First Busey : Busey May 2024 Investor Highlights

BUSE

INVESTOR HIGHLIGHTS

May 7, 2024

Investor Highlights

First Busey Corporation | Ticker: BUSE

Overview of First Busey Corporation (NASDAQ: BUSE)

2

155+ year old financial institution headquartered in Champaign, IL

Business Banking

Personal Banking

Wealth Management

Payment Tech Solutions	Regional
	operating
	model serving
	four regions

Northern (IL)

Central (IL/IN)

Gateway (MO/IL)

Florida M&M Bank1

$11.9 Billion	$12.8 Billion	$11 Billion
Assets 2	Assets Under Care	LTM Payments Processed
$372.7 Million	$58.6 Million	$23.1 Million
LTM Revenue 3	LTM Revenue 4	LTM Revenue 5

• Pro Forma locations reflect acquisition of Merchants & Manufacturers Bank Corp. Acquisition closed 4/1/24, anticipated to merge banks in June 2024

• Consolidated | 3 Busey Bank segment, excluding Wealth Management & FirsTech; excludes intracompany eliminations and consolidations | 4 Wealth Management segment
  5 FirsTech segment, excludes intracompany eliminations

Investor Highlights

First Busey Corporation | Ticker: BUSE

3

Forging the Franchise

2007	2015
First Busey and	Acquisition of
Main Street Trust	Herget Bank in the
finalize MOE in July	Peoria MSA closes
- Main Street	in January.
President & CEO	Herget
Van A. Dukeman is
Assets: $0.3B
named President &
AUC: $0.2B
CEO of the
110 year-old institution
combined
institution.	2016
Busey	BUSE expands into
a major metro
Assets: $2.5B
AUC: $2.6B	market - the
	acquisition of
Main Street	Pulaski Bank of
Assets: $1.5B	St. Louis closes in
AUC: $2.2B	April.
	Pulaski
	Assets: $1.5B
	94 year-old institution

1868

Busey Brothers

• Company Bank opens its doors on January 13 in Urbana, IL.

2017

First Community Financial Partners acquisition closes in July, giving BUSE reach into Chicagoland. Sean Gallagher joins the company via FCFP.

First Community

Assets: $1.3B

BUSE enhances presence in Peoria with the acquisition of South Side Bank in October.

South Side

Assets: $0.7B

AUC: $0.6B

95 year-old institution

2019	2020	2021
BUSE closes the	Following a	BUSE crosses
acquisition of Bank	period of	$10B threshold by
of Edwardsville in	significant	expanding into the
January with	growth in	Northern suburbs
operations focused	services and	of Chicago, closing
on the IL-side of	geographic	acquisition of
the St. Louis MSA.	footprint, the	Glenview State
Bank of Edwardsville	regional	Bank in May.
operating model
Assets: $1.7B	Glenview State Bank
is officially
AUC: $1.5B	Assets: $1.4B
launched.
150 year-old institution	AUC: $1.3B
	Chief Risk	100 year-old institution
BUSE enhances its
Officer Monica	During 3Q,
wealth-led	Bowe joins and
operations in Florida	begins building	Jeff Burgess,
by acquiring	a risk	President of
Investors' Security	management	Wealth
Trust in August.	infrastructure	Management
Investors' Security	positioned for	joined.
future growth.
Trust	Finalized
AUC: $0.5B
	consolidation of
		one-third of our
Jeff Jones joins as		branch network.
CFO.

2022	2023	2024
Regional	Steadily	On April 1,
Operating	managed	completed
Model begins	through	acquisition of
to propel	Mar. 2023	M&M Bank
franchise,	banking	Corp., adding
with a record	industry	their niche
year of loan	turmoil,	life equity
growth and	with	lending
record year	minimal	products and
of AUC gross	deposit	further
new inflows.	attrition	expanding
During 2Q,	showing	footprint in
stability of	the Chicago
Joe Sheils	our deposit	MSA.
joins as	franchise.
President of		Merchants &
Consumer &	Record	Manufacturers
Digital	Assets: $0.5B
year for
Banking.	New lending
FirsTech
	vertical
	revenue.

Total Assets ($B) | Total Wealth AUC ($B)

2007

2017

2024

Note: Total Assets and AUC for acquired institutions are as of acquisition close date

Investor Highlights

First Busey Corporation | Ticker: BUSE

4

Fortress Balance Sheet at Attractive Valuation

Financial Highlights

$ in millions	2022	2023	2024 YTD
Total Assets	$12,337	$12,283	$11,887
Total Loans	$7,726	$7,651	$7,588
Total Deposits	$10,071	$10,291	$9,960
Total Equity	$1,146	$1,272	$1,283
Total Wealth AUC	$11,062	$12,137	$12,763
NPA/Assets	0.13 %	0.06 %	0.15 %
Net Interest Margin 1	2.84 %	2.88 %	2.79 %
Adj. Nonint. Income %	28.5 %	28.1 %	30.9 %
of Total Revenue 1
Adj. PPNR ROAA 1	1.44 %	1.41 %	1.29 %
Adj. ROAA 1	1.06 %	1.03 %	0.89 %
Adj. ROATCE 1	15.99 %	15.03 %	11.56 %

