#1Busey BuseyBANK busey.com Member FDIC NASDAQ: BUSE Q4 2023 EARNINGS INVESTOR PRESENTATION January 23, 2024 Busey FIRST BUSEY CORPORATION 0#24Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Forward-Looking Statements and Additional Information Special Note Concerning Forward-Looking Statements This presentation may contain 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 First Busey Corporation ("Busey") and Merchants and Manufacturers Bank Corporation ("M&M"). Forward-looking statements, which may be based upon beliefs, expectations and assumptions of Busey's and Merchants' 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 presentation, including forward-looking statements, speak only as of the date they are made, and neither Busey nor M&M undertakes any obligation to update any statement in light of new information or future events. A number of factors, many of which are beyond the ability of Busey and M&M to control or predict, could cause actual results to differ materially from those in Busey's forward-looking statements. These factors include, among others, the following: (1) the possibility that any of the anticipated benefits of the proposed transaction between Busey and M&M will not be realized or will not be realized within the expected time period; (2) the risk that integration of operations of M&M with those of Busey will be materially delayed or will be more costly or difficult than expected; (3) the inability to complete the proposed transaction due to the failure of the required approval of M&M's stockholders; (4) the failure to satisfy other conditions to completion of the proposed transaction, including receipt of required regulatory and other approvals; (5) the failure of the proposed transaction to close for any other reason; (6) the effect of the announcement of the transaction on customer relationships and operating results; (7) the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; (8) the strength of the local, state, national, and international economy (including effects of inflationary pressures and supply chain constraints); (9) the economic impact of any future terrorist threats or attacks, widespread disease or pandemics (including the Coronavirus Disease 2019 pandemic), or other adverse external events that could cause economic deterioration or instability in credit markets (including Russia's invasion of Ukraine and the Israeli-Palestinian conflict); (10) changes in state and federal laws, regulations, and governmental policies concerning Busey's or M&M's general business (including changes in response to the recent failures of other banks); (11) changes in accounting policies and practices; (12) changes in interest rates and prepayment rates of Busey's or M&M's assets (including the impact of the London Interbank Offered Rate phase-out and the recent and potential additional rate increases by the Federal Reserve); (13) increased competition in the financial services sector (including from non-bank competitors such as credit unions and fintech companies) and the inability to attract new customers; (14) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (15) the loss of key executives or associates; (16) changes in consumer spending; (17) unexpected results of acquisitions, including the acquisition of M&M and the performance of M&M's life equity loan business; (18) unexpected outcomes of existing or new litigation involving Busey or M&M; (19) fluctuations in the value of securities held in Busey's or M&M's securities portfolio; (20) concentrations within Busey's or M&M's loan portfolio, large loans to certain borrowers, and large deposits from certain clients; (21) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and may withdraw deposits to diversify their exposure; (22) the level of non-performing assets on Busey's or M&M's balance sheets; (23) interruptions involving information technology and communications systems or third-party servicers; (24) breaches or failures of information security controls or cybersecurity-related incidents; and (25) the economic impact of exceptional weather occurrences such as tornadoes, hurricanes, floods, blizzards, and droughts. 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 Busey and its business, including additional factors that could materially affect its financial results, is included in Busey's filings with the Securities and Exchange Commission ("SEC"). Additional Information Busey filed a registration statement on Form S-4 with the SEC on January 12, 2024, in connection with the proposed transaction. The registration statement includes a proxy statement of M&M that also constitutes a prospectus of Busey, which will be sent to the stockholders of M&M. M&M's stockholders are advised to read the proxy statement/ prospectus because it contains important information about Busey, M&M and the proposed transaction. This presentation and other documents relating to the proposed transaction filed by Busey and M&M can be obtained free of charge from the SEC's website at www.sec.gov. These documents also can be obtained free of charge by accessing Busey' website at www.busey.com under the tab "Investors Relations" and then under "SEC Filings." Alternatively, these documents, when available, can be obtained free of charge from Busey upon written request to First Busey Corporation, Attention: Corporate Secretary, 100 W. University Avenue, Champaign, Illinois 61820 or by calling (217) 365-4630, or from M&M, upon written request to Merchants and Manufacturers Bank Corporation, Attention: Brad Butler, 25140 W. Channon Dr., P.O. Box 200, Channahon, Illinois 60410 or by calling (630) 575-9700. This presentation shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. 2 Participants in the Transaction Busey, M&M and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from stockholders in connection with the proposed transaction under the rules of the SEC. Information about these participants may be found in the definitive proxy statement of Busey relating to its 2023 Annual Meeting of Stockholders filed with the SEC on April 14, 2023. This definitive proxy statement can be obtained free of charge from the sources indicated above. Additional information regarding the interests of these participants are included in the proxy statement/prospectus regarding the proposed transaction. B#34Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Non-GAAP Financial Information This presentation contains certain financial information determined by methods other than U.S. Generally Accepted Accounting Principles ("GAAP"). Management uses these non-GAAP measures, together with the related GAAP measures, in analysis of Busey's performance and in making business decisions, as well as for comparison to the Company's peers. Busey believes the adjusted measures are useful for investors and management to understand the effects of certain non-core and non-recurring noninterest items and provide additional perspective on the Company's performance over time. A reconciliation to what management believes to be the most directly comparable GAAP financial measures-specifically, net interest income, total noninterest income, net security gains and losses, and total noninterest expense in the case of pre-provision net revenue, adjusted pre-provision net revenue, pre-provision net revenue to average assets, and adjusted pre-provision net revenue to average assets; net income in the case of adjusted net income, adjusted diluted earnings per share, adjusted return on average assets, average tangible common equity, return on average tangible common equity, and adjusted return on average tangible common equity; net income and net security gains and losses in the case of net income excluding net securities gains and los and diluted earnings per share excluding net securities gains and losses; net interest income in the case of adjusted net interest income and adjusted net interest margin; net interest income, total noninterest income, and total noninterest expense in the case of adjusted noninterest expense, noninterest expense excluding non-operating adjustments, adjusted core expense, efficiency ratio, adjusted efficiency ratio, and adjusted core efficiency ratio; total assets and goodwill and other intangible assets in the case of tangible assets; total stockholders' equity the case of tangible book value per common share; total assets and total stockholders' equity in the case of tangible common equity and tangible common equity to tangible assets; portfolio loans in the case of core loans and core loans to portfolio loans; total deposits in the case of core deposits and core deposits to total deposits; and portfolio loans and total deposits in the case of core loans to core deposits-appears in the appendix of this presentation. These non-GAAP disclosures have inherent limitations and are not audited. They should not be considered in isolation or as a substitute for operating 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. 