#1busey.com Busey Busey Member FDIC NASDAQ: BUSE Q2 2023 EARNINGS INVESTOR PRESENTATION July 25, 2023 Busey FIRST BUSEY CORPORATION#22Q23 Earnings Investor Presentation Special Note Concerning Forward-Looking Statements First Busey Corporation | Ticker: BUSE Statements made in this presentation, other than those concerning historical financial information, may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance, and business of the First Busey Corporation (the "Company"). Forward-looking statements, which may be based upon beliefs, expectations, and assumptions of the Company's management, and on information currently available to management, are generally identifiable by the use of words such as "believe," "expect," "anticipate," "plan," "intend," "estimate," "may," "will," "would," "could," "should," or other similar expressions. Additionally, all statements in this presentation, including forward-looking statements, speak only as of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events. A number of factors, many of which are beyond the Company's ability to control or predict, could cause actual results to differ materially from those in the Company's forward-looking statements. These factors include, among others, the following: (i) the strength of the local, state, national, and international economy (including effects of inflationary pressures and supply chain constraints); (ii) 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); (iii) changes in state and federal laws, regulations, and governmental policies concerning the Company's general business (including changes in response to the recent failures of other banks); (iv) changes in accounting policies and practices; (v) changes in interest rates and prepayment rates of the Company's assets (including the impact of the London Interbank Offered Rate phase-out); (vi) 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; (vii) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (viii) the loss of key executives or associates; (ix) changes in consumer spending; (x) unexpected results of current and/or future acquisitions, which may include failure to realize the anticipated benefits of any acquisition and the possibility that transaction costs may be greater than anticipated; (xi) unexpected outcomes of existing or new litigation involving the Company; (xii) fluctuations in the value of securities held in our securities portfolio; (xiii) concentrations within our loan portfolio, large loans to certain borrowers, and large deposits from certain clients; (xiv) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and may withdraw deposits to diversify their exposure; (xv) the level of non-performing assets on our balance sheets; (xvi) interruptions involving our information technology and communications systems or third-party servicers; (xvii) breaches or failures of our information security controls or cybersecurity-related incidents; and (xviii) 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 the Company and its business, including additional factors that could materially affect its financial results, is included in the Company's filings with the Securities and Exchange Commission. 2 B#32Q23 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 the Company's performance and in making business decisions, as well as for comparison to the Company's peers. The Company believes the adjusted measures are useful for investors and management to understand the effects of certain 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 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 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 stockholders' equity in 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#42Q23 Earnings Investor Presentation Table of Contents First Busey Corporation | Ticker: BUSE Overview of First Busey Corporation (BUSE) Diversified Company with Comprehensive & Innovative Financial Solutions Strong Regional Operating Model Investment Highlights Fortress Balance Sheet High Quality Loan Portfolio High Quality Portfolio: CRE Office Investor Owned CRE Portfolio 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 Focused Control on Expenses Robust Capital Foundation Pristine Credit Quality Reserve Supports Credit & Growth Profile Balanced, Low-Risk, Short-Duration Investment Portfolio Actively Managing Asset-Sensitive Balance Sheet Quarterly Earnings Review Earnings Performance 5 8 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 Appendix: 28 Experienced Management Team 29 High Quality Portfolio: C&I 30 Fully Integrated Wealth Management Platform 31 Continued Investment in Technology Enterprise-Wide 32 33 34 35 Digital Banking Adoption Busey Impact Non-GAAP Financial Information 4 B#52Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Overview of First Busey Corporation (NASDAQ: BUSE) 155+ Busey WEALTH MANAGEMENT WEALTH" MANAGEMENT $ in millions Total Assets Total Loans Total Deposits Total Equity BuseyBANK Business | Wealth Management | Personal Financial Highlights COMMERCIAL BANKING Adj. PPNR ROAA Adj. ROAA Adj. ROATCE NPA/Assets Net Interest Margin 1 1 155+ year old financial institution headquartered in Champaign, IL 1 firstech PAYMENT TECH SOLUTIONS 2021 $12,860 $7,189 $10,769 $1,319 0.17 % 2.49 % 1.35 % 1.15 % 14.40 % 2022 $12,337 $7,726 $10,071 $1,146 0.13% 2.84 % 1.44 % 1.06 % 15.99 % 2023 YTD ST. LOUIS $12,209 $7,805 $10,063 $1,202 PEORIA 0.13 % 2.99 % 1.51 % 1.09 % 16.12 % CHAMPAIGN ΜΟΥ IL IN INDIANAPOLIS $30 $28 $26 $24 $22 $20 $18 $16 FL FT MYERS BUSE Stock Price Market Cap $1.2B Regional operating model serving four regions Northern (IL) Central (IL/IN) Gateway (MO/IL) Florida Jun-22 2 Price Per Share $22.00 www Sep-22 Dividend Yield 4.4% Dec-22 ¹ Non-GAAP calculation, see Appendix | 2 Market Data for BUSE updated to close on 7/24/23, per