	$	1,270,069	$	1,255,705	$	1,236,084
Total liabilities & stockholders' equity	$	12,415,449	$	10,759,563	$	10,544,047	$	10,539,628	$	10,835,965

SHARE DATA
Book value per common share	$	23.89	$	23.29	$	23.34	$	23.03	$	22.67
Tangible book value per common share¹	$	17.11	$	16.65	$	16.66	$	16.32	$	15.92
Ending number of common shares outstanding		56,330,616		54,345,379		54,404,379		54,522,231		54,516,000

¹See "Non-GAAP Financial Information" for reconciliation, excludes tax effect of other intangible assets.


CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(dollars in thousands, except per share data)

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
INTEREST INCOME
Interest and fees on loans held for sale and portfolio	$	61,404	$	71,089	$	123,969	$	143,625
Interest on investment securities		10,039		9,999		19,655		20,658
Other interest income		245		145		395		1,383
Total interest income	$	71,688	$	81,233	$	144,019	$	165,666

INTEREST EXPENSE
Interest on deposits	$	3,295	$	7,721	$	7,027	$	19,948
Interest on securities sold under agreements to repurchase		60		100		117		508
Interest on short-term borrowings		64		118		83		185
Interest on long-term debt		2,995		1,745		5,900		3,299
Junior subordinated debt owed to unconsolidated trusts		732		736		1,457		1,480
Total interest expense	$	7,146	$	10,420	$	14,584	$	25,420

Net interest income	$	64,542	$	70,813	$	129,435	$	140,246
Provision for loan losses		(1,700)		12,891		(8,496)		30,107
Net interest income after provision for loan losses	$	66,242	$	57,922	$	137,931	$	110,139

NON-INTEREST INCOME
Wealth management fees	$	13,002	$	10,193	$	25,586	$	21,748
Fees for customer services		8,611		7,025		16,648		15,386
Remittance processing		4,349		3,718		8,767		7,471
Mortgage revenue		1,747		2,705		4,413		4,086
Income on bank owned life insurance		1,476		2,282		2,440		3,339
Net security gains (losses)		898		315		2,539		902
Other		2,928		1,726		4,063		2,549
Total non-interest income	$	33,011	$	27,964	$	64,456	$	55,481

NON-INTEREST EXPENSE
Salaries, wages, and employee benefits	$	34,889	$	28,555	$	65,273	$	62,558
Data processing expense		4,819		4,051		9,099		8,446
Net occupancy expense		4,246		4,448		8,809		9,163
Furniture and equipment expense		2,066		2,537		4,092		4,986
Professional fees		2,311		1,986		4,256		3,810
Amortization expense		2,650		2,519		5,051		5,076
Interchange expense		1,442		1,198		2,926		2,367
Other operating expenses		10,202		7,774		17,618		17,176
Total non-interest expense	$	62,625	$	53,068	$	117,124	$	113,582

Income before income taxes	$	36,628	$	32,818	$	85,263	$	52,038
Income taxes		6,862		7,012		17,681		10,868
Net income	$	29,766	$	25,806	$	67,582	$	41,170

SHARE DATA
Basic earnings per common share	$	0.54	$	0.47	$	1.23	$	0.75
Fully-diluted earnings per common share	$	0.53	$	0.47	$	1.22	$	0.75
Average common shares outstanding		55,050,071		54,489,403		54,762,563		54,575,595
Diluted average common shares outstanding		55,730,883		54,705,273		55,384,942		54,807,170

Balance Sheet Growth

The balance sheet remains a source of strength. Total assets were $12.42 billion at June 30, 2021, $10.76 billion at March 31, 2021, and $10.84 billion at June 30, 2020. At June 30, 2021, portfolio loans were $7.19 billion, compared to $6.78 billion as of March 31, 2021, and $7.23 billion as of June 30, 2020. Amortized costs of PPP loans of $390.4 million, $522.1 million, and $729.3 million are included in the June 30, 2021, March 31, 2021, and June 30, 2020, portfolio loan balances, respectively. During the second quarter of 2021, Busey Bank experienced organic loan growth of $142.0 million, consisting of $94.2 million commercial growth and $47.8 million retail real estate and retail other growth. With the inclusion of GSB and organic growth, commercial balances (consisting of commercial, commercial real estate and real estate construction loans), excluding PPP loans, increased $204.2 million from March 31, 2021, and retail real estate and retail other loans increased $333.9 million from March 31, 2021.

Average portfolio loans were $6.89 billion for the second quarter of 2021, compared to $6.74 billion for the first quarter of 2021 and $7.22 billion for the second quarter of 2020. The average balance of PPP loans for the second quarter of 2021 was $496.2 million, compared to $482.5 million for the first quarter of 2021 and $579.5 for the second quarter of 2020. Average interest-earning assets for the second quarter of 2021 were $10.45 billion, compared to $9.75 billion for the first quarter of 2021 and $9.49 billion for the second quarter of 2020.

Total deposits were $10.34 billion at June 30, 2021, compared to $8.87 billion at March 31, 2021, and $8.91 billion at June 30, 2020. GSB deposits accounted for $1.29 billion of the second quarter increase. Recent fluctuations in deposit balances can be attributed to the retention of PPP loan funding in customer deposit accounts, the impacts of economic stimulus, other core deposit growth, and the seasonality of public funds. The Company remains funded substantially through core deposits with significant market share in its primary markets. Core deposits now account for 98.7% of total deposits. Cost of deposits in the second quarter are down to 0.14%.

Net Interest Margin and Net Interest Income

Net interest margin for the second quarter of 2021 was 2.50%, compared to 2.72% for the first quarter of 2021 and 3.03% for the second quarter of 2020. Excluding purchase accretion, core net interest margin was 2.43% for the second quarter of 2021, compared to 2.63% in the first quarter of 2021. Net interest income was $64.5 million in the second quarter of 2021 compared to $64.9 million in the first quarter of 2021 and $70.8 million in the second quarter of 2020.

The Federal Open Market Committee rate cuts during the first quarter of 2020 have contributed to the decline in net interest margin over the past year, as assets, in particular commercial loans, repriced more quickly and to a greater extent than liabilities. The net interest margin has also been negatively impacted by the sizeable balance of lower-yielding PPP loans, significant growth in the Company’s liquidity position, and the issuance of debt. Those impacts were partially offset by the Company’s efforts to lower deposit funding costs as well as the fees recognized related to PPP loans. Factors contributing to the 22 basis point decline in net interest margin during the second quarter of 2021 include:

●

Reduced recognition of purchase accounting accretion contributed -2 basis points

●

Reduction in PPP fee recognition contributed -3 basis points

●

Inclusion of GSB for one month contributed -5 basis points

●

Asset rate volume mix contributed -15 basis points

●

Funding costs improved +3 basis points, partially offsetting the declines

Asset Quality

Credit quality continues to be exceptionally strong. Loans 30-89 days past due were $3.9 million as of June 30, 2021, compared to $9.9 million as of March 31, 2021, and $5.2 million as of June 30, 2020. Non-performing loans totaled $28.3 million as of June 30, 2021, compared to $22.9 million as of March 31, 2021, and $25.4 million as of June 30, 2020. The increase in non-performing loans in the second quarter of 2021 was primarily the result of $4.4 million of acquired GSB non-performing loans. Continued disciplined credit management resulted in non-performing loans as a percentage of total loans of 0.39% at June 30, 2021, compared to 0.34% at March 31, 2021, and 0.35% at June 30, 2020. Excluding the amortized cost of PPP loans, non-performing loans as a percentage of total loans was 0.42% at June 30, 2021, compared to 0.37% at March 31, 2021, and 0.39% at June 30, 2020.

Net charge-offs totaled $1.0 million for the quarter ended June 30, 2021, compared to $0.3 million and $1.2 million for the quarters ended March 31, 2021, and June 30, 2020, respectively. The annualized ratio of second quarter net charge-offs to average loans was 0.06%. The allowance as a percentage of portfolio loans was 1.33% at June 30, 2021, compared to 1.39% at March 31, 2021, and 1.33% at June 30, 2020. Excluding the amortized cost of PPP loans, the allowance as a percentage of portfolio loans was 1.40% at June 30, 2021. The allowance as a percentage of non-performing loans was 336.96% at June 30, 2021, compared to 411.04% at March 31, 2021, and 378.43% at June 30, 2020.

As a matter of policy and practice, the Company limits the level of concentration exposure in any particular loan segment and maintains a well-diversified loan portfolio.


ASSET QUALITY (Unaudited)
(dollars in thousands)

	As of and for the Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2021			2021			2020			2020			2020

ASSET QUALITY
Portfolio loans	$	7,185,650		$	6,779,300		$	6,814,177		$	7,121,311		$	7,229,020
Portfolio loans excluding amortized cost of PPP loans		6,795,255			6,257,196			6,367,774			6,384,916			6,499,734
Loans 30-89 days past due		3,888			9,929			7,578			6,708			5,166
Non-performing loans:
Non-accrual loans		27,725			21,706			22,930			23,898			25,095
Loans 90+ days past due		590			1,149			1,371			279			285
Total non-performing loans	$	28,315		$	22,855		$	24,301		$	24,177		$	25,380
Total non-performing loans, segregated by geography:
Illinois / Indiana	$	21,398		$	15,457		$	16,234		$	15,097		$	16,285
Missouri		5,645			6,170			6,764			6,867			5,327
Florida		1,272			1,228			1,303			2,213			3,768
Other non-performing assets		3,137			4,292			4,571			4,978			3,755
Total non-performing assets	$	31,452		$	27,147		$	28,872		$	29,155		$	29,135

Total non-performing assets to total assets		0.25	%		0.25	%		0.27	%		0.28	%		0.27	%
Total non-performing assets to portfolio loans and non-performing assets		0.44	%		0.40	%		0.42	%		0.41	%		0.40	%
Allowance for credit losses to portfolio loans		1.33	%		1.39	%		1.48	%		1.39	%		1.33	%
Allowance for credit losses to portfolio loans, excluding PPP		1.40	%		1.50	%		1.59	%		1.55	%		1.48	%
Allowance for credit losses as a percentage of non-performing loans		336.96	%		411.04	%		415.82	%		408.82	%		378.43	%
Net charge-offs (recoveries)	$	1,011		$	309		$	934		$	2,754		$	1,229
Provision	$	(1,700)		$	(6,796)		$	3,141		$	5,549		$	12,891

Non-Interest Income

Total non-interest income increased to $33.0 million for the second quarter of 2021, compared to $31.4 million for the first quarter of 2021 and $28.0 million for the second quarter of 2020. Revenues from wealth management fees and remittance processing activities represented 52.6% of the Company’s non-interest income for the quarter ended June 30, 2021, providing a balance to spread-based revenue from traditional banking activities. On a combined basis, revenue from these two critical operating areas increased to $17.4 million in the second quarter of 2021, as compared to $13.9 million in the second quarter of 2020, a 24.7% increase.