3 B#44Q23 Earnings Investor Presentation Table of Contents First Busey Corporation | Ticker: BUSE Overview of First Busey Corporation (BUSE) Diversified Company with Comprehensive & Innovative Financial Solutions Compelling Regional Operating Model Acquisition of Merchants & Manufacturers Bank Corp. Investment Highlights Fortress Balance Sheet High Quality Loan Portfolio High Quality Portfolio: CRE Office Investor Owned CRE Portfolio High Quality Portfolio: C&I Pristine Credit Quality Credit Profile Bolstered by Strong Reserves Top Tier Core Deposit Franchise Granular, Stable Deposit Base Deposit Cost Trends Diversified and Significant Sources of Fee Income Wealth Management FirsTech Net Interest Margin Actively Managing Asset-Sensitive Balance Sheet Focused Control on Expenses Robust Capital Foundation Balanced, Low-Risk, Short-Duration Investment Portfolio Previously Announced Balance Sheet Repositioning 4Q23 Earnings Review Earnings Performance 6 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Appendix: Experienced Management Team Fully Integrated Wealth Platform FirsTech, A Uniquely Positioned Payment Technology Company Continued Investment in Technology Enterprise-Wide Digital Banking Adoption Busey Impact Non-GAAP Financial Information 31 32 33 34 36 37 38 39 B#54Q23 Earnings Investor Presentation Overview of First Busey Corporation (NASDAQ: BUSE) Regional operating model serving four regions 155+ Among the Best Busey WEALTH MANAGEMENT Forbes AMERICAN BANKER. AMERICA'S BEST BANKS $ in millions Total Assets 'WEALTH" MANAGEMENT Financial Highlights Total Loans Total Deposits Total Equity NPA/Assets Net Interest Margin Adj. PPNR ROAA Adj. ROAA 1 155+ year old financial institution headquartered in Champaign, IL BuseyBANK Business | Wealth Management Personal COMMERCIAL BANKING 1 Adj. ROATCE ¹ 1 1 Best Banks to Work For First Busey Corporation | Ticker: BUSE 2021 $12,860 $7,189 $10,769 $1,319 0.17% 2.49 % 1.35 % 1.15 % 14.40 % firstech PAYMENT TECH SOLUTIONS Pensions&Investments BEST Best Places to PLACES Work A workplace analysis and competition Trend * 2023** 6-YEAR WINNER Best. ST. LOUIS TO WORK Companies BUSINESS JOURNAL to Work For IN MONEY MANAGEMENT NAMED AMONG THE LARGEST TRUST COMMERCIAL COMPANIES LENDERS 2023 Winner in Florida Northern (TL) Central (IL/IN) Gateway (MO/IL) Florida O M&M Bank4 2022 $12,337 2023 $12,283 $7,726 $7,651 $10,071 $10,291 $1,146 $1,272 0.13 % 0.06 % 2.84 % 2.88% 1.44 % 1.41 % 1.06 % 15.99 % 1.03 % 15.03 % BUSE Stock Price $26 $24 $22 $20 $18 $16 Market Cap $1.3B Dec-22 Mar-23 ST. LOUIS 2 MO Price Per Share $24.22 PEORIA Jun-23 CHICAGO CHAMPAIGN Dividend Yield 4.0% IL FL Price/TBV 1.5x Sep-23 IN 3 1 Non-GAAP calculation, see Appendix | 2 Market Data for BUSE updated to close on 1/22/24, per Nasdaq | ³ Based on consensus median net income of covering analysts as of 1/22/24 Pro Forma locations reflecting announced acquisition of Merchants & Manufacturers Bank Corp. on 11/27/23. Pending approvals, anticipated to close during 2Q24. INDIANAPOLIS FT. MYERS Price/2024E³ 11.8x Dec-23 5 B#64Q23 Earnings Investor Presentation Diversified Company with Comprehensive & Innovative Financial Solutions BuseyBANK Full suite of diversified financial products for individuals and businesses $12.3 Billion Assets $382.0 Million 2 2023 Revenue 15.0% Adj. ROATCE (FY 2023) First Busey Corporation | Ticker: BUSE 3 Busey Wealth & asset management services for individuals and businesses WEALTHⓇ MANAGEMENT $12.1 Billion Assets Under Care $57.8 Million 2023 Revenue 42.8% PT Margin (FY 2023) firstech Payment platform that enables the collection of payments across a variety of modules $11 Billion Payments Processed $22.8 Million 6 2023 Revenue +11% 3-Year CAGR Quarterly Revenue 5 1 Consolidated | 2 Busey Bank segment, excluding Wealth Management & FirsTech; excludes intracompany eliminations and consolidations | ³ Consolidated; Non-GAAP calculation, see Appendix Wealth Management segment | 5 LTM total payments processed | FirsTech segment, excludes intracompany eliminations 6 B#74Q23 Earnings Investor Presentation Compelling Regional Operating Model Regions Banking Centers As of 12/31/23 Deposits Loans AUC Legacy Institutions 25 Integrated enterprise-wide go-to-market strategy focused on combining the power of commercial & wealth to provide a broad set of financial solutions to well-capitalized individuals and the companies they own & operate Pekin UKI PO Springfield Central Lincoln 14 11 Bloomington Clinton Deçatal H Pontiac Joliet Kankakee R $5.4 billion $3.3 billion Busey Main Street ownsoung $8.5 billion Herget South Side 69 First Busey Corporation | Ticker: BUSE Danville Carmel F Fishers Lawrence Indianapolis Beach Grove Gateway 20 St Peters Sharles Florissant Maryland Heights Ferguson Chesterfield 41 Clayton St-Luis Ballwin vood Godfrey Arnold Alton Wood River Granite City Kirkwoodton Mehlville Oakville Waterloo Collinsville O'Fallon $2.6 billion Belleville $1.9 billion Pulaski Staunton $1.4 billion Highand Bank of Edwardsville Eville 10 Geneva 56 Aurora Northern Wheeling Palatine Arlington eights Schaumburg Bloomingdale Wheaton Downers Grove Napville Bolingbrook 1294 Evanston Niles Note: Does not include pending acquisition of Merchants & Manufacturers Bank Corp. Pending approvals, anticipated to close during 2Q24. Chicago Cicero $1.8 billion $2.0 billion $1.1 billion Hammond First Community Glenview State Bank 3 Florida Buglewood 75 Port Charlotte Punta Gorda Cape Coral San Carlos Park Lehigh Acres $438 million $448 million $1.1 billion 7 Bonita Busey Investors' Security Trust B#81 4Q23 Earnings Investor Presentation ■ As of 12/31/23 ■ Merchants and Manufacturers Bank Corp. BUSE announced acquisition of Chicagoland-based Merchants & Manufacturers Bank Corp. during 4Q23 Pro Forma Busey + M&M First Busey Corporation | Ticker: BUSE Compelling Life Equity Loan Ⓡ Line of Business Defensible, scalable niche as established market leader in providing loans secured by cash value life insurance policies and related credit products Enhances the unique product set offered to Busey's well-capitalized client base Attractive economics - strong yield (7.69% MRQ) and no historical loss experience Busey's strong balance sheet position and investments in technology will enhance Life Equity Loan capabilities and financial outcomes 11/27/23 M&M Acquisition Announced [8-K] $12.7 Billion 12/18/23 Filed applications with regulators Actions Taken Assets B $8.1 Billion Loans Further Enhances Key Market Profile Complements and extends Busey's growing Chicagoland market presence Bolsters Busey's deposit position among regional and community banks to #4 in M&M's markets of operation and #8 in the Chicago MSA ¹ 1/12/24 Filed S-4 Adds presence in attractive and commercially important Oak Brook market March 2024 Projected M&M shareholder meeting/vote ■ ▪ < 1.5% TBV dilution 2.0 year TBV earnback ■ $10.7 Billion Deposits Attractive Deal Metrics April/May 2024 Expected legal & financial close of transaction 6%+ EPS accretion in 2025 & 2026; long-term GAAP & Cash EPS accretion of ~5.5% Next Steps ▪ Pro Forma capital & liquidity positions remain robust 2 Deposit data as of 6/30/23 per the 2023 FDIC Summary of Deposits and excludes banks with $100 billion+ in consolidated assets | 2 Metrics as announced 11/27/23 Note: Illustrative timeline only. Subject to regulatory and shareholder approvals, and customary closing conditions. June 2024 Anticipated bank merger & core system conversion 8 B#94Q23 Earnings Investor Presentation Investment Highlights Attractive Franchise that Provides Innovative Financial Solutions Disciplined Growth Strategy Driven by Regional Operating Model Powerful Combination of Three Business Lines Drives Strong Noninterest Income Attractive Profitability and Returns 1 ■ ■ ▪ Attractive core deposit to total deposit ratio (96.2%) ¹, low cost non-time deposits (131 bps) in 4Q23, and low level of uninsured & uncollateralized deposits² (27%) at 12/31/23 ■ ■ I ▪ Substantial investments in technology enterprise-wide, deep leadership bench, and risk management infrastructure ■ ■ ■ First Busey Corporation | Ticker: BUSE ■ 58 branches across four states: Illinois, Missouri, Indiana, and Florida Premier commercial bank, wealth management, and payment technology solutions for individuals and businesses ▪ Significant revenue derived from diverse and complementary fee income sources ▪ Noninterest income / revenue (ex-securities gains/losses)³ of 28.5% for 4Q23 ■ ■ Organic growth across key business lines driven by regional operating model that aligns commercial, wealth and FirsTech operations Efficient and right-sized branch network (average deposits per branch of $177 million) Leverage track record as proven successful acquirer to expand through disciplined M&A; announced acquisition of Merchants & Manufacturers Bank Corp. on 11/27/23 Wealth management and payment technology solutions account for 62.2% of noninterest income (ex-securities gains/losses) in 4Q23 Sizable business lines provide for a full suite of solutions for our clients across their lifecycle 1 Adjusted ROAA of 0.94% & Adjusted ROATCE of 13.64% ¹ for 4Q23 1 4Q23 NIM of 2.74% ¹ Adjusted Core Efficiency Ratio of 60.1% ¹ for 4Q23 Adjusted diluted EPS of $0.52¹ for 4Q23 Quarterly dividend of $0.24 (4.0% yield) 4 9 BUILT ON A FORTRESS BALANCE SHEET Pristine asset quality, highly diversified loan portfolio, & capital levels significantly in excess of well-capitalized minimums Non-GAAP calculation, see Appendix | 2 Estimated uninsured & uncollateralized deposits consists of the excess of accounts over $250K FDIC insurance limit, less internal accounts and fully-collateralized accounts (incl. preferred deposits) | Non-GAAP, revenue consists of net interest income plus noninterest income, excluding security gains and losses Based on BUSE closing stock price on 1/22/24 B#104Q23 Earnings Investor Presentation 1 Fortress Balance Sheet High Quality, Resilient Loan Portfolio Strong Core Deposit Franchise & Ample Liquidity Robust Capital Foundation ■ ■ ■ Classified assets reduced $35 million, or 32%, from 12/31/22 to 12/31/23 Reserves remain above initial Day 1 CECL coverage of 1.06%: ACL/Loans: 1.20% | ACL/NPLs: 1,174% - 100 / 300 Test: 32% C&D | 213% CRE-I Minimal office CRE-I located in metro central business districts; substantial majority of office properties are in suburban locations and 41% of the office CRE-I portfolio is medical office ■ I ■ I Diversified portfolio, conservatively underwritten with low levels of concentration Non-performing (0.06% of total assets) and classified assets (5.0% of capital¹) both remain near historically low levels First Busey Corporation | Ticker: BUSE Robust holding company and bank-level liquidity Strong core deposit franchise . 