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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Noninterest Expense
Changes in noninterest expense are summarized in the tables below:
| Three Months Ended September 30, | ||||
|---|---|---|---|---|
| (dollars in thousands) | 2026 | 2025 | Change | % Change |
| Noninterest expense | ||||
| Salaries and employee benefits | $66,432 | $74,145 | $(7,713) | (10.4)% |
| Data processing | 9,436 | 9,714 | (278) | (2.9)% |
| Premises expenses: | ||||
| Net occupancy expense of premises | 7,977 | 7,982 | (5) | (0.1)% |
| Furniture and equipment expenses | 2,530 | 2,143 | 387 | 18.1% |
| Combined, net occupancy expense of premises and furniture and equipment expenses | 10,507 | 10,125 | 382 | 3.8% |
| Professional fees | 2,507 | 2,931 | (424) | (14.5)% |
| Amortization of intangible assets | 4,151 | 4,507 | (356) | (7.9)% |
| Interchange expense | 1,156 | 1,336 | (180) | (13.5)% |
| FDIC insurance | 1,293 | 3,151 | (1,858) | (59.0)% |
| Other noninterest expense | 15,916 | 14,109 | 1,807 | 12.8% |
| Total noninterest expense | $111,398 | $120,018 | $(8,620) | (7.2)% |
| Income taxes | $16,662 | $20,204 | $(3,542) | (17.5)% |
| Effective income tax rate | 23.0% | 26.1% | (310) bps | |
| Efficiency ratio (Non-GAAP)1 | 54.4% | 54.9% | (50) bps | |
- 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 Q3 — 80
| Nine Months Ended September 30, | ||||||
|---|---|---|---|---|---|---|
| (dollars in thousands) · 2026 · 2025 · Change · % Change | ||||||
| Noninterest expense | ||||||
| Salaries and employee benefits | $219,339 | $220,068 | $(729) | (0.3)% | ||
| Data processing | 28,168 | 33,310 | (5,142) | (15.4)% | ||
| Premises expenses: | ||||||
| Net occupancy expense of premises | 23,479 | 21,613 | 1,866 | 8.6% | ||
| Furniture and equipment expenses | 7,043 | 6,296 | 747 | 11.9% | ||
| Combined, net occupancy expense of premises and furniture and equipment expenses | 30,522 | 27,909 | 2,613 | 9.4% | ||
| Professional fees | 8,787 | 15,316 | (6,529) | (42.6)% | ||
| Amortization of intangible assets | 12,674 | 12,182 | 492 | 4.0% | ||
| Interchange expense | 3,368 | 3,976 | (608) | (15.3)% | ||
| FDIC insurance | 6,093 | 7,742 | (1,649) | (21.3)% | ||
| Other noninterest expense | 44,601 | 39,378 | 5,223 | 13.3% | ||
| Total noninterest expense | $353,552 | $359,881 | $(6,329) | (1.8)% | ||
| Income taxes | $49,051 | $34,634 | $14,417 | 41.6% | ||
| Effective income tax rate | 22.5% | 31.7% | (920) bps | |||
| Efficiency ratio (Non-GAAP)1 | 54.4% | 56.0% | (160) bps | |||
| Full-time equivalent associates as of period-end | 1,812 | 1,922 | (110) | (5.7)% | ||
- 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 $111.4 million for the three months ended September 30, 2026, representing a decrease of 7.2% from the comparable period in 2025. Excluding acquisition and restructuring expenses, adjusted noninterest expense 2 totaled $110.3 million for the three months ended September 30, 2026, representing a decline of 2.2% from the comparable period in 2025. Declines were primarily attributable to reductions in salaries and employee benefits and FDIC insurance, partially offset by an increase in other noninterest expense.
Total noninterest expense was $353.6 million for the nine months ended September 30, 2026, representing a decrease of 1.8% from the comparable period in 2025. Excluding acquisition and restructuring expenses, adjusted noninterest expense totaled $332.6 million for the nine months ended September 30, 2026, representing an increase of 7.3% from the comparable period in 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 Q3 — 81
Salaries and employee benefits totaled $66.4 million for the three months ended September 30, 2026, representing a decrease of 10.4% 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 $65.7 million for the three months ended September 30, 2026, representing a decrease of 4.1% from the comparable period in 2025, resulting primarily from declines in salaries and bonus expense. Salaries and employee benefits totaled $219.3 million for the nine months ended September 30, 2026, representing a decrease of 0.3% from the comparable period in 2025. Excluding acquisition and restructuring expenses, these expenses totaled $200.4 million for the nine months ended September 30, 2026, representing an increase of 7.2% from the comparable period in 2025, due to increases in expense for salaries and incentive compensation.
Data processing expense totaled $9.4 million for the three months ended September 30, 2026, and $28.2 million for the nine months ended September 30, 2026, representing decreases of 2.9% and 15.4%, respectively, from the comparable periods in 2025. Excluding acquisition and restructuring expenses, data processing expense increased by $0.1 million, or 1.6%, for the three months ended September 30, 2026, and increased by $1.5 million, or 5.5% for the nine months ended September 30, 2026, when compared to the same periods 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 $10.5 million for the three months ended September 30, 2026, and $30.5 million for the nine months ended September 30, 2026, representing increases of 3.8% and 9.4%, respectively, from the comparable periods in 2025. Increases were driven by expense growth in lease costs and depreciation expense, resulting 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 $2.5 million for the three months ended September 30, 2026, representing a decrease of 14.5% from the comparable period in 2025. Excluding acquisition and restructuring expenses, professional fees decreased by $0.1 million or 2.6% from the comparable period in 2025, primarily due to declines in legal fees partially offset by increases in consulting expenses. Professional fees totaled $8.8 million for the nine months ended September 30, 2026, representing a decrease of 42.6% from the comparable period in 2025. Excluding acquisition and restructuring expenses, professional fees increased by $0.6 million, or 8.4%, for the nine months ended September 30, 2026, from the comparable period in 2025, primarily due to increases in audit and accounting fees and consulting expenses, partially offset by declines in legal fees.
Amortization of intangible assets totaled $4.2 million for the three months ended September 30, 2026, representing a decrease of 7.9% from the comparable period in 2025, and totaled $12.7 million for the nine months ended September 30, 2026, representing an increase of 4.0% 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 $1.2 million for the three months ended September 30, 2026, representing a decrease of 13.5% from the comparable period in 2025, and totaled $3.4 million for the nine months ended September 30, 2026, representing a decrease of 15.3% from the comparable period in 2025. Fluctuations in interchange expense relate to payment and volume activity at FirsTech.
FDIC insurance expense totaled $1.3 million for the three months ended September 30, 2026, representing a decrease of 59.0% from the comparable period in 2025, and totaled $6.1 million for the nine months ended September 30, 2026, representing a decrease of 21.3% from the comparable period in 2025. FDIC insurance costs declined as a result of prior-period adjustments.
First Busey Corporation(BUSE) | 2026 Q3 — 82
Other noninterest expense totaled $15.9 million for the three months ended September 30, 2026, representing an increase of 12.8% from the comparable period in 2025. Excluding acquisition and restructuring expenses, these expenses totaled $15.5 million for the three months ended September 30, 2026, representing an increase of 16.2% from the comparable period in 2025. Other noninterest expense totaled $44.6 million for the nine months ended September 30, 2026, representing an increase of 13.3% from the comparable period in 2025. Excluding acquisition and restructuring expenses, these expenses totaled $43.5 million for the nine months ended September 30, 2026, representing an increase of 16.5% from the comparable period in 2025. Significant drivers of the changes in other noninterest expense included marketing, business development, and card service fees.
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