BUSE Stock 2

Market Cap	Price Per Share	Dividend Yield	Price/TBV	Price/2024E 3
$1.3B	$23.72	4.0%	1.4x	11.6x
$26
$24
$22
$20
$18
$16
Mar--23	Jun--23	Sep--23	Dec--23	Mar--24

1-Year Total Shareholder Return ⁶

+42.5%

+34.7% +30.5% +28.3% +28.2%

BUSE	KRE	Selected	Proxy Peers	KRX
		Regional Peers⁴

BUSE Tangible Book Value / Share (ex-AOCI)7

$25						+7.0% CAGR
											$20.86
$20
$15
$10	$7.94
$5
	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
	Q1	Q1	Q1	Q1	Q1	Q1	Q1	Q1	Q1	Q1	Q1	Q1	Q1	Q1	Q1

• Non-GAAPcalculation, see Appendix | 2 Market Data for BUSE updated to close on 5/3/24, per Nasdaq | 3 Based on consensus median net income of covering analysts as of 5/3/2024

• Selected peers based in BUSE's current operating regions include: WTFC, ONB, ASB, CBSH, SFNC, HTLF, FRME, FFBC, SBCF, EFSC, BY, SRCE, SYBT, HBNC, MSBI, FMBH, MOFG, LKFN, OSBC
  5 All metrics as of 3/31/24 except for Core Deposits/Total Deposits which is as of 12/31/23, as not fully reported by peer group until 10-Q filings | 6 1-year total shareholder return from 5/3/24; median 1-year TSR of peer group is used for Selected Regional Peers and Proxy Peers | 7 TBV per share as reported in quarterly filings with add-back of after-tax AOCI at each period-end

Investor Highlights

First Busey Corporation | Ticker: BUSE

5

One Busey

As of 3/31/24

$11.9 Billion	$372.7 Million	76.2%
Total Assets	Revenue LTM 1	Loan-to-Deposit Ratio

• Focus on leaning on the power of commercial, wealth, and payment tech to promote a broad set of solutions to well-capitalized individuals and the companies they own & operate
• This consistent go-to-market strategy provides ample opportunities for building a holistic customer relationship and accelerating organic growth
• Incentives are fully aligned to promote a cohesive sales structure across all products
• Relationship managers are equipped with knowledge to provide service excellence for every solution the enterprise offers
• Business Leadership Development Institute that trains selected new hires on a 24-month track of Commercial Banking & Wealth Management

• Busey Bank segment, excluding Wealth Management & FirsTech; excludes intracompany eliminations and consolidations

Investor Highlights

First Busey Corporation | Ticker: BUSE

6

Regional Operating Model

• Enterprise-widesales structure is organized by region - bringing the complete Busey experience to each community through local leadership and autonomy
• This regional operating model is built to deliver the customer experience of a smaller community bank with all the efficiencies, products, technology and resources of the nation's largest banks - uniquely consolidating our strengths for the benefit of our clients
• Each region has their own dedicated regional teams - the regional presidents have full responsibility for the P&L of their region

Other financial institutions have competing components by segment - our regionalization plan broadens the view for each business segment and increases collaboration. Expertise is leveraged across teams - because everyone shares in the success

Regions	Central	Gateway	Northern	Florida
Central IL, Joliet, Indiana	St. Louis MSA	Chicago suburbs	Southwest Florida
As of 3/31/24
Deposits	$5.3 billion	$2.4 billion	$1.8 billion	$0.5 billion
Loans	$3.2 billion	$1.9 billion	$2.1 billion	$0.4 billion
AUC	$9.0 billion	$1.5 billion	$1.2 billion	$1.1 billion

Note: Regions do not include Merchants & Manufacturers Bank ($0.4B loans, $0.4B deposits). Acquisition closed 4/1/2024 and bank merger anticipated to be completed in June 2024

Investor Highlights

First Busey Corporation | Ticker: BUSE

7

Fully Integrated Wealth Platform

			$12.8 Billion
	As of 3/31/24		Assets Under Care
	Wealth Client Segments
PERSONAL SERVICES	INSTITUTIONAL SERVICES
▪	Family Office	▪	Retirement Plans
▪	High Net Worth	▪	Corporations & Municipalities
▪ Mass Affluent and Emerging Wealth	▪	Foundations and Endowments
		▪ Not-for-Profit Organizations