74.3% loan-to-deposit ratio, 96.2% core deposits² ▪ 27.5% of total deposits are noninterest-bearing ▪ Low level of estimated uninsured & uncollateralized deposits³ at 27% of total deposits at 12/31/23 Cash & Equivalents + Available-For-Sale Securities carrying value represents 100% of estimated uninsured & uncollateralized deposits³ Substantial sources of available off-balance sheet contingent funding totaling $4.0 billion, representing an additional 1.4x coverage of estimated uninsured & uncollateralized deposits³ at 12/31/23 ■ Untapped borrowing capacity ($4.0 billion in aggregate): $1.9 billion with FHLB, $0.6 billion with FRB discount window, $0.5 billion with Unsecured Fed Funds lines, and $1.0 billion brokered deposit capacity ▪ Brokered deposit market continues to remain untapped No borrowings from FHLB as of 12/31/23 No utilization of the Fed's Bank Term Funding Program 10 Capital ratios significantly in excess of well-capitalized minimums Total RBC of 17.4% and CET1 ratio of 13.1% at 12/31/234 TCE/TA ratio of 7.75% at 12/31/232, up from 6.60% at 12/31/2022 TBV per share of $16.62 at 12/31/232, an increase of 17.5% from $14.14 at 12/31/2022 2 Capital calculated as Bank Tier 1 Capital + Allowance for credit losses | Non-GAAP calculation, see Appendix | Estimated uninsured & uncollateralized deposits consists of the excess of accounts over $250K FDIC insurance limit, less internal accounts and fully-collateralized accounts (including preferred deposits) | Capital ratios are preliminary estimates B#114Q23 Earnings Investor Presentation High Quality Loan Portfolio Loan Portfolio Composition | 4Q23 1-4 Family Residential 19% C&D 6% $7,725 $1,959 $530 $3,262 HELOC 3% $1,974 Ex-PPP Loans Trends $ in millions Other 4% Total Loan Portfolio: $7.7 Billion Non-Owner Occupied CRE 32% 2022 Q4 C&I Commercial & Industrial 24% LTM Growth -1.0% $7,783 $1,968 $554 $3,325 Owner Occupied CRE 12% $1,936 2023 Q1 CRE $7,805 $2,012 $532 $3,362 First Busey Corporation | Ticker: BUSE $1,899 Loan growth has softened in the current environment $7,856 2023 Q2 Construction MRQ Yield on Loans 5.22% 4Q23 Net New Funding Yield 7.40% Classified Loans / Capital ¹ 5.0% New Originations during 2023 Dec. net new funding yield of 7.47% (typically a 60-day lag from rate/loan approval to funding) Approx. 71% of new commercial production was due to growth within existing bank relationships New CRE-I originations during 2023 had a weighted-avg LTV of 59% $2,031 $528 $3,354 $1,943 $7,651 $2,016 $462 $3,337 $1,836 2023 Q3 2023 Q4 Retail Real Estate & Other Loan Portfolio Regional Segmentation $ in millions $2,081 $360 Funded Draws & Line Utilization Rate $1,721 53% Northern 26% 2022 Q4 $345 $1,628 Florida 6% 51% Gateway 25% 2023 Q1 Commercial Line utilization declined $236 million during 2023. Excluding this decline, LTM loan growth would be $162 million, or +2.1% $1,973 $1,915 $347 $1,568 49% Central 43% 2023 Q2 Retail $1,934 $344 $1,590 2 49% 3 $1,845 $336 $1,509 48% 2023 Q3 % Utilized (total) 2023 Q4 1 Capital is Bank Tier 1 Capital + Allowance for credit losses | ² Based on loan origination | 3 Excludes credit card & overdraft protection & includes tranche loan commitments/associated sub notes 11 B#124Q23 Earnings Investor Presentation High Quality Loan Portfolio: CRE Investor Owned CRE Loans by Property Type $ in thousands Property Type Apartments Retail Industrial/Warehouse Traditional Office Student Housing Hotel Medical Office Senior Housing LAD Specialty Restaurant Nursing Homes Health Care 1-4 Family Other Grand Total ■ 12/31/23 Balances $611,403 510,696 339,032 267,759 263,638 189,184 183,664 169,679 129,999 ■ First Busey Corporation | Ticker: BUSE 105,645 24,649 24,102 20,000 17,977 544 ■ $2,857,971 % of Total Loans 8.0 % 6.7 % 4.4 % 3.5 % 3.4 % 2.5 % 2.4 % 2.2 % 1.7 % Investor Owned CRE Portfolio ¹ (CRE-I) 1 1.4 % 0.3 % 0.3 % 0.3 % 0.2 % 0.0 % 37.4 % 1 12/31/23 Classified Balances ¹ Investor owned CRE includes C&D, Multifamily and non-owner occupied CRE $0 5,335 475 18,654 3,811 Only 1.0% of total CRE-I loans are classified Low levels of concentrated exposure - continue to actively monitor CRE-I concentrations vs. internally-defined appetite thresholds 100/300 Test: 32% C&D | 213% CRE-I Apartments & Student Housing represents 31% of CRE-I 59% WAvg LTV & 58% long-term customers (4+ years) 131 79 85 0 $28,570 0 0 Owner Occupied CRE Loans by Property Type 12/31/23 Classified Balances $ in thousands Property Type Industrial/Warehouse Specialty Traditional Office Medical Office Retail Restaurant Nursing Homes Health Care Hotel Other Grand Total I I ■ 12/31/23 Balances $365,527 233,022 111,612 93,930 61,879 46,178 1,498 737 601 200 $915,184 % of Total Loans 4.8 % 3.0 % 1.5 % 1.2 % 0.8 % 0.6 % 0.0 % 0.0 % 0.0 % 0.0 % 12.0 % Owner Occupied CRE Portfolio (OOCRE) Only 0.8% of total OOCRE loans are classified 12 $4,552 532 437 1,523 47 0 0 0 0 $7,091 Owner occupied loans are not considered regulatory CRE OOCRE properties are underwritten to operating cash flow and guidance requires a 1.20x FCCR OOCRE have lower risk profiles as they are underwritten to the primary occupying business and are not as exposed to lease turnover risks Industrial/Warehouse properties are the largest OOCRE segment, comprising 40% of the OOCRE portfolio while only 4.8% of total loans B#134Q23 Earnings Investor Presentation Office Investor Owned CRE Portfolio All data as of 12/31/23 $ in thousands Metric Total Balances % of CRE-I Portfolio % of Office CRE-I Portfolio # of Loans Average Loan Size Total Classified Balances Weighted Avg Current LTV Traditional Office $267,759 9.4 % 59.3 % 197 $1,359 $18,654 57 % Medical Office $183,664 6.4 % 40.7 % 77 $2,385 $0 First Busey Corporation | Ticker: BUSE 65 % Top Ten Largest Office Loans $122,281 Weighted Average Debt Yield: WAvg 1-Year Lease Rollover: WAvg 2-Year Lease Rollover: 4.3 % 27.1% 10 $12,228 $17,999 66% CBD Office Exposure Top Ten Largest Office Loans Weighted Average DSCR: 1.39 10.3% 8.0% 12.0% $9,369 0.3 % 2.1 % 5 $1,874 $0 43% Limited Metro Central Business District Exposure Downtown Chicago No outstanding Office CRE-I in Downtown Chicago Downtown St. Louis 4 Properties with $9.0 million in balances Downtown Indy 1 Property with $0.4 million in balances Delmar Bivd Olive St LAFAYETTE n St School CARR SQUARE Dr Martin Luther King Dr gan St rk St- blis Washington Ave m St Louis Union Station W 10th St Indiana Ave 171 INS S-West St N Illinois St QUIS S Illinois St O COLUMBUS SQUARE 751 9th St CHATHAM-ARCH Indianapolis E 10th E New York St Virgin 65 E:OH E Marke 710 13 B#144Q23 Earnings Investor Presentation High Quality Loan Portfolio: C&I ■ ■ 23.9% of total loan portfolio All C&I loans are underwritten to 1.20x FCCR requirement and RLOCS greater than $1 million require a monthly borrowing base First Busey Corporation | Ticker: BUSE Diversified portfolio results in low levels of concentrated exposure Top concentration in one industry (manufacturing) is 15% of C&I loans, or 4% of total loans Only 1.7% of C&I loans are classified Retail trade classified declined by $2.6 million during 4Q23 due to payoff of one legacy Glenview State Bank credit that was identified as impaired during the due diligence process Total C&I Loans Trend ¹ $1,974 $1,936 $1,899 $1,943 2022 Q4 2023 Q1 2023 Q2 2023 Q3 $1,836 2023 Q4 C&I Loans by Sector $ in thousands NAICS Sector Manufacturing Finance and Insurance Real Estate Rental & Leasing Wholesale Trade Construction Educational Services Agriculture, Forestry, Fishing, Hunting Transportation Food Services and Drinking Places Health Care and Social Assistance Other Services (except Public Admin.) Public Administration Arts, Entertainment, and Recreation Retail Trade Professional, Scientific, & Tech. Svcs. Administrative and Support Services Mining, Quarrying, Oil & Gas Extract. Waste Management Services Information Management of Cos. and Enterprises Utilities Grand Total 2 12/31/23 Balances $273,221 273,046 222,893 185,218 162,048 129,054 92,481 82,105 76,662 72,668 57,737 56,461 42,999 41,254 33,811 11,747 7,503 4,407 3,300 1,125 565 $1,830,305 % of Total Loans 3.6 % 3.6 % 2.9 % 2.4 % 2.1 % 1.7 % 1.2 % 1.1 % 1.0 % 0.9 % 0.8 % 0.7 % 0.6 % 0.5 % 0.4 % 0.2 % 0.1 % 0.1 % 0.0 % 14 ¹ Ex-PPP loan totals include purchase accounting, FASB, overdrafts, etc. | ² Difference in C&I balances from chart on left primarily attributable to one large technical overdraft that was subsequently cleared on Jan. 2 12/31/23 Classified Balances $16,226 0 1,902 0 828 78 1,269 0 0 5,433 105 0 214 226 2,509 223 1,323 0 0.0 % 0.0 % 23.9 % $30,336 B#154Q23 Earnings Investor Presentation ■ . Pristine Credit Quality ■ Conservative underwriting leads to pristine credit quality CRE factors of DSCR, Debt Yield, & LTV stressed for effective gross income decline and interest & cap rate stress ■ C&I factors including core, operating, traditional cash flows, working capital, and leverage ratios that each are stressed for rate hikes, historical revenue volatility, and a rigorous breakeven analysis Strong portfolio management that identifies early warning indicators and proactively engages the special assets group early in the credit review process (special assets group has remained intact since the 2008-2009 recession) Company-wide attention to changing economic environment and potential impact on credit NPAS reduced to $7.9 million (0.06% of assets) during 4Q23 and classified assets declined $35.0 million YoY to 5.0% of Bank Tier 1 Capital + ALLL 4Q23 net charge-offs totaled $0.4 million, an annualized rate of 0.02% of average loans¹ 2 Classifieds / Capital ² Classified Assets $ in millions $1,099 9.7% 2019 YE $106.9 Bank Tier 1 Capital + ALLL $1,155 8.5% First Busey Corporation | Ticker: BUSE 2020 YE $97.8 $1,329 6.9% 2021 YE $91.8 Classified/Capital $1,398 7.7% 2022 YE $107.1 $1,455 5.0% 2023 YE $72.3 NPAS/ Assets $ in millions NPAS $9,696 0.34% 2019 YE NCOS $32.6 $ in millions $6,470 0.11% NCOS / Average Loans 2019 YE Assets $7.3 $10,544 0.27% 2020 YE $28.9 $7,007 0.12% Avg Loans 2020 YE $8.3 % NPAS/Assets $12,860 0.17% 2021 YE $21.3 $6,970 0.03% 2021 YE $2.2 $12,337 $12,283 0.13% NCOS/Avg Loans 2022 YE $16.6 $7,446 0.01% 2022 YE $0.9 2 1 Average loans was calculated as the average of the ending portfolio loans balances over the most