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 28, 2020

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	The 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 2.02.

Results of Operations and Financial Condition.

On July 28, 2020, First Busey Corporation (“First Busey”) issued a press release disclosing financial results for the quarter ended June 30, 2020. 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 7.01.

Regulation FD Disclosure.

On July 28, 2020, First Busey published supplemental slides discussing First Busey’s financial results for the quarter ended June 30, 2020 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 9.01.

Financial Statements and Exhibits.

(d) Exhibits.

99.1

Press Release issued by First Busey Corporation, dated July 28, 2020.

99.2

Supplemental slides issued by First Busey Corporation, dated July 28, 2020.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

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 28, 2020	First Busey Corporation


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

Exhibit 99.1

July 28, 2020

First Busey Announces 2020 Second Quarter Earnings

Champaign, IL – (Nasdaq: BUSE)

Message from our President & CEO

Second Quarter Financial Results

The net income for First Busey Corporation (“First Busey” or the “Company”) for the second quarter of 2020 was $25.8 million, or $0.47 per diluted common share, as compared to $15.4 million, or $0.28 per diluted common share, for the first quarter of 2020 and $24.1 million, or $0.43 per diluted common share, for the second quarter of 2019. Adjusted net income¹ for the second quarter of 2020 was $26.2 million, or $0.48 per diluted common share, as compared to $15.5 million, or $0.28 per diluted common share, for the first quarter of 2020 and $29.5 million, or $0.53 per diluted common share, for the second quarter of 2019. Pre-provision net revenue¹ for the second quarter of 2020 was $45.4 million as compared to $35.8 million for the first quarter of 2020 and $34.3 million for the second quarter of 2019. Adjusted pre-provision net revenue¹ for the second quarter of 2020 was $46.4 million as compared to $38.2 million for the first quarter of 2020 and $42.8 million for the second quarter of 2019. For the second quarter of 2020, annualized return on average assets and annualized return on average tangible common equity¹ were 1.00% and 12.02%, respectively. Based on adjusted net income¹, annualized return on average assets was 1.02% and annualized return on average tangible common equity¹ was 12.20% for the second quarter of 2020.

The Company’s performance was solid during the quarter as it continued to navigate the coronavirus disease 2019 (“COVID-19”) pandemic and record appropriate reserves. During the quarter, due to Paycheck Protection Program (“PPP”) loans and other factors, the Company’s total assets exceeded $10 billion. If the Company remains over $10 billion in assets at year-end, it will begin to face limitations on interchange fees and heightened supervision and regulation in 2021. In future quarters, COVID-19 is expected to have a complex and continued adverse impact on the economy, the banking industry and First Busey, all subject to a high degree of uncertainty as it relates to both timing and severity. Primary areas of potential future impact to the Company may include further margin compression, increased provision expense, lower wealth management and customer service fees and a deterioration in asset quality.

On January 1, 2020, the Company adopted ASU 2016-13 (Topic 326), “Measurement of Credit Losses on Financial Instruments,” commonly referenced as the Current Expected Credit Loss (“CECL”) model. Upon adoption of CECL, the Company recognized a $16.8 million increase in its allowance for credit losses, substantially attributable to the remaining loan fair value marks on prior acquisitions, and a $5.5 million increase in its reserve for unfunded commitments. Under accounting rules, the reserve for unfunded commitments is carried on the balance sheet in other liabilities rather than as a component of the allowance for credit losses. These one-time increases, net of tax, were $15.9 million and recorded as an adjustment to beginning retained earnings. Ongoing impacts of the CECL methodology will be dependent upon changes in economic conditions and forecasts, originated and acquired loan portfolio composition, credit performance trends, portfolio duration, and other factors. During the second quarter of 2020, the Company recorded provision for credit losses of $12.9 million and provision for unfunded commitments of $0.6 million primarily as a result of economic factors around COVID-19. The allowance increased from $53.7 million at December 31, 2019, to $84.4 million at March 31, 2020, to $96.0 million at June 30, 2020, representing 1.33% of portfolio loans outstanding, 1.48% of portfolio loans excluding PPP loans, and 378.43% of non-performing loans at June 30, 2020.

The Company views certain non-operating items, including acquisition-related and 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 2020 were $0.1 million of expenses related to acquisitions and $0.3 million of restructuring expenses. The Company believes that non-GAAP measures (including adjusted pre-provision net revenue, adjusted net income, adjusted earnings per share, adjusted return on average assets, adjusted net interest margin, adjusted efficiency ratio, tangible book value, 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.

COVID-19 Update

First Busey continues to operate as an essential community resource during these unprecedented times resulting from COVID-19. The Company entered this crisis from a position of strength and remains resolute in its focus on serving its customers, communities and associates while protecting its balance sheet.

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

To alleviate some of the financial hardships qualifying customers may face as a result of COVID-19, First Busey is offering an internal Financial Relief Program. The program includes options for short-term loan payment deferrals and certain fee waivers. As of June 30, 2020, the Company had 1,122 commercial loan payment deferrals representing $1.12 billion in loans, 949 mortgage/personal loan payment deferrals representing $130.2 million in loans and an additional 638 deferrals for $80.9 million of mortgage loans in the serviced portfolio. An update on the deferral program as of July 24, 2020 is provided in the 2Q20 Quarterly Earnings Supplement presentation.

As part of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), Congress appropriated approximately $349 billion for the creation of the PPP and then authorized a second phase for another $310 billion in PPP loans. The program provided payroll assistance for the nation’s nearly 30 million small businesses—and select nonprofits—in the form of 100% government-guaranteed low-interest loans from the U.S. Small Business Administration. First Busey served as a bridge for the program, actively helping existing and new business clients sign up for this important financial resource. At June 30, 2020, First Busey had $746.4 million in PPP loans outstanding, with an amortized cost of $729.3 million, representing 4,445 new and existing customers.

Subordinated Debt Issuance

To further enhance the Company’s strong capital and liquidity positions, First Busey completed a successful public offering of $125.0 million 5.25% Fixed-to-Floating Rate Subordinated Notes due 2030 during the quarter. This issuance of regulatory capital qualifying subordinated debt contributed to an increase in the First Busey total risk based capital ratio, which was 16.23% at June 30, 2020, compared to 13.85% at March 31, 2020, while also significantly bolstering the cash reserves held at the holding company.

Banking Center Consolidation Plan

After careful consideration and analysis, the Company decided in July 2020 its plan to consolidate 12 branches to ensure a balance between the Company’s physical banking center network and robust digital banking services. An efficient banking center footprint and strategic service models are necessary to keep First Busey competitive, responsive and independent. The banking centers will close in October 2020. When fully realized, annualized expense savings net of expected associated revenue impacts are anticipated to be approximately $3.3 million with the impact of these cost savings beginning to be realized in the fourth quarter of 2020. One-time expenses expected in relation to the banking centers closings are anticipated to be incurred during the third and fourth quarters of 2020.

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 Places to Work in Illinois by Daily Herald Business Ledger, the 2020 Best Companies to Work For in Florida by Florida Trend magazine, the 2020 Best Place to Work in Indiana by the Indiana Chamber of Commerce, 2019 Best Banks to Work For by American Banker, the 2019 Best-In-State Banks for Illinois by Forbes and Statista, the 2019 Best Places to Work in St. Louis by the St. Louis Business Journal and the 2019 Best Places to Work in Money Management by Pensions and Investments.

First Busey takes pride in its culture and is thankful for the exceptional work over the past few months carried out by its associates. 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

President & Chief Executive Officer

First Busey Corporation

SELECTED FINANCIAL HIGHLIGHTS¹

(dollars in thousands, except per share data)

	As of and for the Three Months Ended												As of and for the Six Months Ended
	June 30,			March 31,			December 31,			June 30,			June 30,			June 30,
	2020			2020			2019			2019			2020			2019
EARNINGS & PER SHARE DATA
Pre-provision net revenue^2,4	$	45,394		$	35,849		$	37,479		$	34,330		$	81,243		$	71,453
Revenue³		98,462			96,363			102,969			102,350			194,825			196,636
Net income		25,806			15,364			28,571			24,085			41,170			49,554
Diluted earnings per share		0.47			0.28			0.52			0.43			0.75			0.90
Cash dividends paid per share		0.22			0.22			0.21			0.21			0.44			0.42
Net income by operating segment
Banking	$	25,985		$	14,924		$	29,573		$	24,441		$	40,909		$	51,106
Remittance Processing		528			860			958			1,105			1,388			2,130
Wealth Management		3,082			3,599			3,465			2,845			6,681			5,486
AVERAGE BALANCES
Cash and cash equivalents	$	563,022		$	477,242		$	533,519		$	328,414		$	520,132		$	327,525
Investment securities		1,717,790			1,738,564			1,677,962			1,897,486			1,728,177			1,810,237
Loans held for sale		108,821			61,963			68,480			25,143			85,392			21,218
Portfolio loans		7,216,825			6,658,277			6,657,283			6,528,326			6,937,551			6,329,596
Interest-earning assets		9,485,200			8,817,544			8,810,505			8,666,136			9,151,372			8,378,862
Total assets		10,374,820			9,688,177			9,713,858			9,522,678			10,031,499			9,198,975

