2022
ANNUAL
REPORT
Building Business. Growing Wealth. Since 1868. • B
Since we opened our doors in 1868, Busey has built
a foundation of broad financial capabilities,
deep knowledge and close relationships that
span generations—all with your peace of mind as our priority.
We understand you have a vision for your future—
and we’re committed to helping you achieve your dreams.
Guided by experience that’s withstood the test of time,
our experts will help you build your best future with
powerful insights and proven strategies.
Building Business.
Growing Wealth.
Connecting Communities.
Since 1868.
DEAR FELLOW
SHAREHOLDERS,
We approached 2022 with optimism and confidence
in Busey’s strong, 155-year foundation and the
ability of our associates to remain laser focused
on the execution of our strategic growth plans to
achieve solid full-year results. Together, we rose to
challenges presented by our operating environment
and reaffirmed that we have an exceptional team
that is dedicated and focused on the Pillars of our
organization—associates, customers, communities
and you, our shareholders.
I have had the honor and privilege of serving this
fine institution as CEO for the past 25 years (which
includes my time at the predecessor company—Main
Street Trust) and have witnessed numerous business
cycles of “all shapes and sizes” in my 43 years in
banking. Reflecting on my experiences, as an industry
we once again find ourselves facing economic
uncertainty and a concern by the public as to the
safety and soundness of the banking system. The
last 12 months have reinforced the fact that basic
economic truths remain intact—too much money,
chasing too few goods does generate inflation.
As of February 2023, the Consumer Price Index (CPI)
suggests that prices are up 6.0 percent from the prior
year, a far cry from the Federal Reserve’s stated target
of 2 percent, but down from mid-year highs. Progress
has no doubt been made over the course of 2022
to bring down the rate of inflation. Over the past 12
months, the Federal Open Market Committee (FOMC)
raised the Federal Funds Rate nine times, equating
to a 475-basis point increase—one of the sharpest
increases in rates in U.S. history.
I remember the impact of the last significant
inflationary cycle when I was a young banker in the
late 1970s and early 1980s. Before that cycle ended,
the Prime Rate eclipsed 21 percent and mortgage
rates exceeded 18 percent. While I do not anticipate
we will reach those extraordinarily high rate levels
this time around, the operating environment we find
1 • ANNUAL REPORT | 2022
Building Business. Growing Wealth. Since 1868. • 2
CORPORATE UPDATE & STRATEGY
Busey’s strategic planning results in a well-defined set
of customer- and associate-centric goals which prioritize
steady and disciplined growth alongside robust risk
management. Since 2014, we have grown from $3.7
billion to $12.3 billion in assets—positioning ourselves
among the top 100 publicly traded U.S. banks by asset
size—by executing on these strategic plans. Despite
facing the impacts of Hurricane Ian—which you can read
more about later in this Annual Report—an inflationary
and volatile economic environment and increasing
regulatory pressures from crossing the $10 billion
threshold, Busey built positive momentum and realized
solid growth across all segments of the organization
throughout 2022.
Substantial investments in our franchise over the past
several years and timely expense reductions over the
past 24 months are bearing fruit. Our Regional Operating
Model—a key strategy developed over the past several
years that joins our Commercial, Wealth Management
and Treasury Management teams while giving regional
leadership the authority and responsibility to efficiently
allocate resources for the betterment of our clients—has
now firmly taken root and resulted in strong core loan
growth of 8.6 percent and record gross asset inflows into
Busey Wealth Management of $1.2 billion. Our payments
business, FirsTech, Inc., also generated record gross
revenue of $21.8 million, an increase of more than 10
percent from the prior year.
Over the last two years we have taken the opportunity
to execute on several notable expense initiatives. We
closed one-third of our branch network, which increased
average deposits per branch to $174 million, all while
maintaining over 90 percent deposit retention rates and
continuing to provide service excellence to customers.
To meet the needs of our ever-expanding digital
customer base—highlighted in 2022 by our monthly
active mobile users increasing to 87,000—technological
investments remain a focal point now and in the future.
We completed the successful integration of Glenview
State Bank, achieving our stated cost savings. In the
fourth quarter of 2022, we instituted an efficiency
optimization plan that will generate annual savings of
more than $4 million, creating room for growth without
drastically expanding the expense base. Although we
are not immune from cost pressures, these concerted,
proactive efforts will help lessen the impact.
ourselves in today has clearly had an impact on the
economy and banking system and will continue to
into the future.