recent four quarters | ² Capital calculated as Busey Bank Tier 1 Capital + Allowance for credit losses 0.06% 2023 YE $7.9 $7,759 0.03% 2023 YE $2.3 15 B#164Q23 Earnings Investor Presentation Credit Profile Bolstered by Strong Reserves Reserve to loans of 1.20% (ex-PPP) Day 1 CECL coverage was 1.06% I Non-performing loan balances decreased by $4.2 million QoQ and $7.9 million YoY OREO balances total $0.1 million Continued decline in total NPAs, declining by $4.2 million QoQ and $8.6 million YoY to end 2023 at $7.9 million 4Q23 reduction driven primarily by payoff of one legacy Glenview State Bank credit that was identified as impaired during the due diligence process Reserves now equate to 1,174% of NPLs and 1,155% of NPAs ■ Allowance / NPLs $ in thousands $29,507 182% 2019 YE $24,301 416% 2020 YE First Busey Corporation | Ticker: BUSE NPLs $16,852 522% 2021 YE 582% $15,740 2022 YE Allowance/NPLs 1174% $7,816 2023 YE Allowance / Loans (ex-PPP) $ in millions $6,687 0.80% 2019 YE $32,564 165% 1.59% Allowance / NPAS $ in thousands 2019 YE $6,368 2020 YE Ex-PPP Loans $28,872 350% 2020 YE NPAS $7,114 1.24% 2021 YE $21,268 413% $7,725 2021 YE 1.19% Allowance/Ex-PPP Loans 2022 YE 552% $16,590 2022 YE Allowance/NPAs $7,651 L 1.20% 2023 YE 1155% $7,941 2023 YE 16 B#174Q23 Earnings Investor Presentation Top Tier Core Deposit Franchise Deposit Portfolio Composition | 4Q23 Non-Int DDA 28% CD > 250k 4% $ in millions $10,468 $10,496 Int DDA 26% 99.0% Total Deposits: $10.3 Billion CD < 250k 14% 2 Core Deposits ² / Total Deposits $10,225 $9,950 98.8% Savings & MMDA 28% 2022 Q3 2022 Q4 Core Deposits $9,760 First Busey Corporation | Ticker: BUSE $9,594 97.9% $9,587 $9,759 97.0% 2023 Q1 2023 Q2 Avg Core Deposits Core Deposits 96% MRQ Avg Cost of Total Deposits 1.74% MRQ Avg Cost of Non-Time Deposits 1.31% Avg Deposits per Branch $177 million Avg Non Maturity Acct Balance at 12/31/23 $35 thousand $9,812 $9,976 96.6% $10,002 $9,899 96.2% 2023 Q3 2023 Q4 Core/Total Deposits Total Deposits & Loan-to-Deposit Ratio $ in millions $10,601 $10,577 72.4% 2022 Q3 . ▪ I ▪ $10,071 $10,338 76.7% 2022 Q4 Retail Avg Deposits ¹ Other deposits include brokered MMA, brokered CDs, ICS Demand & Savings, CDAR CDs | 2 Non-GAAP calculation, see Appendix $9,801 $9,910 79.4% LDR 2023 Q1 Commercial $10,063 $9,852 77.6% 2023 Q2 Public $10,332 $10,143 76.0% 2023 Q3 $10,291 17 $10,373 Experienced other typical 4Q23 outflows related to normal business operations for certain commercial customers 74.4% 2023 Q4 Other 1 4Q23 Deposit Flows Significant inflow from retail (up $192 million QoQ) Public deposits were down $120 million QoQ and up $70 million YoY, demonstrating stability as well as typical seasonality. Historically would expect a continued seasonal decline in 1024 before net inflows in 2Q24 and 3Q24 Had net deposit outflows into Busey Wealth Management as we continue to adapt to client needs while keeping clients in the Busey ecosystem Strong production from CD campaigns continued, with time deposit balances up $153 million QoQ. New production in 4Q23 had a weighted average term of 9.3 months at a rate of 4.34%, 101 bps below our marginal wholesale funding cost during the quarter ▪ At 12/31/23, our spot deposit cost was 1.28% for non-maturity deposits and 1.76% for total deposits B#184Q23 Earnings Investor Presentation Granular, Stable Deposit Base Long-tenured Deposit Relationships that are very granular As of 12/31/23 Number of Accounts Avg Balance per Account Avg Customer Tenure Deposit Flows by Type $5,313 $5,312 $5,410 First Busey Corporation | Ticker: BUSE Retail $5,602 Retail 257,000+ $22 thousand 16.5 years $3,438 $3,399 $3,584 Commercial 3/31/2023 Commercial 33,000+ $102 thousand 12.4 years $3,482 6/30/2023 $794 Customers with Account Balances totaling $250K+ Number of customers Median account balance Median customer tenure Estimated Uninsured & Uncollateralized Deposits¹ Estimated Uninsured & Uncollateralized Deposits¹ / Total Deposits $1,065 $1,091 Public 9/30/2023 Since 3/31/23, total deposits up +$490 million, or +5.0% 1 $971 12/31/2023 2023 Q4 5,825 $400 thousand Estimated uninsured & uncollateralized deposits consists of the excess of accounts over $250K FDIC insurance limit, less internal accounts and fully-collateralized accounts (including preferred deposits) | Other deposits include brokered MMA, brokered CDs, ICS Demand & Savings, CDAR CDs 13.8 years 2023 Q4 $2.8 billion 27% $256 $287 $247 Other² $236 18 B#194Q23 Earnings Investor Presentation Deposit Cost Trends Historical Cost of Deposits, 2015 - 4Q23 ¹ BUSE Cost of Deposits Effective Fed Funds Rate (Quarter Average) 6.0% 5.5% 5.0% 4.5% 4.0% 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% Quarterly Average Cost of Deposits Commercial All IB Non-Maturity Cost of Deposits (bps) 280 260 240 220 200 180 160 140 120 100 80 60 40 20 IB Non- Maturity Non-Time Deposits Total Deposits - Retail Public - All Non-Time Deposits 2022 Q4 0.44% 0.28% 0.32% 2023 Q1 0.78% 0.49% 0.60% First Busey Corporation | Ticker: BUSE 2023 Q2 1.27% 0.81% 1.09% 2023 Q3 1.65% 1.09% 1.45% A - · " m 279 196 167 147 131 2023 Q4 1.96% 1.31% 1.74% 2 Cumulative Deposit Betas ² for Tightening Cycle-to-Date Retail Commercial Public IB Non- Maturity All IB Deposits Total Deposits +10% 10% IB Non-Maturity +6% 2022 Q4 +1% +7% +27% +10% +10% +6% +17% +16% +12% 2023 Q1 +6% +12% +33% +16% +17% +12% All IB Deposits +29% +24% +20% 2023 Q2 +16% +18% +46% +24% +29% +20% +37% +31% 1 Quarterly effective fed funds per FRED, Federal Reserve Bank of St. Louis. Average during quarter, not seasonally adjusted | ² Deposit betas are calculated based on an average fed funds target rate of 0.92% during 2Q22, 2.35% (3Q22), 3.82% (4Q22), 4.69% (1Q23), 5.16% (2023), and 5.50% (4Q23). +26% 2023 Q3 +24% +21% +48% +31% Total Deposits +37% +26% 19 +43% +36% +31% 2023 Q4 +29% +27% +52% +36% +43% +31% B#204Q23 Earnings Investor Presentation Diversified and Significant Sources of Fee Income ▪ Noninterest income represented 29% of revenue in 4Q23 Key businesses of wealth management and payment technology solutions contributed 62.2% of noninterest income (ex-securities gains/losses) in 4Q23 ■ ■ ■ On a combined basis, 6.9% YoY growth in quarterly consolidated revenue from 4Q22 to 4Q23 in these two critical fee income business lines Primary contributors to other noninterest income include swap origination fees, gains on commercial loan sales, and changes in venture capital investment valuations Solid growth delivered in all key fee income businesses during 4Q23 over comparable period in 4Q22 Sources of Noninterest Income $ in thousands Noninterest Income Detail First Busey Corporation | Ticker: BUSE Wealth Management Fees Fees for Customer Services Payment Technology Solutions Mortgage Revenue Income on Bank Owned Life Insurance Other Noninterest Income Noninterest Income (ex-securities gains/losses) Net Securities Gains (Losses) Total Noninterest Income Includes net security gains and losses 2022 Q4 $12,956 6,989 5,022 198 947 2,776 Noninterest Income / Total Revenue $ in millions 2023 Q4 $13,715 7,484 5,420 218 1,019 2,899 $28,888 $30,755 191 761 $29,079 $31,516 $120.2 $91.1 24.2% $29.1 2022 Q4 YOY Change +6% +7% +8% +10% +8% +4% +6% $117.7 $85.9 Noninterest Income NM +8% 27.1% $31.8 2023 Q1 26.3% Other Nonint. Inc. 9% $106.7 $78.7 2023 Q2 Net Interest Income BOLI 3% $28.0 1 Mortgage Rev. 1% $108.8 $77.8 28.5% $31.0 $31.5 2023 Q4 Nonint. Inc. / Total Revenue 2023 Q3 Wealth Mgmt Fees 45% Noninterest Income (ex-securities gains/losses) $30.8 Million $108.6 $77.1 Customer Service Fees 24% 29.0% Payment Tech 18% 20 B#214Q23 Earnings Investor Presentation Wealth Management ■ ■ ■ ■ Assets Under Care (AUC) of $12.1 billion, a QoQ increase of $589 million and a YoY increase of $1.08 billion, or +9.7% Wealth revenue of $13.8 million, a YoY increase of 6.6% and pre-tax net income of $5.6 million, a YoY increase of 12.3% Pre-tax profit margin of 40.3% in 4Q23 and 42.8% over the last twelve months Our fully internalized investment team continues to produce excellent returns, focused on long-term outperformance of benchmarks I The team's blended portfolio has outperformed the blended benchmark over the last 3 years and over the last 5 years Rate environment attracting more fixed income assets our fixed income management capabilities are very deep and a real differentiator Bank + Wealth partnership allows us to better keep customer funds inside our overall ecosystem depending on client needs Assets Under Care First Busey Corporation | Ticker: BUSE $ in millions $11,062 2022 Q4 $11,208 2023 Q1 $11,478 2023 Q2 $11,548 2023 Q3 $12,137 2023 Q4 Wealth - Revenue and Pre-tax Income $ in millions $13.0 38.2% $5.0 2022 Q4 $ in millions $13.0 $14.9 Revenue 2022 Q4 42.8% $6.4 2023 Q1 $14.9 Wealth Revenue Composition $14.7 2023 Q1 Trust Estate Settlement 44.1% $6.5 Pre-Tax Net Income 2023 Q2 Wealth Management segment | 2 Blended benchmark consists of 60% MSCI All-Country World Index / 40% Bloomberg Intermediate Govt/Credit Index $14.7 2023 Q2 Brokerage Ag Services $14.4 43.8% $6.3 2023 Q3 $14.4 1 2023 Q3 $13.8 40.3% Pre-Tax Profit Margin 2023 Q4 $5.6 Tax Planning Other $13.8 2023 Q4 21 B#224Q23 Earnings Investor Presentation FirsTech ▪ 2023 segment revenue of $22.8 million, an increase of 5% over 2022, and the highest annual revenue in company history First Busey Corporation | Ticker: BUSE ▪ 4Q23 revenue of $5.8 million was the highest quarterly revenu in company history ■ ▪ Targeted initiatives to improve profitability include shifting customers to fully integrate into the merchant services platform and optimization of existing customer fee structures ■ Key competencies of online payments and merchant services were the primary drivers of growth in 2023 Have built a solid pipeline aligned with go-to- market focus on enterprise, financial institution, and merchant services clients The value of customized payments-enabled software platforms from an ODFI²-sponsored company resonates with potential customers ▪ Deployed new capabilities