Non-interest bearing deposits		2,472,568			1,842,743			1,838,523			1,747,746			2,157,656			1,682,691
Interest-bearing deposits		6,073,795			6,081,972			6,052,529			5,970,408			6,077,884			5,782,495
Total deposits		8,546,363			7,924,715			7,891,052			7,718,154			8,235,540			7,465,186
Securities sold under agreements to repurchase		184,208			182,280			204,076			193,621			183,244			199,045
Interest-bearing liabilities		6,527,709			6,512,217			6,537,611			6,493,885			6,519,964			6,280,175
Total liabilities		9,141,550			8,470,017			8,489,411			8,326,876			8,805,784			8,042,900
Stockholders' common equity		1,233,270			1,218,160			1,224,447			1,195,802			1,225,715			1,153,075
Tangible stockholders' common equity⁴		863,571			845,920			845,179			818,951			854,746			788,289
PERFORMANCE RATIOS
Pre-provision net revenue to average assets^2,4		1.76	%		1.49	%		1.53	%		1.45	%		1.63	%		1.57	%
Return on average assets⁴		1.00	%		0.64	%		1.17	%		1.01	%		0.83	%		1.09	%
Return on average common equity		8.42	%		5.07	%		9.26	%		8.08	%		6.75	%		8.67	%
Return on average tangible common equity⁴		12.02	%		7.30	%		13.41	%		11.80	%		9.69	%		12.68	%
Net interest margin^4,5		3.03	%		3.20	%		3.27	%		3.43	%		3.11	%		3.45	%
Efficiency ratio⁴		50.97	%		59.69	%		60.54	%		63.62	%		55.28	%		60.92	%
Non-interest revenue as a % of total revenue³		28.08	%		27.95	%		30.14	%		28.26	%		28.01	%		27.88	%
NON-GAAP INFORMATION
Adjusted pre-provision net revenue^2,4	$	46,448		$	38,211		$	41,131		$	42,823		$	84,659		$	81,425
Adjusted net income⁴		26,191			15,479			31,782			29,498			41,670			56,112
Adjusted diluted earnings per share⁴		0.48			0.28			0.57			0.53			0.76			1.02
Adjusted pre-provision net revenue to average assets⁴		1.80	%		1.59	%		1.68	%		1.80	%		1.70	%		1.78	%
Adjusted return on average assets⁴		1.02	%		0.64	%		1.30	%		1.24	%		0.84	%		1.23	%
Adjusted return on average tangible common equity⁴		12.20	%		7.36	%		14.92	%		14.45	%		9.80	%		14.35	%
Adjusted net interest margin^4,5		2.93	%		3.07	%		3.14	%		3.27	%		3.00	%		3.29	%
Adjusted efficiency ratio⁴		50.48	%		59.54	%		57.02	%		56.55	%		54.96	%		56.49	%

¹ Results are unaudited.

² Net interest income plus non-interest income, excluding security gains and losses, less non-interest expense.

³ Revenue consist of net interest income plus non-interest income, excluding security gains and losses.

⁴ See “Non-GAAP Financial Information” below for reconciliation.

⁵ On a tax-equivalent basis, assuming a federal income tax rate of 21%.

Condensed Consolidated Balance Sheets¹

(dollars in thousands, except per share data)

	As of
	June 30,			March 31,			December 31,			September 30,			June 30,
	2020			2020			2019			2019			2019
Assets
Cash and cash equivalents	$	1,050,072		$	342,848		$	529,288		$	525,457		$	420,207
Investment securities		1,701,992			1,770,881			1,654,209			1,721,865			1,869,143

Loans held for sale		108,140			89,943			68,699			70,345			39,607

Commercial loans		5,637,999			5,040,507			4,943,646			4,900,430			4,759,329
Retail real estate and retail other loans		1,591,021			1,704,992			1,743,603			1,768,985			1,772,797
Portfolio loans	$	7,229,020		$	6,745,499		$	6,687,249		$	6,669,415		$	6,532,126

Allowance		(96,046	)		(84,384	)		(53,748	)		(52,965	)		(51,375	)
Premises and equipment		146,951			149,772			151,267			153,641			149,726
Goodwill and other intangibles		368,053			370,572			373,129			381,323			375,327
Right of use asset		8,511			9,074			9,490			9,979			10,426
Other assets		319,272			327,200			276,146			274,700			267,480
Total assets	$	10,835,965		$	9,721,405		$	9,695,729		$	9,753,760		$	9,612,667

Liabilities & Stockholders' Equity
Non-interest bearing deposits	$	2,764,408		$	1,910,673		$	1,832,619		$	1,779,490		$	1,766,681
Interest-bearing checking, savings, and money market deposits		4,781,761			4,580,547			4,534,927			4,498,005			4,316,730
Time deposits		1,363,497			1,482,013			1,534,850			1,652,971			1,749,811
Total deposits	$	8,909,666		$	7,973,233		$	7,902,396		$	7,930,466		$	7,833,222

Securities sold under agreements to repurchase		194,249			167,250			205,491			202,500			190,846
Short-term borrowings		24,648			21,358			8,551			29,739			30,761
Long-term debt		256,837			134,576			182,522			183,968			185,576
Junior subordinated debt owed to unconsolidated trusts		71,387			71,347			71,308			71,269			71,230
Lease liability		8,601			9,150			9,552			10,101			10,531
Other liabilities		134,493			126,906			95,475			109,736			86,893
Total liabilities	$	9,599,881		$	8,503,820		$	8,475,295		$	8,537,779		$	8,409,059
Total stockholders' equity	$	1,236,084		$	1,217,585		$	1,220,434		$	1,215,981		$	1,203,608
Total liabilities & stockholders' equity	$	10,835,965		$	9,721,405		$	9,695,729		$	9,753,760		$	9,612,667

Share Data
Book value per common share	$	22.67		$	22.38		$	22.28		$	22.03		$	21.73
Tangible book value per common share²	$	15.92		$	15.57		$	15.46		$	15.12		$	14.95
Ending number of common shares outstanding		54,516,000			54,401,208			54,788,772			55,197,277			55,386,636

¹ Results are unaudited except for amounts reported as of December 31, 2019.

²See “Non-GAAP Financial Information” below for reconciliation, excludes tax effect of other intangible assets.

Condensed Consolidated Statements of Income¹

(dollars in thousands, except per share data)

	For the					For the
	Three Months Ended June 30,					Six Months Ended June 30,
	2020		2019			2020		2019
Interest and fees on loans	$	71,089	$	78,031		$	143,625	$	149,820
Interest on investment securities		9,999		12,352			20,658		23,612
Other interest income		145		1,083			1,383		2,315
Total interest income	$	81,233	$	91,466		$	165,666	$	175,747

Interest on deposits		7,721		14,154			19,948		26,654
Interest on securities sold under agreements to repurchase		100		627			508		1,210
Interest on short-term borrowings		118		494			185		685
Interest on long-term debt		1,745		1,871			3,299		3,581
Interest on junior subordinated debt owed to unconsolidated trusts		736		892			1,480		1,806
Total interest expense	$	10,420	$	18,038		$	25,420	$	33,936

Net interest income	$	70,813	$	73,428		$	140,246	$	141,811
Provision for credit losses		12,891		2,517			30,107		4,628
Net interest income after provision for credit losses	$	57,922	$	70,911		$	110,139	$	137,183

Wealth management fees		10,193		9,488			21,748		18,517
Fees for customer services		7,025		9,696			15,386		17,793
Remittance processing		3,718		3,717			7,471		7,497
Mortgage revenue		2,705		2,851			4,086		4,796
Income on bank owned life insurance		2,282		2,102			3,339		3,080
Security gains (losses), net		315		(1,026	)		902		(984	)
Other		1,726		1,068			2,549		3,142
Total non-interest income	$	27,964	$	27,896		$	55,481	$	53,841

Salaries, wages and employee benefits		28,555		34,268			62,558		66,609
Data processing		4,051		5,616			8,446		10,017
Net occupancy expense of premises		4,448		4,511			9,163		8,713
Furniture and equipment expense		2,537		2,352			4,986		4,447
Professional fees		1,986		3,192			3,810		6,379
Amortization of intangible assets		2,519		2,412			5,076		4,506
Other		8,972		15,669			19,543		24,512
Total non-interest expense	$	53,068	$	68,020		$	113,582	$	125,183

Income before income taxes	$	32,818	$	30,787		$	52,038	$	65,841
Income taxes		7,012		6,702			10,868		16,287
Net income	$	25,806	$	24,085		$	41,170	$	49,554

Per Share Data
Basic earnings per common share	$	0.47	$	0.43		$	0.75	$	0.91
Diluted earnings per common share	$	0.47	$	0.43		$	0.75	$	0.90
Average common shares outstanding		54,489,403		55,638,187			54,575,595		54,464,167
Diluted average common shares outstanding		54,705,273		55,941,117			54,807,170		54,764,129

¹ Results are unaudited.

Balance Sheet Growth

At June 30, 2020, portfolio loans were $7.23 billion, as compared to $6.75 billion as of March 31, 2020 and $6.53 billion as of June 30, 2019. The amortized cost of PPP loans of $729.3 million are included in the June 30, 2020 balance. When excluding the PPP loans, total commercial loans declined by $131.8 million during the quarter. Decreased line utilization by commercial customers accounted for approximately $78.4 million of this decline.

Average portfolio loans were $7.22 billion for the second quarter of 2020 as compared to $6.66 billion in the first quarter of 2020 and $6.53 billion in the second quarter of 2019. The average balance of PPP loans in the second quarter of 2020 were $579.5 million. Average interest-earning assets for the second quarter of 2020 increased to $9.49 billion compared to $8.82 billion for the first quarter of 2020 and $8.67 billion for the second quarter of 2019.

Total deposits were $8.91 billion at June 30, 2020, compared to $7.97 billion at March 31, 2020 and $7.83 billion at June 30, 2019. The increase in deposits for the second quarter of 2020 is attributable to retention of PPP loan funding in customer deposit accounts, other core deposit growth and seasonality in public funds. The Company remains funded primarily through core deposits with significant market share in its primary markets.

Net Interest Margin and Net Interest Income

Net interest margin for the second quarter of 2020 was 3.03%, compared to 3.20% for the first quarter of 2020 and 3.43% for the second quarter of 2019. While net interest margin declined, net interest income was $70.8 million in the second quarter of 2020 compared to $69.4 million in the first quarter of 2020. Net interest income was $73.4 million in the second quarter of 2019.