Nasdaq | Based on consensus median net income of covering analysts as of 7/24/23 Among the Best Forbes AMERICA'S BEST BANKS Price/TBV 1.4x Best Places NOD Work LEADING DISABILITY A workplace analysis and competition EMPLOYER Trend Best. Companies to Work For 2023 Winner in Florida Mar-23 to AMERICAN BANKER Best Banks to Work For Price/NTM 3 10.3x 2022 Jun-23 Pensions&Investments BEST PLACES TO WORK IN MONEY MANAGEMENT ST. LOUIS BUSINESS JOURNAL NAMED AMONG THE LARGEST TRUST COMPANIES **2022** MULTIYEAR WINNER 2018 2019 2020 2021 COMMERCIAL LENDERS 5 B#62Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Diversified Company with Comprehensive & Innovative Financial Solutions BuseyBANK Full suite of diversified financial products for individuals and businesses $12.2 Billion Assets 1 $406.4 Million 2 LTM Revenue 13.90% 3 Adj. ROATCE (MRQ) ³ Busey Wealth & asset management services for individuals and businesses WEALTHⓇ MANAGEMENT $11.5 Billion Assets Under Care $55.1 Million 4 LTM Revenue 44.1% PT Margin (MRQ) firstech Payment platform that enables the collection of payments across a variety of modules $12 Billion Payments Processed 5 $22.3 Million 6 LTM Revenue 7.3% Revenue Growth (YoY) 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 | LTM total payments processed | FirsTech segment, excludes intracompany eliminations 6 B#72Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Strong Regional Operating Model Regions Banking Centers As of 6/30/23 Deposits Loans AUC Legacy Institutions 25 Pekm 235 Springfield Lincoln 11 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 Central Bloomington Clinton Decator Pontiac 24 Kankakee $5.3 billion $3.3 billion ownsburg $8.0 billion Busey Main Street Herget South Side 6 Carmel Danville AR Lawrence Indianapolis Beich Grove 20 vood Gateway St Peters Sharles Florissant Maryland Heights Ferguson Chesterfield Ballwin Godfrey-255 Alton Wood River Granite City Clayton St-Lis Kirkwoodton ass Mehlville Oakville Arnold 50 Waterloo Collinsville O'Fallon Staunton Belleville $2.6 billion $2.0 billion $1.4 billion Pulaski Bank of Edwardsville Highend 10 ville Geneva 56 Aurora Northern Wheeling 234 Palatine. Arlington Heights Schaumburg Bloomingdale 354 Wheaton Downers Grove Napville Bolingbrook Evanston Niles Cicero $1.7 billion Chicago $2.1 billion $1.0 billion $7 Hammond First Community Glenview State Bank 3 Florida Englewood Port Charlotte Punta Gorda Cape Coral San Carlos Park $428 million $450 million Lehigh Acres $1.1 billion Bonita Busey Investors' Security Trust 7 B#82Q23 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 ■ I ■ ■ ■ Organic growth across key business lines driven by regional operating model that aligns commercial, wealth and FirsTech operations ▪ Year-over-year core loan³ growth of $314 million (+4.2% YoY), principally within existing client relationships Efficient and right-sized branch network (average deposits per branch of $173 million) Leverage track record as proven successful acquirer to expand through disciplined M&A I I Significant revenue derived from diverse and complementary fee income sources Noninterest income / revenue (ex-securities gains/losses) of 27.7% for 2Q23 ▪ Wealth management and payment technology solutions account for 65.8% of noninterest income (ex-securities gains/losses) in 2Q23 ▪ Sizable business lines provide for a full suite of solutions for our clients across their lifecycle ■ First Busey Corporation | Ticker: BUSE 1 1 Adjusted ROAA of 0.96% ¹ & Adjusted ROATCE of 13.90% ¹ for 2Q23 ▪ 2Q23 NIM of 2.86% 1, up from 2.68% ¹ in 2Q22 1 Adjusted Core Efficiency Ratio 58.6% ¹ for 2023, down from 59.0% in 2Q22 Adjusted diluted EPS $0.52¹ for 2Q23 ($0.55 excluding net securities gains and losses¹) Quarterly dividend of $0.24 (4.4% yield) 5 ■ 58 branches across four states: Illinois, Missouri, Indiana, and Florida Premier commercial bank, wealth management, and payment technology solutions for individuals and businesses Attractive core deposit to total deposit ratio (97.0%) ¹, low cost of non-time deposits (81 bps) in 2Q23, and low level of uninsured deposits² (26%) at 6/30/23 Substantial investments in technology enterprise-wide and next generation leadership talent ■ ■ BUILT ON A FORTRESS BALANCE SHEET Pristine asset quality, highly diversified loan portfolio, & capital levels significantly in excess of well-capitalized minimums 8 Non-GAAP calculation, see Appendix | ² Estimated uninsured deposits consists of excess of accounts >$250K, less internal accounts and collateralized accounts (incl. preferred deposits) Ex-PPP; Non-GAAP calculation, see Appendix | 4 Non-GAAP, revenue consists of net interest income plus noninterest income, excluding security gains and losses | 5 Based on BUSE closing stock price on 7/24/23 B#92Q23 Earnings Investor Presentation 1 Fortress Balance Sheet Robust Capital Foundation High Quality, Resilient Loan Portfolio Strong Core Deposit Franchise & Ample Liquidity Capital ratios significantly in excess of well-capitalized minimums ▪ Total RBC of 16.6% and CET1 ratio of 12.4% at 6/30/23 ¹ 1 ▪ TCE/TA ratio of 7.18% at 6/30/23 ² 2 TBV per share of $15.25 at 6/30/23 ² ■ - ■ I I ■ First Busey Corporation | Ticker: BUSE ■ Diversified portfolio, conservatively underwritten with low levels of concentration Non-performing (0.13% of total assets) and classified assets (5.7% of capital³) both remain near historically low levels Classified assets reduced $22 million, or 21.2%, in 2023 Reserves remain above initial Day 1 CECL coverage of 1.06%: ACL/Loans: 1.17% | ACL/NPLs: 580.80% 100 / 300 Test: 38% C&D | 213% CRE Minimal office CRE located in metro central business districts; substantial majority of office properties are in suburban locations and 41% of the total office portfolio is medical office Robust holding company and bank-level liquidity Strong