to Loan Pay module, adding features that provide for advanced customer communications $67.1K $79.6K $11 billion $75.0K Payments processed in last twelve months Revenue Growth ¹ $21.8 million YE 2022 $78.5K $78.2K $87.5K Average Revenue Per Processing Day Trend 2020 2021 2021 2021 2021 2022 Q4 Q1 Q2 Q3 Q4 Q1 +4.7% 41 million $84.0K ¹ Revenue equates to all revenue sources tied to FirsTech and excludes intracompany eliminations | ² Originating Depository Financial Institution $87.2K $88.3K $22.8 million YE 2023 Transactions processed in last twelve months $91.5K 2022 2022 2022 2023 Q2 Q3 Q4 Q1 $89.1K $89.9K +12% 3-Year CAGR 1 22 $93.4K 2023 2023 2023 Q2 ૦૩ Q4 B#234Q23 Earnings Investor Presentation Net Interest Margin Net Interest Income Trend ¹ $ in millions $91.7 $0.5 $91.2 2022 Q4 $86.4 $0.4 $86.0 2023 Q1 +2.80% $79.2 $0.4 2023 Q2 Net Interest Income 1 $78.8 3Q23 NIM +0.15% Yield on new loan volume was 11 bps higher than in 3Q23, while net new funding yield (inclusive of line utilization changes) was 16 bps higher Loan Rate/ Volume First Busey Corporation | Ticker: BUSE Tax-equivalent adjusted amounts; Non-GAAP, see Appendix $78.3 $0.3 $78.0 2023 Q3 Accretion $77.6 $0.4 $77.2 2023 Q4 -0.17% Continued rate pressure on interest-bearing deposits as the tightening cycle advances Non-Maturity Deposit Funding Costs Net Interest Margin Trend 3.76% 3.24% Net Interest Margin Bridge - Factors contributing to 6 bps NIM compression during quarter 0.53% 0.02% Time Deposit Funding Costs 4.05% -0.12% Time deposit specials provided sufficient funding flows. Special rates were scaled back during Jan. 2024 3.13% 0.94% 2022 Q4 2023 Q1 Earning Assets 0.01% +0.06% Reduced borrowing needs due to increased deposits and investment cash flows, along with muted loan growth Borrowing Costs 4.23% 2.86% 1.42% 0.02% 2023 Q2 Cost of Funds 1 4.40% +0.02% 2.80% 1.65% 0.01% 2023 Q3 NIM Continued rotation from securities book into higher yield earning cash Securities & Earning Cash 4.57% 2.74% 1.88% 0.01% 2023 Q4 Accretion +2.74% 23 NIM & COF stabilized during Dec. 2023 4Q23 NIM B#244Q23 Earnings Investor Presentation Actively Managing Asset-Sensitive Balance Sheet ■ ■ First Busey Corporation | Ticker: BUSE Balance sheet remains asset-sensitive A +100 bps rate shock for Year 1 is slightly up to +1.8% from +1.6% in 3Q23 ▪ A -100 bps rate shock for Year 1 is -1.9%; unchanged from 3Q23 Continue to evaluate off-balance sheet hedging strategies as well as embedding rate protection in our asset originations to provide stabilization to net interest income in lower rate environments Vigilant focus on pricing discipline for both loans and deposits 7% of deposits are indexed/floating rate ▪ 38% of loan portfolio reprices in less than one year Repricing / Maturity Structures of Portfolio Loans Within 1 Year 38% 5+ Years 27% 1-2 Years 6% 2-3 Years 10% 3-5 Years 19% 1 Deposit betas are calculated based on an average fed funds target rate of 5.50% during 4Q23 Annual % Change in Net Interest Income under Shock Scenarios Rate Shock +200 bps +100 bps -100 bps -200 bps 21% Year 1 26% +3.6% +1.8% -1.9% -3.9% Balance sheet is projected over one- & two-year time horizons and net interest income is calculated under current market rates assuming permanent instantaneous shifts Deposit Betasin last Tightening Cycle vs. Current ALCO Model Forecast ALCO Model Forecast - Peak NM Deposits Beta, 46% ALCO Model Forecast - Peak Total Deposits Beta, 35% 3Q15 - 2019 (+225 bps move in FF) IB Non-Maturity Beta Year 2 36% 31% +4.2% +2.1% -3.0% -6.1% 1Q22 - 4Q23 (+525 bps move in FF) Total Deposit Beta 24 Compared to prior quarter, Peak IB NM deposit beta increased from 41% to 46% and peak total deposit beta was unchanged at 35% Change in projected betas driven by expected rotation of time deposits into NM and persistent deposit competition Peak beta expected to occur in late 2024 B#254Q23 Earnings Investor Presentation Exp. Focused Control on Expenses Noninterest Expense Noninterest Exp. Unfunded Provision $ in millions Acq./Restructuring 1 Intangible Amort. NMTC Amort. Adj. Core Exp.(¹) $73.7 55.8% 2022 Q4 Expenses ex-Acq. Adj. Core Efficiency Ratio ¹ $73.7 - $0.5 $2.4 $2.8 $1.7 $67.2 $70.4 55.6% 2023 Q1 $70.4 - $0.6 $0.0 $2.7 $2.2 First Busey Corporation | Ticker: BUSE $66.1 $69.2 58.6% 2023 Q2 Acq./Restructuring Exp. $69.2 $0.3 $0.0 $2.7 $2.3 $64.0 $70.9 60.2% 2023 Q3 $70.9 $0.0 $0.1 $2.6 $2.3 $66.0 $75.0 60.1% 2023 Q4 $75.0 $0.8 $4.2 $2.5 $2.3 $65.2 I Adjusted core expenses¹ of $65.2 million in 4Q23, down from $67.2 million in 4Q22, a decrease of 3.1%, and down from $66.0 million in 3Q23 Continue to be mindful and diligent on expenses, restricting new hires by targeting critical replacements and selective adds; focusing on harvesting investments made over the last several quarters Managed to a YoY decrease in adjusted core expense despite higher FDIC insurance costs (FDIC rule that increased assessment rate by 2 bps), data processing costs (investments in tech enhancements and inflation- driven price increases), and reduced FAS 91 offset to compensation expense as a result of lower loan volumes $4.2 million of one-time acquisition and restructuring related costs in 4Q23; primarily tied to executive reorganization and targeted efficiency optimization plan Executive reorganization and efficiency optimization plan projected to generate annual salary & benefits savings of $5.6 million ■ Anticipate reinvesting approximately half of the projected annual savings $7.6 million of average earning assets per employee for 4Q23 1,531 Full-Time Equivalents (FTE) 1,346 25 1,463 2019 YE 2020 YE 2021 YE Non-GAAP, see Appendix; adjusted core expenses exclude amortization of intangible assets, provision for unfunded commitments, acquisition/restructuring related charges, and NMTC amortization 1,497 1,479 2022 YE 2023 YE B#264Q23 Earnings Investor Presentation Robust Capital Foundation 1 Tangible Common Equity ¹ & CET1 Ratios $ in millions 12.0% $791 6.6% 2022 Q4 $ in millions 9.5% $1,156 12.2% 2022 Q4 Leverage Ratio $845 7.1% 2023 Q1 TCE 9.7% 2 $1,178 2023 Q1 Tier 1 Capital 12.4% $851 7.2% 2023 Q2 TCE Ratio 9.9% First Busey Corporation | Ticker: BUSE $1,198 12.5% $841 7.1% 2023 Q3 2023 Q2 Leverage Ratio 10.1% $1,218 CET1 Ratio 2023 Q3 13.1% 2 $925 7.8% 2023 Q4 10.1% $1,230 4.0% 2023 Q4 Non-GAAP calculation, see Appendix | 2 4Q23 capital ratios are preliminary estimates Min Ratio Total Capital Ratio $ in millions $1,458 $554 16.1% $904 2022 Q4 $1,487 $580 $ in millions 16.4% $907 Capital Ratio Minimum Well Capitalized Ratio Amount of Capital Well Capitalized Minimum 2 $1,507 $597 Excess over Well Capitalized Minimum 16.6% 2023 Q1 Well Cap Min Total Capital Ratio $910 2023 Q2 13.1 % Consolidated Capital as of 12/31/23² Common Equity Tier 1 Ratio 6.5 % $1,156 $574 $1,528 $614 $582 16.7% $914 2023 Q3 Excess over Min Min Ratio Tier 1 Capital Ratio 13.9 % 8.0 % $1,230 $706 $524 $1,540 $657 17.4% $883 10.0% 2023 Q4 26 Total Capital Ratio 17.4 % 10.0 % $1,540 $883 $657 B#274Q23 Earnings Investor Presentation Balanced, Low-Risk, Short Duration Investment Portfolio Investment Portfolio Composition | 4Q23 Municipals 6% U.S. Treasuries & Agencies 1% Corporate 7% CLOS 14% CMOS 33% Total Securities (Amortized Cost): $3.2 Billion Commercial MBS 17% Residential MBS 22% All Mortgage-Backed Securities & Collateralized Mortgage Obligations are Agency 191% of Municipal holdings rated AA or better and 8% rated A First Busey Corporation | Ticker: BUSE 99% of Corporate holdings are investment grade I Collateralized Loan Obligation portfolio consists of 86% rated AAA and 14% rated AA AFS % of Amortized Cost 73% HTM % of Amortized Cost 27% ■ ■ I ■ ■ ■ ■ BUSE carried $873 million in held-to-maturity (HTM) securities as of 12/31/23 $110 million of available-for-sales securities sold during 4Q23 as portion of two-part balance sheet repositioning (detailed on next page) $918 The duration of the securities portfolio including HTM is 4.0 years and our fair value duration, which excludes the HTM portfolio, is 3.7 years After-tax net AFS unrealized loss position of $177 million Projected AOCI burn down through the end of 2024 is $45 million, or 21% of total AOCI at 12/31/23 Carrying value of investment portfolio is 24% of total assets Projected 2024 roll off cash flow (based on static rates) of $342 million at ~1.57% yield. Over the last four quarters, the size of the investment portfolio has decreased by $485 million as balance sheet rotation continues Securities Portfolio - Amortized Cost vs. TE Yield $ in millions $3,702 $2,784 2.34% 2022 Q4 $3,582 $908 $2,674 2.48% 2023 Q1 Amortized Cost AFS $3,484 $894 $2,590 2.60% 2023 Q2 Amortized Cost HTM $3,409 $883 $2,526 2.67% $3,217 2023 Q3 27 $873 $2,344 2.71% 2023 Q4 Tax Equivalent Yield B#284Q23 Earnings Investor Presentation Previously Announced 4Q23 Balance Sheet Repositioning Securities Sold Visa Class B Common Shares Sold Net Gain from combined transactions Use of Proceeds Net Interest Income Impact Regulatory Capital Impact ¹ Non-GAAP, see Appendix BUSE announced a two-part balance sheet repositioning strategy during 4Q23 ▪ $110 million of available-for-sales securities sold Pre-tax loss of $5.3 million Approximate yield of 1.56% ■ I First Busey Corporation | Ticker: BUSE ■ ■ ■ ▪ Immediate positive impact on consolidated stockholders' equity and book value per share ▪ Expected to be accretive to capital and earnings per share in future periods Sold all 16,878 of previously held shares of Visa Class B common stock Pre-tax gain of $5.5 million Proceeds deposited into an interest-bearing account at the Federal Reserve yielding 5.40% Anticipate reinvesting the proceeds into loan and investment security opportunities over time Expected to increase net interest income by approximately $4.3 million on annualized run rate basis Repositioning actions improves net interest margin run rate by approximately 4 bps I Risk-based regulatory capital ratios will increase modestly as a result of the proceeds rotating into lower risk-weighted assets 