Comprehensive and Integrated Core Capabilities

to Serve Personal & Institutional Clients

INVESTMENT MANAGEMENT

▪ Preserving and growing wealth with

	enhanced asset allocation & tax
	efficient strategies
	RETIREMENT PLANNING
	▪ Goal-based advisory including life
	insurance, long-term care,
	executive stock option strategies
PRIVATE CLIENT	TAX PLANNING & PREPARATION
▪ Concierge banking with one	▪ Deduction maximization, capital
point of contact that	event planning, tax-advantaged
coordinates all banking needs	savings & investment strategies
AG SERVICES	FIDUCIARY ADMINISTRATION
▪ Farm management and	▪ Trust services, estate planning,
brokerage	and philanthropic advisory

$58.6 Million	42.5%
Revenue LTM 1	PT Margin LTM

• Uniquely positioned with ability to provide comprehensive solutions similar to larger advisory firms while maintaining the tailored, client-focused approach of boutique investment firms
• Bank + Wealth partnership allows us to better keep customer funds inside our overall ecosystem depending on client needs
• Our fully internalized investment team continues to produce excellent returns, focused on long-term outperformance of benchmarks

7

• Wealth Management segment

Investor Highlights

First Busey Corporation | Ticker: BUSE

8

Wealth Management Quarterly Trends

• Assets Under Care (AUC) of $12.8 billion, a QoQ increase of $0.6 billion and a YoY increase of $1.6 billion,
  or +13.9%
• 1Q24 Wealth segment revenue of $15.7 million, the second-best quarterly revenue in company history, a YoY increase of +5.3%
• Pre-taxnet income of $6.6 million in 1Q24, a YoY increase of +2.9%
• Pre-taxprofit margin of 41.9% in 1Q24 and 42.5% over the last twelve months
• Substantial growth in assets under care during 1Q24 was the result of both market appreciation and net new asset generation

Wealth - Revenue and Pre-tax Income 1

$ in millions
$14.9	$14.7	$14.4	$15.7
$13.8
42.8%	44.1%	43.8%	41.9%
			40.3%
$6.4	$6.5	$6.3	$6.6
			$5.6

2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1
		Revenue			Pre-Tax Net Income		Pre-Tax	Profit Margin

Assets Under Care

$ in millions

$12,763

$12,137

$11,208 $11,478 $11,548

2023 Q1

2023 Q2

2023 Q3

2023 Q4

2024 Q1

Wealth Revenue 1 Composition

$ in millions
$14.9	$14.7		$15.7
$14.4
	$13.8

2023 Q1	2023 Q2		2023 Q3	2023 Q4	8	2024 Q1
		Trust			Brokerage			Tax Planning
		Estate Settlement		Ag Services			Other

• Wealth Management segment

Investor Highlights

First Busey Corporation | Ticker: BUSE

9

FirsTech Story

As of 3/31/24

$11 Billion	41 Million	$23.1 Million
Payments Processed LTM	Transactions Processed LTM	Revenue LTM 1

• Founded in 1984 as a lockbox processing facility that has evolved into eLockbox, now providing online banking & bill payment for customers 40 years after founding
• Initially acquired as part of First Decatur Bancshares acquisition completed in March 2000
• In 2009, FirsTech became a wholly-owned subsidiary of Busey Bank

Key Leadership

Humair Ghauri

President & CEO, FirsTech

EVP of Technology, Busey Bank

Joined FirsTech and Busey in 2020, leading the organization's Products & Technology efforts. In 2023, Humair moved into the role of President & CEO with FirsTech and EVP of Technology at Busey Bank.

Mr. Ghauri is a proven executive leader with 20+ years of experience building and leading high growth products and technology organizations. Humair's tenure includes working with CareerBuilder, ADP, Skillsoft and Oracle.

Payments Segments

Traditional Receivables (lockbox, eLockbox)

Electronic Payments (online, mobile, interactive voice response, etc.)

Merchant Services (point of sale, online)

Revenue Growth 1

$22.8 million

$21.8 million

$19.7 million

$16.6 million

2020

2021

2022

2023

1Q24 revenue of $6.0 million was the highest9 quarterly revenue in company history

• Revenue equates to all revenue sources tied to FirsTech and excludes intracompany eliminations

Investor Highlights

First Busey Corporation | Ticker: BUSE

10

FirsTech Priorities

FirsTech is poised to build on its technology expertise to deepen relationships with existing FirsTech and Busey Bank clients as well as create innovative solutions to grow the business

• Strengthen collaboration with Busey Bank, building on existing relationships to expand delivery of FirsTech capabilities, increasing revenue through deeper Busey customer penetration
• Expand and refine profitable core products (merchant services, traditional receivables, electronic payment services), clarifying marketing messaging and growing revenue opportunities
• Increased focus on profitability through the continued migration to merchant processor providing better economics for FirsTech and our customers, while also reviewing enterprise contracts and cost structures to improve margins relative to services provided
• Innovate in the consumer platform to continue enhancements of our configurable SaaS platform for financial institutions and enterprise customers

Focused on innovating to double-digit annual growth and

$50 million in annual revenue