core deposit franchise ▪ 77.6% loan-to-deposit ratio, 97.0% core deposits² ▪ 30.7% of total deposits are noninterest-bearing Low level of estimated uninsured deposits at 26% of total deposits at 6/30/23 Cash & Equivalents + Available-For-Sale Securities carrying value represents 95% of estimated uninsured deposits Substantial sources of available off-balance sheet contingent funding totaling $3.8 billion, representing an additional 1.4x coverage of estimated uninsured deposits at 6/30/23 4 ■ Untapped borrowing capacity ($3.8 billion in aggregate): $1.6 billion with FHLB, $0.7 billion with FRB discount window, $0.5 billion with Unsecured Fed Funds lines, $1.0 billion brokered deposit capacity Brokered deposit market continues to remain untapped ▪ No utilization of the Fed's Bank Term Funding Program 2 Capital ratios are preliminary estimates | Non-GAAP calculation, see Appendix | Capital calculated as Bank Tier 1 Capital + Allowance for credit losses Estimated uninsured deposits consists of excess of accounts >$250K, less internal accounts and collateralized accounts (incl. preferred deposits) 9 B#102Q23 Earnings Investor Presentation High Quality Loan Portfolio Loan Portfolio Composition | 2023 1-4 Family Residential 19% $ in millions C&D 7% $7,490 $1,884 $466 $3,228 Ex-PPP Loans Trends LTM Core Growth +4.2% $7,669 $1,912 HELOC 3% Other 4% 2022 Q2 Total Loan Portfolio: $7.8 Billion Non-Owner Occupied CRE 31% $1,946 $500 $3,279 Commercial & Industrial 24% $1,944 3 Owner Occupied CRE 12% $7,725 $1,959 $530 $3,262 First Busey Corporation | Ticker: BUSE $1,974 MRQ Yield on Loans 4.92% 2Q23 Net New Funding Yield 6.65% Classified Loans / Capital ¹ 5.7% New Originations YTD Approx. 70% of new commercial production was due to growth within existing bank relationships New CRE-I originations had a weighted-avg LTV of 60% June net new funding yield of 7.04% LTM Commercial Growth +3.3% $7,783 $1,968 $554 $3,325 $1,936 3 $7,805 $2,012 $532 $3,362 $1,899 Loan Portfolio Regional Segmentation 2023 Q2 $ in millions $2,045 $355 $1,690 53% Northern 27% 2022 Q2 Funded Draws & Line Utilization Rate 4 $2,062 $368 $1,694 52% Florida 6% 2022 Q3 Commercial Gateway 26% $2,081 $360 $1,721 Central 41% Line utilization has declined $166 million YTD 53% 2 2022 Q4 Retail $1,973 $345 $1,628 51% 2023 Q1 2022 Q3 CRE 2022 Q4 Construction C&I Retail Real Estate & Other 1 Capital is Bank Tier 1 Capital + Allowance for credit losses | ² Based on loan origination | 3 Busey loans ex-PPP | Excludes credit card & overdraft protection & includes tranche loan commitments/associated sub notes 2023 Q1 % Utilized (total) $1,915 $347 $1,568 49% 2023 Q2 10 ТВ#112Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE 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 Senior Housing Medical Office LAD 1 Specialty Nursing Homes Restaurant Health Care 1-4 Family Continuing Care Facilities Other Grand Total ■ ■ ■ 6/30/23 Balances ■ $623,273 518,935 348,199 288,196 268,816 193,049 172,820 169,969 151,714 104,626 27,652 23,700 20,000 19,938 13,947 775 % of Total Loans 8.0 % 6.6 % 4.5 % 3.7 % 3.4 % 2.5 % 2.2 % 2.2 % 1.9 % 1.3 % 0.4 % 0.3 % 0.3 % 0.3 % 0.2 % 0.0 % 37.7 % 1 Investor owned CRE includes C&D, Multifamily and non-owner occupied CRE 6/30/23 Classified Balances $458 5,934 526 778 3,897 2,473 $2,945,609 Investor Owned CRE Portfolio ¹ (CRE-I) Only 0.6% of total CRE-I loans are classified Payoff of $11 million of classified nursing home balances during 2Q23 Low levels of concentrated exposure - continue to actively monitor CRE-I concentrations vs. internally-defined appetite thresholds 100/300 Test: 38% C&D | 213% CRE-I Apartments & Student Housing represents 30% of CRE-I 60% WAvg LTV & 58% long-term customers (4+ years) 141 3,023 79 0 $17,309 Owner Occupied CRE Loans by Property Type $ in thousands Property Type Industrial/Warehouse Specialty Traditional Office Medical Office Retail Restaurant Nursing Homes Health Care Hotel Apartments Other Student Housing Grand Total ■ ■ ■ 6/30/23 Balances $367,029 234,908 114,842 106,658 59,516 45,178 1,416 843 606 395 258 101 $931,750 Owned Occupied (OOCRE) Portfolio Only 1.0% of total OOCRE loans are classified % of Total Loans 4.7 % 3.0 % 1.5 % 1.4 % 0.8 % 0.6 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 11.9 % 6/30/23 Classified Balances $5,609 1,455 453 0 1,570 51 0 $9,138 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 39% of the OOCRE portfolio while only 4.7% of total loans 11 B#122Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Office Investor Owned CRE Portfolio All data as of 6/30/23 $ 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 $288,196 9.8 % 62.9 % 221 $1,304 $778 57 % Medical Office $169,969 5.8 % 37.1 % 78 $2,179 $0 65 % Top Ten Largest Office Loans $124,697 4.2 % Weighted Average Debt Yield: WAvg 1-Year Lease Rollover: WAvg 2-Year Lease Rollover: 27.2 % 10 $12,470 $0 66% CBD Office Exposure Top Ten Largest Office Loans Weighted Average DSCR: 1.56 10.3% 8.3% 8.7% $10,503 0.4 % 2.3 % 6 $1,751 $0 43% Limited Metro Central Business District Exposure Downtown Chicago No outstanding Office CRE-I in Downtown Chicago Downtown St. Louis 5 Properties with $10.2 million in balances Downtown Indy 1 Property with $0.3 million in balances ington Ave Vive St- arket 40 DOWNTOWN WEST Ave LAFAYETTE W 10th St In St gan St rk St. blis p Indiana Ave. IN Senate Ave S-West St N West St St Louis N'Illinois St SIllinois St N 9th St CHATHAM-ARCH E 10th CALEY E New York St E:Oh Indianapolis Marke KA Virgin 710 12 B#132Q23 Earnings Investor Presentation Top Tier Core Deposit Franchise Deposit Portfolio Composition | 2Q23 Non-Int DDA 31% CD > 250k 2% $10,474 $10,451 98.7% Total Deposits: $10.1 Billion CD < 250k 13% 2022 Q1 Core Deposits/Total Deposits $ in millions $10,381 Int DDA 26% $10,277 98.9% First Busey Corporation | Ticker: BUSE