Wealth management fees were $13.0 million for the second quarter of 2021, an increase from $12.6 million for the first quarter of 2021 and $10.2 million for the second quarter of 2020, a 27.6% increase from the comparable period in 2020. Net income from the Wealth Management segment was $4.9 million for the second quarter of 2021, an increase from $4.7 million for the first quarter of 2021 and $3.1 million in the second quarter of 2020, a 58.5% increase from the comparable period in 2020. First Busey’s Wealth Management division ended the second quarter of 2021 with $12.30 billion in assets under care, compared to $10.69 billion at the end of the first quarter of 2021 and $9.02 billion at the end of the second quarter of 2020, a 36.4% increase from the comparable period in 2020. The increase in assets under care compared to the second quarter of 2020 was comprised of $2.00 billion in organic and market related growth with an additional $1.28 billion obtained in the GSB acquisition.

Remittance processing revenue from the Company’s subsidiary, FirsTech, Inc., was $4.3 million for the second quarter of 2021, compared to $4.4 million for the first quarter of 2021 and $3.7 million for the second quarter of 2020, a 17.0% increase from the comparable period in 2020. The Remittance Processing operating segment generated net income of $0.4 million in the second quarter of 2021, consistent with last quarter, and down from $0.5 million in the second quarter of 2020. The Company is currently making strategic investments in FirsTech to further enhance future growth.

Fees for customer services increased to $8.6 million for the second quarter of 2021, compared to $8.0 million in the first quarter of 2021 and $7.0 million in the second quarter of 2020, a 22.6% increase from the comparable period in 2020. Fees for customer services have been impacted over the past year by changing customer behaviors resulting from COVID-19 and related government stimulus programs, and continue to rebound with improving economic conditions and customer activity levels.

Mortgage revenue decreased to $1.7 million in the second quarter of 2021, compared to $2.7 million in both the first quarter of 2021 and the second quarter of 2020, as a result of declines in sold-loan mortgage volume.

Operating Efficiency

Total non-interest expense was $62.6 million in the second quarter of 2021 compared to $54.5 million in the first quarter of 2021 and $53.1 million in the second quarter of 2020. Non-interest expense including amortization of intangibles but excluding non-operating adjustment items¹ was $59.9 million in the second quarter of 2021 compared to $54.2 million in the first quarter of 2021 and $52.6 million in the second quarter of 2020. Second quarter 2021 results include one month of operating expenses for GSB totaling $2.5 million, excluding non-operating items, and the Company expects efficiencies associated with the acquisition to be realized after the banks merge. As a result, the efficiency ratio¹ was 61.68% for the quarter ended June 30, 2021, compared to 54.67% for the quarter ended March 31, 2021, and 50.97% for the quarter ended June 30, 2020. The adjusted efficiency ratio¹ was 58.89% for the quarter ended June 30, 2021, 54.33% for the quarter ended March 31, 2021, and 50.48% for the quarter ended June 30, 2020. The Company remains focused on expense discipline.

Noteworthy components of non-interest expense are as follows:

●

Salaries, wages, and employee benefits were $34.9 million in the second quarter of 2021, an increase from $30.4 million in the first quarter of 2021 and $28.6 million from the second quarter of 2020. Total full-time equivalents at June 30, 2021, numbered 1,503 compared to 1,332 at March 31, 2021, and 1,480 at June 30, 2020. The GSB acquisition added 137 full-time equivalents at June 30, 2021. Second quarter 2021 results include $2.4 million of GSB expenses for the one month since acquisition, which included $1.1 million of non-operating salaries, wages, and employee benefits expenses. Further, the deferral of PPP loan origination costs of $1.8 million contributed to the lower salaries, wages, and benefits expense in the first quarter of 2021, compared to only $0.3 million in the second quarter of 2021.

●

Data processing expense increased to $4.8 million in the second quarter of 2021, compared to $4.3 million in the first quarter of 2021 and $4.1 million in the second quarter of 2020. Second quarter 2021 results include $0.2 million of GSB operating data processing expenses for the one month since acquisition. Further, the Company recorded an additional $0.4 million of non-operating data processing expenses related to the acquisition.

●	Professional fees increased to $2.3 million in the second quarter of 2021, compared to $1.9 million in the first quarter of 2021 and $2.0 million in the second quarter of 2020. Second quarter 2021 results include $0.9 million of non-operating professional fee expenses related to the acquisition.

●	Amortization expense increased to $2.7 million in the second quarter of 2021, compared to $2.4 million in the first quarter of 2021 and $2.5 million in the second quarter of 2020. Second quarter 2021 results include $0.3 million of amortization related to GSB.

●

Other operating expense increased to $10.2 million for the second quarter of 2021, compared to $7.4 million in the first quarter of 2021 and $7.8 million in the second quarter of 2020. The second quarter 2021 increase was across multiple expense categories, including a $0.6 million increase in new market tax credit amortization and $0.9 million increase in business development expenses, which includes $0.2 million of non-operating expenses related to the acquisition. Additionally, second quarter 2021 results included $0.5 million of GSB other operating expenses.

¹ A Non-GAAP financial measure. See “Non-GAAP Financial Information” for reconciliation.

Capital Strength

The Company's strong capital levels, coupled with its earnings, have allowed First Busey to provide a steady return to its stockholders through dividends. The Company will pay a cash dividend on July 30, 2021, of $0.23 per common share to stockholders of record as of July 23, 2021. The Company has consistently paid dividends to its common stockholders since the bank holding company was organized in 1980.

As of June 30, 2021, the Company continued to exceed the capital adequacy requirements necessary to be considered “well-capitalized” under applicable regulatory guidelines. The Company’s tangible common equity¹ (“TCE”) was $981.9 million at June 30, 2021, compared to $918.6 million at March 31, 2021, and $883.9 million at June 30, 2020. TCE represented 8.15% of tangible assets at June 30, 2021, compared to 8.82% at March 31, 2021, and 8.43% at June 30, 2020.¹

During the second quarter of 2021, the Company purchased 221,000 shares of its common stock at an average price of $25.97 per share for a total of $5.7 million under the Company’s stock repurchase plan.

2Q21 Quarterly Earnings Supplement

For additional information on the Company’s response to COVID-19, financial condition, and operating results, please refer to the 2Q21 Quarterly Earnings Supplement presentation furnished via Form 8-K on July 27, 2021, in connection with this earnings release.

¹ A Non-GAAP financial measure. See “Non-GAAP Financial Information” for reconciliation.

Corporate Profile

As of June 30, 2021, First Busey Corporation (Nasdaq: BUSE) was a $12.42 billion financial holding company headquartered in Champaign, Illinois.

Busey Bank, a wholly-owned bank subsidiary of First Busey Corporation, had total assets of $10.94 billion as of June 30, 2021, and is headquartered in Champaign, Illinois. Busey Bank currently has 53 banking centers serving Illinois, 10 banking centers serving Missouri, four banking centers serving southwest Florida, and one banking center in Indianapolis, Indiana.

Busey Bank owns a retail payment processing subsidiary, FirsTech, Inc., which processes approximately 30 million transactions for a total of $9.0 billion on an annual basis. FirsTech, Inc. operates across the United States and Canada, providing payment solutions that include, but are not limited to, electronic payments, mobile payments, phone payments, remittance processing, in person payments, and merchant services. FirsTech, Inc. partners with 5,800+ agents across the U.S. More information about FirsTech, Inc. can be found at firstechpayments.com.

Glenview State Bank, a wholly-owned bank subsidiary of First Busey Corporation acquired in the second quarter of 2021, had total assets of $1.44 billion as of June 30, 2021, and is headquartered in Glenview, Illinois. Glenview State Bank currently has seven banking centers serving the Chicago-Naperville-Elgin, IL-IN-WI Metropolitan Statistical Area.

Through Busey Bank’s and GSB’s Wealth Management divisions, the Company provides asset management, investment, and fiduciary services to individuals, businesses, and foundations. As of June 30, 2021, Busey Bank’s assets under care were $11.02 billion, and GSB’s assets under care were $1.28 billion.

First Busey has been named a Best Place to Work across the company footprint since 2016 by Best Companies Group. We are honored to be consistently recognized by national and local organizations for our engaged culture of integrity and commitment to community development.

For more information about us, visit busey.com.

Category: Financial

Source: First Busey Corporation

Contacts:

Jeffrey D. Jones, Chief Financial Officer

217-365-4130

Non-GAAP Financial Information

This earnings release contains certain financial information determined by methods other than GAAP. These measures include adjusted pre-provision net revenue, adjusted net income, adjusted diluted earnings per share, adjusted return on average assets, adjusted net interest margin, efficiency ratio, adjusted efficiency ratio, tangible common equity, tangible common equity to tangible assets, tangible book value per share, and return on average tangible common equity. Management uses these non-GAAP measures, together with the related GAAP measures, in analysis of the Company’s performance and in making business decisions. Management also uses these measures for peer comparisons.

A reconciliation to what management believes to be the most direct compared GAAP financial measures, specifically total net interest income in the case of adjusted pre-provision net revenue; net income in the case of adjusted net income, adjusted diluted earnings per share, and adjusted return on average assets; total net interest income in the case of adjusted net interest margin; total non-interest income and total non-interest expense in the case of efficiency ratio and adjusted efficiency ratio; and total stockholders’ equity in the case of tangible common equity, tangible common equity to tangible assets, tangible book value per share, and return on average tangible common equity, appears below. The Company believes the adjusted measures are useful for investors and management to understand the effects of certain non-recurring non-interest items and provide additional perspective on the Company’s performance over time as well as comparison to the Company’s peers.

These non-GAAP disclosures have inherent limitations and are not audited. They should not be considered in isolation or as a substitute for the 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 or effective rates as appropriate.


Reconciliation of Non-GAAP Financial Measures – Adjusted Pre-Provision Net Revenue (Unaudited)
(dollars in thousands, except per share data)

	Three Months Ended									Six Months Ended
	June 30,			March 31,			June 30,			June 30,			June 30,
	2021			2021			2020			2021			2020
Net interest income	$	64,542		$	64,893		$	70,813		$	129,435		$	140,246
Non-interest income		33,011			31,445			27,964			64,456			55,481
Less securities (gains) and losses, net		(898)			(1,641)			(315)			(2,539)			(902)
Non-interest expense		(62,625)			(54,499)			(53,068)			(117,124)			(113,582)
Pre-provision net revenue		34,030			40,198			45,394			74,228			81,243

Adjustments to pre-provision net revenue:
Acquisition and other restructuring expenses		2,713			320			487			3,033			632
Provision for unfunded commitments		(496)			406			567			(90)			1,584
New Market Tax Credit amortization		1,239			1,829			—			3,068			1,200
Adjusted pre-provision net revenue	$	37,486		$	42,753		$	46,448		$	80,239		$	84,659

Average total assets		11,398,655			10,594,245			10,374,820			10,998,672			10,031,499

Reported: Pre-provision net revenue to average assets¹		1.20	%		1.54	%		1.76	%		1.36	%		1.63	%
Adjusted: Pre-provision net revenue to average assets¹		1.32	%		1.64	%		1.80	%		1.47	%		1.70	%

¹Annualized measure.


