FIRST BUSEY CORP /NV/
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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FY2025 · Filed Feb 26, 2026
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Non-GAAP Adjusting Items and Non-GAAP Measures
Busey views certain non-operating items, including acquisition-related expenses, restructuring charges, and nonrecurring strategic events, as adjustments to net income reported under GAAP. Busey also adjusts for net securities gains and losses to align with industry and research analyst reporting. The objective of Busey’s presentation of adjusted earnings and adjusted earnings metrics is to allow investors and analysts to more clearly identify quarterly trends in core earnings performance. Pre-tax non-GAAP adjustments were as follows:
| Years Ended December 31, | |||
|---|---|---|---|
| (dollars in thousands) | 2025 | 2024 | 2023 |
| Pre-tax non-GAAP adjusting items by income/expense category | |||
| Realized net (gains) losses on the sale of mortgage servicing rights | $— | $(7,724) | $— |
| Net securities (gains) losses | 10,726 | 6,102 | 2,199 |
| Other noninterest income | 44 | — | — |
| Provision for credit losses | 49,602 | — | — |
| Salaries, wages, and employee benefits | 37,072 | 1,580 | 3,760 |
| Data processing | 6,984 | 548 | — |
| Net occupancy expense of premises | 13 | 46 | — |
| Furniture and equipment expenses | 67 | 88 | — |
| Professional fees | 8,100 | 4,891 | 435 |
| Other noninterest expense | 2,413 | 987 | 133 |
| Total pre-tax non-GAAP adjustments | $115,021 | $6,518 | $6,527 |
| Non-GAAP adjusting items by business objective | |||
| Balance sheet repositioning1 | $— | $(7,724) | $— |
| Net securities (gains) losses1 | 10,726 | 6,102 | 2,199 |
| Initial provision for credit losses2 | 49,602 | — | — |
| Other acquisition (income) expenses3 | 54,736 | 6,901 | 357 |
| Restructuring expenses4 | (43) | 1,239 | 3,971 |
| Total pre-tax non-GAAP adjustments | $115,021 | $6,518 | $6,527 |
During the year ended December 31, 2024, Busey executed a two-part balance sheet repositioning strategy in which it sold mortgage servicing rights on approximately $923.5 million of one-to-four family mortgage loans for a pre-tax gain of $7.7 million and sold available-for-sale debt securities with a book value of approximately $108.2 million for a pre-tax loss of $6.8 million.
During the year ended December 31, 2025, in connection with the CrossFirst acquisition, Busey’s recorded expense for the initial provision for credit losses consisting of a Day 2 provision for loan losses of $42.4 million, a Day 2 provision for unfunded commitments of $3.1 million, and an adjustment to the initial provision for unfunded commitments of $4.0 million that was recorded based on revised estimates resulting from implementation of a new CECL model.
Other acquisition expenses related to the acquisition of CrossFirst, which was completed on March 1, 2025, and the acquisition of M&M, which was completed on April 1, 2024.
Restructuring expenses were related to previously disclosed restructuring and efficiency plans and to corporate strategy advisement.
A reconciliation of non-GAAP measures, which Busey believes facilitates the assessment of its financial results and peer comparability, is included in tabular form in this Annual Report. See“Item 1. Business—Non-GAAP Financial Information.”
First Busey Corporation(BUSE) | 2025 —58
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