Savings & MMDA 28% $10,468 $10,496 99.0% 2022 Q3 $10,225 $9,950 98.8% Core Deposits 97% 2022 Q4 MRQ Avg Cost of Total Deposits 1.09% MRQ Avg Cost of Non-Time Deposits 0.81% Avg Deposits per Branch $173 million Avg Non Maturity Acct Balance at 6/30/23 $34 thousand $9,760 $9,594 97.9% 2022 Q2 Core Deposits 2023 Q1 Core/Total Deposits Avg Core Deposits ¹ Other deposits include brokered MMA, brokered CDs, ICS Demand & Savings, CDAR CDs | 2 Non-GAAP calculation, see Appendix $9,587 $9,759 97.0% 2023 Q2 Total Deposits & Loan-to-Deposit Ratio $ in millions $10,592 $10,617 68.7% 2022 Q1 ■ ■ I . · ■ Retail $10,397 $10,506 72.1% 2022 Q2 Commercial $10,601 $10,577 72.4% 2022 Q3 Public $10,071 $10,338 76.7% 2022 Q4 Other 1 $9,801 $9,910 79.4% 2023 Q1 Avg Deposits 2023 Deposit Flows Following the recent industry turmoil, we observed positive inflows into retail deposit accounts along with net outflows in commercial deposit accounts, principally to meet working capital needs in the ordinary course of business Public deposits were up $271 million, demonstrating typical seasonality with balances historically peaking mid-year $10,063 $9,852 77.6% At 6/30/23, our spot deposit cost was 0.90% for non-maturity deposits and 1.24% for total deposits 2023 Q2 LDR Experienced net deposit outflows into Busey Wealth Management as we continue to adapt to client needs while keeping clients in the Busey ecosystem Seeing beginning of rotation from non-interest bearing (down $87 million QoQ) into interest-bearing nonmaturity accounts (up $26 million QoQ) Time deposit campaigns generated significant production, with a $323 million increase in balances during the quarter. New production in 2Q23 had a weighted average term of 10.7 months at a rate of 4.25% 13 B#142Q23 Earnings Investor Presentation Granular, Stable Deposit Base Long-lasting Deposit Relationships that are very granular As of 6/30/23 Retail Number of Accounts 255,000+ Avg Balance per Account Avg Customer Tenure Deposit Flows by Type $5,313 $5,216 $5,313 $5,312 Retail $3,627 $3,570 $3,438 $3,399 12/31/2022 First Busey Corporation | Ticker: BUSE Commercial 3/8/2023 $21 thousand 16.3 years $901 $826 $794 Since 3/31/23, total deposits up +$262 million, or +2.7% Majority of Commercial transactions after March 8 suggestive of regular course of business4 Public Commercial 33,000+ $101 thousand $1,065 3/31/2023 12.2 years $230 $212 $256 $287 Other5 6/30/2023 Customers with Account Balances totaling $250K+ 2023 Q2 5,319 $402 thousand 13.6 years Number of customers Median account balance Median customer tenure Est. Uninsured Deposits¹ Est. Uninsured¹ / Total Deposits II 3 Percentage of Est. Uninsured Deposits 2 / Total Deposits vs. Peer Group ³ BUSE 26% 2023 Q2 $2.6 billion 26% Percentage of Cash + AFS / Est. Uninsured Deposits 2 vs. Peer Group BUSE 95% ¹ Estimated uninsured deposits consists of excess of accounts >$250K, less internal accounts and collateralized accounts (incl. preferred deposits) | 2 Data per most recent publicly available as of 7/21/23 Selected peers based in BUSE's current operating regions include: WTFC, ONB, ASB, CBSH, SFNC, HTLF, FRME, FFBC, EFSC, SBCF, SRCE, HBNC, MSBI, SYBT, BY, FMBH, MOFG, LKFN, OSBC Reviewed all wires, and ACH transactions of $100K+ utilizing NACHA-required transaction description details | Other deposits include brokered MMA, brokered CDs, ICS Demand & Savings, CDAR CDs 3 14 B#152Q23 Earnings Investor Presentation 5.5% 5.0% 4.5% 4.0% 3.5% 3.0% 2.5% 2.0% Deposit Cost Trends 1 Historical Cost of Deposits, 2015 - 2023 ¹ BUSE Cost of Deposits 1.5% 1.0% 1 0.5% 0.0% 1Q15 Cost of Deposits (bps) 2015 240 220 200 180 160 140 120 100 80 60 40 20 IB Non-Maturity Retail Non-Time Deposits Total Deposits 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 2022 Q2 1Q17 Commercial 0.08% 0.05% 0.08% 2Q17 3Q17 4Q17 Quarterly Average Cost of Deposits 1Q18 Public 2022 Q3 0.17% 0.11% 0.13% ▪ ▪ ▪ Effective Fed Funds Rate (Quarter Average) 2018 First Busey Corporation | Ticker: BUSE 3Q18 4018 1Q19 2019 3Q19 2022 Q4 0.44% 0.28% 0.32% 4Q19 1020 3020 2020 4Q20 1Q21 2Q21 2023 Q1 0.78% 0.49% 0.60% 3Q21 4Q21 1Q22 2022 93 " " All IB Non-Maturity --All Non-Time Deposits 81 M 3Q22 - . . 233 127 92 2023 Q2 1.27% 0.81% 1.09% 4Q22 1Q23 2Q23 Cumulative Deposit Betas 2 for Tightening Cycle-to-Date Retail Commercial Public IB Non- Maturity All IB Deposits Total Deposits 2% -2% 2022 Q2 -5% -1% +6% -1% +2% -2% -1% IB Non-Maturity 5% 3% 2022 Q3 -1% +2% +14% +5% +3% 2% +2% All IB Deposits 10% 10% 2022 Q4 +1% +7% +27% +10% +10% 6% +6% 16% Total Deposits 17% 2023 Q1 +6% +12% +33% +16% +17% 12% +12% 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), and 5.16% (2Q23). 24% 29% 2023 Q2 +16% +18% +46% +24% 20% +29% +20% 15 ТВ#162Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Diversified and Significant Sources of Fee Income ■ ■ Noninterest income represented 27.7% of revenue (ex-securities gains/losses) in 2Q23 Key businesses of wealth management and payment technology solutions contributed 65.8% of noninterest income (ex-securities gains/losses) in 2Q23 YOY decline in noninterest income primarily attributable to lower customer services fees due to Durbin Amendment impact that began 7/1/22 I Excluding Durbin Amendment impact, 2Q23 fees for customer services are up +0.8% YoY Sources of Noninterest Income $ in thousands Noninterest Income Detail 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 Q2 $14,135 9,588 4,888 284 874 2,964 $32,733 (1,714) $31,019 1 Noninterest Income / Total Revenue ¹ $ in millions 2023 Q2 29.0% $106.9 $75.9 $14,562 7,239 5,231 272 2022 Q2 1,029 1,738 $30,071 $31.0 (2,059) $28,012 YOY Change +3% -24% +7% -4% +18 % -41% -8% $117.2 $86.3 +20% -10% 26.4% $30.9 Noninterest Income 2022 Q3 Other Nonint. $120.2 $91.1 24.2% 2022 Q4 Net Interest Income Inc. 6% $29.1 $117.7 $85.9 27.1% $31.8 Wealth