Reconciliation of Non-GAAP Financial Measures – Adjusted Net Income, Adjusted Diluted Earnings Per Share, and Adjusted Return on Average Assets (Unaudited)
(dollars in thousands, except per share data)

	Three Months Ended									Six Months Ended
	June 30,			March 31,			June 30,			June 30,			June 30,
	2021			2021			2020			2021			2020
Net income	$	29,766		$	37,816		$	25,806		$	67,582		$	41,170

Adjustments to net income:
Acquisition expenses:
Salaries, wages, and employee benefits		1,125			—			—			1,125			—
Data processing		368			7			—			375			—
Lease or fixed asset impairment		—			—			—			—			—
Professional fees, occupancy, and other		1,220			313			141			1,533			286
Other restructuring costs:
Salaries, wages, and employee benefits		—			—			346			—			346
Data processing		—			—			—			—			—
Lease or fixed asset impairment		—			—			—			—			—
Professional fees, occupancy, and other		—			—			—			—			—
Related tax benefit		(558)			(71)			(102)			(629)			(132)
Adjusted net income	$	31,921		$	38,065		$	26,191		$	69,986		$	41,670

Dilutive average common shares outstanding		55,730,883			55,035,806			54,705,273			55,384,942			54,807,170
Reported: Diluted earnings per share	$	0.53		$	0.69		$	0.47		$	1.22		$	0.75
Adjusted: Diluted earnings per share	$	0.57		$	0.69		$	0.48		$	1.26		$	0.76

Average total assets	$	11,398,655		$	10,594,245		$	10,374,820		$	10,998,672		$	10,031,499

Reported: Return on average assets¹		1.05	%		1.45	%		1.00	%		1.24	%		0.83	%
Adjusted: Return on average assets¹		1.12	%		1.46	%		1.02	%		1.28	%		0.84	%

¹Annualized measure.


Reconciliation of Non-GAAP Financial Measures – Adjusted Net Interest Margin (Unaudited)
(dollars in thousands)

	Three Months Ended									Six Months Ended
	June 30,			March 31,			June 30,			June 30,			June 30,
	2021			2021			2020			2021			2020
Net interest income	$	64,542		$	64,893		$	70,813		$	129,435		$	140,246

Adjustments to net interest income:
Tax-equivalent adjustment		579			601			717			1,180			1,447
Purchase accounting accretion related to business combinations		(1,726)			(2,157)			(2,477)			(3,883)			(5,304)
Adjusted net interest income	$	63,395		$	63,337		$	69,053		$	126,732		$	136,389

Average interest-earning assets		10,448,417			9,752,294			9,485,200			10,102,278			9,151,372

Reported: Net interest margin¹		2.50	%		2.72	%		3.03	%		2.61	%		3.11	%
Adjusted: Net interest margin¹		2.43	%		2.63	%		2.93	%		2.53	%		3.00	%

¹Annualized measure.


Reconciliation of Non-GAAP Financial Measures – Efficiency Ratio and Adjusted Efficiency Ratio (Unaudited)
(dollars in thousands)

	Three Months Ended									Six Months Ended
	June 30,			March 31,			June 30,			June 30,			June 30,
	2021			2021			2020			2021			2020
Net interest income	$	64,542		$	64,893		$	70,813		$	129,435		$	140,246
Tax-equivalent adjustment		579			601			717			1,180			1,447
Tax equivalent interest income	$	65,121		$	65,494		$	71,530		$	130,615		$	141,693

Non-interest income	$	33,011		$	31,445		$	27,964		$	64,456		$	55,481
Less security (gains) and losses, net		(898)			(1,641)			(315)			(2,539)			(902)
Adjusted non-interest income	$	32,113		$	29,804		$	27,649		$	61,917		$	54,579

Non-interest expense	$	62,625		$	54,499		$	53,068		$	117,124		$	113,582
Amortization of intangible assets		(2,650)			(2,401)			(2,519)			(5,051)			(5,076)
Non-operating adjustments:
Salaries, wages, and employee benefits		(1,125)			—			(346)			(1,125)			(346)
Data processing		(368)			(7)			—			(375)			—
Impairment, professional fees, occupancy, and other		(1,220)			(313)			(141)			(1,533)			(286)
Adjusted non-interest expense	$	57,262		$	51,778		$	50,062		$	109,040		$	107,874

Reported: Efficiency ratio		61.68	%		54.67	%		50.97	%		58.21	%		55.28	%
Adjusted: Efficiency ratio		58.89	%		54.33	%		50.48	%		56.63	%		54.96	%


Reconciliation of Non-GAAP Financial Measures – Tangible common equity, Tangible common equity to tangible assets, Tangible book value per share, Return on average tangible common equity (Unaudited)
(dollars in thousands)

	Three Months Ended									Six Months Ended
	June 30,			March 31,			June 30,			June 30,			June 30,
	2021			2021			2020			2021			2020
Total assets	$	12,415,449		$	10,759,563		$	10,835,965
Goodwill and other intangible assets, net		(381,795)			(361,120)			(368,053)
Tax effect of other intangible assets, net		17,997			13,883			15,825
Tangible assets	$	12,051,651		$	10,412,326		$	10,483,737

Total stockholders’ equity	$	1,345,691		$	1,265,822		$	1,236,084
Goodwill and other intangible assets, net		(381,795)			(361,120)			(368,053)
Tax effect of other intangible assets, net		17,997			13,883			15,825
Tangible common equity	$	981,893		$	918,585		$	883,856

Ending number of common shares outstanding		56,330,616			54,345,379			54,516,000

Tangible common equity to tangible assets¹		8.15	%		8.82	%		8.43	%
Tangible book value per share	$	17.11		$	16.65		$	15.92

Average common equity	$	1,342,771		$	1,275,694		$	1,233,270		$	1,309,418		$	1,225,715
Average goodwill and other intangible assets, net		(368,709)			(362,693)			(369,699)			(365,718)			(370,969)
Average tangible common equity	$	974,062		$	913,001		$	863,571		$	943,700		$	854,746

Reported: Return on average tangible common equity²		12.26	%		16.80	%		12.02	%		14.44	%		9.69	%
Adjusted: Return on average tangible common equity^2,3		13.14	%		16.91	%		12.20	%		14.96	%		9.80	%

¹Tax-effected measure, 28% estimated deferred tax rate.
²Annualized measure.
³Calculated using adjusted net income.

Special Note Concerning Forward-Looking Statements

Statements made in this document, other than those concerning historical financial information, may be considered forward-looking 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 based upon beliefs, expectations, and assumptions of the Company’s management, and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should,” or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events. A number of factors, many of which are beyond the Company’s ability to control or predict, could cause actual results to differ materially from those in the Company’s forward-looking statements. These factors include, among others, the following: (i) the strength of the local, state, national, and international economy (including the impact of the current presidential administration); (ii) the economic impact of any future terrorist threats or attacks, widespread disease or pandemics (including the COVID-19 pandemic), or other adverse external events that could cause economic deterioration or instability in credit markets; (iii) changes in state and federal laws, regulations, and governmental policies concerning the Company’s general business; (iv) changes in accounting policies and practices, including FASB’s CECL impairment standards; (v) changes in interest rates and prepayment rates of the Company’s assets (including the impact of The London Inter-bank Offered Rate phase-out); (vi) increased competition in the financial services sector and the inability to attract new customers; (vii) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (viii) the loss of key executives or associates; (ix) changes in consumer spending; (x) unexpected results of current and/or future acquisitions, which may include failure to realize the anticipated benefits of any acquisition and the possibility that transaction costs may be greater than anticipated; (xi) unexpected outcomes of existing or new litigation involving the Company; and (xii) the economic impact of exceptional weather occurrences such as tornadoes, hurricanes, floods, and blizzards. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Additional information concerning the Company and its business, including additional factors that could materially affect its financial results, is included in the Company’s filings with the Securities and Exchange Commission.

Exhibit 99.2

July 27, 2021 2Q21 QUARTERLY EARNINGS SUPPLEMENT

Special Note Concerning Forward-Looking Statements Statements made in this document, other than those concerning historical financial information, may be considered forward-looking 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 based upon beliefs, expectations and assumptions of the Company’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should” or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events. A number of factors, many of which are beyond the Company’s ability to control or predict, could cause actual results to differ materially from those in the Company’s forward-looking statements. These factors include, among others, the following: (i) the strength of the local, state, national and international economy (including the impact of the current presidential administration); (ii) the economic impact of any future terrorist threats or attacks, widespread disease or pandemics (including the COVID-19 pandemic), or other adverse external events that could cause economic deterioration or instability in credit markets; (iii) changes in state and federal laws, regulations and governmental policies concerning the Company’s general business; (iv) changes in accounting policies and practices, including FASB’s CECL impairment standards; (v) changes in interest rates and prepayment rates of the Company’s assets (including the impact of The London Inter-bank Offered Rate phase-out); (vi) increased competition in the financial services sector and the inability to attract new customers; (vii) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (viii) the loss of key executives or associates; (ix) changes in consumer spending; (x) unexpected results of current and/or future acquisitions, which may include failure to realize the anticipated benefits of any acquisition and the possibility that transaction costs may be greater than anticipated; (xi) unexpected outcomes of existing or new litigation involving the Company; and (xii) the economic impact of exceptional weather occurrences such as tornadoes, hurricanes, floods, and blizzards. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Additional information concerning the Company and its business, including additional factors that could materially affect its financial results, is included in the Company’s filings with the Securities and Exchange Commission.

Non-GAAP Financial Measures This document contains financial information determined other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Management uses these “non-GAAP” measures in its analysis of the Company’s performance. Management also believes that these non-GAAP financial measures allow for better comparability of period to period operating performance. Additionally, the Company believes this information is utilized by regulators and market analysts to evaluate a company’s financial condition, and therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. A reconciliation of the non-GAAP measures used in this document to the most directly comparable GAAP measures is provided beginning on page 36 of this document. For more details on the Company’s non-GAAP measures, refer to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021.

