FIRST BUSEY CORP /NV/

Changes in noninterest expense are summarized in the tables below:

1. Beginning in 2026, Busey now reports a single efficiency ratio, which was previously reported as the “adjusted efficiency ratio.” The efficiency ratio is a non-GAAP financial measure. For a reconciliation of non-GAAP measures to the most directly comparable financial GAAP measures, see“Non-GAAP Financial Information” included in this MD&A.

First Busey Corporation(BUSE) | 2026 Q2 — 76

1. Beginning in 2026, Busey now reports a single efficiency ratio, which was previously reported as the “adjusted efficiency ratio.” The efficiency ratio is a non-GAAP financial measure. For a reconciliation of non-GAAP measures to the most directly comparable financial GAAP measures, see“Non-GAAP Financial Information” included in this MD&A.

Total noninterest expense was $112.6 million for the three months ended June 30, 2026, representing a decrease of 11.9% from the comparable period in 2025. Excluding acquisition and restructuring expenses, adjusted noninterest expense 2 totaled $109.5 million for the three months ended June 30, 2026, representing a decrease of 1.5% from the comparable period in 2025. Declines were primarily attributable to reductions in salaries and employee benefits and data processing. Total noninterest expense was $242.2 million for the six months ended June 30, 2026, representing an increase of 1.0% from the comparable period in 2025. Excluding acquisition and restructuring expenses, adjusted noninterest expense totaled $222.3 million for the six months ended June 30, 2026, representing an increase of 12.7% from the comparable period in 2025. Growth in noninterest expense was primarily attributable to increased expenses associated with Busey’s larger organization and expanded branch network, which affected the full first half of 2026, but only four months of the first half of 2025 following the acquisition of CrossFirst on March 1, 2025.

2 Adjusted noninterest expense is a non-GAAP financial measure. For a reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures, see“Non-GAAP Financial Information” included in this MD&A.

First Busey Corporation(BUSE) | 2026 Q2 — 77

Salaries and employee benefits totaled $67.7 million for the three months ended June 30, 2026, representing a decrease of 13.6% from the comparable period in 2025. Excluding acquisition and restructuring expenses, which include severance, retention, and stock-based compensation expenses related to the CrossFirst acquisition, these expenses totaled $65.6 million for the three months ended June 30, 2026, representing a decrease of 1.8% from the comparable period in 2025. Busey’s associate base declined by 117 full-time equivalent associates, from 1,950 at June 30, 2025 to 1,833 at June 30, 2026. Salaries and employee benefits totaled $152.9 million for the six months ended June 30, 2026, representing an increase of 4.8% from the comparable period in 2025. Excluding acquisition and restructuring expenses, these expenses totaled $134.7 million for the six months ended June 30, 2026, representing an increase of 13.7% from the comparable period in 2025. Busey’s associate base and footprint broadened in connection with the CrossFirst acquisition, which was completed March 1, 2025, affecting four months during the first half of 2025 compared to six months during the first half of 2026.

Data processing expense totaled $8.9 million for the three months ended June 30, 2026, representing a decrease of 36.8% from the comparable period in 2025. Excluding acquisition and restructuring expenses, data processing expense totaled $8.9 million for the three months ended June 30, 2026, representing a decrease of 11.8% from the comparable period in 2025. Data processing expense totaled $18.7 million for the six months ended June 30, 2026, representing a decrease of 20.6% from the comparable period in 2025. Excluding acquisition and restructuring expenses, data processing expense totaled $18.7 million for the six months ended June 30, 2026, representing an increase of 7.6% from the comparable period in 2025. Increases were primarily attributable to Company-wide investments in technology enhancements, as well as inflation-driven price increases.

Combined, net occupancy expense of premises and furniture and equipment expense totaled $10.2 million for the three months ended June 30, 2026, representing a decrease of 0.5% from the comparable period in 2025. Combined, net occupancy expense of premises and furniture and equipment expense totaled $20.0 million for the six months ended June 30, 2026, representing an increase of 12.5% from the comparable period in 2025. Primary cost drivers in these expense categories include lease costs, repairs and maintenance, depreciation expense, real estate taxes, and utilities. Expense growth for the six months ended June 30, 2026, over the comparable period in 2025, resulted primarily from the addition of banking centers assumed in the CrossFirst acquisition, as well as new banking centers opened in 2025 and 2026.

Professional fees totaled $3.0 million for the three months ended June 30, 2026, representing an increase of 5.8% from the comparable period in 2025. Excluding acquisition and restructuring expenses, professional fees totaled $2.3 million for the three months ended June 30, 2026, representing a decrease of 8.6% from the comparable period in 2025. Professional fees totaled $6.3 million for the six months ended June 30, 2026, representing a decrease of 49.3% from the comparable period in 2025. Excluding acquisition and restructuring expenses, professional fees totaled $5.5 million for the six months ended June 30, 2026, representing an increase of 14.3% from the comparable period in 2025. Changes in professional fees were primarily related to legal and consulting expenses.

Amortization of intangible assets totaled $4.2 million for the three months ended June 30, 2026, representing a decrease of 7.8% from the comparable period in 2025, and totaled $8.5 million for the six months ended June 30, 2026, representing an increase of 11.0% from the comparable period for 2025. The CrossFirst acquisition added an estimated $81.8 million of finite-lived intangible assets. Busey uses an accelerated amortization methodology.

Interchange expense totaled $1.1 million for the three months ended June 30, 2026, representing a decrease of 15.5% from the comparable period in 2025, and totaled $2.2 million for the six months ended June 30, 2026, representing a decrease of 16.2% from the comparable period in 2025. Fluctuations in interchange expense relate to payment and volume activity at FirsTech.

FDIC insurance expense totaled $2.3 million for the three months ended June 30, 2026, representing a decrease of 3.1% from the comparable period in 2025, and totaled $4.8 million for the six months ended June 30, 2026, representing an increase of 4.6% from the comparable period in 2025.

First Busey Corporation(BUSE) | 2026 Q2 — 78

Other noninterest expense totaled $15.2 million for the three months ended June 30, 2026, representing an increase of 8.3% from the comparable period in 2025. Excluding acquisition and restructuring expenses, these expenses totaled $14.8 million for the three months ended June 30, 2026, representing an increase of 11.7% from the comparable period in 2025. Other noninterest expense totaled $28.7 million for the six months ended June 30, 2026, representing an increase of 13.5% from the comparable period in 2025. Excluding acquisition and restructuring expenses, these expenses totaled $27.9 million for the six months ended June 30, 2026, representing an increase of 16.6% from the comparable period in 2025. Significant drivers of the changes in other noninterest expense included marketing, business development, and card service fees.