28 B#294Q23 Earnings Investor Presentation 4Q23 Earnings Review Net Interest Income Noninterest Income Noninterest Expense Provision Taxes Earnings ¹ Non-GAAP, see Appendix ▪ The primary factor contributing to the quarter's NIM compression was increased funding costs on interest-bearing deposits (29 bps decrease), offset partially by higher new volume rates & repricing rates (15 bps increase) and reduced borrowing costs (6 bps increase) ■ Noninterest income (ex-securities gains/losses)¹ of $31 million in 4Q23, representing 29% of revenue ▪ Wealth management fees of $13.7 million in 4Q23, a decrease from $14.2 million in 3Q23 but +6% YoY Payment tech solutions revenue of $5.4 million in 4Q23, an increase from $5.2 million in 3Q23 and +8% YoY Fees for customer services of $7.5 million in 4Q23, flat from $7.5 million in 3Q23 and +7% YoY ■ First Busey Corporation | Ticker: BUSE ■ Net interest income was $77.1 million in 4Q23 vs. $77.8 million in 3Q23 and $91.1 million in 4Q22 Net interest margin¹ was 2.74% in 4Q23, a decrease of 6 bps vs. 2.80% in 3Q23. Net interest margin did stabilize in Dec. 2023 ▪ Adjusted core expense¹ of $65.2 million (ex-amortization of intangible assets, one-time items, unfunded commitment provision, and NMTC amortization) in 4Q23, equating to 60.1% adjusted core efficiency ratio¹ ■ ▪ $0.5 million loan loss provision expense ▪ $0.8 million provision for unfunded commitments (captured in other noninterest expense) Net charge offs of $0.4 million in 4Q23 ■ Adjusted noninterest expense¹ (ex-amortization of intangibles, one-time acquisition and restructuring related items) of $68.3 million in 4Q23, resulting in a 63.0% adjusted efficiency ratio ¹ 4Q23 earnings were negatively impacted by an increase to income tax expense as a result of adjusting our annual tax provision 4Q23 effective tax rate increased to 22.5% compared to 18.2% in 3Q23 (20.4% for full year 2023 vs. combined federal and state statutory rate of approximately 28.0%) Adjusted net income of $29.1 million or $0.52 per diluted share¹ ($0.51 ex-securities gains) 1 Adjusted pre-provision net revenue of $40.2 million (1.30% PPNR ROAA) in 4Q23 ¹ 29 1 0.94% Adjusted ROAA and 13.64% Adjusted ROATCE in 4Q23 ¹ B#304Q23 Earnings Investor Presentation Earnings Performance Adjusted Net Income & Earnings Per Share ¹ $ in millions $36.3 $0.65 2022 Q4 $50.0 1.61% $36.8 2022 Q4 $0.65 2023 Q1 $49.5 $29.4 Adj. Net Income 1.64% $0.52 2023 Q1 Adj. PPNR 2023 Q2 First Busey Corporation | Ticker: BUSE Adjusted Pre-Provision Net Revenue / Avg. Assets $ in millions $42.1 1.38% $30.7 $0.55 2023 Q3 Adj. EPS $40.5 1.32% 2023 Q2 2023 Q3 Adj. PPNR / Avg Assets $29.1 $0.52 2023 Q4 $40.2 1.30% ¹ Non-GAAP calculation, see Appendix | 2 Per FRED, Federal Reserve Bank of St. Louis 2023 Q4 1 Adjusted ROAA & Adjusted ROATCE 19.0% 1.17% 2022 Q4 4.41% 4.30% 3.99% 3.88% 18.5% 1.22% 2023 Q1 Historical Key Rates ² 4.87% SOFR 4.06% Adj. ROATCE 2.60% 13.9% 3.48% 12/31/22 3/31/23 0.96% 2023 Q2 5.09% 4.8790 2-yr UST 4.13% 3.81% 6/30/23 14.3% 1.00% 2023 Q3 Adj. ROAA 5.31% 5.03% 5-yr UST 1 4.60% 4.59% 9/30/23 13.6% 0.94% 2023 Q4 5.38% 4.23% 3.88% 10-Yr UST 30 3.84% 12/31/23 B#31Appendix Busey FIR#324Q23 Earnings Investor Presentation Experienced Management Team Van A. Dukeman Chairman, President & CEO Has served as Chairman & CEO of First Busey since 2007 and became Chairman of the Board effective July 2020. Also serves as Chairman & CEO of Busey Bank, along with a director of FirsTech. Offers 40 years of diverse financial services experience and extensive board involvement with a conservative operating philosophy and management style that focuses on Busey's associates, customers, communities and shareholders. Monica L. Bowe EVP & Chief Risk Officer Joined Busey in January 2020 with nearly 25 years of financial leadership experience. Previously, Ms. Bowe served as Senior Director of Operational Risk Program Management at KeyBank. Ms. Bowe offers experience in M&A due diligence, effective navigation of key risk areas and dedication to continuous improvement towards enterprise-wide risk management strategies. Sean Gallagher EVP & Regional President for Northern Illinois, Gateway and Florida Regions Joined Busey in 2016 with the First Community Financial Bank partnership. His career in banking spans 30 years, previously working at LaSalle Bank, First Chicago Bank & Trust, and Inland Bank & Trust prior to moving to First Community. Mr. Gallagher served as Commercial Market President for Busey until moving to Regional President of the Northern Region in 2020. He took on leadership of the Gateway and Florida Regions in Q4 2023, while also assuming responsibility for Busey's Treasury Management division. Martin O'Donnell EVP & Regional President for Central Illinois and Indiana Regions First Busey Corporation | Ticker: BUSE Joined Busey in 2014 as a Commercial Relationship Manager before taking on increasing leadership responsibilities and becoming Regional President of Busey's Central Illinois Region in May of 2020. He then took on the Indianapolis Region in Q4 2023. Jeffrey D. Jones EVP & CFO Joined Busey in August 2019, bringing nearly 20 years of investment banking and financial services experience. Also serves as a board member of FirsTech. Previously served as Managing Director and Co-Head of Financial Institutions at Stephens Inc. Mr. Jones began his career in the Banking Supervision and Regulation division of the Federal Reserve. John J. Powers EVP & General Counsel Joined Busey in December 2011 and has over 40 years of legal experience. Prior to joining Busey, he was a partner in the law firm of Meyer Capel, where he specialized in serving the financial services industry. Humair Ghauri EVP of Technology, Busey Bank President & CEO, FirsTech Joined FirsTech and Busey in 2020, leading the organization's Products & Technology efforts. In 2023, he moved into the role of President and CEO with FirsTech and EVP of Technology at Busey. Mr. Ghauri is a proven executive leader with 20-plus years of experience building and leading high growth products and technology organizations. Tenure includes working with CareerBuilder, ADP, Skillsoft and Oracle. Robert F. Plecki, Jr. EVP & Vice Chairman of Credit Joined Busey in 1984, serving in the role of Vice Chairman of Credit, Chief Banking Officer or Chief Credit Officer since 2010 and chairing all Credit Committees. Mr. Plecki previously served as COO, President & CEO of Busey Wealth Management, and EVP of the Florida and Champaign markets. Prior to the 2007 merger with First Busey, he served in various management roles at Main Street Trust. Amy L. Randolph EVP & COO 32 Joined Busey in 2008 and now leads many areas, including: human resources, marketing, corporate communications and the overall Busey experience, consumer & digital banking, executive administration, as well as all technology and business services & systems. Additionally, she serves as Chairperson and oversees FirsTech. Prior to Busey, Mrs. Randolph worked for 10+ years with CliftonLarsonAllen LLP. Jeff D. Burgess EVP & President of Busey Wealth Management Joined Busey in 2021, leading the team that provides asset management, investment and fiduciary services to individuals, businesses and foundations. Mr. Burgess formerly served as President of Commerce Brokerage Services, Inc., and was Director of Business Development for the east region of Commerce Trust Company. Chip Jorstad EVP & President of Credit and Bank Admin. Joined Busey in 2011 and has over 15 years of experience in the banking industry. Before being named President of Credit and Bank Administration in 2022, he served as Co-Chief Banking Officer for two years. Mr. Jorstad has also held the role of Regional President for Commercial Banking - overseeing business banking efforts, including Agricultural, Commercial, Construction and Real Estate financing. Joseph A. Sheils EVP & President of Consumer and Digital Banking Joined Busey in June 2022 to lead the Consumer, Community, Mortgage and Digital Banking teams. Mr. Sheils' nearly 25 years of banking experience includes serving as the Head of Retail Banking at MB Financial. Prior to his shift to retail, he led teams in Commercial Banking at MB Financial and LaSalle Bank. B#334Q23 Earnings Investor Presentation Fully Integrated Wealth Platform As of 12/31/23 Busey Core Principles WEALTH MANAGEMENT Wealth Client Segments I. Client-Focused Strategy Trusted fiduciaries that identify prudent financial solutions to meet client-specific needs and objectives and help clients make better decisions about their wealth PERSONAL SERVICES ▪ Family Office High Net Worth Mass Affluent and Emerging Wealth First Busey Corporation | Ticker: BUSE INSTITUTIONAL SERVICES Retirement Plans Corporations & Municipalities Foundations and Endowments Not-for-Profit Organizations $12.1 Billion Assets Under Care II. Team-Based Approach Collaborative team of experienced, credentialed professionals with broad resources that excels in developing unique solutions for clients X E |$$$$ CLIENT $57.8 Million LTM Revenue EOB 40.3% PT Margin MRQ Integrated Core Capabilities to Service Personal & Institutional Clients . INVESTMENT MANAGEMENT Preserving and growing wealth with enhanced asset allocation & tax efficient strategies III. Comprehensive Wealth Managemen Fully internalized investment office and an investment philosophy that uses a tailored approach to provide proactive advice, empowering clients to make appropriate financial choices to meet their goals in every aspect of their financial health RETIREMENT PLANNING Goal-based advisory including life insurance, long-term care, executive stock option strategies TAX PLANNING & PREPARATION Deduction maximization, capital event planning, tax-advantaged savings & investment strategies . FIDUCIARY ADMINISTRATION Trust services, estate planning, and philanthropic advisory PRIVATE CLIENT Concierge banking with one point of contact that coordinates all banking needs 33 AG SERVICES ▪ Farm management and brokerage