Table of Contents Overview of First Busey Corporation (BUSE) 5 Diversified Business Model 6 Attractive Geographic Footprint 7 Experienced Management Team 8 Investment Highlights 9 Fortress Balance Sheet 10 Robust Capital Foundation 11 High Quality Loan Portfolio 12 Update on COVID - Related Deferral & Modification Trends 18 Participating in the CARES Act Paycheck Protection Program 22 Navigating Credit Cycle from Position of Strength 23 Substantial Reserve Build Following CECL Adoption 24 Ample Sources of Liquidity 25 Quarterly Earnings Review 26 Core Earnings Performance 27 Net Interest Margin 28 Diversified and Significant Sources of Fee Income 29 Resilient Wealth Management Platform 30 FirsTech Growth and Expansion of Services 31 Focused Control on Expenses 32 Personal Banking Transformation Plan 33 Acquisition of Cummins-American Corp (Glenview State Bank) 34 Appendix: Use of Non-GAAP Financial Measures 36

Overview of First Busey Corporation (BUSE) Company Overview Branch Map Primary Business Segments Financial Highlights Commercial Banking Wealth Management Retail Payment Processing Illinois state chartered bank, organized in 1868 Bank offers full suite of diversified financial products and services for consumers and businesses 75 branch locations, serving four state footprint(2) Provides premier wealth and asset management services for individuals and businesses $12.3bn Assets Under Care (AUC) at June 30,2021 Provides comprehensive and innovative payment processing capabilities Solutions tailored for online, mobile, walk-in, CSR, direct debit, lockbox, auto phone pay, VerID 30 million transactions per year 150+ year old bank headquartered in Champaign, IL Full service community bank serving Illinois, St. Louis, Indianapolis, and Southwest Florida markets Diversified lending portfolio across real estate, commercial, and retail products Named among Forbes’ 2018 and 2019 Best-in-State Banks for Illinois, American Banker’s “Best Banks to Work For” from 2016-2020, and Best Places to Work in Money Management by Pensions & Investments from 2018-2020 First Busey maintains an unwavering focus on its 4 Pillars – associates, customers, communities and shareholders Closed acquisition of Glenview State Bank on 5/31/21 (1) Non-GAAP calculation, see Appendix (2) Does not reflect branch consolidation actions expected to occur in 4Q21 $ in millions 2019 2020 2021 YTD Total Assets $9,696 $10,544 $12,415 Total Loans (Exc. HFS) 6,687 6,814 7,186 Total Deposits 7,902 8,678 10,337 Total Equity 1,220 1,270 1,346 NPA/Assets 0.34% 0.27% 0.25% NIM 3.38% 3.03% 2.61% Core PPNR ROAA (1) 1.76% 1.75% 1.47% Core ROAA (1) 1.25% 1.06% 1.28% Core ROATCE (1) 14.54% 12.47% 14.96%

Online Banking Credit and Debit Cards Checking Services Consumer Loans Commercial Lending Business Saving Services Personal Business Mortgage Banking Mobile Banking Diversified Business Model Investment Services Investment Management Financial Goals Private Client Business Planning Business Checking Services Merchant Services Solutions Custom Consulting Lockbox Processing Payment Concentrator Processing Verid Walk-In Payments Online Bill Payments Mobile Payments Direct Debit Business Solutions Payment Solutions Investment Advisory Banking the intersection of commercial and wealth

Attractive Geographic Footprint Four distinct operating regions provide for attractive mix of customers and demographics, providing compelling business and market opportunities Northern Gateway Central Florida Banking Centers: 15 Deposits: $2.4B Avg. Deposits Per Branch: $162.9MM Median HHI: $76,758 Banking Centers: 24 Deposits: $2.9B Avg. Deposits Per Branch: $122.2MM 2020 Pop: 2.8 Million Banking Centers: 32 Deposits: $4.5B Avg. Deposits Per Branch: $141.2MM DMS Rank: Top 5 in 7 out of 8 IL Markets Banking Centers: 4 Deposits: $442MM Avg. Deposits Per Branch: $110.6MM 2020-25 Pop. Growth: 5.9% versus U.S. avg. 2.9% US Census Claritas data as of 6.30.20 Exhibits above depict the First Busey franchise as of 6.30.21 and does not reflect branch consolidation actions expected to occur in 4Q21

Experienced Management Team Van A. Dukeman Chairman, President & Chief Executive Officer, First Busey Corporation Robin N. Elliott President & CEO, Busey Bank Jeffrey D. Jones EVP & CFO Robert F. Plecki, Jr. EVP, Chief Banking Officer John J. Powers EVP & General Counsel Monica L. Bowe EVP & Chief Risk Officer Has served as President & CEO of First Busey since 2007. Mr. Dukeman was President & CEO of Main Street Trust from 1998 until its merger with First Busey in 2007. In addition to his role as President & CEO, Mr. Dukeman became Chairman of the Holding Company Board effective July 22, 2020. Mr. Dukeman’s 40 years of diverse financial services experience and extensive board involvement throughout his career brings a conservative operating philosophy and a management style that focus on Busey’s associates, customers, communities and shareholders. Joined Busey in 2006 and led various finance functions prior to serving as CFO/COO and now Bank President/CEO. Mr. Elliott has played instrumental roles in executing various strategic and growth initiatives. Before joining Busey, Mr. Elliott worked for various national public accounting firms, including Ernst & Young. Joined Busey in August 2019, bringing his nearly 20 years of investment banking and financial services experience to Busey. Mr. Jones previously served as Managing Director and Co-Head of Financial Institutions at Stephens Inc. Mr. Jones began his career in the Banking Supervision and Regulation division of the Federal Reserve. Joined Busey in 1984 and has served in the role of Chief Credit Officer or Chief Banking Officer of First Busey since 2010 as well as serving as the Chair of Credit Committees. Mr. Plecki previously served as President & CEO of Busey Wealth Management, COO, and EVP of the Florida and Champaign market. Prior to the 2007 merger with First Busey, Bob served in various management roles at Main Street Trust. Highly experienced board with nearly 150 years of combined director experience Management aligned with shareholders (insider ownership of 7.2%) Amy L. Randolph Chief of Staff & EVP of Pillar Relations

Investment Highlights Established in 1868, with more than 150 years of commitment to local communities and businesses Operating with 75 branches across four states: Illinois, Missouri, Indiana, and Florida Experienced and proven management team Attractive and diverse business strategy with premier commercial bank, wealth management, and payment processing solutions for individuals and businesses Attractive Franchise Sound Growth Strategy Strong Core Deposits Strong Capital and Liquidity Position High Quality Loan Portfolio Diversified Revenue Drive organic growth through regional operating model with highly aligned commercial and wealth relationship focused strategies in key markets of operation Leverage track record as proven successful acquirer to expand through disciplined M&A Attractive core deposit to total deposit ratio (98.7%) (1) Low cost of total deposits (14 bps) and cost of non-time deposits (6 bps) in Q2 2021 Strengths in commercial & industrial, commercial real estate, and residential real estate lending Highly diversified loan portfolio without material loan concentrations Strong asset quality and continued firm-wide commitment to upholding high standards of credit quality Reserves/NPLs of 337% and NPL/Loans of 0.42% (excludes PPP loans; as of 6/30/21) Significant revenue derived from diverse and complementary fee income sources Noninterest income/operating revenue of 34% Q2 2021 and 32% LTM Wealth management and payment processing operations account for 53% of non-interest income GAAP and regulatory capital levels significantly in excess of well-capitalized requirements Remains substantially core deposit funded, with a low loan-to-deposit ratio High quality, short duration securities portfolio and asset sensitive balance sheet (1) Core Deposits include non-brokered transaction accounts, money market deposit accounts, and time deposits of $250,000 or less (2) Non-GAAP calculation, see Appendix (3) Based on BUSE closing stock price on July 23, 2021 Attractive Profitability and Returns Core ROAA & ROATCE 1.12% and 13.14% Q2 2021 and 1.27% and 14.96% LTM(2) Core Adjusted Efficiency Ratio 58.89% Q2 2021 and 53.81% LTM(2) Q2 2021 Core diluted EPS $0.57(2) and quarterly dividend of $0.23 (4.03% yield)(3)

TCE/TA ratio of 8.15% at 6/30/21(1) Capital ratios significantly in excess of well-capitalized minimums - Total RBC of 16.41% and CET1 ratio of 12.26% at 6/30/21 TBV per share of $17.11 at 6/30/21(1), up 7.5% year-over-year Diversified portfolio, conservatively underwritten with low levels of concentration Non-performing (0.25% of total assets) and classified assets (5.7% of capital) both at multi-year lows Substantial reserve build under CECL ACL/Loans: 1.40%(2) ACL/NPLs: 336.96% Full-payment deferrals under COVID-related modification programs now account for only 0.2% of commercial loan balances 100 / 300 Test: 38% C&D 197% CRE Robust holding company and bank-level liquidity Strong core deposit franchise further bolstered by recently closed GSB acquisition 69.5% loan-to-deposit ratio, 98.7% core deposits (3) Borrowings accounted for approximately 3.4% of total funding at 6/30/21 Substantial sources of off-balance sheet contingent funding ($3.2 billion) Fortress Balance Sheet (1) Non-GAAP calculation, see Appendix (2) Excluding amortized cost of PPP loans (3) Core Deposits include non-brokered transaction accounts, money market deposit accounts, and time deposits of $250,000 or less Robust Capital Foundation Resilient Loan Portfolio Strong Core Deposit Franchise & Ample Liquidity

Robust Capital Foundation Non-GAAP calculation, see Appendix 2Q21 Capital Ratios are preliminary estimates Leverage Ratio (2) $922 $941 $964 $983 $1,008 $1,062 9.9% 9.4% 9.4% 9.8% 9.8% 9.6% 4% 2020 Q1 2020 Q2 2020 Q3 2020 Q4 2021 Q1 2021 Q2 Tier 1 Capital Leverage Ratio Min Ratio $ in millions ($ in millions) Tangible Common Equity Ratio (1) $864 $884 $905 $921 $919 $982 9.2% 8.4% 8.9% 9.0% 8.8% 8.2% 2020 Q1 2020 Q2 2020 Q3 2020 Q4 2021 Q1 2021 Q2 TCE TCE Ratio $ in millions Total Capital Ratio (2) $ in millions $756 $739 $737 $731 $728 $806 $291 $461 $489 $515 $538 $517 13.9% 16.2% 16.6% 17.0% 17.4% 16.4% 2020 Q1 2020 Q2 2020 Q3 2020 Q4 2021 Q1 2021 Q2 Well Cap Min Excess over Min Total Capital Ratio $ in millions $ in millions Current Ratio 16.4% 13.2% 12.3% Minimum Well Capitalized Ratio 10.0% 8.0% 6.5% Amount of Capital $1,323 $1,062 $988 Well Capitalized Minimum $806 $645 $524 Excess Amount over Well-Capitalized Min $517 $417 $464 Total Capital Ratio Tier 1 Capital Ratio Common Equity Tier 1 Ratio Consolidated Capital as of 6/30/2021 (2)