• Diversified revenue sources with emphasis on fee
income (for us, this comes primarily from Wealth
Management and payment processing);
• Appropriate expense discipline;
• Appropriate interest rate risk position (with a liquid
and quality fixed income portfolio);
• Micro-targeted, conservative M&A approach with
emphasis on a disciplined due diligence process—
particularly with respect to credit and
cultural alignment; and,
• Very long-term view on stockholder returns that
spans multiple business cycles, and includes a
consistent, conservative dividend policy.
Rest assured that Busey’s disciplined, conservative
operating philosophy will be unwavering in all
economic seasons, with a steadfast focus on
maintaining balance sheet strength, profitability
and growth, in that order—and a commitment to
providing our customers with a superior service
experience in every interaction. As Busey continues
to grow forward, we are prepared to meet any
challenges head on.
One of the most difficult parts of our jobs as bank
leaders is to not follow the crowd. Over the last
decade, various key constituencies have been critical
of our conservative operating model, asking countless
questions like, “Do you think you are being too
conservative in your underwriting philosophy?” or
“Why did you acquire TheBank of Edwardsville and
Glenview State Bank when you do not need all those
deposits and it will punish your margin and therefore
your earnings?”
The math behind our capital position is clear—for every
dollar of capital we contribute, the depositors contribute
over nine dollars. That’s right, we are leveraged over
nine to one—depositors’ funds to capital—that we then
loan out to customers or buy fixed income securities.
With this structure, a long-term conservative operating
approach is the only successful approach. Our
depositors and owners should demand and welcome
this approach.
Time and again, we have seen banks that were
“Darlings of Wall Street” not survive market or economic
dislocations. In the late seventies and early eighties,
the Texas regional banks were considered the absolute
finest, most profitable banks in the country. By the late
eighties, only one of those banks—Frost Bank—survived.
Most recently, we have begun to see more trouble in our
industry as some banks were not prepared for all that
can come their way in the economy, yet just prior to their
recent demise many thought them to be the best and
brightest of the banks.
Make no mistake, we maintain a bullish industry stance
and consider banking the key lubricant to driving
economic growth through providing much needed capital
to businesses and individuals—particularly small- and
medium-sized businesses and entrepreneurs. However,
this needs to be accomplished with a backdrop of key
conservative bank operating tenets:
• Balance sheet strength (strong asset/loan quality);
• Core deposit funding (granular diversified
deposit base);
• Strong capital position (providing as much margin
of safety as possible);
3 • ANNUAL REPORT | 2022
Building Business. Growing Wealth. Since 1868. • 4
Bob Ballsrud, Executive Vice President,
Executive Managing Director, Wealth
Advisory, greets fellow associates at a
2022 leadership development seminar.
As rates rose throughout 2022, the asset sensitivity of
our balance sheet helped generate record net interest
income. It also highlighted the quality of our deposit
franchise—a core “asset” of our institution—which has
been a significant differentiator to date. Our 6 percent
total deposit beta—the portion of a change in the fed
funds rate that is passed on to deposit rates—is among
the lowest in our peer group at this point in the cycle,
and our total interest-bearing non-maturity deposit beta
ended 2022 at 10 percent. We are in the top quartile of
banks as it relates to deposits with more than 75 percent
fully insured while more than 97 percent of our deposits
are core deposits. In certain instances, we have been
able to keep deposits inside our ecosystem by leveraging
offerings from our wealth management group. Pressure
on deposit betas is increasing across our industry, and
we are no exception. While we fully expect rate pressures
to remain, we are confident in our positioning given our
liquidity profile and long-tenured banking relationships.
While Busey’s credit underwriting standards have
historically been conservative, with frequent rate hikes
and volatility in the U.S. economy increasing throughout
2022 and to date, we have actively tightened our
standards even further. As a result, our loan portfolio
growth throughout 2022 was principally within our
existing customer base. Our current credit metrics are
among the lowest in our proxy peer group—net charge
offs for 2022 were less than $1 million, non-performing
assets/assets is 0.13 percent and our allowance/non-
performing loans is 582 percent. To manage the loan
portfolio, we actively track early warning indicators for
weakness and regularly stress test borrowers for financial
wherewithal while proactively moving weaker credits out
of our organization when possible.
