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FIRST BUSEY CORP /NV/

For the period ended Jun 30, 2025. Filed Aug 5, 2025.

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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2025 · Filed Aug 5, 2025

BUSE$28.63-0.1%Stored close · as of Nov 6, 2026
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

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

For the Quarterly Period Ended June 30, 2025

or

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

Commission File No.0-15950

(Exact name of registrant as specified in its charter)

Nevada37-1078406
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
11440 Tomahawk Creek ParkwayLeawood, Kansas66211
(Address of principal executive offices)(Zip code)

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

N/A

(Former name, former address, and former fiscal year, if changed since last report)

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

Title of each classTrading Symbol (s)Name of each exchange on which registered
Common Stock, $0.001 par valueBUSEThe Nasdaq Stock Market LLC
Depositary Shares, each representing a 1/40th interest in a share of 8.25% Fixed-Rate Series B Non-Cumulative Perpetual Preferred Stock, $0.001 par valueBUSEPThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☑Accelerated filer ☐Non-accelerated filer ☐
Smaller reporting company ☐Emerging growth company ☐

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

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No þ

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

ClassOutstanding at August 5, 2025
Common Stock, $0.001 par value89,065,910

FORM 10-Q

JUNE 30, 2025

Table of Contents
GLOSSARY4
PART I—FINANCIAL INFORMATION6
ITEM 1. FINANCIAL STATEMENTS6
CONSOLIDATED BALANCE SHEETS (Unaudited)7
CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Unaudited)8
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)9
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited)11
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)12
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)14
Note 1. Significant Accounting Policies14
Note 2. Mergers and Acquisitions17
Note 3. Debt Securities23
Note 4. Portfolio Loans29
Note 5. Leases40
Note 6. Deposits42
Note 7. Borrowings43
Note 8. Regulatory Capital44
Note 9. Tax Credit Investments and Other Investments in Unconsolidated Entities47
Note 10. Stock-Based Compensation47
Note 11. Outstanding Commitments and Contingent Liabilities54
Note 12. Derivative Financial Instruments55
Note 13. Fair Value Measurements60
Note 14. Earnings Per Common Share66
Note 15. Accumulated Other Comprehensive Income (Loss)68
Note 16. Operating Segments and Related Information68
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS74
SCOPE OF DISCUSSION74
BUSINESS74
Banking Center Markets74
Busey’s Conservative Banking Strategy76
Mergers and Acquisitions76
RESULTS OF OPERATIONS — THREE AND SIX MONTHS ENDED JUNE 30, 202577
Net Income77
Non-Operating Expenses and Non-GAAP Measures77
Operating Performance Metrics78
Net Interest Income79
Noninterest Income84
Noninterest Expense87
Table of Contents (continued)
FINANCIAL CONDITION91
Balance Sheet91
Portfolio Loans91
Deposits97
Liquidity98
Off-Balance-Sheet Arrangements99
Capital Resources99
NON-GAAP FINANCIAL INFORMATION100
FORWARD-LOOKING STATEMENTS106
CRITICAL ACCOUNTING ESTIMATES106
Fair Value of Assets Acquired and Liabilities Assumed in Business Combinations107
Goodwill107
Income Taxes107
Allowance for Credit Losses108
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK108
ITEM 4. CONTROLS AND PROCEDURES109
PART II—OTHER INFORMATION—OTHER INFORMATION109
ITEM 1. LEGAL PROCEEDINGS110
ITEM 1A. RISK FACTORS110
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS, AND ISSUER PURCHASES OF EQUITY SECURITIES110
ITEM 3. DEFAULTS UPON SENIOR SECURITIES110
ITEM 4. MINE SAFETY DISCLOSURES110
ITEM 5. OTHER INFORMATION111
ITEM 6. EXHIBITS112
SIGNATURES113
ContentsView on SEC.gov

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