High Quality Loan Portfolio Based on loan origination (2) Excludes Credit Card and Overdraft Protection (3) Excludes GSB acquired loans 2Q21 was first quarter to show increased line utilization since onset of the pandemic Loan Portfolio Geographic Segmentation (1) Missouri 22% Indiana 4% Illinois 68% Florida 6% MRQ Yield on Loans = 3.59% Total Loan Portfolio = $7.2 billion Loan Portfolio Composition as of 6/30/2021 Commercial & Industrial 25% Owner Occupied CRE 14% Non - Owner Occupied CRE 29% Construction & Development 7% 1 - 4 Family Residential 18% HELOCs 4% Other 3% Funded Draws & Line Utilization Rate (2) $1,564 $1,459 $1,465 $1,418 $1,618 $381 $362 $342 $321 $420 $1,945 $1,821 $1,807 $1,738 $1,904 54% 53% 52% 51% 52% $1 $501 $1,001 $1,501 $2,001 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Commercial Retail % Utilized (total) $ in millions Busey Bank Ex-PPP Loan Trends (3) $1,568 $1,545 $1,598 $2,893 $2,913 $2,877 $462 $423 $501 $1,445 $1,376 $1,424 $6,368 $6,257 $6,399 4Q20 1Q21 2Q21 C&I Coml RE RE Construction Retail RE & Other Ex-PPP CAGR % $ in millions 2Q21 CAGR 9.1%

High Quality Loan Portfolio: C&I C&I Portfolio Overview 24% of total loan portfolio (ex-PPP loans) Diversified portfolio results in low levels of concentrated exposure Top concentration in one industry (manufacturing) is 16% of C&I loans, or 4% of total loans Only 1.8% of C&I loans are classified Acquired $66 million of ex-PPP C&I loans in Glenview State Bank (GSB) merger (1) (ex-PPP) loan totals include purchase accounting, FASB, overdrafts, etc. Total C&I Loans (1) $1,629 $1,545 $1,569 $1,546 $1,664 2020 Q2 2020 Q3 2020 Q4 2021 Q1 2021 Q2 $ in millions $ in thousands NAICS Sector 6/30/21 Balances (ex-PPP) % of Total Loans (ex- PPP) 6/30/21 Classified Balances Manufacturing $263,995 3.9% $6,874 Finance and Insurance $179,957 2.6% $0 Educational Services $169,850 2.5% $168 Construction $169,421 2.5% $1,163 Real Estate Rental & Leasing $155,128 2.3% $1,462 Wholesale Trade $153,025 2.3% $283 Health Care and Social Assistance $130,051 1.9% $156 Agriculture, Forestry, Fishing and Hunting $97,329 1.4% $1,406 Public Administration $83,796 1.2% $0 Retail Trade $65,315 1.0% $5,216 Food Services and Drinking Places $36,103 0.5% $327 Professional, Scientific, and Technical Services $37,132 0.5% $6,092 Transportation $32,555 0.5% $1,982 Other Services (except Public Administration) $32,604 0.5% $63 Administrative and Support Services $16,599 0.2% $2,723 Arts, Entertainment, and Recreation $17,888 0.3% $2,076 Information $9,005 0.1% $0 Waste Management Services $4,405 0.1% $0 Accommodation $3,813 0.1% $0 Mining, Quarrying, and Oil and Gas Extraction $1,608 0.0% $0 Management of Companies and Enterprises $1,535 0.0% $0 Utilities $1,041 0.0% $0 Warehousing and Storage $620 0.0% $0 Other $1,083 0.0% $0 Grand Total $1,663,858 24.5% $29,990 C&I Loans by Sector (ex-PPP)

Loan Portfolio: Low Levels of Concentrated Exposure Manufacturing Loans Total Manufacturing Loans: $264 Million or 3.9% of Loan Portfolio (ex-PPP loans) 2.6% Classified Loans down from 3.5% in 1Q21 Diversified exposure across 20 industry subsectors results in no single level of high concentration No subsector accounts for more than 1% of the total portfolio $ in thousands (1) Active deferrals include both interest-only modifications and full-payment deferrals. Please see page 18 for additional detail. Subsector 6/30/21 Balances (ex-PPP) % of Total Loans (ex-PPP) 6/30/21 Active Deferral Balances (1) 6/30/21 Classified Balances % of Category Classified 6/30/21 PPP Balances Machinery $57,868 0.9% $0 $58 0.1% $8,816 Transportation Equipment $55,550 0.8% $0 $30 0.1% $284 Food $49,597 0.7% $0 $1,232 2.5% $5,706 Miscellaneous $37,048 0.5% $0 $0 0.0% $3,367 Plastics and Rubber Products $16,054 0.2% $0 $610 3.8% $544 Chemical $10,254 0.2% $0 $0 0.0% $1,848 Fabricated Metal Product $10,234 0.2% $0 $1,082 10.6% $6,614 Electrical Equipment, Appliance, and Component $5,679 0.1% $0 $0 0.0% $1,177 Nonmetallic Mineral Product $4,742 0.1% $0 $0 0.0% $128 Primary Metal $4,019 0.1% $0 $0 0.0% $1,987 Beverage and Tobacco Product $3,057 0.0% $1,804 $1,804 59.0% $837 Printing and Related Support Activities $2,810 0.0% $0 $0 0.0% $4,655 Paper $2,534 0.0% $0 $0 0.0% $105 Computer and Electronic Product $2,010 0.0% $0 $2,004 99.7% $966 Petroleum and Coal Products $1,383 0.0% $0 $0 0.0% $325 Furniture and Related Product $416 0.0% $0 $53 12.8% $489 Apparel $370 0.0% $0 $0 0.0% $1,119 Wood Product $363 0.0% $0 $0 0.0% $1,137 Textile Mills $7 0.0% $0 $0 0.0% $0 Textile Product Mills $0 0.0% $0 $0 0.0% $3,765 Grand Total $263,995 3.9% $1,804 $6,874 2.6% $43,871

High Quality Loan Portfolio: CRE CRE Portfolio Overview 50% of total loan portfolio (ex-PPP) 27% of CRE loans are owner-occupied Only 0.9% of total CRE loans and 0.4% of non-owner occupied CRE loans are classified Low Levels of Concentrated Exposure Office CRE top concentration at 16% of total CRE portfolio Investor Owned CRE Loans by Industry (1) Owner Occupied CRE Loans by Industry Multifamily - Apartments & Student Housing by State $ in thousands 60.8% Weighted Avg. LTV $15.9MM as of 6/30/21 in active deferrals, representing 2.0% of the category balance 64.5% are long-term Busey customers (4+ yrs) 0.2% Classified Loans in Segment (1) Investor owned CRE includes C&D, Multi-family and non-owner occupied CRE Property Type 6/30/21 Balances % of Total Loans (ex-PPP) 6/30/21 Classified Balances Industrial/Warehouse $288,448 4.2% $8,673 Specialty CRE $238,698 3.5% $5,292 Office CRE $228,326 3.4% $813 Retail CRE $73,657 1.1% $843 Restaurant CRE $64,099 0.9% $3,034 Health Care $4,518 0.1% $0 Continuing Care $3,758 0.1% $0 Nursing Homes $2,051 0.0% $0 Hotel $1,077 0.0% $0 Apartments $496 0.0% $0 Student Housing $110 0.0% $0 Other CRE $10,100 0.1% $57 Grand Total $915,336 13.5% $18,712 Property Type 6/30/21 Balances % of Total Loans (ex-PPP) 6/30/21 Classified Balances Apartments $469,478 6.9% $1,622 Retail CRE $464,527 6.8% $1,403 Office CRE $327,786 4.8% $59 Student Housing $325,206 4.8% $0 Industrial/Warehouse $243,229 3.6% $116 Senior Housing $181,812 2.7% $0 Hotel $169,460 2.5% $0 Land Acquisition & Dev. $98,228 1.4% $2,400 Specialty CRE $76,927 1.1% $50 Nursing Homes $64,116 0.9% $5,539 Restaurant CRE $29,716 0.4% $0 1-4 Family $22,647 0.3% $0 Continuing Care Facilities $14,685 0.2% $0 Other CRE $2,477 0.0% $0 Grand Total $2,490,294 36.6% $11,188

Loan Portfolio: Low Levels of Concentrated Exposure Total Retail Loans: $603 million or 8.9% of Loan Portfolio Total Traveler Accommodation Loans: $174 Million or 2.6% of Loan Portfolio $ in thousands (1) Active deferrals include both interest-only modifications and full-payment deferrals. Please see page 18 for additional detail. Retail Trade & Retail CRE Loans Traveler Accommodation Loans Retail Flag 6/30/21 Balances (ex-PPP) % of Total ex-PPP Loans 6/30/21 Active Deferral Balances (1) Weighted Avg LTV % of Classified Loans in Segment 6/30/21 PPP Balances Strip Center $280,086 4.1% $2,601 61.1% 0.5% $0 Single Tenant $91,557 1.3% $0 54.6% 1.0% $0 Mixed Use - Retail $72,230 1.1% $0 61.6% 0.0% $0 Shopping Center $65,728 1.0% $0 61.9% 0.0% $0 Retail Trade (C&I) $65,315 1.0% $0 8.0% $24,745 Community Retail Center $28,584 0.4% $0 42.4% 0.0% $0 Grand Total $603,499 8.9% $2,601 59.2% 1.2% $24,745 Subsector 6/30/21 Balances (ex-PPP) % of Total Loans (ex-PPP) 6/30/21 Active Deferral Balances (1) Weighted Avg LTV % of Classified Loans in Segment 6/30/21 PPP Balances Hotel - Limited Service Large Chain CRE $59,931 0.9% $19,654 61.7% 0.0% $0 Hotel - Full Service Large Chain CRE $58,146 0.9% $12,208 65.8% 0.0% $0 Hotel - Full Service Boutique CRE $41,686 0.6% $30,976 65.4% 0.0% $0 Hotel - Limited Service Boutique CRE $10,270 0.2% $0 46.7% 0.0% $0 Hotel Operations (C&I) $3,754 0.1% $0 0.0% $9,478 Motel CRE $505 0.0% $505 67.4% 0.0% $0 RV Parks and Campgrounds (C&I) $59 0.0% $0 0.0% $0 Other $0 0.0% $0 0.0% $116 Grand Total $174,350 2.6% $63,343 63.3% 0.0% $9,594

Loan Portfolio: Low Levels of Concentrated Exposure Total Food Services Loans: $130 Million or 1.9% of Loan Portfolio $ in thousands Total Agriculture Loans: $113 Million or 1.7% of Loan Portfolio (1) Active deferrals include both interest-only modifications and full-payment deferrals. Please see page 18 for additional detail. Agriculture Loans Food Services Loans Food Services 6/30/21 Balances (ex-PPP) % of Total Loans (ex-PPP) 6/30/21 Active Deferral Balances (1) Weighted Avg LTV % of Classified Loans in Segment 6/30/21 PPP Balances Full-Service Restaurant CRE $61,023 0.9% $10,325 55.5% 5.0% $0 Limited-Service Restaurant CRE $32,792 0.5% $0 69.0% 0.0% $0 Limited-Service Restaurant Operations $26,003 0.4% $1,346 0.0% $7,019 Full-Service Restaurant Operations $9,027 0.1% $3,030 3.5% $30,330 Drinking Place Operations $869 0.0% $0 0.0% $2,774 Other Food Services $204 0.0% $0 0.0% $2,061 Grand Total $129,918 1.9% $14,701 59.8% 2.6% $42,183 Geographic Location by State 6/30/21 Balances (ex-PPP) % of Total ex-PPP Loans 6/30/21 Active Deferral Balances (1) Farmland WAVG LTV % of Classified Loans in Segment % of Long- Term Customer s (4+ Yrs) Illinois $66,882 1.0% $0 43.4% 0.9% 82.2% Indiana $2,129 0.0% $0 39.2% 0.0% 100.0% Other State $427 0.0% $0 34.8% 0.0% 100.0% Missouri $297 0.0% $0 39.6% 0.0% 100.0% Florida $164 0.0% $0 50.5% 0.0% 0.0% Total Farmland $69,899 1.0% $0 43.2% 0.8% 82.5% Illinois $37,228 0.5% $0 2.2% 89.1% Indiana $6,371 0.1% $0 0.0% 100.0% Total Farm Operating Line $43,599 0.6% $0 1.9% 89.2% Grand Total $113,499 1.7% $0 1.2% 85.1%