When we crossed $10 billion in assets in 2021, we
were fully aware of the costs—both in expense and
forgone revenue. Increased regulatory scrutiny of our
risk management practices necessitated significant
investments in people, systems and processes—including
changes and additions within the executive team and
leaders within each of their areas, system conversions
to accommodate a larger company and alterations to
processes to allow for more scale. The limit on our debit
interchange income, due to The Durbin Amendment, took
effect on July 1, 2022, causing a significant reduction
in revenue of close to $9 million on an annualized
basis. Further expense adds came from increased FDIC
insurance, among other things. Overall, we estimate that
the total cost of crossing $10 billion in assets is $17-18
million pre-tax, or approximately 10-12 basis points of
return on average assets (ROAA) annually.
Despite the various challenges we’ve faced, by nearly
every measure Busey realized consistent profitability
and growth in 2022, including record pre-provision net
revenue(1). Through continued refinement and leveraging
of our Regional Operating Model across all business
segments, Busey has attracted new customers and
deepened existing customer relationships. Our constant
pursuit of digital transformation and optimization in
all aspects of the business has generated front-line
revenue, improved back-office processes and enhanced
the customer experience. Finally, the development of
integrated business models and enhanced capabilities
across all segments has helped support scalability while
managing growth and complexity.
EARNINGS, GROWTH AND
CAPITAL STRENGTH
Through associate and shareholder support and a
steadfast commitment to balance sheet strength,
profitability and growth—in that order—Busey
remains a strong, independent financial organization.
As of December 31, 2022, Busey remained well-
capitalized, exceeding regulatory standards with a
Common Equity Tier 1 Capital Ratio of 12.0 percent
and Total Capital Ratio of 16.1 percent. Additionally, the
Tangible Common Equity ratio was 6.6% at year-end.
Busey’s net income was $128.3 million for the year ended
December 31, 2022, or $2.29 per diluted common share
compared to $123.4 million for the year ended December
31, 2021, or $2.20 per diluted common share. Adjusted
net income(1) was $131.9 million for the year ended
December 31, 2022, or $2.35 per diluted common share
compared to $137.1 million for the year ended December
31, 2021, or $2.45 per diluted common share.
Busey has experienced seven consecutive quarters
of core loan(1) growth. Loans are being originated at
attractive spreads while not sacrificing our prudent
underwriting standards. During 2022, the company
generated $610.8 million in core loan(1) growth, equating
to a year-over-year growth rate of 8.6 percent. Asset
quality remains pristine by both historical as well as
present-day industry standards. As of December 31,
2022, non-performing assets declined to 0.13 percent of
total assets from 0.17 percent at December 31, 2021.
Busey's net interest margin(1) increased to 2.84 percent
for the year ended December 31, 2022 compared to 2.49
percent for the year ended December 31, 2021. Rising
rates have a positive impact on net interest margin, as
assets, in particular commercial loans, reprice more
quickly and to a greater extent than liabilities. In addition,
our fee-based businesses continue to add revenue
diversification. Our noninterest income represented 28.5
percent of total revenue in 2022(2). Revenues from wealth
management fees and payment technology solutions
(1) A non-GAAP financial measure, see Non-GAAP financial
information in the Company’s 2022 Annual Report on
Form 1 0-K for a reconciliation.
(2) Revenue consists of net interest income plus noninterest
income, excluding security gains and losses.
5 • ANNUAL REPORT | 2022
Building Business. Growing Wealth. Since 1868. • 6
activities, meanwhile, represented 59.5
percent of the company’s noninterest
income for the year ended December 31,
2022, providing a balance to spread-based
revenue from traditional banking activities.
The efficiency ratio(1) for year-end December
31, 2022, was 59.89 percent compared to
62.19 percent for 2021. Efficiency ratios are
impacted by acquisition expenses and other
restructuring costs, provision for unfunded
commitments and amortization of new
markets tax credits, resulting in an adjusted
core efficiency ratio(1) of 57.49 percent
and 56.70 percent, for the years ended
December 31, 2022 and 2021, respectively.
Despite crossing the $10 billion threshold
and impacts of the Durbin Amendment
which further affect efficiency ratios, Busey
remains focused on expense discipline
while still making necessary investments
during the past two years to support
the continued organic growth of our key
business segments and related support and
risk management functions.
Our strong capital levels, coupled
with our earnings, have allowed us to
provide a steady return to stockholders
through dividends.