Mgmt Fees 48% Customer Service Fees 24% $28.0 2023 Q2 2023 Q1 Nonint. Inc. / Total Revenue Noninterest Income (ex-securities gains/losses) $30.1 BOLI Mortgage Million 3% Rev. 1% $106.7 $78.7 Payment Tech 17% 26.3% 16 B#172Q23 Earnings Investor Presentation Wealth Management 1 ■ ■ ■ ■ ■ ■ Assets Under Care (AUC) of $11.5 billion, a QoQ increase of $270 million First Busey Corporation | Ticker: BUSE Wealth revenue¹ of $14.7 million, a YoY increase of 4.1% and pre- tax net income of $6.5 million, a YoY decrease of 0.9% Pre-tax profit margin of 44.1% in 2Q23 and 41.1% over the last twelve months Our fully internalized investment team continues to produce excellent returns, outperforming benchmarks over multiple measurement periods ■ ■ The team's blended portfolio has outperformed the blended benchmark² over the last 12 months, 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 Continued overall rotation from low-fee customer exits to acquiring new higher-fee customers Recently completed fee structure initiatives positively impacting revenue at approximately $2.3 - $2.5 million annually Assets Under Care $ in millions $11,454 2022 Q2 $ in millions 46.3% $14.1 Wealth Revenue and Pre-tax Income $6.5 2022 Q2 $10,749 Wealth Management segment | Blended benchmark consists of 60% MSCI All-Country World Index / 40% Bloomberg Intermediate Govt/Credit Index 2022 Q3 $12.5 38.6% $4.8 $11,062 2022 Q3 2022 Q4 $13.0 38.2% $5.0 2022 Q4 1 $11,208 2023 Q1 $14.9 42.8% $6.4 2023 Q1 $11,478 2023 Q2 $14.7 44.1% $6.5 2023 Q2 17 ТВ#182Q23 Earnings Investor Presentation 1 FirsTech ■ ■ ■ ■ ■ LTM revenue of $22.3 million, an increase of 7% over the prior twelve-month period First Busey Corporation | Ticker: BUSE Key competencies of electronic payments and merchant services have been the primary drivers of growth YTD Pipeline continues to build - regularly track progress to adapt go-to-market sales strategies The value of customized payments-enabled software platforms from an ODFI-sponsored company resonates with potential customers Average revenue per processing day increased to $89.1 thousand in 2Q23, a YoY increase of 6% $61.8K $65.8K $67.1K $79.6K $75.0K 2020 Q2 2020 Q3 2020 Q4 2021 Q1 2021 Q2 $12 billion Average Revenue Per Processing Day Trend Revenue equates to all revenue sources tied to FirsTech and excludes intracompany eliminations 39 million Payments processed in last twelve months Transactions processed in last twelve months $78.5K $78.2K $87.5K 2021 Q3 2021 Q4 2022 Q1 $84.0K 2022 Q2 Revenue Growth $20.8 million LTM 6/30/22 $87.2K $88.3K 2022 Q3 2022 Q4 $91.5K +7.3% $89.1K +11% 3-Year CAGR 2023 Q1 2023 Q2 1 $22.3 million LTM 6/30/23 18 B#192Q23 Earnings Investor Presentation Net Interest Margin Net Interest Income Trend ¹ $ in millions $76.5 $0.6 $0.6 $75.3 2022 Q2 $86.8 $0.8 +3.13% $85.9 2022 Q3 Net Interest Income 1023 NIM 1 $91.7 $0.5 $91.2 2022 Q4 Net Interest Margin Bridge Accretion First Busey Corporation | Ticker: BUSE +0.18% Yields on new loan volume were 36 bps higher than in 1Q23, while net new funding yields (inclusive of line utilization changes) were 1 bp higher $86.4 $0.4 $86.0 Loan Rate/ Volume $79.2 $0.4 $78.8 2023 Q1 2023 Q2 PPP Income (net fees + coupon) -0.43% Increasing rate pressure on interest-bearing deposits as the tightening cycle advances and betas accelerate -0.03% Impact from rate pressure on company debt Net Interest Margin Trend Factors contributing to 27 bps NIM compression during quarter 2.91% Borrowing Costs 2.68% 2.66% 0.24% 0.02% 2022 Q2 Earning Assets 3.31% +0.02% 2.99% 3.00% 0.32% 0.03% 2022 Q3 Increases in the securities portfolio yield Securities Yield Cost of Funds 1 3.76% 3.24% 0.53% 0.02% 2022 Q4 NIM -0.01% Net impact of Prime Loan & Trups Swap 4.05% Cash Flow Hedges 3.13% 0.94% Deposit Funding Costs Tax-equivalent adjusted amounts; Non-GAAP, see Appendix | 2 Non-GAAP; EX-PPP NIM removes the balance of PPP loans and associated income as well as the equivalent amount of self-funding noninterest-bearing deposits 0.01% 2023 Q1 Accretion 4.23% 2.86% 1.42% 0.02% +2.86% 2023 Q2 Ex-PPP NIM 2 2023 NIM 19 NIM up 18 bps vs. 2Q22 ТВ#202Q23 Earnings Investor Presentation Focused Control on Expenses Noninterest Expense $ in millions Noninterest Exp. Unfunded Provision Acq./Restructuring Exp. 1 Intangible Amort. NMTC Amort. Adj. Core Exp. (¹) Expenses ex-Acq. $69.1 59.0% 2022 Q2 $69.1 - $0.3 $0.3 $3.0 $1.7 $64.4 $70.7 55.7% Acq./Restructuring Exp. 2022 Q3 First Busey Corporation | Ticker: BUSE $70.7 - $0.3 $1.0 $2.9 $1.7 $65.6 $73.7 55.8% 2022 Q4 $73.7 -$0.5 $2.4 $2.8 $1.7 $67.2 Adj. Core Efficiency Ratio ¹ $70.4 55.6% 2023 Q1 $70.4 -$0.6 $0.0 $2.7 $2.2 $66.1 $69.2 58.6% 2023 Q2 $69.2 $0.3 $0.0 $2.7 $2.3 $64.0 ■ I Adjusted core expenses¹ of $64.0 million in 2Q23, down from $64.4 million in 2Q22 Continue to be mindful and diligent on expenses, restricting new hires by targeting critical replacements; focusing on harvesting investments made over the last several quarters YOY adjusted core expense decrease in part attributable to lower business development & marketing expenses, partially offset by increased FDIC insurance costs ▪ Over the prior 2+ years, we have been purposeful in our efforts to rationalize our expense base, including: During 4Q22, implemented a targeted restructuring & efficiency optimization plan (projected to generate annual salary & benefits savings of $4.0 to $4.1 million) Reduced branch count from 87 (proforma for Glenview State Bank) to 58, while increasing average deposits per branch from $113 million at 9/30/20 to $173 million at 6/30/23 $7.5 million of average earning assets per employee for 2Q23 Full-Time Equivalents (FTE) 1,531 1,346 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 2022 YE 1,477 2023 Q2 20 B#212Q23 Earnings Investor Presentation 1 Robust Capital Foundation Tangible Common Equity & CET1 