The Federal Open Market Committee (“FOMC”) lowered Federal Funds Target Rates for the first time in 11 years on July 31, 2019 and then again on September 18, 2019 and October 30, 2019, for a combined decrease of 75 basis points during 2019. In response to the potential economic risks posed by COVID-19, the FOMC took further action during the first quarter of 2020, lowering the Federal Funds Target Rate by 50 basis points on March 3, 2020, followed by an additional 100 basis point reduction on March 15, 2020. These rate cuts contributed to the decline in net interest margin, as assets, in particular commercial loans, repriced more quickly and to a greater extent than liabilities.

Other factors contributing to the reported decline in net interest margin during the second quarter of 2020 include lower accretion income, the sizeable balance of lower-yielding PPP loans, the Company’s significant liquidity position, lower line utilization by commercial loan customers and the issuance of subordinated debt completed during the quarter.

Asset Quality

Loans 30-89 days past due were $5.2 million as of June 30, 2020, a decrease from $10.2 million as of March 31, 2020, and $18.0 million as of June 30, 2019. Non-performing loans totaled $25.4 million as of June 30, 2020, a decrease from $27.2 million as of March 31, 2020, and $33.1 million as of June 30, 2019. Continued disciplined credit management resulted in non-performing loans as a percentage of total loans of 0.35%, at June 30, 2020 as compared to 0.40% at March 31, 2020 and 0.51% at June 30, 2019. Non-performing loans as a percentage of total loans, excluding the amortized cost of PPP loans, was of 0.39% at June 30, 2020

Net charge-offs totaled $1.2 million for the quarter ended June 30, 2020 compared to $3.4 million and $2.1 million for the quarters ended March 31, 2020 and June 30, 2019, respectively.

The allowance as a percentage of portfolio loans increased to 1.33% at June 30, 2020, as compared to 1.25% at March 31, 2020 and 0.79% at June 30, 2019. The allowance as a percentage of portfolio loans, excluding the amortized cost of PPP loans, was 1.48% at June 30, 2020. The allowance as a percentage of non-performing loans increased to 378.43% at June 30, 2020 compared to 310.10% at March 31, 2020 and 155.33% at June 30, 2019.

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 Quality¹

(dollars in thousands)

	As of and for the Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2020			2020			2019			2019			2019
Portfolio loans	$	7,229,020		$	6,745,499		$	6,687,249		$	6,669,415		$	6,532,126
Portfolio loans excluding amortized cost of PPP loans		6,499,734			6,745,499			6,687,249			6,669,415			6,532,126
Loans 30-89 days past due		5,166			10,150			14,271			12,434			18,040
Non-performing loans:
Non-accrual loans		25,095			25,672			27,896			31,827			32,816
Loans 90+ days past due		285			1,540			1,611			1,276			258
Total non-performing loans	$	25,380		$	27,212		$	29,507		$	33,103		$	33,074
Total non-performing loans, segregated by geography
Illinois/ Indiana		16,285			17,761			20,428			24,296			24,509
Missouri		5,327			5,711			5,227			8,202			7,778
Florida		3,768			3,740			3,852			605			787
Other non-performing assets		3,755			3,553			3,057			926			936
Total non-performing assets	$	29,135		$	30,765		$	32,564		$	34,029		$	34,010
Total non-performing assets to total assets		0.27	%		0.32	%		0.34	%		0.35	%		0.35	%
Total non-performing assets to portfolio loans and non- performing assets		0.40	%		0.46	%		0.49	%		0.51	%		0.52	%
Allowance to portfolio loans		1.33	%		1.25	%		0.80	%		0.79	%		0.79	%
Allowance to portfolio loans, excluding PPP		1.48	%		1.25	%		0.80	%		0.79	%		0.79	%
Allowance as a percentage of non-performing loans		378.43	%		310.10	%		182.15	%		160.00	%		155.33	%
Net charge-offs		1,229			3,413			1,584			1,821			2,057
Provision		12,891			17,216			2,367			3,411			2,517

¹ Results are unaudited.

Non-Interest Income

Total non-interest income of $28.0 million for the second quarter of 2020 increased as compared to $27.5 million in the first quarter of 2020 and $27.9 million in the second quarter of 2019. Revenues from wealth management fees and remittance processing activities represented 49.7% of the Company’s non-interest income for the quarter ended June 30, 2020, providing a balance to spread-based revenue from traditional banking activities.

Wealth management fees were $10.2 million for the second quarter of 2020, a decrease from $11.6 million for the first quarter of 2020 but an increase from $9.5 million for the second quarter of 2019. The decrease in second quarter of 2020 compared to first quarter of 2020 was primarily due to a $1.0 million seasonal decline in farm management fees, $0.7 million decline in trust and investment services fees as a result of market volatility offset by a seasonal increase in tax preparation fees of $0.4 million. Net income from the Wealth Management segment was $3.1 million for the second quarter of 2020, a decrease from $3.6 million for the first quarter of 2020 but an increase from $2.8 million in the second quarter of 2019. First Busey’s Wealth Management division ended the second quarter of 2020 with $9.02 billion in assets under care as compared to $8.93 billion at the end of the first quarter.

Fees for customer services were $7.0 million for the second quarter of 2020, a decrease from $8.4 million for the first quarter of 2020 and $9.7 million for the second quarter of 2019. The second quarter decrease was a result of deposit account fee waivers related to the Financial Relief Program and changing customer behaviors resulting from COVID-19. Personal and business overdraft fees were the most impacted, decreasing by $1.6 million in the second quarter of 2020 as compared to the first quarter of 2020.

Remittance processing revenue from the Company’s subsidiary, FirsTech, of $3.7 million for the second quarter of 2020 was down slightly from $3.8 million in the first quarter of 2020 but steady with the second quarter of 2019. The Remittance Processing operating segment generated net income of $0.5 million for the second quarter of 2020 as compared to $0.9 million in the first quarter of 2020 and $1.1 million in the second quarter of 2019. The net income decline in the second quarter was largely attributable to higher compensation expenses, including $0.3 million in one-time, non-operating severance related costs.

Mortgage revenue of $2.7 million in the second quarter of 2020 increased compared to $1.4 million in the first quarter of 2020 but decreased compared to $2.9 million in the second quarter of 2019. The increase in the second quarter of 2020 over first quarter was a due to higher mortgage production and stronger gain on sale margins.

Operating Efficiency

The efficiency ratio was 50.97% for the quarter ended June 30, 2020 compared to 59.69% for the quarter ended March 31, 2020 and 63.62% for the quarter ended June 30, 2019. The adjusted efficiency ratio¹ was 50.48% for the quarter ended June 30, 2020, 59.54% for the quarter ended March 31, 2020, and 56.55% for the quarter ended June 30, 2019. The Company remains focused on expense discipline.

Specific areas of non-interest expense are as follows:

Salaries, wages and employee benefits were $28.6 million in the second quarter of 2020, a decrease from $34.0 million in the first quarter of 2020 and $34.3 million from the second quarter of 2019. The deferral of PPP loan origination costs of $3.8 million combined with a decrease in full-time equivalents contributed to the lower salaries, wages and benefits expense in the second quarter of 2020. Total full-time equivalents at June 30, 2020 numbered 1,480 compared to 1,507 at March 31, 2020 and 1,579 at June 30, 2019.

Other expense in the second quarter of 2020 of $9.0 million decreased compared to $10.6 million in the first quarter of 2020 and $15.7 million in the second quarter of 2019. The deferral of PPP loan origination costs of $1.1 million reduced other expense in the second quarter of 2020. Provision for unfunded commitments of $0.6 million and $1.0 million were recorded in the second and first quarter of 2020, respectively. Non-operating acquisition expenses of $0.1 million were recorded in the second and first quarter of 2020, related to the Investors’ Security Trust Company acquisition.

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 31, 2020 of $0.22 per common share to stockholders of record as of July 24, 2020. The Company has consistently paid dividends to its common stockholders since the bank holding company was organized in 1980.

As of June 30, 2020, 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 $883.9 million at June 30, 2020, compared to $863.5 million at March 31, 2020 and $845.4 million at June 30, 2019. TCE represented 8.43% of tangible assets at June 30, 2020, compared to 9.22% at March 31, 2020 and 9.13% at June 30, 2019.¹

2Q20 Quarterly Earnings Supplement

For additional information on the Company’s response to COVID-19, financial condition and operating results, please refer to the 2Q20 Quarterly Earnings Supplement presentation furnished via Form 8-K on July 28, 2020, in conjunction with this earnings release.

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

Corporate Profile

As of June 30, 2020, First Busey Corporation (Nasdaq: BUSE) was a $10.84 billion financial holding company headquartered in Champaign, Illinois.

Busey Bank, the wholly-owned bank subsidiary of First Busey Corporation, had total assets of $10.82 billion as of June 30, 2020 and is headquartered in Champaign, Illinois, with 61 banking centers serving Illinois, 13 banking centers serving Missouri, five banking centers serving southwest Florida and a banking center in Indianapolis, Indiana. Through the Busey Wealth Management division, the Company provides asset management, investment and fiduciary services to individuals, businesses and foundations. As of June 30, 2020, assets under care were approximately $9.02 billion. Busey Bank owns a retail payment processing subsidiary, FirsTech, Inc., which processes approximately 27 million transactions per year using online bill payment, lockbox processing and walk-in payments at its 4,000 agent locations in 43 states. More information about FirsTech, Inc. can be found at firstechpayments.com.

Busey Bank was named among Forbes’ 2019 Best-In-State Banks—one of five in Illinois and 173 from across the country, equivalent to 2.8% of all U.S.banks. Best-In-State Banks are awarded for exceptional customer experiences as determined by a survey sample of 25,000+ banking customers who rated banks on trust, terms and conditions, branch services, digital services and financial advice.