With an uninterrupted history of paying
dividends to common stockholders since
the bank holding company was organized
in 1980, Busey declared a quarterly cash
dividend of $0.24 per common share on
January 10, 2023, an increase from the
previous quarterly dividend of $0.23 per
share. The dividend was paid on January
27, 2023 , to stockholders of record as of
January 20, 2023.
(1) A non-GAAP financial measure, see Non-
GAAP financial information in the Company’s
2022 Annual Report on Form 10-K for
a reconciliation.
LEADERSHIP
Late in the fourth quarter of 2022,
Robin Elliott, President and CEO of
Busey Bank, was named President and
CEO of FirsTech—our wholly-owned
payments subsidiary. While all other
FirsTech leadership remains unchanged,
this top-level leadership change reflects
our continued commitment to scaling and
growing this business.
In less than two years, FirsTech has been
re-energized, revenue has increased,
talent has expanded across the enterprise
and the technology stack has been
redesigned and modernized, positioning
the company for scalable growth. Going
forward, FirsTech remains squarely focused
on executing on its growth strategy to
provide comprehensive and innovative
payment technology solutions that enable
businesses to connect with their customers
in a multitude of ways on a single, highly-
configurable, secure platform.
To learn more about how FirsTech is helping
clients meet their customers’ needs, please
see the feature article later in the report.
Busey’s pursuit to attract and retain
the best and brightest directors,
leaders and associates remains constant,
and by actively transitioning key leadership
roles in support of the organization,
we maintain focus on aligning teams for
agility, responsiveness, expertise and
service excellence.
ENGAGING EXCELLENCE
Busey was built upon a strong commitment
to associate, customer, community and
shareholder experiences. Our associates
are the cornerstone of this unwavering
commitment. From exceeding the needs
of customers and colleagues to serving
Team Busey volunteers
distribute medals at
the 2022 Busey Bank
Illinois Youth Run.
7 • ANNUAL REPORT | 2022
Building Business. Growing Wealth. Since 1868. • 8
our communities selflessly, they continually show
unmatched dedication to the organization’s Pillars;
and driven by their inviting positivity and consistent
engagement, Busey’s achievements in 2022
were numerous.
In February 2022, Busey
was honored to be ranked
among the top 100 publicly
traded banks in the
U.S.—and the top bank
headquartered in Illinois—
by Forbes in its 13th annual
America’s Best Banks issue.
Nationally in 2022, the organization was honored to
be ranked among the top 100 publicly traded banks
in the U.S.—and the top bank headquartered in
Illinois—by Forbes in its 13th annual America’s Best
Banks issue. In a first, Busey was named a Leading
Disability Employer by the National Organization on
Disability, a highly selective award presented only to
top performing companies nationwide demonstrating
positive outcomes in recruiting, hiring, retaining and
advancing people with disabilities in the workforce.
Additionally, the organization was among the Best
Banks to Work For in the U.S. by American Banker
since 2016 and a Best Place to Work in Money
Management by Pension and Investments since
2018. Showcasing Busey’s intentional investment in
its workforce, for the sixth consecutive year Busey
received the 2022 BEST Award presented by the
Association for Talent Development, which recognizes
organizations globally that demonstrate successful
associate talent development.
Locally, Busey has been voted as one of the Best
Places to Work in Illinois since 2016 by the Daily
Herald Business Ledger; a Best Company to Work For
in Florida since 2017 by Florida Trend and was named
the Best Large Bank in the St. Louis Small Business
Monthly 2022 Best in Business awards. Busey was also
honored to be named among the St. Louis Business
Journal’s 2022 Healthiest Employers and to once
again earn finalist status for 2022 Illinois’ Healthiest
Employers presented by global health insurer Cigna
and Crain’s Content Studio. Finally, honored for its
dedication in the communities it proudly serves,
Busey was the recipient of the 2022 Community
Service Award by the Illinois Bankers Association,
presented to Illinois financial institutions that go
“above and beyond” in community service. You can
read more about Busey’s award-winning community
outreach later in the report.
We are grateful for these third-party accolades that
help showcase Busey’s unique advantage to those
outside our organization while bringing a sense of
pride to the associates working diligently each day
to serve one another and our Pillars. Providing
unwavering guidance, leadership and support, we
continue to develop exceptional teams that seek to
build upon the positive and collaborative culture of
this remarkable organization.