Update on COVID –Related Deferral & Modification Trends Commercial and Small Business Clients Busey announced on March 26, 2020 a six-month modification program, including up to two 90-day deferrals of payments or interest only payment options. This program expired on September 30, 2020 and all deferrals granted from this original opt-in program are no longer active While our formal program expired, Busey continues to offer support to customers clearly impacted by COVID-19 with deferrals approved after September 30 on a special request basis Of the current active commercial loan deferral balance, 92.7% are interest-only deferrals while only 7.3% are full payment deferrals – active full payment deferrals account for 0.2% of total commercial balances Commercial Payment Relief Program $ in thousands 6/30/21 # of Loans 6/30/21 $ Net Balances % of All Deferral Balances % of Total Net Total Commercial Loans: 7,177 $5,152,506 Loans with deferrals granted after 9/30/20 Loans with aggregate deferral period exceeding 6 months Active Full Pmt Deferrals (ex-SBA loans) 9 $8,960 0.9% Active I/O Modifications 34 $120,133 11.5% Total 43 $129,093 12.3% 2.5% Loans with aggregate deferral period less than 6 months Active Full Pmt Deferrals (ex-SBA) 2 $1,451 0.1% Active I/O Modifications 4 $12,945 1.2% Total 6 $14,396 1.4% 0.3% Total Active Deferral Loans 49 $143,489 13.7% 2.8% Expired Payment Relief, regular pmt not yet received 1 $484 0.0% 0.0% Exited Payment Relief Program 896 $901,517 86.2% 17.5% Loans currently in the Payment Relief Program (A) 49 $143,489 Loans no longer in deferral (B + C) 897 $902,001 946 $1,045,489 100% 20.3%

Update on COVID –Related Deferral & Modification Trends Commercial and Small Business Clients Deferrals have declined in the current outstanding commercial book from 23.1% at 6/30/2020 to 2.8% as of 6/30/2021 with only 0.2% on full-payment deferral 19.4% of the current active deferred loans are projected to exit the payment relief program by the end of 3Q21 Projected Quarterly Roll-Off of Active Commercial Deferrals # $ 49 $143,489 # of Loans $ Balances EOQ # of Loans EOQ Balances Q3 2021 23 $27,814 26 $115,675 Q4 2021 4 $8,254 22 $107,421 Q1 2022 17 $91,416 5 $16,005 Q2 2022 3 $4,651 2 $11,354 Q3 2022 2 $11,354 0 $0 Loans currently in the Payment Relief Program: Commercial Active Deferral Timeline $ in thousands # of Loans $ Balances Proportion of net commercial loans (%) % on Full Payment Deferral Active Deferrals at 6/30/20 1,122 $1,178,577 23.1% 16.1% Active Deferrals at 9/30/20 301 $426,372 8.4% 6.4% Active Deferrals at 12/31/20 98 $208,624 4.1% 0.9% Active Deferrals at 3/31/21 72 $197,119 3.9% 0.6% Active Deferrals at 6/30/21 49 $143,489 2.8% 0.2%

Update on COVID –Related Deferral & Modification Trends $ in thousands Property/Industry 6/30/21 Balances (ex-PPP) Classified Loan Balances 6/30/21 Active Deferrals - Full Pmts 6/30/2021 Active I/O Modifications % of Segment in Active Deferral Hotel CRE $170,537 $0 $505 $62,838 37.1% Specialty CRE $315,624 $5,342 $1,451 $25,649 8.6% Student Housing $325,315 $0 $0 $13,137 4.0% Restaurant CRE $93,815 $3,034 $7,182 $3,142 11.0% Senior Housing $181,812 $0 $0 $9,713 5.3% Food Services and Drinking Places $36,103 $327 $0 $4,376 12.1% Office CRE $556,112 $871 $675 $3,388 0.7% Apartments $469,974 $1,622 $0 $2,723 0.6% Retail CRE $538,184 $2,246 $0 $2,601 0.5% Manufacturing $263,995 $6,874 $0 $1,804 0.7% Health Care and Social Assistance $130,051 $156 $0 $1,641 1.3% Administrative and Support Services $16,599 $2,723 $0 $659 4.0% Industrial/Warehouse $531,677 $8,789 $0 $652 0.1% Land Acquisition and Development $98,228 $2,400 $500 $0 0.5% Arts, Entertainment, and Recreation $17,888 $2,076 $0 $496 2.8% Other CRE $18,679 $154 $0 $72 0.4% 1-4 Family $210,680 $2,941 $98 $187 0.1% Grand Total $10,411 $133,078 Active Commercial Deferrals by Sectors

Update on COVID –Related Deferral & Modification Trends Personal Loan and Mortgage Customers Retail Payment Relief Program $ in thousands 6/30/21 # of Loans 6/30/21 $ Balances % of All Deferral Balances % of Total Consumer Balances Total Consumer Portfolio Loans (1) 19,542 $1,144,074 A Total Active Deferral Loans 8 $844 0.8% 0.1% B Exited Payment Relief Program 769 $100,792 99.2% 8.8% Total loans outstanding that received a deferral (A+B): 777 $101,636 100% 8.9% Retail Active Deferrals Timeline (1) # of Loans $ Balances % of Net Consumer Loans Active Deferrals at 6/30/20 892 $124,901 9.7% Active Deferrals at 9/30/20 559 $81,922 6.7% Active Deferrals at 12/31/20 351 $47,671 4.1% Active Deferrals at 3/31/21 178 $24,893 2.2% Active Deferrals at 4/30/21 71 $10,986 1.0% Active Deferrals at 5/31/21 26 $5,305 0.5% Active Deferrals at 6/30/21 8 $844 0.1% (1) Table does not include GSE servicing-retained loans or purchased HELOC pool

As part of the CARES Act, Congress appropriated approximately $349 billion for the creation of the Paycheck Protection Program (PPP) as well as approving on April 24, 2020 an additional $310 billion for the PPP On December 27, 2020, the Economic Aid Act became law, extending the authority to make PPP loans through March 31, 2021, and revising certain PPP requirements and program provisions On March 30, 2021, the President signed the PPP Extension Act of 2021, which extended the application deadline to May 31, 2021 Busey originated $749.4 million in first round PPP loans and acquired an additional $15.8 million GSB first round loans representing 4,595 new and existing customers Busey originated $296.3 million in second round PPP loans and acquired an additional $27.7 million GSB second round loans representing 2,740 new and existing customers $399.7 million PPP loans outstanding as of 6/30/2021 ($390.4 million, net of deferred fees and costs) $685.6 million of borrower forgiveness funds received from SBA as of 6/30/2021 Generated fees of approximately $25.4 million in 2020 related to the CARES Act Remaining deferred fees of $0.5 million and $0.1 million deferred costs as of 6/30/2021 Fees generated of approximately $13.5 million related to the Economic Aid Act Remaining deferred fees of $11.1 million and $2.2 million deferred costs as of 6/30/2021 Participating in the CARES Act Paycheck Protection Program Summary Impact Small Business Applications & Loan Funding Industry $ in thousands PPP Balances # of PPP Loans Average Loan Size Construction $75,064 334 $225 Health Care and Social Assistance $50,219 307 $164 Manufacturing $43,871 168 $261 Food Services and Drinking Places $42,183 308 $137 Professional, Scientific, and Technical Services $37,531 336 $112 Other Services (except Public Administration) $25,934 359 $72 Retail Trade $24,745 207 $120 Administrative and Support Services $20,397 139 $147 Wholesale Trade $15,131 96 $158 Transportation $11,912 95 $125 Arts, Entertainment, and Recreation $9,717 135 $72 Accommodation $9,594 33 $291 Real Estate Rental & Leasing $8,329 132 $63 Educational Services $5,643 50 $113 Agriculture, Forestry, Fishing and Hunting $4,835 188 $26 Finance and Insurance $4,050 90 $45 Information $3,631 31 $117 Other $3,198 68 $47 Mining, Quarrying, and Oil and Gas Extraction $1,876 5 $375 Utilities $604 2 $302 Management of Companies and Enterprises $572 5 $114 Public Administration $302 9 $34 Waste Management Services $228 4 $57 Real Estate and Rental and Leasing $96 2 $48 Warehousing and Storage $41 1 $41 Grand Total $399,704 3,104 $129

Navigating Credit Cycle from Position of Strength Overview Conservative underwriting and strong asset quality allowed the Company to enter the economic downturn well-prepared Non-performing asset and classified asset ratios have declined to multi-year lows Net charge-off experience has remained stable in range of 0.11% to 0.13% over the last three years Q2 2021 annualized NCO ratio of 0.06% (1) Capital calculated as Busey Bank Tier 1 Capital + Allowance for credit losses (2) 6/30/2021 NCOs/Average Loans is annualized (quarterly NCO ratio is 0.02%) NPAs / Assets 7,702 9,696 10,544 12,415 0.48% 0.34% 0.27% 0.25% 2018 Q4 2019 Q4 2020 Q4 2021 Q2 Assets %NPAs/Assets $ in millions ($ in millions) NCOs / Average Loans (2) $5,534 $6,470 $7,007 $6,814 0.13% 0.11% 0.12% 0.04% 2018 2019 2020 2021 Q2 YTD Avg Loans NCOs/Avg Loans $ in millions Classifieds / Capital (1) $854 $1,099 $1,155 $1,334 14.3% 9.7% 8.5% 5.7% 2018 Q4 2019 Q4 2020 Q4 2021 Q2 Capital Classified/Capital $ in millions

Substantial Reserve Build Following CECL Adoption (1) 2021 YTD recorded a $8.5 million negative provision for loan losses; $1.7 million negative provision during 2Q21 Allowance / Loans (ex-PPP) $5,568 $6,687 $6,368 $6,795 0.91% 0.80% 1.59% 1.40% 2018 Q4 2019 Q4 2020 Q4 2021 Q2 Ex-PPP Loans (EOM) Allowance/Ex-PPP Loans $ in millions Allowance / NPLs $36,598 $29,507 $24,301 $28,315 138% 182% 416% 337% 2018 Q4 2019 Q4 2020 Q4 2021 Q2 NPLs Allowance/NPLs $ in thousands ($ in millions) Allowance / NPAs $36,974 $32,564 $28,872 $31,452 137% 165% 350% 303% 2018 Q4 2019 Q4 2020 Q4 2021 Q2 NPAs Allowance/NPAs $ in thousands Provision Coverage / Net Charge-offs 0.6x 1.4x 4.7x FY 2018 FY 2019 FY 2020 2021 YTD Provision Multiple