For more information about us, visit busey.com.

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 earnings per share, adjusted return on average assets, adjusted net interest margin, 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 pre-provision net revenue, net income in the case of adjusted net income, adjusted 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 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

(dollars in thousands)

	Three Months Ended									Six Months Ended
	June 30, 2020			March 31, 2020			June 30, 2019			June 30, 2020			June 30, 2019
Net interest income	$	70,813		$	69,433		$	73,428		$	140,246		$	141,811
Non-interest income		27,964			27,517			27,896			55,481			53,841
Less securities gains and losses, net		(315	)		(587	)		1,026			(902	)		984
Non-interest expense		(53,068	)		(60,514	)		(68,020	)		(113,582	)		(125,183	)
Pre-provision net revenue	$	45,394		$	35,849		$	34,330		$	81,243		$	71,453

Acquisition and other restructuring expenses		487			145			7,293			632			8,772
Provision for unfunded commitments		567			1,017			-			1,584			-
New Market Tax Credit amortization		-			1,200			1,200			1,200			1,200
Adjusted pre-provision net revenue	$	46,448		$	38,211		$	42,823		$	84,659		$	81,425

Average total assets	$	10,374,820		$	9,688,177		$	9,522,678		$	10,031,499		$	9,198,975

Reported: Pre-provision net revenue to average assets¹		1.76	%		1.49	%		1.45	%		1.63	%		1.57	%
Adjusted: Pre-provision net revenue to average assets¹		1.80	%		1.59	%		1.80	%		1.70	%		1.78	%

¹Annualized measure.

Reconciliation of Non-GAAP Financial Measures – Adjusted Net Income, Adjusted Earnings Per Share and Adjusted Return on Average Assets

(dollars in thousands)

	Three Months Ended									Six Months Ended
	June 30, 2020			March 31, 2020			June 30, 2019			June 30, 2020			June 30, 2019
Net income	$	25,806		$	15,364		$	24,085		$	41,170		$	49,554
Acquisition expenses
Salaries, wages and employee benefits		-			-			43			-			43
Data processing		-			-			327			-			334
Lease or fixed asset impairment		-			-			415			-			415
Other (includes professional and legal)		141			145			3,293			286			4,498
Other restructuring costs
Salaries, wages and employee benefits		346			-			275			346			275
Data processing		-			-			292			-			392
Other (includes professional and legal)		-			-			826			-			993
MSR valuation impairment		-			-			1,822			-			1,822
Related tax benefit		(102	)		(30	)		(1,880	)		(132	)		(2,214	)
Adjusted net income	$	26,191		$	15,479		$	29,498		$	41,670		$	56,112

Diluted average common shares outstanding		54,705,273			54,913,329			55,941,117			54,807,170			54,764,129
Reported: Diluted earnings per share	$	0.47		$	0.28		$	0.43		$	0.75		$	0.90
Adjusted: Diluted earnings per share	$	0.48		$	0.28		$	0.53		$	0.76		$	1.02

Average total assets	$	10,374,820		$	9,688,177		$	9,522,678		$	10,031,499		$	9,198,975

Reported: Return on average assets¹		1.00	%		0.64	%		1.01	%		0.83	%		1.09	%
Adjusted: Return on average assets ¹		1.02	%		0.64	%		1.24	%		0.84	%		1.23	%

¹Annualized measure.

Reconciliation of Non-GAAP Financial Measures – Adjusted Net Interest Margin

(dollars in thousands)

	Three Months Ended									Six Months Ended
	June 30, 2020			March 31, 2020			June 30, 2019			June 30, 2020			June 30, 2019
Reported: Net interest income	$	70,813		$	69,433		$	73,428		$	140,246		$	141,811
Tax-equivalent adjustment		717			730			777			1,447			1,454
Purchase accounting accretion related to business combinations		(2,477	)		(2,827	)		(3,471	)		(5,304	)		(6,465	)
Adjusted: Net interest income	$	69,053		$	67,336		$	70,734		$	136,389		$	136,800

Average interest-earning assets	$	9,485,200		$	8,817,544		$	8,666,136		$	9,151,372		$	8,378,862

Reported: Net interest margin¹		3.03	%		3.20	%		3.43	%		3.11	%		3.45	%
Adjusted: Net Interest margin¹		2.93	%		3.07	%		3.27	%		3.00	%		3.29	%

¹ Annualized measure.

Reconciliation of Non-GAAP Financial Measures – Adjusted Efficiency Ratio

(dollars in thousands)

	Three Months Ended									Six Months Ended
	June 30, 2020			March 31, 2020			June 30, 2019			June 30, 2020			June 30, 2019
Reported: Net Interest income	$	70,813		$	69,433		$	73,428		$	140,246		$	141,811
Tax- equivalent adjustment		717			730			777			1,447			1,454
Tax-equivalent interest income	$	71,530		$	70,163		$	74,205		$	141,693		$	143,265

Reported: Non-interest income		27,964			27,517			27,896			55,481			53,841
Less securities gains and losses, net		(315	)		(587	)		1,026			(902	)		984
Adjusted: Non-interest income	$	27,649		$	26,930		$	28,922		$	54,579		$	54,825

Reported: Non-interest expense		53,068			60,514			68,020			113,582			125,183
Amortization of intangible assets		(2,519	)		(2,557	)		(2,412	)		(5,076	)		(4,506	)
Non-operating adjustments:
Salaries, wages and employee benefits		(346	)		-			(318	)		(346	)		(318	)
Data processing		-			-			(619	)		-			(726	)
Other		(141	)		(145	)		(6,356	)		(286	)		(7,728	)
Adjusted: Non-interest expense	$	50,062		$	57,812		$	58,315		$	107,874		$	111,905

Reported: Efficiency ratio		50.97	%		59.69	%		63.62	%		55.28	%		60.92	%
Adjusted: Efficiency ratio		50.48	%		59.54	%		56.55	%		54.96	%		56.49	%

Reconciliation of Non-GAAP Financial Measures – Tangible Common Equity, Tangible Common Equity to Tangible Assets, Tangible Book Value per Share and Return on Average Tangible Common Equity

(dollars in thousands)

	As of and for the Three Months Ended
	June 30, 2020			March 31, 2020			June 30, 2019
Total assets	$	10,835,965		$	9,721,405		$	9,612,667
Goodwill and other intangible assets, net		(368,053	)		(370,572	)		(375,327	)
Tax effect of other intangible assets, net		15,825			16,530			17,075
Tangible assets	$	10,483,737		$	9,367,363		$	9,254,415

Total stockholders’ equity		1,236,084			1,217,585			1,203,608
Goodwill and other intangible assets, net		(368,053	)		(370,572	)		(375,327	)
Tax effect of other intangible assets, net		15,825			16,530			17,075
Tangible common equity	$	883,856		$	863,543		$	845,356

Ending number of common shares outstanding		54,516,000			54,401,208			55,386,636

Tangible common equity to tangible assets¹		8.43	%		9.22	%		9.13	%
Tangible book value per share	$	15.92		$	15.57		$	14.95

Average common equity	$	1,233,270		$	1,218,160		$	1,195,802
Average goodwill and intangibles, net		(369,699	)		(372,240	)		(376,851	)
Average tangible common equity	$	863,571		$	845,920		$	818,951

Reported: Return on average tangible common equity²		12.02	%		7.30	%		11.80	%
Adjusted: Return on average tangible common equity^2,3		12.20	%		7.36	%		14.45	%

		Six Months Ended
		June 30, 2020			June 30, 2019
Average stockholders' common equity	$	1,225,715		$	1,153,075
Average goodwill and intangibles, net		(370,969	)		(364,786	)
Average tangible stockholders' common equity	$	854,746		$	788,289

Reported: Return on average tangible common equity²		9.69	%		12.68	%
Adjusted: Return on average tangible common equity^2,3		9.80	%		14.35	%

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 2020 presidential election and the impact of tariffs, a U.S. withdrawal from or significant negotiation of trade agreements, trade wars and other changes in trade regulations); (ii) the economic impact of any future terrorist threats or attacks, widespread disease or pandemics (including the COVID-19 pandemic in the United States), 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 CECL, that changed how the Company estimates credit losses; (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 the acquisition and the possibility that the 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

2Q20QUARTERLY EARNINGS SUPPLEMENT July 28,2020

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 30 of this document. For more details on the Company’s non-GAAP measures, refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.