FUTURE OUTLOOK
As we reflect upon 2022 and look ahead to the
remainder of 2023, we remain steadfast in our
commitment to the customers and communities we
serve. Busey reported solid 2022 results, which
are reflective of our strategic growth plans, and we
are excited and optimistic about our future. At the
same time, we also recognize there are potential
barriers to the successful execution of our growth
strategies—many of which are due to the overall
economic climate and therefore outside our
direct control.
Headwinds related to inflation, volatility in the
markets, continuing supply chain issues, increasing
regulatory burdens, competitive pressures and the
possible effects of a recession may have varying
degrees of impact on our strategic initiatives.
However, our disciplined approach to organic
growth assumes a balance sheet strength
first mentality with a constant focus on sound
risk management.
Through this disciplined approach, with
proactive planning, sound decision-making
and a firm eye on expense discipline, we feel
confident we are well positioned to protect
our balance sheet and enhance profitability
moving forward.
Busey’s pursuit to attract and retain the best and
brightest directors, leaders and associates remains
constant, and by actively transitioning key leadership
roles in support of the organization, we maintain
focus on aligning teams for agility, responsiveness,
expertise and service excellence.
Robin Elliott, Busey Bank President and CEO,
FirsTech President and CEO, addresses
associates at a 2022 leadership development session.
9 • ANNUAL REPORT | 2022
Building Business. Growing Wealth. Since 1868. • 10
As processes continue to evolve and mature,
several strategic priorities have emerged that
will be critical in 2023, as well as in subsequent
years, allowing us to build upon multi-year,
phased initiatives. Despite the aforementioned
challenges, we are well-positioned for quality
growth and profitability as we pursue these
priorities including:
• Continued focus on profitability and
return on investment to bolster
financial performance
• Reimagining and refining business
models to improve results, support
scalability and enhance accountability
While the future will certainly
present challenges, it will
also offer opportunities to
differentiate Busey from the
competition and further
strengthen the value of
this organization.
• Embedding a strong sales and performance
culture across the organization
SUMMARY
• Continued pursuit of digital transformation
and optimization in all aspects of
our business
• Optimizing, standardizing and building
upon current revenue streams, customers
and capabilities
• Continuing to mature processes and
structures in back-office support areas
These 2023 strategic priorities represent
a continuation of our 2022 focus with
adjustments for organizational and external
factors, and support earnings expansion,
organic growth and acquisition readiness.
Through these focus areas, we can serve
customers more efficiently and effectively
while capitalizing on our unique strengths
to take advantage of our distinct positioning
in the marketplace.
Building on the significant achievements in
2022—from regionalization refinement, system
enhancements, crisis management and countless
other priorities successfully completed, Busey’s
strategic priorities for the coming year remain
focused on a continued commitment to developing
Busey’s operating models, infrastructure, systems
and people. This deliberate approach allows us to
continue to serve customers how and where they
want while providing opportunities to associates as
we continue to become a larger, more complex and
geographically diverse organization.
As we remain focused on strength and longevity,
Busey is grateful for the opportunity to continually
earn the business of our customers, based on the
contributions of our talented associates and the
loyal commitment of our shareholders.
It is with sincere appreciation that I thank you,
valued shareholders, for your continued support.
Van A. Dukeman, CFA
Chairman, President & Chief Executive Officer
First Busey Corporation
Busey associates pose
for a photo prior to the
Busey Bank Family
Run for Prevention
in Fort Myers, FL.
11 • ANNUAL REPORT | 2022
Building Business. Growing Wealth. Since 1868. • 12
2022 PROGRESS
FOR OUR PILL ARS
THE BUSEY PROMISE TO 4 PILLARS
All relationships begin with the Busey Promise. We
embrace and consistently fulfill the Busey Promise
to 4 Pillars—associates, customers, communities
and shareholders. Using this as our guide, we
embrace a strategy that stands the test of time and
supports Busey’s continued success.
ASSOCIATES
Through our determined, thoughtful,
resilient and humble associates, we
create a positive environment in
which customer-centricity and
collaboration flourish.
CUSTOMERS
Customers are the core of everything
Busey. While we operate multiple
business lines, we serve our customers
as One Busey—allowing us to
anticipate and exceed their needs.
COMMUNITIES
Being a community financial services
organization means being a good
corporate neighbor—partnering
for purpose and progress. Working
together to bridge needs within our
communities, we provide capital in
multiple forms, including monetary
contributions, financial guidance and
energetic and committed volunteers.