Ample Sources of Liquidity (1) Core Deposits include non-brokered transaction accounts, money market deposit accounts, and time deposits of $250,000 or less 2021 Q2 Average Cost of Deposits = 0.14% 2021 Q2 Average Cost of Non-Time Deposits = 0.06% 2021 Q2 Average Deposit Composition Non - Int DDA 32% Int DDA 26% Savings & MMDA 31% CD < 250k 9% CD > 250k 2% Total Deposits & Loan to Deposit Ratio $7,973 $8,910 $8,643 $8,678 $8,874 $10,337 84.6% 81.1% 82.4% 78.5% 76.4% 69.5% 2020 Q1 2020 Q2 2020 Q3 2020 Q4 2021 Q1 2021 Q2 Total Deposits Loan to Deposit Ratio $ in millions ($ in millions) Core Deposits (1) / Total Deposits $7,624 $8,595 $8,392 $8,478 $8,711 $10,203 95.6% 96.5% 97.1% 97.7% 98.2% 98.7% 2020 Q1 2020 Q2 2020 Q3 2020 Q4 2021 Q1 2021 Q2 Core Deposits Core/Total Deposits $ in millions Unpledged Securities $3,048 Available FHLB $1,220 FRB Discount $477 Fed Funds Lines $467 Brokered Availability (10% deposits) $1,031 Total $6,243 Contingency Liquidity as of 6/30/21 $ in millions

Net Interest Income decreased from $64.9 million in 1Q21 to $64.5 million in 2Q21 The acquisition of Glenview State Bank on 5/31/21 contributed $1.5mm to 2Q21 consolidated NII Loan interest income and fees (net of deferred costs) attributable to PPP decreased to $4.3 million in 2Q21 from $4.8 million in 1Q21 Net Interest Margin decreased 22 bps vs 1Q21 from 2.72% to 2.50% in 2Q21 Reduced recognition of purchase accounting accretion contributed -2 basis points Reduction in PPP fee recognition contributed -3 basis points Inclusion of GSB for one month contributed -5 basis points Asset rate volume mix contributed -15 basis points Funding costs improved 3 basis points, partially offsetting the declines Non-Interest Expense Non-interest income of $33.0 million in 2Q21, equated to 33.8% of operating revenue(3) Wealth Management fees rose to $13.0 million in 2Q21 with record AUC of $12.3 billion, up 36.4% Y-o-Y Remittance processing revenue of $4.3 million in 2Q21, up 17% Y-o-Y Fees for customer services were $8.6 million in 2Q21, an increase from $8.0 million in 1Q21 and $7.0 million in 2Q20 Mortgage revenue declined to $1.7 million in 2Q21 from $2.7 million in 1Q21 consistent with expectations given higher on-balance sheet retention Core non-interest expenses (2) (excluding one-time acquisition and restructuring related items) of $60.0 million in 2Q21 Core adjusted non-interest expenses (1) (excluding intangible amortization, unfunded commitment provision and one-time items) of $57.8 million in 2Q21, equating to 59.4% core adjusted efficiency ratio(3) Core net income of $32.0 million or $0.57 per diluted share (3) Core, adjusted pre-provision net revenue of $37.5 million (1.32% PPNR ROAA) (3) 1.12% Core ROAA and 13.1% Core ROATCE (3) Earnings Non-Interest Income Net Interest Income Quarterly Earnings Review Provision Consolidated net effect of $1.7 million negative provision expense and $0.5 million negative provision for unfunded commitments contributed approximately $0.02 per share to 2Q21 results At Busey Bank, $5.5 million negative provision for credit losses and a $0.6 million negative provision for unfunded commitments amid improved US economic outlooks As a result of the acquisition, GSB recorded a Day 1 allowance of $4.2 million, for loans purchased with credit deterioration (“PCD”), provision for credit losses of $3.8 million, and a provision for unfunded commitments of $0.2 million Non-GAAP, see Appendix, further adjusted for negative provision for unfunded commitments (2) Non-Interest expense less non-operating adjustments (3) Non-GAAP, see Appendix

Core Earnings Performance (1) Non-GAAP calculation, see Appendix Core ROAA & ROATCE (1) 7.4% 12.2% 14.8% 15.2% 16.9% 13.1% 0.64% 1.02% 1.22% 1.31% 1.46% 1.12% 2020 Q1 2020 Q2 2020 Q3 2020 Q4 2021 Q1 2021 Q2 Core ROATCE Core ROAA ($ in millions) Core Net Income & Earnings Per Share (1) $15,479 $26,191 $32,803 $34,255 $38,065 $31,921 $0.28 $0.48 $0.60 $0.62 $0.69 $0.57 2020 Q1 2020 Q2 2020 Q3 2020 Q4 2021 Q1 2021 Q2 Core Net Income Earnings Per Share $ in thousands Historical Key Rates 1.76% 0.99% 0.17% 0.15% 0.14% 0.12% 0.10% 1.58% 0.23% 0.16% 0.13% 0.13% 0.16% 0.25% 1.69% 0.37% 0.29% 0.28% 0.36% 0.92% 0.87% 1.92% 0.70% 0.67% 0.72% 0.92% 1.70% 1.45% 12/31/19 3/31/20 6/30/20 9/30/20 12/31/20 3/31/21 6/30/21 1m LIBOR 2-yr UST 5-yr UST 10-Yr UST ($ in millions) Core Pre-Provision Net Revenue / Avg. Assets (1) $38,211 $46,448 $48,701 $47,156 $42,753 $37,486 1.59% 1.80% 1.81% 1.80% 1.64% 1.32% 2020 Q1 2020 Q2 2020 Q3 2020 Q4 2021 Q1 2021 Q2 Core PPNR Core PPNR / Avg Assets $ in thousands

Net Interest Margin Key Factors: Substantial majority of 2Q21 net organic loan growth came on late in the quarter PPP contribution to net interest income declined $0.5 million from $4.8 million in 1Q21 to $4.3 million in 2Q21 mainly due to full forgiveness of CARES Act loans with less remaining net accretion due to timing of scheduled amortization Glenview State Bank contributed $1.5 million to the consolidated net interest income NIM decreased 22 bps vs 1Q21 (includes impact from Glenview State Bank acquisition) -20 bps asset yield (incl. -5 bps from GSB) -3 bps PPP -2 bps Purchase Accounting +3 bps funding costs (1) Tax-Equivalent adjusted amounts Net Interest Margin 3.88% 3.47% 3.41% 3.03% 2.77% 0.72% 0.47% 0.37% 0.33% 0.29% 3.20% 3.03% 3.06% 2.72% 2.50% 0.13% 0.10% 0.10% 0.09% 0.06% 3.03% 2.85% 2.66% 2.45% 2020 Q1 2020 Q2 2020 Q3 2020 Q4 2021 Q1 2021 Q2 Earning Assets Cost of Funds NIM Accretion Ex-PPP NIM Earning Assets Yield Net Interest Margin Accretion Cost of Funds Net Interest Margin Bridge Net Interest Income (1) 67,336 64,579 61,705 61,620 58,574 59,089 2,827 2,477 2,618 2,469 2,157 1,726 4,474 6,068 9,502 4,763 4,306 70,163 71,530 70,391 73,591 65,494 65,121 2020 Q1 2020 Q2 2020 Q3 2020 Q4 2021 Q1 2021 Q2 Net Interest Income Accretion PPP Income (Net fees + coupon) $ in thousands

Overview Resilient, varied and complimentary sources of fee income provide revenue diversification with heightened value amidst cycle of margin compression Non-interest income represented 33.8% of operating revenue(1) in 2Q21 (33.2% excl. securities gains) Key businesses of wealth management and payment processing contributed 53% of non-interest income in 2Q21 Y-o-Y increase in Q2 fee income broad-based with increases in wealth management, remittance processing and fees for customer services Diversified and Significant Sources of Fee Income (1) Non-GAAP calculation, see Appendix Non-Interest Income / Total Revenue $27.5 $28.0 $32.3 $30.5 $31.4 $33.0 $97.0 $98.8 $102.0 $103.4 $96.3 $97.6 28.4% 28.3% 31.6% 29.5% 32.6% 33.8% 2020 Q1 2020 Q2 2020 Q3 2020 Q4 2021 Q1 2021 Q2 Non-Interest Income Net Interest Income Non-Int Inc / Total Income $ in millions $ in thousands 2Q20 2Q21 Change (%) Wealth Management Fees $10,193 $13,002 27.6% Fees for Customer Services $7,025 $8,611 22.6% Remittance Processing $3,718 $4,349 17.0% Mortgage Revenue $2,705 $1,747 -35.4% Income on Bank Owned Life Insurance $2,282 $1,476 -35.3% Net Security Gains $315 $898 185.1% Other Non-Interest Income $1,726 $2,928 69.6% Total Non-Interest Income $27,964 $33,011 18.0% Non-Interest Income Details Sources of Non-Interest Income Wealth Management Fees 39% Fees for Customer Services 26% Remittance Processing 13% Mortgage Revenue 5% Income on Bank Owned Life Insurance 5% Net Security Gains 3% Other Non - Interest Income 9%

Resilient Wealth Management Platform Overview Provides a full range of asset management, investment and fiduciary services to individuals, businesses and foundations, tax preparation, philanthropic advisory services and farm and brokerage services Q2 2021 Summary Consolidated assets under care (AUC) reached an all-time high of $12.3 billion, representing a Y-o-Y increase of $3.3 billion, or 36.4%, due to the acquisition of Glenview State Bank’s $1.28 billion of AUC and organic and market related growth of over $2 billion Busey Wealth Management (BWM) brought in $188 million of new assets during 2Q21, bringing the 1H21 total to $650 million, representing a 215.5% increase over 1H20 Consolidated Wealth revenue of $13.0 million in 2Q21, a 26.1% Y-o-Y increase over 2Q20 Consolidated Wealth pre-tax net income of $6.3 million in 2Q21, a 54.9% Y-o-Y increase over 2Q20 (1) Wealth Management Segment ($ in millions) Wealth - Assets Under Care $9,021 $9,503 $10,228 $10,692 $12,303 2020 Q2 2020 Q3 2020 Q4 2021 Q1 2021 Q2 $ in millions ($ in millions) Wealth - Revenue & Pre-tax Income (1) $10,310 $10,662 $10,748 $12,587 $13,000 $4,056 $4,165 $4,387 $6,022 $6,283 39.3% 39.1% 40.8% 47.8% 48.3% 2020 Q2 2020 Q3 2020 Q4 2021 Q1 2021 Q2 Revenue Pre-Tax Net Income Pre-Tax Profit Margin $ in thousands