Table of Contents Overview of First Busey Corporation (BUSE) 5 Business Highlights 6 Diversified Business Model 7 Protecting a Strong Balance Sheet 8 Robust Capital Foundation 9 High Quality Loan Portfolio 10 Entering Credit Cycle from Position of Strength 16 Current Expected Credit Loss (CECL) Model 17 Adoption of CECL Fortifies Loan Loss Reserves 18 Ample Sources of Liquidity 19 Quarterly Earnings Review 20 Core Earnings Power 21 Net Interest Margin 22 Diversified and Significant Sources of Fee Income 23 Resilient Wealth Management Platform 24 Focused Control on Expenses 25 COVID-19 Pandemic Responses 26 Appendix: Non-GAAP Financial Measures 30 4

Company OverviewBranch Map • •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’ 2019 Best-In-State Banks—one of five in Illinois •Numerous, repeat “Best Places to Work” awards in all states in which it operates •First Busey’s vision is focused around 4 pillars: 1. Associates3. Communities 2. Customers4. Shareholders •First Busey works to preserve the Busey legacy – a legacy of customer service, associate excellence, community involvement and expanding shareholder value Primary Business SegmentsFinancial Highlights Commercial Banking • Illinois state chartered bank, organized in 1868 • Bank offers full suite of diversified financial products and services for consumers and businesses • 80 branch locations, serving four state footprint (1) Non-GAAP calculation, see Appendix Wealth Management • Provides premier wealth and asset management services for individuals and businesses • $9.02bn Assets Under Care Retail Payment Processing • Provides comprehensive and innovative payment processing capabilities • Solutions tailored for online, mobile, walk-in, CSR, direct debit, lockbox, auto phone pay, VerID • 27 million transactions per year $ in millions 201 8 201 9 2020 YT D Total Assets $7,702 $9,696 $10,836 Total Loans (Exc. HFS) 5,568 6,687 7,229 Total Deposits 6,249 7,902 8,910 Total Equity 995 1,220 1,236 NPA/Assets 0.48% 0.34% 0.27% NIM 3.45% 3.38% 3.11% Core PPNR ROAA1 1.86% 1.76% 1.70% Core ROAA1 1.34% 1.25% 0.84% Core ROATCE1 15.9% 14.5% 9.8%

Attractive Franchise • Established in 1868, with more than 150 years of commitment to local communities and businesses • Operating with 80 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 Sound Growth Strategy Strong Core Deposits High Quality Loan Portfolio Diversified Revenue Conservative and Stable Risk Culture Strong Capital and Liquidity Position • Continue expansion in key geographic footprint and expand product and service offerings into newly acquired networks • Grow organically, with community and relationship focused strategies to grow loans and deposits • Continue to grow through disciplined and focused M&A; proven successful acquirer • Core ROAA 1.25% in 2019; 0.84% YTD 2020 including the impact of CECL and COVID (1) • Attractive core deposit to total deposit ratio (96%) (2) • Low cost of total deposits (36 bps) and cost of non-time deposits (12 bps) in Q2 2020 • Strengths in commercial & industrial lending, commercial real estate lending, and residential real estate • Significant revenue derived from fee income sources (wealth management and retail payment processing) • 29% noninterest income/operating revenue (LTM) • Highly diversified loan portfolio without material loan concentrations • Strong asset quality and continued firm-wide commitment to upholding high standards of credit quality • Sound enterprise risk management and corporate governance • NPL/Loans of 0.39% and Reserves/NPLs of 378% (excludes PPP loans) • GAAP and regulatory capital levels in excess of well-capitalized requirements • Remains strongly core deposit funded, with a low loan-to-deposit ratio • High quality, short duration securities portfolio and asset sensitive balance sheet (1) Non-GAAP calculation, see Appendix; (2) Core Deposits include non-brokered transaction accounts, money market deposit accounts, and time deposits of $250,000 or less

Banking the intersection of commercial and wealth Business Investment Advisory Business Solutions Commercial Lending Business Saving Services Business Checking Services Merchant Services Solutions Personal Online Banking Credit and Debit Cards Checking Services Consumer Loans Mortgage Banking Investment Services Investment Management Financial Goals Private Client Business Planning Custom Consulting Lockbox Processing Payment Concentrator Processing Verid Payment Solutions Walk-In Payments Online Bill Payments Mobile Payments Mobile Banking Direct Debit 7

Robust Capital Foundation Resilient Loan Portfolio Strong Core Deposit Franchise & Ample Liquidity • Capital ratios significantly in excess of well-capitalized minimums • Regulatory capital relief on CECL implementation and PPP loans • TCE/TA ratio of 8.43% at 6/30/20 • Total RBC of 16.23% at 6/30/20 ($125mm sub-debt raise in 2Q20) • Suspended share repurchase program on March 16, 2020 • TBV per share of $15.92 at 6/30/20, up 6.5% year-over-year • Diversified portfolio, conservatively underwritten with low levels of concentration • NPAs/Assets: 0.27%Classified Assets/Capital: 10.9% • Following adoption of CECL → ACL/Loans: 1.48%(1) ACL/NPLs: 378% • 100 / 300 Test: 43% C&D238% CRE • Robust bank-level liquidity –81.1% loan-to-deposit ratio –96.5% core deposits (2) • Borrowings accounted for less than 4% of total funding at 6/30/20 • $2.8 billion in cash & securities (62% of securities portfolio unpledged) • Substantial sources of off-balance sheet contingent funding ($3.4 billion, excluding PPPLF) • Bolstered FBC liquidity with upstream dividend from bank in 1Q20 and sub-debt raise in 2Q20 (1) Excludes amortized cost of PPP loans from calculated loan balance

Tangible Common Equity Ratio (1) Leverage Ratio $ in m illion s $ in m illion s 8.4% 9.5% 9.3% 9.2% 8.4% 9.8% 10.4% 9.9% 9.9% 9.4% $638 $703 $865 $864 $718 $784 $922 $922 $941 4% 2017 Q4 2018 Q4 2019 Q4 2020 Q1 2020 Q2 2017 Q4 2018 Q4 2019 Q4 2020 Q1 2020 Q2 TCETCE Ratio Tier 1 Capital Leverage Ratio Min Ratio $ in m illion s Total Capital RatioConsolidated Capital as of 6/30/2020* $ in m illion s 16.2% 14.2% 14.8% 14.0%13.9% $298 $291 Current Ratio 16.2% 12.7% 11.7% $246$291 Minimum Well Capitalized Ratio 10.0% 8.0% 6.5% 10% Amount of Capital1,200941867 $739$756$739 $592 $603 Well Capitalized Minimum 739 591 480 Excess Amount over Well-Capitalized 461 350 387 2017 Q4 2018 Q4 2019 Q4 2020 Q1 2020 Q2 *2Q20 Capital Ratios are preliminary estimates Total Capital Ratio Tier 1 Capital Ratio Common Equity Tier 1 Ratio Well Cap MinExcess over M inTotal Capital Ra tioMin Ratio

Loan Portfolio Composition as of 6/30/2020Loan Geographic Segmentation HELOC 5% ther 0% 1-4 Family Resident 16% Construction & 6% Commercial & Industrial 33% Non-Owner Occupied CRE 27% Owner Occupied CRE 13% Funded Draws & Line Utilization Rate (1) $ in millions Total Loan Portfolio = $7.2 billion MRQ Yield on Loans = 3.94% Loan Portfolio (ex-PPP) = $6.5 billion MRQ Yield on Loans (ex-PPP) = 4.02% (1) Excludes Credit Card and Overdraft Protection 10

C&I Portfolio Overview ▪25% of total loan portfolio (ex-PPP loans) $ in thousands C&I Loans by Sector (ex-PPP) ▪Diversified portfolio results in low levels of concentrated exposure ▪Top concentration in one industry (manufacturing) is 15%, or 4% of total loans ▪Only 3% of loans are classified ▪No material exposure to oil & gas ▪Decline in C&I loans outstanding Q1 to Q2 largely driven by decreased line utilization NAICS Sector 2020 Q2 Balances (ex-PPP) % of Total Loans (ex-PPP) Classified Loan Balances Manufacturing $253,343 3.9% $15,794 Finance and Insurance $188,816 2.9% $0 Educational Services $156,255 2.4% $3,352 Wholesale Trade $145,790 2.2% $918 Real Estate Rental & Leasing $145,763 2.2% $1,243 Health Care and Social Assistance $132,200 2.0% $3,159 Construction $120,176 1.9% $2,765 Agriculture, Forestry, Fishing and Hunting $116,578 1.8% $2,381 Retail Trade $80,523 1.2% $2,063 Public Administration $71,951 1.1% $0 Transportation and Warehousing $40,679 0.6% $3,136 Professional, Scientific, & Technical Services $38,626 0.6% $6,669 Food Services and Drinking Places $37,027 0.6% $768 Other Services (except Public Administration $29,372 0.5% $86 Admin, Support & Waste Mgt Services $25,099 0.4% $3,971 Accommodation $20,077 0.3% $0 Arts, Entertainment, and Recreation $9,825 0.2% $2,109 Information $8,810 0.1% $0 Management of Companies and Enterprises $7,019 0.1% $0 Mining, Quarrying, & Oil and Gas Extraction $1,754 0.0% $0 Utilities $200 0.0% $0 Grand Total $1,629,883 25.1% $48,414 $ in m illion s $1,668$1,680 $1,748$1,767 $1,629 2019 Q22019 Q32019 Q42020 Q12020 Q2

Loan Portfolio: Low Levels of Concentrated Exposure $ in thousands Manufacturing Loans Manufacturing Loans Subsector 2020 Q2 Balances (ex-PPP) % of Total Loans (ex-PPP) Modified Balances % Balances COVI D-19 Modified Classified Balances % of Classified Loans PPP Balances Total Manufacturing Loans: $253 Machinery$58,6600.9%$2,1093.6%$2350.4%$13,492 Transportation Equipment$52,9200.8%$8,28015.6%$4,0547.7%$2,301 Food$42,3810.7%$2,0484.8%$1,3933.3%$11,013 Miscellaneous$17,4970.3%$6,52337.3%$00.0%$7,674 Fabricated Metal Product$16,8030.3%$100.1%$1140.7%$8,148 Chemical$14,0720.2%$420.3%$00.0%$2,186 Primary Metal$10,1950.2%$7,03569.0%$00.0%$4,173 Printing and Related Support Activities$9,7120.1%$2,42625.0%$00.0%$4,977 Textile Product Mills$6,9190.1%$3,21146.4%$3,70753.6%$6,384 Electrical Equipment, Appliance, and Component$5,9610.1%$00.0%$00.0%$3,357 Beverage and Tobacco Product$4,7220.1%$2,43051.5%$3,17567.2%$1,769 Plastics and Rubber Products$4,5170.1%$00.0%$2405.3%$1,344 Computer and Electronic Product$3,7130.1%$00.0%$2,82376.0%$2,992 Nonmetallic Mineral Product$2,3250.0%$46119.8%$00.0%$968 Furniture and Related Product$1,3850.0%$00.0%$533.8%$723 Paper$6380.0%$00.0%$00.0%$1,373 Wood Product$6110.0%$00.0%$00.0%$1,882 Apparel$2680.0%$268100.0%$00.0%$519 Leather and Allied Product$300.0%$00.0%$00.0%$71 Textile Mills$140.0%$00.0%$00.0%$0 Petroleum and Coal Products$00.0%$00.0%$00.0%$349 Grand Total$253,3433.9%$34,84213.8%$15,7946.2%$75,694 Million or 3.9% of Loan Portfolio (ex-PPP loans) 6.2% Classified Loans 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