SHAREHOLDERS
With the belief that long-term value is
rooted in a lower-risk financial practice,
Busey promises our shareholders
the highest level of organizational
stewardship with sustained financial
results and profitability they expect.
To achieve a vision of service excellence, Busey
works tirelessly to fulfill promises made to the Pillars
of your organization.
ASSOCIATES
1500+
ASSOCIATES
With an average tenure
of nearly 8 years
25+
OPPORTUNITIES
For both peer-to-peer and
leadership-to-associate
recognition & appreciation
94%
ENGAGEMENT
52%
ASSOCIATES
$5.2M
IN ASSOCIATE
CASH & HSA
INCENTIVES
In the B Well
Health & Wellness
Program in 2022
Are Actively Participating
in Talent & Leadership
Development Programs
Contributed
Since 2015
Through B Well
228
Recognized in 2022
ASSOCIATE
SERVICE
MILESTONES
THOUGHTFUL, HONEST FEEDBACK EARNED BUSEY TITLES OF:
30K+
TRAINING HOURS
PILL ARS
COMPLETED IN 2022
Averaging 21.5 hours per associate
329Busey's internal eNewsletter
ISSUES OF
BETWEEN
THE LINES
distributed since 2015
45Channels in 2022, celebrating
ASSOCIATES
FEATURED IN
SOCIAL MEDIA
the stories, talents, charitable
endeavors and unique perspectives
of Team Busey
55K+
TRAINING HOURS
COMMITTED
To both sales & service and
corporate training programs
HEALTHIEST
EMPLOYER
FINALIST
Since 2018 by St. Louis
Business Journal
and Illinois' Healthiest
Employer finalist since
2017 by Cigna and
Crain's Content Studio
Associates from Busey’s Strategy, Consumer & Digital Banking, Customer Care and Wealth Management Operations
groups celebrate the unveiling of the Customer Care alumni wall, showing the commitment to career development
and internal promotion of fellow team members.
13 • ANNUAL REPORT | 2022
Building Business. Growing Wealth. Since 1868. • 14
CUSTOMERS
COMMUNITIES
240,000+
TOTAL HOUSEHOLDS SERVED
58
BANKING CENTERS IN ILLINOIS,
MISSOURI, FLORIDA AND INDIANA
87,000+
BUSEY - MOBILE APP USERS
37,000+
SURCHARGE-FREE
MONEYPASS® ATM
MILLIONS
OF TRANSACTIONS PROCESSED
Annually by FirsTech at 5,800+
agent locations in 46 states
In 2022, Busey earned a Net Promoter
Score® (NPS) of 42.1, well above the
Financial Services Industry benchmark of
23.1. Busey’s 2022 Customer Satisfaction
score (CSAT) was 9.3 out of 10.
In 2022, Busey reviewed over 24,000
survey responses, noting follow-up needs
for over 16,000 respondents. Associates
conducted timely outreach to 100% of
these customers.
72.2 Net Promotor Score for FirsTech—
more than double the industry average.
NPS
Launched in 2020, Busey Drives
Generosity is a quarterly campaign
encouraging associates to give
generously through donation drives
at each location.
Over the last two years, our
associates and customers have
generously donated:
• 2,000+ pairs of socks
• 3,000+ school supply materials
• 2,100+ bandages
• 3,000+ canned goods
to the communities we call home.
The Community Banking Team offers
nearly 100 proactive, focused events,
including homeowner education
workshops, financial literacy
seminars, credit education classes
and first-time homeowner events.
Associates, customers, communities
and shareholders—the Pillars of
Busey—truly shape the future of your
organization. Through invaluable
input, these Pillars help make the
Busey organization remarkable!
$1.5M+
DONATED ANNUALLY
To charitable organizations
$400K+
GIFTED DURING
THE UNITED WAY
Corporate campaign in 2022
$450K+
DONATED SINCE 2015
Pay It Forward Friday Jeans Days
65K+
VOLUNTEER HOURS
Completed by Busey
Associates since 2015
150
ASSOCIATES
Actively commit to board
service in their communities
$255K+
IN SCHOLARSHIPS
and scholastic contributions
1,500
TREES PLANTED IN 2022
Honoring each member of Team Busey
BUSEY COMMUNICATIONS
• Two issues of The Pillar
magazine published annually
• Countless educational
articles in our blog,
Money Matters,
on busey.com
AS HURRICANE IAN SURGED, BUSEY RESPONDED
Teams Acted Swiftly to Help Support Associates, Customers and Communities
On the afternoon of Wednesday, September 28, Hurricane Ian made landfall off the
coast of Southwest Florida, carving a path of destruction across the state that took
the lives of more than 100 residents, left millions without power and caused early
estimates of damage near or above $100 billion.