Ratios $ in millions 11.8% $802 6.7% 2022 Q2 Leverage Ratio $ in millions 9.0% $1,105 11.8% 2022 Q2 $749 6.2% 2022 Q3 TCE 2 9.1% $1,130 First Busey Corporation | Ticker: BUSE 12.0% $791 6.6% 2022 Q4 TCE Ratio 9.5% $1,156 2 12.2% $845 7.1% 2023 Q1 CET1 Ratio 9.7% $1,178 2022 Q3 2022 Q4 Leverage Ratio Tier 1 Capital Non-GAAP calculation, see Appendix | 2 2023 capital ratios are preliminary estimates 2023 Q1 - Min Ratio 12.4% $851 7.2% 2023 Q2 9.9% $1,198 4.0% 2023 Q2 Total Capital Ratio ² $ in millions $1,453 $577 16.6% $876 2022 Q2 $1,431 $535 $ in millions 16.0% $896 2022 Q3 Capital Ratio Minimum Well Capitalized Ratio Amount of Capital $1,458 $554 Well Capitalized Minimum Excess over Well Capitalized Minimum 16.1% $904 Well Cap Min Excess over Min Consolidated Capital as of 6/30/23² 2022 Q4 2023 Q1 Total Capital Ratio Common Equity Tier 1 Ratio 12.4 % 6.5 % $1,487 $580 $1,124 $592 $532 16.4% $907 Tier 1 Capital Ratio 13.2 % 8.0 % $1,198 $728 $470 $1,507 $597 16.6% $910 10.0% 2023 Q2 Min Ratio Total Capital Ratio 16.6 % 10.0 % $1,507 $910 $597 21 ТВ#222Q23 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 I I 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 Non-performing asset, classified asset, and net charge-off ratios remain near historically low levels LTM net charge-offs total $1.9 million, which equates to 0.03% of LTM average loans¹ Classifieds / Capital $ in millions Classified Assets ($) $1,099 9.7% 2019 YE $106.9 First Busey Corporation | Ticker: BUSE 2 Bank Tier 1 Capital + ALLL $1,155 8.5% 2020 YE $97.8 $1,329 6.9% 2021 YE $91.8 Classified/Capital $1,398 7.7% 2022 YE $107.1 $1,430 5.7% 2023 Q2 $81.9 NPAS/ Assets NPAS ($) $ in millions $9,696 0.34% NCOS ($) Annualized 2019 YE $32.6 $ in millions $6,470 NCOS / Average Loans Avg Loans 0.11% 2019 YE $10,544 $7.3 0.27% 2020 YE $28.9 $7,007 0.12% 2020 YE Assets $8.3 % NPAS/Assets $12,860 0.17% 2021 YE $21.3 $6,970 0.03% Annualized NCOS/Avg Loans 2021 YE $2.2 $12,337 ¹ LTM 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 0.13% 2022 YE $16.6 $7,446 0.01% 2022 YE $0.9 $12,209 0.13% 2023 Q2 $15.8 $7,756 0.04% 2023 Q2 $2.9 22 B#232Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Reserves Supports Credit & Growth Profile ■ ■ ■ Reserve to loans of 1.17% (ex-PPP) ■ Day 1 CECL coverage was 1.06% Non-performing loan balances increased by $0.6 million QoQ while OREO balances declined by $0.7 million QoQ Total NPAs declined by $0.1 million QoQ to $15.8 million Reserves to NPLs now equal to 581% Allowance / NPLs $ in thousands $29,507 182% 2019 YE $24,301 416% 2020 YE NPLs 522% $16,852 2021 YE 582% $15,740 2022 YE Allowance/NPLs 581% $15,778 2023 Q2 Allowance / Loans (ex-PPP) $ in millions $6,687 0.80% 2019 YE $32,564 165% 1.59% 2019 YE $6,368 Allowance / NPAS $ in thousands 2020 YE Ex-PPP Loans $28,872 350% 2020 YE NPAS $7,114 1.24% 2021 YE 413% 2022 YE Allowance/Ex-PPP Loans $21,268 $7,725 2021 YE 1.19% 552% $16,590 2022 YE Allowance/NPAS $7,805 1.17% 2023 Q2 578% $15,846 2023 Q2 23 B#24First Busey Corporation | Ticker: BUSE Balanced, Low-Risk, Short Duration Investment Portfolio Investment Portfolio Composition | 2023 2Q23 Earnings Investor Presentation Municipals 8% U.S. Treasuries & Agencies 2% Corporate 7% CLOS 14% CMOS 31% Total Securities (Amortized Cost): $3.5 Billion Commercial MBS 17% Residential MBS 21% All Mortgage-Backed Securities & Collateralized Mortgage Obligations are Agency ■91% of Municipal holdings rated AA or better and 8% rated A AFS % of Amortized Cost 74% HTM % of Amortized Cost 26% 100% of Corporate holdings are investment grade Collateralized Loan Obligation portfolio consists of 86% rated AAA and 14% rated AA ■ ■ ■ ■ BUSE carried $894 million in held-to-maturity (HTM) securities as of 6/30/23 Transferred a portion of the portfolio comprised of Agency RMBS & CMBS from available-for-sale (AFS) to HTM during 1Q22 ■ The duration of the securities portfolio including HTM is 4.2 years and our fair value duration, which excludes the HTM portfolio, is 3.8 years After-tax net AFS unrealized loss position of $212 million Projected AOCI burn down for the remainder of 2023 is $31 million (12% of total AOCI at 6/30/23) and is $54 million (21% of total) for 2024 Carrying value of investment portfolio is 26% of total assets Projected remaining 2023 roll off cash flow (based on static rates) of $187 million at ~1.70% yield Over the last four quarters the investment portfolio's amortized cost has decreased by $457 million as balance sheet rotation into loans continues Securities Portfolio - Amortized Cost vs. TE Yield $ in millions $3,941 $953 $2,988 1.92% 2022 Q2 $3,824 $936 $2,888 2.13% 2022 Q3 Amortized Cost AFS $3,702 $918 $2,784 2.34% 2022 Q4 Amortized Cost HTM $3,582 $908 $2,674 2.48% 2023 Q1 $3,484 $894 $2,590 2.60% 2023 Q2 Tax Equivalent Yield 24 B#251 2Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Actively Managing Asset-Sensitive Balance Sheet ■ ■ ■ Balance sheet remains asset-sensitive, progressing towards becoming more rate neutral A +100 bps rate shock for Year 1 is up to +2.2% from +2.1% in 1Q23 A -100 bps rate shock for Year 1 is -2.6%; up from -2.9% in 1Q23 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 deposit 6% 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 7% 2-3 Years 8% 3-5 Years 20% Deposit betas are calculated based on an average fed funds target rate of 5.16% during 2023 Annual % Change in Net Interest Income under Shock Scenarios Rate Shock +200 bps +100 bps -100 bps -200 bps 21% Year 1 Deposit Betas¹ in last Tightening Cycle vs. Current ALCO Model Forecast 26% +4.4% +2.2% -2.6% -5.1% Balance sheet is projected over one- & two-year time horizons and net interest income is calculated under current market rates assuming permanent instantaneous shifts ALCO Model Forecast - Peak NM Deposits Beta, 36% ALCO Model Forecast - Peak Total