B#344Q23 Earnings Investor Presentation FirsTech, A Uniquely Positioned Payment Technology Company Payments Segments Traditional Receivables Services ▪ Lockbox ▪eLockbox Sales Channels ▪ Enterprise Sales Team FI Sales Team ▪ FI Reseller Sales ▪ Partnerships Lines of Business ▪ FIS ▪ Munis/Gov • Utilities/Telecom/ First Busey Corporation | Ticker: BUSE Insurance Health Electronic Payments ■ Services Online (PA/Core) ▪ CSR, IVR, Mobile ▪ IAS/Walk-in ▪ SOW/T&M Sales Channels ▪ Enterprise Sales Team FI Sales Team FI Reseller Sales ▪ Partnerships ■ ■ Lines of Business FIS ■ ▪ Munis/Gov ▪ Utilities/Telecom/ ■ ■ Insurance Health SMB Merchant Services L ■ Services Sales Channels Merchant Sales Team ▪ Agent Referrals ▪ FI Reseller Sales ▪ Partnerships ■ ■ ■ ■ POS Online Munis/Gov ▪ Utilities/Telecom/ Lines of Business FIS Insurance Health SMB 34 B#354Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE FirsTech, A Uniquely Positioned Payment Technology Company FI Product Focus Verticals & Products Through continued growth of the Busey/FirsTech relationship and new opportunities for collaboration, FirsTech is uniquely positioned to leverage our relationship to grow in both Enterprise and FI verticals. Merchant Resell Lockbox/eLockbox (RPA) Loan Pay Future Offerings Enterprise Product Focus Merchant Services DX 35 Lockbox/eLockbox (RPA) Electronic Bill Pay - PA Walk-In F Electronic Bill Presentment & Payment (EBPP) B#364Q23 Earnings Investor Presentation Continued Investment in Technology Enterprise-Wide 2023 Tech Investment Highlights Migrated all telephony infrastructure to the cloud, enhancing video & audio quality and reducing telecom expenses & the amount of internal hardware/resources needed to support our telephony system Completed final phase of disaster recovery environment migration to the cloud Q1 Q2 Q3 Q4 First Busey Corporation | Ticker: BUSE Future Pending Projects Investment Legend I Enhanced Customer Experience Implemented automated doc, imaging, & indexing solution that further reduces reliance on manual intervention for organizing documents Completed Phase 1 enhancements for nCino platform optimization, continually improving our commercial lending and treasury management processes Scale & Efficiency Upgrades Launched "always on" VPN for associates, streamlining computer remote worker onboarding and software update processes enterprise-wide Consolidated ATM fleet to a single hardware and service provider, which included updating ATMs to a modern user interface, further enhancing security and functionality | Upgraded 117 network switches, achieving a substantial reduction in power consumption that translates into approximately $30 thousand in annual cost savings, while also supporting our continuing commitment to environmental sustainability Expanded feature set of IT service desk platform to support robust automation and self-service capabilities Deployed enhanced sales team dashboards that aggregate a client's data from all Busey systems to capture a holistic view of recent activity and current products Deploy robotic process automation tool to automate manual & repetitive processes, freeing up resources and improving associate & customer experience Implement new Human Resource Information System platform that has enhanced features, functionality, reporting and data analytics Launch virtual service agent to proactively engage with our customers, providing 24/7 support and expanding customer service capabilities to include video chat and co-browsing/screen sharing from the customer's device 36 B#374Q23 Earnings Investor Presentation Digital Banking Adoption 86,762 2022 Q4 Mobile engagement of customers continues growth trajectory as online banking reaches maturity stage Mobile MAU 88,358 88,862 2023 Q1 Consumer Monthly Active Users 1,048,859 2022 Q4 +11% 2023 Q2 95,287 96,220 2023 Q3 2023 Q4 1,061,547 2023 Q1 Total Consumer 1,096,214 +6% 110,689 2023 Q2 First Busey Corporation | Ticker: BUSE 2022 Q4 Online Banking MAU .. 1 112,230 Consumer Mobile & Online Transaction Activity (counts, actual) 1,091,092 2023 Q1 111,486111,757 +1% 2023 2023 Q2 Q3 112,236 1,107,389 2023 Q4 2023 Q3 2023 Q4 618 Total Consumer Mobile & Online activity includes remote deposits, transfers, bill pay, and Zelle transactions Mobile QAU 671 Commercial Quarterly Active Users 2022 2023 Q4 Q1 Customer base increasingly relying on self-service features 714 717 ‒‒‒‒‒‒ +7% 662 2023 2023 2023 Q3 Q4 Q2 Mortgage eClosings Online Banking QAU 2,526 2,538 ¹ Customer has logged in at least once in the 30 days preceding period-end | ² Customer has logged in at least once in the 90 days preceding period-end 2 ‒‒‒‒‒‒‒ 2022 Q4 2,508 2,521 2,535 -% 2023 2023 Q1 Q2 Interactive Voice Response Activity 490 thousand total IVR calls over the last 12 months, handling a wide array of customer inquires immediately & efficiently 2023 Q3 62% of mortgage closings completed via eClose since launch of offering in 2Q22 - eClosings greatly enhance CX, reducing avg closing time to 10 minutes vs. 1 hour 37 IF 2023 Q4 B#384Q23 Earnings Investor Presentation Busey Impact: ESG and Corporate Responsibility Building on 155 Years of Civic Engagement, Corporate Responsibility and Positive Impacts With a strong and unwavering commitment to our Pillars associates, customers, shareholders and communities Busey is committed to strong ethics and governance, social responsibility and environmental sustainability. ■ Volunteer Impact in 2023 Through expanded efforts and consistent emphasis on charitable involvement, Busey is proud to report record volunteer hours logged in 2023 by our talented associate base. Team Busey volunteered over 15,000 hours to over 950 organizations in 2023, in part using their paid volunteer time awarded by Busey. ■ Commitment to our Planet First Busey Corporation | Ticker: BUSE Providing over $25 million in green financing since 2021, including energy efficiency improvements, historic preservation and commercial solar development. Through its robust Corporate Sustainability Program, between 2021 and 2022 Busey recycled over 16,000 pounds of waste and conserved over 60,000 gallons of water. Busey participated in several climate change initiatives, including installing solar panel systems at 11 Busey facilities, avoiding over 800 tons of carbon emissions over the past decade. ■ Commitment to our People Through many philanthropic efforts, including many associate-driven initiatives, annual charitable donations total over $1.6 million. Busey boasts a high level of associate engagement, scoring a 4.28 (out of 5) in 2022 based on 12 critical measures of engagement. Busey launched the Busey Bank Bridge in 2022, a community collective in Peoria, IL, offering fundamental access to economic opportunity for all individuals and small businesses. *Further information on all cited metrics can be found in the 2022 Busey Impact Report ■ ■ I Commitment to Strong Governance Leadership at the Board and Executive level includes a team of diverse backgrounds. Women comprise one- third of the executive team. Executives, Directors and Officers are expected to follow a stringent code of ethics. 38 Leadership prioritizes strong corporate governance, employing processes, policies, and customs that exceed industry metrics on risk management, data security and more. Busey boasts over 7% of Busey common stock beneficially owned by directors and insiders. To view the full 2022 Busey Impact Report, visit busey.com/impact B#391. 4Q23 Earnings Investor Presentation Non-GAAP Financial Information PRE-PROVISION NET REVENUE Net interest income Total noninterest income Net security (gains) losses Total noninterest expense Pre-provision net revenue Non-GAAP adjustments: Acquisition and other restructuring expenses Provision for unfunded commitments Amortization of New Markets Tax Credits Adjusted pre-provision net revenue Pre-provision net revenue, annualized Adjusted pre-provision net revenue, annualized Average total assets Reported: Pre-provision net revenue to average assets¹ Adjusted: Pre-provision net revenue to average assets First Busey Corporation | Ticker: BUSE For quarterly periods, measures are annualized measure. Pre-Provision Net Revenue, Adjusted Pre-Provision Net Revenue, Pre-Provision Net Revenue to Average Assets, and Adjusted Pre-Provision Net Revenue to Average Assets (dollars in thousands) [a] [b] [c] [a+c] [b+c] $ December 31, 2023 77,133 31,516 (761) (74,979) 32,909 4,237 818 2,259 40,223 12,308,491 Three Months Ended 130,563 $ 159,580 1.06 % 1.30% $ September 30, 2023 77,791 31,008 285 (70,945) 38,139 79 13 2,260 40,491 $ 1.24 % 1.32% $ 151,312 $ 160,644 12,202,783 December 31, 2022 91,149 29,079 (191) (73,677) 46,360 2,442 (464) 1,665 50,003 183,928 198,381 12,330,132 1.49% 1.61% $ $ Years Ended December 31, 2023 319,451 122,384 2,199 (285,532) 158,502 4,328 461 8,999 172,290 $ 1.29 % 1.41 % $ 158,502 $ 172,290 12,246,218 December 31, 2022 39 323,438 126,803 2,133 (283,881) 168,493 4,537 61 6,333 179,424 168,493 179,424 12,492,948 1.35% 1.44 % B#401. 2. 