High Quality Loan Portfolio: CRE $ in thousands Owner Occupied CRE Loans by Industry Investor Owned CRE Loans by Industry (1) 1-4 Family $13,155 0.2% $308 Other CRE $47,951 0.7% $292 Grand Total $2,344,924 36.2% $17,450 •62.1% Weighted Avg. LTV •27.2% COVID-19 Modified Balances •58.7% 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 CRE Portfolio Overview ▪50% of total loan portfolio ▪28% of CRE loans are owner-occupied ▪Only 1.4% of CRE loans are classified ▪Low Levels of Concentrated Exposure ▪Industrial/Warehouse top concentration at 16% of total CRE portfolio 13

$ in thousands Retail Trade & Retail CRE Loans Community Shoing Retail Retail Type 2020 Q2 Balances (ex-PPP) % of Total Loans (ex-PPP) COVI D-19 % Balances Modified Weighted Avg LTV % of Classified Loans in Segment PPP Balances Center Mixed Us - Retail 12% Retail Trade (C&I) 13% Center 8% Sin le Tenant Strip Center 42% Strip Center$255,2013.9%58.6%66.7%0.1%$0 Single Tenant$96,3721.5%30.0%54.8%2.0%$0 Retail Trade (C&I)$80,5231.2%26.5%2.6%$47,627 Mixed Use - Retail$73,2631.1%41.1%63.0%0.7%$0 Shopping Center$58,3570.9%56.0%47.4%0.0%$0 Community Retail Center$48,0760.7%66.4%53.5%0.0%$0 Grand Total$611,7939.4%48.1%60.5%0.8%$47,627 Total Retail Loans: $612 million or 9.4% of Loan Portfolio Traveler Accommodation Loans Other 0% Subsector 2020 Q2 Balances (ex-PPP) % of Total Loans (ex-PPP) COVI D-19 % Balances Modified Weighted Avg LTV % of Classified Loans in Segment PPP Balances Hotel - Large Chain 63% Hotel - Boutique 26% Hotel Ops. (C&I) 11% Hotel - Full Service Large Chain$61,2450.9%63.8%61.5%3.1%$0 Hotel - Limited Service Large Chain$55,5010.9%43.9%60.8%0.0%$0 Hotel - Full Service Boutique$38,0720.6%0.0%61.9%0.0%$0 Hotel Operations (C&I)$20,0150.3%0.0%0.0%$4,971 Hotel - Limited Service Boutique$10,3100.2%84.9%53.7%0.0%$0 Motel CRE$7000.0%68.3%37.7%0.0%$0 Mixed Use CRE - Hotel/Motel$3680.0%100.0%42.3%0.0%$0 RV Parks & Campgrounds (C&I)$620.0%0.0%0.0%$47 Grand Total$186,2722.9%39.2%60.8%1.0%$5,018 Total Traveler Accommodation Loans: $186 Million or 2.9% of Loan Portfolio

$ in thousands Food Services Loans Food Services Type 2020 Q2 % of Total COVI D-19 % of Classified Balances Loans % Balances Weighted Loans in PPP (ex-PPP) (ex-PPP) Modified Avg LTV Segment Balances Full-Service Restaurant CRE $69,189 1.1% 65.1% 60.8% 10.8% $0 Limited-Service Restaurant CRE $33,065 0.5% 34.6% 72.0% 0.0% $0 Restaur Ops 16% Limited-Serv Restaurant Ops Limited-Serv Restaurant CRE 24% 1% Full Serv Restaurant CRE 49% Limited-Service Restaurant Operations $22,221 0.3% 59.0% 0.0% $9,239 Full-Service Restaurant Operations $13,704 0.2% 58.7% 5.5% $25,260 Drinking Place Operations $777 0.0% 41.1% 0.0% $1,668 Snack and Nonalcoholic Beverage Bars $146 0.0% 68.3% 0.0% $464 Caterer Operations $98 0.0% 69.2% 0.0% $517 Mobile Food Services $64 0.0% 0.0% 0.0% $22 Grand Total $139,262 2.1% 56.1% 64.4% 5.9% $37,170 Total Food Services Loans: $139 Million or 2.1% of Loan Portfolio Agriculture Loans Other Indiana 1% 7% Geographic Location by State 2020 Q2 Balances (ex-PPP) % of Total Loans (ex-PPP) COVI D-19 % Balances Modified Weighted Avg LTV % of Classified Loans in Segment % of L-Term Customers (4+ Y ears) Illinois 92% Illinois $88,580 1.4% 0.9% 42.9% 1.0% 84.8% Indiana $2,283 0.0% 29.6% 46.1% 0.0% 100.0% Other State $760 0.0% 0.0% 37.0% 0.0% 100.0% Missouri $479 0.0% 0.0% 43.9% 0.0% 50.0% Total Farmland $92,102 1.4% 1.6% 42.9% 1.0% 85.0% Illinois $39,959 0.6% 0.0% 3.7% 91.8% Indiana $6,823 0.1% 0.0% 0.0% 100.0% Total Farm Operating Line $46,782 0.7% 0.0% 3.2% 91.8% Grand Total $138,884 2.1% 1.5% 1.7% 87.1% Total Agriculture Loans: $139 Million or 2.1% of Loan Portfolio

Overview ▪Conservative underwriting and strong asset quality allow the Company to enter the economic downturn well-prepared ▪Non-performing assets have decreased over time $ in m illion s NPAs / Assets 9,696 10,836 while total assets have increased significantly ▪Strong reserve levels as provisioning under CECL reflects deteriorating economic conditions and expectations for credit stress to emerge in future periods 7,8617,702 0.48% 0.36% 0.34% 0.27% ▪Actively working with clients’ deferral requests 2017 Q42018 Q42019 Q42020 Q2 Assets%NPAs /Ass et s $ in millions Classifieds / Capital (1) NCOs / Average Loans (2) $ in millions (1) Capital calculated as Tier 1 Capital + Allowance for credit losses (2) 6/30/2020 NCOs/Average Loans is annualized (quarterly NCO ratio is 0.02%)

▪On January 1, 2020, the Company adopted ASU 2016-13 (Topic 326), “Measurement of Credit Losses on Financial Instruments,” commonly referenced as the CECL model. Upon adoption of CECL, we recognized: -$16.8 million increase in our allowance for credit losses, substantially attributable to the remaining loan fair value marks on prior acquisitions -$5.5 million increase in our reserve for unfunded commitments (carried in other liabilities) -Total Day 1 increase of 41.54% over 12/31/19 reserve balance -These one-time increases, net of tax, were $15.9 million and recorded as an adjustment to beginning retained earnings ▪During the first quarter of 2020, the Company recorded provision for credit losses of $17.2 million and provision for unfunded commitments of $1.0 million primarily as a result of economic factors around COVID-19 ▪During the second quarter of 2020, the Company recorded provision for credit losses of $12.9 million and provision for unfunded commitments of $0.6 million -While our portfolio has not yet demonstrated material indications of weakness, provisioning under CECL reflects deteriorating economic conditions and expectations for credit stress to emerge in future periods -June 30, 2020 increase of 91.86% over 12/31/19 reserve balance and 13.45% over Q1 2020 -Ongoing impacts of the CECL methodology will be dependent upon changes in economic conditions and forecasts, originated and acquired loan portfolio composition, credit performance trends, portfolio duration, and other factors ▪Increase in allowance for credit losses moves allowance for credit losses as a percentage of portfolio loans to 1.48% at June 30, 2020 (excludes PPP loans) and allowance for credit losses as a percentage of non-performing loans to 378.43%

Allowance / Loans (ex-PPP)Allowance / NPAs $ in m illion s $ in t h ou sa nds $5,520 $5,568 1.48% $6,687 $6,500 $28,648 $36,974 $32,564 330% $29,135 0.97% 0.91% 0.80% 187% 137% 165% 2017 Q4 2018 Q4 2019 Q4 2020 Q2 Ex-PPP Loans (EOM ) Ex-PPP Allowa nce/L oans 2017 Q42018 Q42019 Q42020 Q2 NPAsAllowance/NPAs Allowance / NPLsProvision Coverage / Net Charge-offs $ in t h ou sa nds $36,598 $27,365 $29,507 378% $25,380 6.5x 196% 138% 182% N/A(1) 0.6x 1.4x 2017 Q42018 Q42019 Q42020 Q2 NPL sAllowance/NPLs FY 2017 FY 2018 FY 2019 YTD 2020 Provision Multiple (1) 4Q17 provision expense was $5.303 million and net recoveries were $0.484 million

Deposit Composition Total Deposits & Loan to Deposit Ratio $ in m illion s C > 250k 4% CD < 2 0k 13% $ in m illion s 90.8%88.7% $72$7,973 $8,910 Non-Int DDA 29% $6,126$6,249 84.8%84.6%81.1% MMDA 30% Int DDA 24% 2017 Q42018 Q42019 Q42020 Q12020 Q2 Total Depos itsLoan to Depos it Ra tio $ in m illion s Cost of Deposits = 0.36% Contingency Liquidity $ in m illion s Core Deposits(1) / Total Deposits Unpledged Securities$1,062 Av ailable FHLB$1,561 FRB Discount$474 Fed Funds Lines$467 Brokered Av ailability (1 0% deposits)$873 PPPLF Av ailability$746 T otal$5,183 $5,600$5,705 91.4%91.3% $7,587$7,624 96.0%95.6% $8,595 96.5% 2017 Q42018 Q42019 Q42020 Q12020 Q2 Core Deposit sCore/Total Deposits 19