Deposits Beta, 32% 3Q15 - 2019 (+225 bps move in FF) IB Non-Maturity Beta Year 2 24% +5.1% +2.5% -3.5% -7.0% 20% 1Q22- 1Q23 (+500 bps move in FF) Total Deposit Beta Peak IB NM deposit beta increased from 31% to 36% and peak total deposit beta increased from 27% to 32% Increase in estimated betas driven by change in deposit mix Peak beta expected to occur in mid-2024 25 B ТВ#262Q23 Earnings Investor Presentation 1 2Q23 Earnings Review Net Interest Income Noninterest Income Noninterest Expense Provision Taxes Earnings Non-GAAP, see Appendix ■ ▪ The primary factor contributing to the quarter's NIM compression was increased funding costs on interest-bearing deposits (43 bps decrease), offset partially by the growth of the loan portfolio combined with higher new volume rates & repricing rates (18 bps increase) ■ ■ ■ ■ First Busey Corporation | Ticker: BUSE ■ ■ Net interest income was $78.7 million in 2Q23 vs. $85.9 million in 1Q23 and $75.9 million in 2Q22 Net interest margin¹ was 2.86% in 2Q23, a decrease of 27 bps vs. 3.13% in 1Q23 ■ $0.6 million loan loss provision expense ▪ $0.3 million provision for unfunded commitments (captured in other noninterest expense) Net charge offs of $0.7 million in 2Q23 Noninterest income (ex-securities gains/losses)¹ of $30 million in 2Q23, representing 28% of revenue Wealth management fees of $14.6 million in 2Q23, down from $14.8 million in 1Q23 but +3% YoY Payment tech solutions revenue of $5.2 million in 2Q23, down from $5.3 million in 1Q23 but +7% YoY Fees for customer services of $7.2 million in 2Q23, up from $6.8 million in 1Q23 and down 24% YoY, attributable to impact from Durbin Amendment ($2.4 million impact in 2Q23) Adjusted noninterest expense¹ (ex-amortization of intangibles, one-time acquisition and restructuring related items) of $66.5 million in 2Q23, resulting in a 60.9% adjusted efficiency ratio ¹ Adjusted core expense¹ of $64.0 million (ex-amortization of intangible assets, one-time items, unfunded commitment provision, and NMTC amortization) in 2Q23, equating to 58.6% adjusted core efficiency ratio ¹ 2Q23 effective tax rate of 20.3% Adjusted net income of $29.4 million or $0.52 per diluted share¹ ($31.0 million and $0.55 per share excluding net securities gains and losses¹) ▪ Adjusted pre-provision net revenue of $42.1 million (1.38% PPNR ROAA) in 2Q23 ¹ 1 ▪ 0.96% Adjusted ROAA and 13.90% Adjusted ROATCE in 2Q23 ¹ 1 26 B#272Q23 Earnings Investor Presentation Earnings Performance Adjusted Net Income & Earnings Per Share ¹ 1 $ in millions $30.1 $0.54 2022 Q2 $ in millions $41.3 1.33% $36.4 2022 Q2 $0.65 2022 Q3 $48.8 $36.3 Adj. Net Income 1.54% 2022 Q3 Adj. PPNR First Busey Corporation | Ticker: BUSE $0.65 2022 Q4 Adjusted Pre-Provision Net Revenue / Avg. Assets $50.0 1.61% $36.8 $0.65 2022 Q4 2023 Q1 Adj. EPS $49.5 1.64% 2023 Q1 Adj. PPNR / Avg Assets $29.4 ¹ Non-GAAP calculation, see Appendix | 2 Per FRED, Federal Reserve Bank of St. Louis $0.52 2023 Q2 1 $42.1 1.38% 2023 Q2 1 Adjusted ROAA & Adjusted ROATCE ¹ 14.6% 0.97% 2022 Q2 3.01% 2.98% 2.92% Historical Key Rates 1.50% 17.8% 6/30/22 1.15% 2022 Q3 4.22% 4.06% 3.83% Adj. ROATCE - SOFR 9/30/22 2 2.98% 19.0% 1.17% 2022 Q4 4.41% 2-yr UST 4.30% 3.99% 3.88% 12/31/22 18.5% 1.22% 2023 Q1 Adj. ROAA 5-yr UST 4.87% 4.06% 3.60% 3.48% 3/31/23 10-Yr UST 13.9% 0.96% 2023 Q2 5.09% 4.87% 4.13% 3.81% 6/30/23 27 B#28Appendix FIRST BUSEY CORPORATION#292Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Experienced Management Team Van A. Dukeman Chairman, President & CEO, First Busey Corp. Has served as President & CEO of First Busey since 2007 and became Chairman of the Board effective July 2020. Mr. Dukeman was President & CEO of Main Street Trust from 1998 until its merger with First Busey in 2007. His 40 years of diverse financial services experience and extensive board involvement brings a conservative operating philosophy and a 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. 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. Previously, he served as Vice President of Sales Operations for Fisher Investments in Woodside, California. Chip Jorstad EVP & President of Credit and Bank Administration 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. Robin N. Elliott President & CEO, Busey Bank | CEO, FirsTech Joined Busey in 2006 and led various finance functions prior to serving as CFO/COO and now Bank President/CEO. Mr. Elliott has played instrumental roles in executing various strategic and growth initiatives. Before joining Busey, Mr. Elliott worked for Ernst & Young. 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. Willie B. Mayberry EVP & President of Regional Banking Joined Busey in 2021 where he focuses on developing strategic growth opportunities and product development with an emphasis on well-capitalized banking. Prior to Busey, Mr. Mayberry was with PNC, serving as EVP & Director of Strategy and Planning for the Commercial Bank. With over 30 years of financial and commercial banking experience, he previously served as the Midwest Business Banking Regional Executive and National Sales Leader of Treasury Services for JPMorgan Chase. 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. Jeffrey D. Jones EVP & CFO Joined Busey in August 2019, bringing his nearly 20 years of investment banking and financial services experience to Busey. Mr. Jones previously served as Managing Director and Co-Head of Financial Institutions at Stephens Inc. Mr. Jones began his career in the Banking Supervision and Regulation division of the Federal Reserve. Amy L. Randolph Chief of Staff & EVP of Pillar Relations 29 Joined Busey in 2008 and now leads many areas, including: corporate strategy, marketing & communications, community relations, human resources, as well as M&A integration and other key projects and strategic initiatives. Prior to joining Busey, Mrs. Randolph worked for 10+ years with CliftonLarsonAllen LLP. 