FIRST BUSEY CORP /NV/
For the period ended Sep 30, 2026. Filed Nov 5, 2026.
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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.
Sep 30, 2026 · Filed Nov 5, 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:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| (dollars in thousands) | 2026 | 2025 | 2026 | 2025 |
| Pre-tax non-GAAP adjustments to net income by income/expense category | ||||
| Net securities (gains) losses | $703 | $288 | $(802) | $10,059 |
| Other noninterest income | — | 44 | — | 44 |
| Provision for credit losses | — | — | — | 49,602 |
| Salaries and employee benefits | 724 | 5,610 | 18,893 | 33,045 |
| Data processing | — | 424 | 80 | 6,690 |
| Net occupancy expense of premises | — | 9 | — | 9 |
| Furniture and equipment expenses | — | 66 | — | 67 |
| Professional fees | — | 358 | 823 | 7,969 |
| Other noninterest expense | 377 | 740 | 1,131 | 2,053 |
| Total pre-tax non-GAAP adjustments to net income | $1,804 | $7,539 | $20,125 | $109,538 |
| Pre-tax non-GAAP adjustments to net income by business objective | ||||
| Net securities (gains) losses1 | $703 | $288 | $(802) | $10,059 |
| Initial provision for credit losses2 | — | — | — | 49,602 |
| Other acquisition (income) expenses3 | 1,132 | 7,251 | 7,572 | 49,877 |
| Restructuring expenses4 | (31) | — | 13,355 | — |
| Total pre-tax non-GAAP adjustments to net income | $1,804 | $7,539 | $20,125 | $109,538 |
During the nine months ended September 30, 2025, Busey sold available for sale debt securities with a book value of approximately $205.6 million for a pre-tax loss of $15.5 million and related estimated tax benefit of $4.3 million, as part of a balance sheet repositioning strategy.
During the nine months ended September 30, 2025, in connection with the CrossFirst acquisition, Busey recorded expenses of $42.4 million to establish an initial allowance for non-PCD loans and $7.2 million to establish an initial allowance for unfunded commitments following the close of the CrossFirst acquisition-in the first quarter of 2025 and adoption of a new CECL model in the second quarter of 2025.
Other acquisition expenses related to the acquisition of CrossFirst, which was completed on March 1, 2025. Final expenses for the acquisition of M&M were also included in the nine months ended September 30, 2025.
Restructuring expenses were incurred in connection with the execution on additional synergies related to the CrossFirst acquisition and also in connection with the previously announced departure of Michael J. Maddox in the first quarter of 2026.
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 MD&A. See“Non-GAAP Financial Information.”
First Busey Corporation(BUSE) | 2026 Q3 — 70
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