Net Interest Income • Net Interest Income increased from $69.4 million in Q1 to $70.8 million in Q2 • Net Interest Margin decreased 17 bps vs Q1 from 3.20% to 3.03% • NIM impacted by late Q1 Fed rate actions, PPP loan funding and corresponding deposit retention as well as $125mm sub-debt issuance on June 1, 2020 • Core NIM ex-accretion income declined 14 bps from 3.07% to 2.93% • 41 bps decline in asset yields offset by 26 bps improvement in funding costs • Accretion income accounted for 10 bps of NIM, down from 13bps in Q1 Non Interest Income Non Interest Expense Earnings • Non-interest income of $28.0 million in Q2, equated to 28% of operating revenue • Wealth Management revenue down 12% linked quarter based on market volatility and seasonality in farm management • Mortgage revenue of $2.7 million in Q2 increased compared to $1.4 million Q1. The increase in Q2 was due to higher mortgage production and stronger gain on sale margin • Fees for customer services were $7.0 million in Q2, a decrease from $8.4 million in Q1 resulting from Financial Relief Program and changing customer behaviors from COVID-19 • Personal and business overdraft fees were the most impacted decreasing $1.6 million in Q2 compared to Q1 • Adjusted non-interest expense of $50.1 million equates to 50.5% adjusted efficiency ratio(1) • Adjusted excludes intangible amortization ($2.5 million) and one-time acquisitions and restructuring related items ($0.5 million)(1) • Expenses impacted by $0.6 million increase to reserve for unfunded commitments under CECL • Deferred PPP loan origination cost reduced quarterly non-interest expense by $4.9 million • On track to deliver upper-end of $5-10 million expense reduction range communicated last quarter • Core, adjusted pre-tax, pre-provision income of $46.4 million (~1.80% PTPP ROAA) (1) • Core net income of $26.2 million or $0.48 per share (1) • 1.02% Core ROAA and 12.2% Core ROATCE (1) • 2Q20 results impacted significantly by CECL amidst COVID-19 - Provision and unfunded commitment expense in excess of NCOs; $12.2 million - ~$0.18 per share, after-tax

Core Net Income & Earnings Per Share (1) Core ROAA & ROATCE (1) $ in thousands $29,498 $30,535 $31,782 $26,191 14.5%14.5%14.9% 1.30% 1.24%1.25% 12.2% $0.53 $0.55 $0.57 $15,479 $0.48 7.4% 1.02% $0.28 0.64% 2019 Q2 2019 Q3 2019 Q4 2020 Q1 2020 Q2 Core Net Income Earnings Per Share 2019 Q22019 Q32019 Q42020 Q12020 Q2 Core ROATCECore ROAA Core Pre-Provision Net Revenue / Avg. Assets (1) Net Interest Margin $ in thousands $42,823 $43,600 1.80% 1.79% $41,131 1.68% $38,211 1.59% $46,448 1.80% 2019 Q2 2019 Q3 2019 Q4 2020 Q1 2020 Q2 Core PTPP Core PTP P / A vg A ssets

Net Interest Income & Net Interest Margin 74.2 74.3 72.7 • Net impact of PPP loans and corresponding excess liquidity drove down NIM 9 bps during the quarter 3.5 3.0 3.0 70.2 2.8 71.5 2.5 • Subordinated debt issuance of $125mm on June 1, 2020 impacted quarterly NIM by 4 bps 3.43% 3.35% 3.27% 3.20% Net Interest Margin Components (ex-PPP) & Sub-debt 3.03% 2019 Q2 2019 Q3 2019 Q4 2020 Q1 2020 Q2 TE Net Interest Income Accretion TE NIM Earning Assets * 3.63% Historical Key Rates Cost of Liabilities * -0.46% 5.50% 5.50% 2.47% 2.39% 2.41% 2.00% 5.00% 2.02% 1.68% 4.75% 1.92% 1.76% 3.25% 3.25% 0.99% 0.67% 0.70% 0.17% P & Excess Liquidity Sub Debt Net Interest Margin -0.09% -0.04% 3.03% Dilutive effect of PPP loan funding & deposit retention Dilutive effect of June 1 3/31/19 6/30/19 9/30/19 12/31/19 3/31/20 6/30/20 Prime 1m LIBOR 10-Yr Treasury -1.00%0.00%1.00%2.00%3.00%4.00% * Earning Assets and Cost of Liabilities (ex-PPP) and Sub-debt issuanc e 22

Overview ▪Anchored by wealth management and $ in m illion s Non-Interest Income / Total Income payment processing, fee income represented approximately 28% of total revenues over the last 12 months ▪Strong source of revenue synergies as the Company’s balance sheet continues to grow $101.3$104.4$103.6 $97.0$98.8 both organically as well as through M&A ▪New Markets Tax Credit (NMTC) charge in 28% 30%31%28%28% 1Q20 reduced other non-interest income by $1.2 million (offset through lower taxes) $27.9$30.9$31.6$27.5$28.0 2019 Q2 2019 Q3 2019 Q4 2020 Q1 2020 Q2 Non-Interest Income Net Interest Income Non-Int Inc / Total Income $ in thousands Sources of Non-Interest Income Non-Interest Income Details 2020 Q2 Wealth Management Fees $10,193 Fees for Customer Services $7,025 Remit Pr sing Mortgage Revenue Net Security Other Non-Remittance Processing $3,718 Fees for Customer Services 10% Other Gains 1% Interest Income 6% Mortgage Revenue $2,705 Net Security Gains $315 Other Non-Interest Income $1,726 Total Non-Interest Income $27,964 25% We h Manag Fees 37% 15% In ome on B Owned Life Insurance 8%

$ in millions $8,967 Wealth - Assets Under Care $9,696 $9,409 $8,925 $9,021 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 2019 Q2 2019 Q3 2019 Q4 2020 Q1 2020 Q2 Wealth - Revenue & Pre-tax Income $ in thousands $11,354 $11,709 Q2 2020 Summary ▪New account activity strengthened during 2Q20 establishing 213 new investment relationships, representing approximately $52 million in new Assets Under Care ▪90-day new asset pipeline remains strong and has grown since end of 1Q20 $9,594 $8,994 40.1% 36.8% $10,310 40.4% 39.3% ▪YTD Pre-tax profit margin of 39.9% in the Wealth Management segment ▪Expanded Busey Wealth Management webinar series to address topics including $3,845 32.8% $2,951 $4,735 $4,176 $4,056 Navigating the CARES Act, Charitable Giving, Mitigating Risk in the Equity and Fixed Income Markets, and Planning Strategies for Women 2019 Q2 2019 Q3 2019 Q4 2020 Q1 2020 Q2 Revenue Pre-Tax Net Income Pre-Tax Profit Margin

Non-Interest Expense $68,020$68,121 $2,412$2,360$65,490 $2,681 Overview ▪The Company continues to manage its efficiency ratio by limiting nominal costs, as well as leveraging efficiencies throughout its $7,293$7,670$3,652 $58,315$58,091$59,157 $60,514 $2,557 $145 $1,017 $56,795 $53,068 $2,519 $487 $567 $49,495 branch network as a result of its successful M&A strategy and strong top-line growth Q2 2020 Summary ▪Core adjusted expenses of $49.5 million in 2Q20 excluding amortization, acquisition / 2019 Q22019 Q32019 Q42020 Q12020 Q2 Core Adj ExpUnfunded ProvisionOne-time Non-Recurring Intangible Amortiza tionNon-Int Exp Efficiency Ratio 1 63.6% restructuring related charges and CECL (unfunded reserve) ▪Deferred PPP loan origination cost reduced quarterly non-interest expense by $4.9 million ▪On track to deliver upper-end of $5-10 million expense reduction range communicated last 62.7% 60.5% 59.7%59.5% 58.5% quarter ▪Announced in July consolidation of 12 branches to ensure a balance between 56.6% 55.4% 57.0% 51.0% 50.5% 49.9% Busey’s physical network and robust digital banking services ▪$3.3 million expected annualized cost savings resulting from branch consolidations • These savings are incremental to 2019 Q22019 Q32019 Q42020 Q12020 Q2 Reported Eff RatioCore Eff RatioCore Eff Ratio (ex CECL ) previously announced expense reductions

26 COVID-19 PANDEMIC RESPONSE 26

Supporting Financial Needs of Customers COVID-19 Response Actions - as of July 24, 2020 Commercial and Small Business Clients Busey is offering several options to Busey's qualifying business customers to help them through this period of economic disruption. Various six-month modification programs with opt-ins from the customer in 90-day intervals are available, including a 90-day deferral of principal & interest or interest only payment options $ in thousands Modified Loans as of 7/24/2020 Modified Balances Modified Loans 90-Day Deferral $820,345 774 Round 1: Round 1: 90-Day I/O $363,109 356 Round 1: 180-Day Deferral $117 1 Total Round 1 Modifications $1,183,571 1,131 Round 2: 90-Day Deferral to 180-Day Deferral $263,250 167 Round 2: 90-Day Deferral to 180-Day I/O $3,659 4 Round 2: 90-Day I/O to 180-Day I/O $39,572 33 Round 2: 90-Day I/O to Deferral $2,348 3 Total Round 2 Extensions as of 7/24/20 $308,829 207 Round 1: 90-Day Deferral still Active $276,814 263 Round 1: 90-Day I/O still Active $38,561 29 Round 1: 180-Day Deferral stil Active $117 1 Total Active Round 1 modifications $315,492 293 Expired Round 1 90-Day Deferrals $276,622 340 Expired Round 1 90-Day I/O $282,629 291 Total Outstanding Expired Mods* $559,251 631 *(Round 1 without Round 2 - Active Round 1 modifications) 27