FirsTech Growth and Expansion of Services Overview FirsTech provides custom payment processing solutions through a comprehensive suite of capabilities including mobile bill pay, walk-in payment processing, lockbox, online bill pay, IVR; and electronic concentration of payments delivered via ACH, money management software and credit card networks 2021 YTD Summary FirsTech revenue of $9.7 million during 1H21, an increase of 20.3% over linked period 2020(1) Exceptional customer retention continues to solidify core relationships Key Initiatives Recent hiring of seasoned technology and software executives has paved the way for a strategy focused on growth through expansion of services across FirsTech’s enterprise client base and innovation in the payments space enabling businesses to connect with consumers through multiple payment methods Continue to foster and grow relationships with current clients Expand existing and new product offerings with current and future clients Enhance existing products and services with new technology that will expand FirsTech’s footprint in Fin-Tech area Revenue Growth(1) Multi-Layered Platform (1) Remittance Processing Segment

Focused Control on Expenses Non-GAAP, see Appendix, further adjusted for negative provision for unfunded commitments (2) Core Efficiency Ratio (ex-CECL) Non-GAAP less provision for unfunded commitments (3) Non-GAAP, see Appendix Core adjusted expenses(1) of $57.8 million in 2Q21 excluding amortization, provision for unfunded and acquisition / restructuring related charges Deferral of PPP loan origination costs of $2.3 million contributed to lower non-interest expense in 1Q21, compared to only $0.4 million in 2Q21 NMTC amortization up $0.6 million from 1Q21 to 2Q21 GSB operating expenses for the one month since acquisition of $2.5 million Cost savings realization expected to accelerate subsequent to bank merger/conversion scheduled for 3Q21 GSB added 137 FTE at 6/30/2021 but expected to reduce to 84 net additional FTE when fully integrated $ in millions ($ in millions) Non-Interest Expense $49,495 $51,270 $54,096 $51,372 $57,758 $567 $250 $406 $487 $2,529 $7,550 $320 $2,713 $2,519 $2,493 $2,439 $2,401 $2,650 $53,068 $56,542 $64,073 $54,499 $62,625 2020 Q2 2020 Q3 2020 Q4 2021 Q1 2021 Q2 Core Adjusted Expenses Unfunded Provision One-time Non-Recurring Expenses Intangible Amortization - $12 - $496 ($ in millions) Full-Time Equivalents (FTE) 1,531 1,346 1,503 YE 2019 YE 2020 2Q21 ($ in millions) Efficiency Ratio (3) 51.0% 52.4% 59.7% 54.7% 61.7% 50.5% 50.0% 52.4% 54.3% 58.9% 49.9% 49.7% 52.4% 53.9% 59.4% 2020 Q2 2020 Q3 2020 Q4 2021 Q1 2021 Q2 Reported Eff Ratio Core Eff Ratio Core Eff Ratio (ex-CECL) (2)

Personal Banking Transformation Plan Financial Impact Summary Annualized expense savings net of expected associated revenue impacts are anticipated to be approximately $3.5 million with the impact of these costs savings beginning to be realized in the fourth quarter of 2021 One-time expenses expected related to the banking center closures are estimated between $4.3 to $5.0 million and anticipated to be incurred during 3Q21 and 4Q21 Average deposits per branch will increase from $138 million per branch to $178 million per branch Overview of Planned Branch Consolidation Based on thoughtful consideration and analysis, the Company decided in July 2021 on a plan to close and consolidate 15 Busey Bank banking centers to ensure a balance between the Company’s physical banking center network and robust digital banking services. This initiative does not include 2 additional branches anticipated to be consolidated as part of Glenview State Bank integration. Both the Busey and Glenview banking centers are expected to close in November 2021 Proforma depiction reflects closure of 15 branches from the retail consolidation plan and 2 branches consolidated from GSB acquisition ($ in millions) Branch Consolidation (1) 75 58 $138 $178 Current Proforma # of Branches Avg Deposits Per Branch ($ millions)

Company Overview Acquisition of Cummins-American Corp (Glenview State Bank) Cummins-American Corp. has provided banking and financial services in the Chicago area since 1921 through its wholly-owned subsidiary Glenview State Bank Seven full-service branch locations located in the attractive northern suburbs of Chicago Profitable wealth management business with $1.28 billion in AUC at 6/30/21 Core deposits represent approximately 97% of deposits(1) Loan to deposit ratio of 32% Strategic Rationale Branch Map Bolsters presence in suburban Chicago and a top 20 deposit market share in the Chicago MSA Operating markets provide attractive demographics and business dynamics aligned with operating model Positions First Busey to benefit from growth potential of leveraging its commercial and wealth focused business model within these markets Transaction expected to provide attractive financial benefits with relatively low integration risk Offsets the anticipated financial impact from Durbin Amendment limitations on interchange revenue beginning in the 2nd half of 2022 Cummins American Corp Integration Update (1) Core Deposits include non-brokered transaction accounts, money market deposit accounts, and time deposits of $250,000 or less Legal and financial close of the acquisition occurred on May 31, 2021. Bank merger and conversion to occur during 3Q21. Consolidated financial results for 2Q21 include one month of contribution from CAC/GSB.

APPENDIX 35

Use of Non-GAAP Financial Measures (1) Annualized measure June 30, 2021 March 31, 2021 December 31, 2020 September 30, 2020 June 30, 2020 Reported : Net income $29,766 $37,816 $28,345 $30,829 $25,806 Acquisition expenses: Salaries, wages, and employee benefits 1,125 — — — — Data processing 368 7 56 — — Lease or fixed asset impairment — — 245 234 — Professional fees and other 1,220 313 479 99 141 Other restructuring costs: Salaries, wages, and employee benefits — — 113 2,011 346 Data processing — — — — — Fixed asset impairment — — 6,657 — — Professional fees and other — — — 185 — Related tax benefit (558) (71) (1,640) (555) (102) Adjusted : Net income $31,921 $38,065 $34,255 $32,803 $26,191 Dilutive average common shares outstanding 55,730,883 55,035,806 54,911,458 54,737,920 54,705,273 Reported : Diluted earnings per share $0.53 $0.69 $0.52 $0.56 $0.47 Adjusted : Diluted earnings per share $0.57 $0.69 $0.62 $0.60 $0.48 Average total assets $11,398,655 $10,594,245 $10,419,364 $10,680,995 $10,374,820 Reported : Return on average assets (1) 1.05 % 1.45 % 1.08 % 1.15 % 1.00 % Adjusted : Return on average assets (1) 1.12 % 1.46 % 1.31 % 1.22 % 1.02 % Three Months Ended ($ in thousands) (Unaudited results) June 30, 2021 March 31, 2021 December 31, 2020 September 30, 2020 June 30, 2020 Net interest income $64,542 $64,893 $72,936 $69,753 $70,813 Non-interest income 33,011 31,445 30,499 32,285 27,964 Less securities (gains) and losses, net (898) (1,641) (855) 426 (315) Non-interest expense (62,625) (54,499) (64,073) (56,542) (53,068) Pre-provision net revenue $34,030 $40,198 $38,507 $45,922 $45,394 Acquisition and other restructuring expenses 2,713 320 7,550 2,529 487 Provision for unfunded commitments (496) 406 (12) 250 567 New Market Tax Credit amortization 1,239 1,829 1,111 — — Adjusted: pre-provision net revenue $37,486 $42,753 $47,156 $48,701 $46,448 Average total assets $11,398,655 $10,594,245 $10,419,364 $10,680,995 $10,374,820 Reported : Pre-provision net revenue to average assets (1) 1.20 % 1.54 % 1.47 % 1.71 % 1.76 % Adjusted : Pre-provision net revenue to average assets (1) 1.32 % 1.64 % 1.80 % 1.81 % 1.80 % Three Months Ended

Use of Non-GAAP Financial Measures (1) Tax-effected measure. 28% estimated deferred tax rate (2) Annualized measure (3) Calculated using adjusted net income ($ in thousands) (Unaudited results) June 30, 2021 March 31, 2021 December 31, 2020 September 30, 2020 June 30, 2020 Reported : Net Interest income $64,542 $64,893 $72,936 $69,753 $70,813 Tax-equivalent adjustment 579 601 655 638 717 Tax-equivalent interest income $65,121 $65,494 $73,591 $70,391 $71,530 Reported : Non-interest income 33,011 31,445 30,499 32,285 27,964 Less securities (gains) and losses, net (898) (1,641) (855) 426 (315) Adjusted: Non-interest income $32,113 $29,804 $29,644 $32,711 $27,649 Reported : Non-interest expense 62,625 54,499 64,073 56,542 53,068 Amortization of intangible assets (2,650) (2,401) (2,439) (2,493) (2,519) Non-operating adjustments: Salaries, wages, and employee benefits (1,125) — (113) (2,011) (346) Data processing (368) (7) (56) — — Impairment, professional fees and other (1,220) (313) (7,381) (518) (141) Adjusted: Non-interest expense $57,262 $51,778 $54,084 $51,520 $50,062 Reported : Efficiency ratio 61.68 % 54.67 % 59.70 % 52.42 % 50.97 % Adjusted : Efficiency ratio 58.89 % 54.33 % 52.39 % 49.97 % 50.48 % Three Months Ended June 30, 2021 March 31, 2021 December 31, 2020 September 30, 2020 June 30, 2020 Total assets $12,415,449 $10,759,563 $10,544,047 $10,539,628 $10,835,965 Goodwill and other intangible assets, net (381,795) (361,120) (363,521) (365,960) (368,053) Tax effect of other intangible assets, net 17,997 13,883 14,556 15,239 15,825 Tangible assets $12,051,651 $10,412,326 $10,195,082 $10,188,907 $10,483,737 Total stockholders’ equity 1,345,691 1,265,822 1,270,069 1,255,705 1,236,084 Goodwill and other intangible assets, net (381,795) (361,120) (363,521) (365,960) (368,053) Tax effect of other intangible assets, net 17,997 13,883 14,556 15,239 15,825 Tangible common equity 981,893 918,585 921,104 904,984 883,856 Ending number of common shares outstanding 56,330,616 54,345,379 54,404,379 54,522,231 54,516,000 Tangible common equity to tangible assets (1) 8.15 % 8.82 % 9.03 % 8.88 % 8.43 % Tangible book value per share $17.11 $16.65 $16.66 $16.32 $15.92 Average common equity $1,342,771 $1,275,694 $1,261,298 $1,248,448 $1,233,270 Average goodwill and other intangible assets, net (368,709) (362,693) (365,120) (367,490) (369,699) Average tangible common equity $974,062 $913,001 $896,178 $880,958 $863,571 Reported : Return on average tangible common equity (2) 12.26 % 16.80 % 12.58 % 13.92 % 12.02 % Adjusted : Return on average tangible common equity (2)(3) 13.14 % 16.91 % 15.21 % 14.81 % 12.20 % As of and for the Three Months Ended