4Q23 Earnings Investor Presentation Non-GAAP Financial Information Adjusted Net Income, Adjusted Diluted Earnings Per Share, Adjusted Return on Average Assets, Average Tangible Common Equity, Return on Average Tangible Common Equity, and Adjusted Return on Average Tangible Common Equity NET INCOME ADJUSTED FOR NON-OPERATING ITEMS Net income Non-GAAP adjustments: Acquisition expenses: Salaries, wages, and employee benefits Data processing Professional fees, occupancy, and other Other restructuring expenses: Salaries, wages, and employee benefits Loss on leases or fixed asset impairment Professional fees, occupancy, and other Related tax benefit¹ Adjusted net income DILUTED EARNINGS PER SHARE Diluted average common shares outstanding Reported: Diluted earnings per share Adjusted: Diluted earnings per share RETURN ON AVERAGE ASSETS Net income, annualized Adjusted net income, annualized Average total assets Reported: Return on average assets² Adjusted: Return on average assets RETURN ON AVERAGE TANGIBLE COMMON EQUITY Average common equity Average goodwill and other intangible assets, net Average tangible common equity Reported: Return on average tangible common equity² Adjusted: Return on average tangible common equity² [a] [b] [c] [a+c] [b+c] First Busey Corporation | Ticker: BUSE [d] [e] [f] [d+f] [e+f] [g] [d+g] [e+g] $ $ GA GA $ $ $ $ $ December 31, 2023 (dollars in thousands, except per share amounts) Three Months Ended 25,749 266 3,760 211 (863) 29,123 56,333,033 0.46 0.52 102,156 115,542 12,308,491 0.83% 0.94% 1,202,417 (355,469) 846,948 12.06% 13.64% $ $ $ $ $ $ $ September 30, 2023 30,666 79 (15) 30,730 56,315,492 0.54 0.55 121,664 121,918 12,202,783 1.00 % 1.00% 1,208,407 (358,025) 850,382 14.31% 14.34 % $ $ LA GA $ $ $ $ December 31, 2022 34,387 || 16 2,409 10 7 (539) 36,290 56,177,790 0.61 0.65 136,427 143,977 12,330,132 1.11% 1.17% 1,122,547 (366,127) 756,420 18.04% 19.03 % $ $ $ $ $ $ $ December 31, 2023 Years Ended 122,565 357 3,760 211 (881) 126,012 56,256,148 2.18 2.24 122,565 126,012 12,246,218 1.00% 1.03 % 1,197,511 (359,347) 838,164 14.62 % 15.03 % $ $ LA L $ $ $ $ $ December 31, 2022 40 128,311 587 214 258 2,409 986 83 (938) 131,910 56,137,164 2.29 2.35 128,311 131,910 12,492,948 1.03 % 1.06 % 1,195,171 (370,424) 824,747 15.56 % 15.99 % Full year tax benefits were calculated by multiplying full year acquisition expenses and other restructuring expenses by the annual effective tax rates for the full year periods. The annual effective tax rates used in these calculations were 20.4% for the year ended December 31, 2023, and 20.7% for the year ended December 31, 2022. Quarterly tax benefits were calculated as the full year amounts less the sum of amounts applied to previous quarters within the year. B For quarterly periods, measures are annualized.#411. 2. 3. 4Q23 Earnings Investor Presentation Non-GAAP Financial Information First Busey Corporation | Ticker: BUSE Adjusted Net Income Excluding Net Securities Gains and Losses and Adjusted Diluted Earnings Per Share Excluding Net Securities Gains and Losses (dollars in thousands, except per share amounts) Adjusted net income¹ Further non-GAAP adjustments: Net securities (gains) losses Tax effect for net securities (gains) losses² Net income excluding net securities (gains) losses³ Diluted average common shares outstanding Adjusted: Diluted earnings per share Adjusted: Diluted earnings per share, excluding net securities (gains) losses [a] [b] [c] [a+c] $ $ $ [b+c] $ December 31, 2023 Three Months Ended September 30, 2023 29,123 $ (761) 171 28,533 $ 56,333,033 0.52 $ 0.51 $ 30,730 $ 285 (52) 30,963 $ 56,315,492 0.55 $ 0.55 $ December 31, 2022 36,290 $ (191) 47 36,146 $ 56,177,790 0.65 $ 0.64 $ Years Ended December 31, 2023 126,012 $ 2,199 (448) 127,763 $ 56,256,148 2.24 $ 2.27 $ Adjusted net income is a non-GAAP measure. See the table on the previous slide for a reconciliation to the nearest GAAP measure. Tax effects for net securities gains and losses were calculated by multiplying net securities gains and losses by the effective income tax rates for the periods indicated. Effective tax rates were 22.5%, 18.2%, and 24.7% for the three months ended December 31, 2023, September 30, 2023, and December 31, 2022, respectively, and were 20.4% and 20.7% for the years ended December 31, 2023, and December 31, 2022, respectively. Tax-effected measure. December 31, 2022 41 131,910 2,133 (441) 133,602 56,137,164 2.35 2.38 B#421. 2. 4Q23 Earnings Investor Presentation Non-GAAP Financial Information Net interest income Non-GAAP adjustments: Tax-equivalent adjustment¹ Tax-equivalent net interest income First Busey Corporation | Ticker: BUSE Purchase accounting accretion related to business combinations Adjusted net interest income Tax-equivalent net interest income, annualized Adjusted net interest income, annualized Average interest-earning assets Reported: Net interest margin² Adjusted: Net interest margin² Adjusted Net Interest Income and Adjusted Net Interest Margin (dollars in thousands) [a] [b] [0] [a+c] [b+c] December 31, 2023 77,133 $ $ 501 77,634 (384) 77,250 308,004 306,481 11,229,326 2.74% 2.73% Three Months Ended September 30, 2023 77,791 $ 553 78,344 (277) 78,067 310,821 309,722 11,118,167 2.80% 2.79% December 31, 2022 91,149 $ 564 91,713 (546) $ 91,167 363,861 361,695 11,242,126 3.24 % 3.22% Tax-equivalent adjustments were calculated using an estimated federal income tax rate of 21%, applied to non-taxable interest income on investments and loans. For quarterly periods, measures are annualized. Years Ended December 31, 2023 $ 319,451 2,173 321,624 (1,477) $ 320,147 $ 321,624 320,147 11,164,594 2.88 % 2.87 % December 31, 2022 323,438 $ 2,199 325,637 (3,134) 322,503 325,637 322,503 11,473,063 2.84 % 2.81 % 42 B#431. 4Q23 Earnings Investor Presentation Non-GAAP Financial Information Net interest income Non-GAAP adjustments: Tax-equivalent adjustment¹ Tax-equivalent net interest income Total noninterest income Non-GAAP adjustments: Net security (gains) losses Noninterest income excluding net securities gains and losses Tax-equivalent revenue Total noninterest expense Non-GAAP adjustments: Amortization of intangible assets Noninterest Expense Excluding Amortization of Intangible Assets, Adjusted Noninterest Expense, Adjusted Core Expense, Noninterest Expense Excluding Non-operating Adjustments, Efficiency Ratio, Adjusted Efficiency Ratio, and Adjusted Core Efficiency Ratio (dollars in thousands) Noninterest expense excluding amortization of intangible assets Non-operating adjustments: Salaries, wages, and employee benefits Data processing Impairment, professional fees, occupancy, and other Adjusted noninterest expense Provision for unfunded commitments Amortization of New Markets Tax Credits Adjusted core expense First Busey Corporation | Ticker: BUSE Noninterest expense, excluding non-operating adjustments Reported: Efficiency ratio Adjusted: Efficiency ratio Adjusted: Core efficiency ratio [b] [c] [f] [f-b] [c+a] [f+a] [g+a] $ $ $ $ December 31, 2023 77,133 $ 501 77,634 31,516 (761) 30,755 108,389 74,979 (2,479) 72,500 (3,760) (477) 68,263 (818) (2,259) 65,186 70,742 66.89 % 62.98 % 60.14 % Three Months Ended September 30, 2023 77,791 $ $ $ $ 553 78,344 31,008 285 31,293 109,637 70,945 (2,555) 68,390 (79) 68,311 (13) (2,260) 66,038 70,866 62.38 % 62.31% 60.23% December 31, 2022 91,149 $ 564 91,713 29,079 (191) 28,888 120,601 73,677 (2,795) 70,882 (2,409) (33) 68,440 464 (1,665) 67,239 71,235 58.77 % 56.75 % 55.75 % Tax-equivalent adjustments were calculated using an estimated federal income tax rate of 21%, applied to non-taxable interest income on investments and loans. December 31, 2023 $ 319,451 $ Years Ended 2,173 321,624 $ 122,384 2,199 124,583 446,207 $ 285,532 (10,432) 275,100 (3,760) (568) 270,772 (461) (8,999) $ 261,312 281,204 61.65 % 60.68 % 58.56% December 31, 2022 323,438 $ $ $ $ $ 2,199 325,637 126,803 2,133 128,936 454,573 283,881 (11,628) 272,253 (2,996) (214) (1,327) 267,716 (61) (6,333) 261,322 279,344 59.89 % 58.89% 57.49 % 43 B#441. 2. 4Q23 Earnings Investor Presentation Non-GAAP Financial Information Total stockholders' equity Goodwill other intangible assets, net Tangible book value Ending number of common shares outstanding Tangible book value per common share Total assets Non-GAAP adjustments: Goodwill and other intangible assets, net Tax effect of other intangible assets¹ Tangible assets² Total stockholders' equity Non-GAAP adjustments: Goodwill and other intangible assets, net Tax effect of other intangible assets¹ Tangible common equity² First Busey Corporation | Ticker: BUSE Tangible common equity to tangible assets Tangible Book Value and Tangible Book Value Per Common Share (dollars in thousands, except per share amounts) [a] [b] [a+b] [a] [b] [b+a] $ $ $ $ $ December 31, 2023 1,271,981 (353,864) 918,117 $ Net of estimated deferred tax liability, calculated using the estimated statutory tax rate of 28%. Tax-effected measure. 55,244,119 16.62 $ December 31, 2023 12,283,415 Tangible Assets, Tangible Common Equity, and Tangible Common Equity to Tangible Assets (dollars in thousands) (353,864) 6,888 11,936,439 (353,864) 6,888 925,005 $ 1,271,981 $ 7.75% $ $ $ September 30, 2023 1,190,158 $ (356,343) 833,815 55,342,017 15.07 $ September 30, 2023 12,258,250 (356,343) 7,354 11,909,261 (356,343) 7,354 841,169 $ 1,190,158 $ 7.06 % $ $ $ As of June 30, 2023 1,201,948 (358,898) 843,050 55,290,847 As of June 30, 2023 15.25 12,209,029 (358,898) 7,833 11,857,964 1,201,948 (358,898) 7,833 850,883 7.18 % $ $ $ $ $ $ $ March 31, 2023 1,198,558 (361,567) 836,991 55,294,455 15.14 March 31, 2023 12,344,555 (361,567) 8,335 11,991,323 $ 1,198,558 (361,567) 8,335 845,326 $ 7.05% $ $ December 31, 2022 $ $ 1,145,977 (364,296) 781,681 55,279,124 14.14 December 31, 2022 12,336,677 44 (364,296) 8,847 11,981,228 1,145,977 (364,296) 8,847 790,528 6.60 % B#454Q23 Earnings Investor Presentation Non-GAAP Financial Information Portfolio loans Non-GAAP adjustments: PPP loans amortized cost Core loans Total deposits Non-GAAP adjustments: Brokered transaction accounts Time deposits of $250,000 or more Core deposits First Busey Corporation | Ticker: BUSE RATIOS Core loans to portfolio loans Core deposits to total deposits Core loans to core deposits Core Loans, Core Loans to Portfolio Loans, Core Deposits, Core Deposits to Total Deposits, and Core Loans to Core Deposits (dollars in thousands) [a] [b] [c] [d] [b+a] [d+c] [b+d] December 31, 2023 7,651,034 $ (313) $ 7,650,721 $ 10,291,156 (6,001) (386,286) $ 9,898,869 100.00 % 96.19% 77.29% September 30, 2023 $ 7,856,160 (598) $ 7,855,562 $ 10,332,362 (6,055) (350,276) $ 9,976,031 99.99% 96.55 % 78.74 % As of June 30, 2023 $ 7,805,284 (667) $ 7,804,617 $ 10,062,755 (6,055) (297,967) $ 9,758,733 99.99% 96.98 % 79.98 % March 31, 2023 $ 7,783,808 (750) $ 7,783,058 $ 9,801,169 (6,005) (200,898) $ 9,594,266 99.99% 97.89 % 81.12 % 45 December 31, 2022 $ 7,725,702 (845) $ 7,724,857 $10,071,280 $ (1,303) (120,377) 9,949,600 99.99 % 98.79% 77.64 % B