Supporting Financial Needs of Customers COVID-19 Response Actions - as of July 24, 2020 Personal Loan and Mortgage Customers For those experiencing or anticipating hardships due to COVID-19, Busey is offering multiple payment deferral options for qualifying customers with loans - personal, auto, home equity, mortgages and more. There will be no credit bureau impact with granted deferrals - 600 mortgage and retail loans currently in payment deferral representing $93.5mm, or approximately 6.7% of retail portfolio, of principal balances for loans on the balance sheet; down from 1,002 original deferrals granted representing $135.9mm - Approximately 38% of loans and 48% based on loan balance eligible for a 90-day modification extension have opted in for additional relief - An additional 572 loans with deferred payments in the servicing portfolio representing principal balances of $72.4mm, or approximately 3.2% of the servicing portfolio - Approximately 79% of servicing portfolio loans and 80% based on loan balance eligible for a 90-day modification extension have opted in for additional relief Select Customer Fee Waivers Busey developed an internal Financial Relief Program designed to alleviate some of the hardships qualifying customers may face as a result of the pandemic itself or the resulting economic impact. For the remainder of the year 2020, Busey is automatically offering: - Waiver of pre-authorized transfer fees to prevent overdrafts - Waiver of charge for each pre-authorized transfer over six per monthly statement cycle on consumer/personal savings and money market accounts - Free debit card replacement and express delivery of cards to customers *Additional fee waiver requests reviewed on a case-by-case basis 28

Participating in the CARES Act Paycheck Protection Program Small Business Applications & Loan Funding 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. This program provides payroll assistance for the nation's nearly 30 million small businesses - and select nonprofits - in the form of 100% guaranteed loans from the U.S. Small Business Administration (SBA) Busey was a bridge for this program and actively helped their customers sign up for this important financial resource. $ in thousands Summary Impact $746 million PPP loans outstanding as of 6/30/2020 4,445 total loans processed Over 85,000 jobs impacted Generated fees of over $25 million o Recognized $3.7 million fees during Q2 2020 o $21.4 million deferred fees remaining as of 6/30/2020 Booked PPP # of PPP Average % of Total Industry Balances Loans Loan Size PPP Loans $139,996 488 $287 18.8% Construction Health Care and Social Assistance $103,344 511 $202 13.8% Manufacturing $75,694 274 $276 10.1% Professional, Scientific, and Technical Services $74,252 501 $148 9.9% Wholesale Trade $51,219 180 $285 6.9% Retail Trade $47,627 345 $138 6.4% Other Services (except Public Administration) $46,939 525 $89 6.3% Real Estate Rental & Leasing $38,982 324 $120 5.2% Food Services and Drinking Places $37,598 329 $114 5.0% Transportation and Warehousing $27,865 122 $228 3.7% Admin, Support & Waste Mgt Services $26,773 183 $146 3.6% Finance and Insurance $23,635 221 $107 3.2% Educational Services $13,098 67 $195 1.8% Arts, Entertainment, and Recreation $9,085 142 $64 1.2% Information $6,825 29 $235 0.9% Accommodation $5,056 33 $153 0.7% Public Administration $3,726 10 $373 0.5% Mining, Quarrying, and Oil and Gas Extraction $2,537 8 $317 0.3% Agriculture, Forestry, Fishing and Hunting $2,408 87 $28 0.3% Management of Companies and Enterprises $725 6 $121 0.1% Utilities $104 3 $35 0.0% Other $8,942 57 $157 1.2% Grand Total $746,431 4,445 $168 100.0% 29

APPENDIX 30

Use of Non-GAAP Financial Measures ($ in thousands) Three Months Ended June 30, March 31, December 31, September 30, June 30, 2020 2019 2019 2019 2019 Net interest income $ 70,813 $ 69,433 $ 71,936 $ 73,476 $ 73,428 Non-interest income 27,964 27,517 31,638 30,936 27,896 Less net losses/gains on sales of securities and unrealized losses/gains recognized on equity securities (315) (587) (605) (361) 1,026 Non-interest expense (53,068) (60,514) (65,490) (68,121) (68,020) Pre-provision net revenue $ 45,394 $ 35,849 $ 37,479 $ 35,930 $ 34,330 Acquisition and other restructuring expenses 487 145 3,652 7,670 7,293 Provision for unfunded commitments 567 1,017 - - - New Market Tax Credit amortization - 1,200 - - 1,200 Adjusted: pre-provision net revenue $ 46,448 $ 38,211 $ 41,131 $ 43,600 $ 42,823 Average total assets $ 10,374,820 $ 9,688,177 $ 9,713,858 $ 9,659,769 $ 9,522,678 Reported: Pre-provision net revenue to average assets(1) 1.76 % 1.49 % 1.53 % 1.48 % 1.45 % Adjusted: Pre-provision net revenue to average assets(1) 1.80 % 1.59 % 1.68 % 1.79 % 1.80 % Three Months Ended June 30, March 31, December 31, September 30, June 30, 2020 2020 2019 2019 2019 Net income $ 25,806 $ 15,364 $ 28,571 $ 24,828 $ 24,085 Acquisition expenses Salaries, wages, and employee benefits - - 367 3,673 43 Data processing - - 1,017 172 327 Lease or fixed asset impairment - - 165 - 415 Other (includes professional and legal) 141 145 879 3,100 3,293 Other restructuring costs Salaries, wages, and employee benefits 346 - 38 182 275 Data processing - - 351 84 292 Fixed asset impairment - - 1,861 - Other (includes professional and legal) - - 796 459 826 MSR valuation impairment - - (1,822) - 1,822 Related tax benefit (102) (30) (441) (1,963) (1,880) Adjusted net income $ 26,191 $ 15,479 $ 31,782 $ 30,535 $ 29,498 Dilutive average common shares outstanding 54,705,273 54,913,329 55,363,258 55,646,104 55,941,117 Reported: Diluted earnings per share $ 0.47 $ 0.28 $ 0.52 $ 0.45 $ 0.43 Adjusted: Diluted earnings per share 0.48 0.28 0.57 0.55 0.53 Average total assets $ 10,374,820 $ 9,688,177 $ 9,713,858 $ 9,659,769 $ 9,522,678 Reported: Return on average assets(1) 1.00 % 0.64 % 1.17 % 1.02 % 1.01 % Adjusted: Return on average assets(1) 1.02 % 0.64 % 1.30 % 1.25 % 1.24 % (1) Annualized measure 31

Use of Non-GAAP Financial Measures ($ in thousands) Three Months Ended June 30, March 31, December 31, September 30, June 30, 2020 2020 2019 2019 2019 Reported: Net Interest income $ 70,813 $ 69,433 $ 71,936 $ 73,476 $ 73,428 Tax-equivalent adjustment 717 730 781 778 777 Tax-equivalent interest income $ 71,530 $ 70,163 $ 72,717 $ 74,254 $ 74,205 Reported: Non-interest income 27,964 27,517 31,638 30,936 27,896 Less net losses/gains on sales of securities and unrealized losses/gains recognized on equity securities (315) (587) (605) (361) 1,026 Adjusted: Non-interest income $ 27,649 $ 26,930 $ 31,033 $ 30,575 $ 28,922 Reported: Non-interest expense 53,068 60,514 65,490 68,121 68,020 Amortization of intangible assets (2,519) (2,557) (2,681) (2,360) (2,412) Non-operating adjustments: Salaries, wages, and employee benefits (346) — (405) (3,855) (318) Data processing — — (1,368) (256) (619) Other (141) (145) (1,879) (3,559) (6,356) Adjusted: Non-interest expense $ 50,062 $ 57,812 $ 59,157 $ 58,091 $ 58,315 Reported: Efficiency ratio 50.97 % 59.69 % 60.54 % 62.73 % 63.62 % Adjusted: Efficiency ratio 50.48 % 59.54 % 57.02 % 55.42 % 56.55 % As of and for the Three Months Ended June 30, March 31, December 31, September 30, June 30, 2020 2020 2019 2019 2019 Total Assets $ 10,835,965 $ 9,721,405 $ 9,695,729 $ 9,753,760 $ 9,612,667 Goodwill and other intangible assets, net (368,053) (370,572) (373,129) (381,323) (375,327) Tax effect of other intangible assets, net 15,825 16,530 17,247 16,415 17,075 Tangible assets $ 10,483,737 $ 9,367,363 $ 9,339,847 $ 9,388,852 $ 9,254,415 Total stockholders’ equity 1,236,084 1,217,585 1,220,434 1,215,981 1,203,608 Goodwill and other intangible assets, net (368,053) (370,572) (373,129) (381,323) (375,327) Tax effect of other intangible assets, net 15,825 16,530 17,247 16,415 17,075 Tangible common equity $ 883,856 $ 863,543 $ 864,552 $ 851,073 $ 845,356 Ending number of common shares outstanding 54,516,000 54,401,208 54,788,772 55,197,277 55,386,636 Tangible common equity to tangible assets(1) 8.43 % 9.22 % 9.26 % 9.06 % 9.13 % Tangible book value per share $ 15.92 $ 15.57 $ 15.46 $ 15.12 $ 14.95 Average stockholders’ common equity $ 1,233,270 $ 1,218,160 $ 1,224,447 $ 1,212,833 $ 1,195,802 Average goodwill and other intangible assets, net (369,699) (372,240) (379,268) (377,601) (376,851) Average tangible stockholders’ common equity $ 863,571 $ 845,920 $ 845,179 $ 835,232 $ 818,951 Reported: Return on average tangible common equity(2) 12.02 % 7.30 % 13.41 % 11.79 % 11.80 % Adjusted: Return on average tangible common equity(2)(3) 12.20 % 7.36 % 14.92 % 14.50 % 14.45 % (1) Tax-effected measure (2) Annualized measure (3) Calculated using adjusted net income 32