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 at LaSalle Bank. Mr. Sheils brings seasoned expertise in consumer and small business strategy, call center management, retail operations, deposit and income growth, product development and enhancing digital options. B#302Q23 Earnings Investor Presentation High Quality Loan Portfolio: C&I ■ ■ I I 24.3% of total loan portfolio (ex-PPP loans) All C&I loans are underwritten to 1.20x FCCR requirement and RLOCS greater than $1 million require a monthly borrowing base Diversified portfolio results in low levels of concentrated exposure ▪ Top concentration in one industry (manufacturing) is 16% of C&I loans, or 4% of total loans Only 2.6% of C&I loans are classified Majority of manufacturing classified balances are comprised of two credits ($26 million outstanding) that were downgraded from special mention to classified during 2Q22 & 4Q22 ■ ■ Health Care & Social Assistance classified balances declined by $9.5 million during 2Q23 due to payoff of nursing home credit Total C&I Loans Trend ¹ $1,912 First Busey Corporation | Ticker: BUSE 2022 Q2 $1,944 2022 Q3 $1,974 2022 Q4 ¹ Ex-PPP loan totals include purchase accounting, FASB, overdrafts, etc. $1,936 2023 Q1 1,899 2023 Q2 C&I Loans by Sector $ in thousands NAICS Sector Manufacturing Finance and Insurance Wholesale Trade Construction Real Estate Rental & Leasing Educational Services Transportation Health Care and Social Assistance Ag, Forestry, Fishing, Hunting Food Services and Drinking Places Other Services (except Public Admin.) Public Administration Arts, Entertainment, and Recreation Retail Trade Professional, Scientific, & Tech. Svcs. Administrative & Support Services Mining, Quarrying, Oil & Gas Extract. Waste Management Services Information Utilities Management of Cos. & Enterprises Grand Total 6/30/23 Balances (ex PPP) $297,391 224,801 210,157 187,415 174,136 137,492 102,617 93,313 87,747 75,331 68,763 63,152 55,759 47,157 38,401 16,108 7,059 7,039 3,053 1,129 1,125 $1,899,145 % of Total Loans 3.8 % 2.9 % 2.7 % 2.4 % 2.2 % 1.8 % 1.3 % 1.2 % 1.1 % 1.0 % 0.9 % 0.8 % 0.7 % 0.6 % 0.5 % 0.2 % 0.1 % 0.1 % 0.0 % 0.0 % 0.0 % 24.3 % 6/30/23 Classified Balances $30,629 0 247 929 2,130 92 0 5,683 1,360 7 118 0 217 2,966 2,850 302 1,445 0 0 0 $48,975 30 B#312Q23 Earnings Investor Presentation First Busey Corporation | Ticker: BUSE Fully Integrated Wealth Platform As of 6/30/23 Busey 3 Core Principles 7 Distinct Teams for preserving & growing wealth 7WEALTHⓇ MANAGEMENT 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 FINANCIAL PLANNING Retirement planning Investment planning . ■ . . Tax planning Life insurance & LT care Executive stock option strategies PRIVATE CLIENT Concierge banking with one point of contact Complete and simplified coordination of all banking needs . $11.5 Billion Assets Under Care FIDUCIARY ADMINISTRATION Personal trust services trustee, executor, post-mortem administration . Estate plan reviews Philanthropic advisory services FOUNDATIONS & ENDOWMENTS ▪ Specialized strategies & services In-house investment management $55.1 Million LTM Revenue II. Team-Based Approach Collaborative team of experienced, credentialed professionals with broad resources that excels in developing unique solutions for clients. is CLIENT Lass EB III. Comprehensive Wealth Management 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 INVESTMENT MANAGEMENT Portfolio construction & management Enhanced asset allocation strategies 44.1% PT Margin MRQ ▪ Goal based asset allocation Tax efficient strategies. Distribution planning . . CORPORATE RETIREMENT PLANS Retirement Plan advisory services 401K management · Open architecture platform Dedicated in-house investment team TAX PLANNING & PREPARATION Deduction maximization . Capital event planning • Tax-advantaged savings and investment strategies Tax return preparation 31 B#32First Busey Corporation | Ticker: BUSE Continued Investment in Technology Enterprise-Wide LTM Tech Investment Highlights 2Q23 Earnings Investor Presentation 2022 Q3 Q4 2023 Q1 Q2 Future 2023 Projects Upgraded treasury management solution for more robust customer functionality & more detailed internal reporting 1 Launched new IT security operations partnership that enhanced 24x7x365 support for monitoring of security alerts & events, incident response & remediation Debuted an incentivized program that allows associates to "pitch" their ideas for efficiency improvements to Busey leaders, who will select winning applicants each quarter I Implemented software & hardware management databases, enhancing monitoring of assets & licenses and automating ongoing maintenance & ordering I 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 Implemented automated doc, imaging, & indexing solution that further reduces reliance on manual intervention for organizing documents Launch an omnichannel deposit account opening solution that will allow customers to open accounts online or in person at a branch the solution will be easy to use and provide a seamless experience for customers, regardless of how they choose to open an account Investment Legend Implement a virtual service agent to expand self-service opportunities and improve chat capabilities for retail customer care Introduce advanced reporting and analytics that will empower our business lines to offer better solutions by providing associates with enhanced knowledge of their customers' behaviors 1 Enhanced Customer Experience Completed Phase 1 enhancements for nCino platform optimization, continually improving our commercial lending and treasury management processes | Launched "always on" VPN for associates, streamlining computer remote worker onboarding and software update processes enterprise-wide Scale & Efficiency Upgrades 32 B