The scale of the wreckage was staggering, even to Florida residents who had
survived and rebuilt after other powerful hurricanes. The storm pulverized roads,
toppled trees, gutted downtown storefronts and set cars afloat, leaving a soggy scar
of ruined homes and businesses from the coastal cities of Naples and Fort Myers to
inland communities around Orlando.
Even before the storm made landfall near the heart of Busey’s Florida Region,
our organization had begun preparations by closing centers for the safety of our
associates and customers. When the storm did hit, teams across Busey acted swiftly
and decisively to execute plans to help protect associates and customers while
providing support to devastated local communities.
As always, the top priority for Busey was the health and safety of our associates.
Wellness check phone calls began shortly after the storm made landfall, and with
great relief all were confirmed safe within a few hours. While overjoyed all associates
were unharmed, it was clear the road to recovery from a storm of this magnitude
would be a long and arduous one.
To help support associates, Busey swiftly enacted several measures: reactivating
the Associate Assistance Fund, a program developed during the pandemic to offer
funding for associates in need; promoting ComPsych, an employee assistance
program offering emotional support and other resources for associates and their
family members; providing additional paid time off for associates impacted by
the storm; providing a $250 Publix grocery store gift card to each Florida Region
associate; and setting up a Relief Center at our Red Cedar location for associates to
stock up on supplies and utilize office space.
COMMUNITIES
While providing support to associates, plans were simultaneously enacted to assist
our customers and the communities in the area. Working around the clock, Busey
teams were able to re-open three of our four Florida locations within two weeks of
the storm’s landfall. At the site of the one service center that couldn’t reopen due to
extensive damage—Cape Coral—a Mobile Banking Unit was up and running a few
weeks later to service customers.
Additionally, Busey provided customer support through several different channels:
waiving fees from the date of the storm through October 31; implementing a
Payment Relief Modification Program for existing commercial customers offering
payment deferrals; providing proactive customer outreach for SBA programs;
creating a dedicated hurricane relief webpage with easy access to vital information;
and developing an Insurance Claim Guide to help customers understand and
navigate the insurance claims process.
The week of October 10, a leadership contingent from Busey’s Central Region in
Illinois including Chief of Staff and Executive Vice President, Pillar Relations Amy
Randolph, Executive Vice President of Retail Banking Nancy Weimer, Director of
Facilities and Chief Security Officer Sheri Boberg and Chief Financial Officer Jeff
Jones made the trip to Florida to help set up the Relief Center and check in with the
associates to see what they needed.
“Being there in person gave us a completely different level of understanding of the
damage and just how truly difficult the situation was,” Randolph said. “But it also
reinforced just how remarkable our Florida team really is. The way they all came
together for each other, for our customers and for Busey as an organization in the
face of such trying circumstances was simply astonishing.”
15 • ANNUAL REPORT | 2022
Building Business. Growing Wealth. Since 1868. • 16
SERVICE LEADERS
Van A. Dukeman
Chairman,
First Busey Corporation
DIRECTOR SINCE 2007
Gregory B. Lykins
Vice Chairman,
First Busey Corporation
DIRECTOR SINCE 2007
Samuel P. Banks
DIRECTOR SINCE 2020
George Barr
DIRECTOR SINCE 2017
Stanley J. Bradshaw
DIRECTOR SINCE 2016
Michael D. Cassens
DIRECTOR SINCE 2019
Karen M. Jensen
DIRECTOR SINCE 2019
Frederic L. Kenney
DIRECTOR SINCE 2018
Stephen V. King
DIRECTOR SINCE 2013
Cassandra R. Sanford
DIRECTOR SINCE 2022
FIRST BUSEY CORPORATION
BOARD OF DIRECTORS
BUSEY BANK
BOARD OF DIRECTORS
FIRST BUSEY CORPORATION BOARD OF DIRECTORS
BUSEY BANK BOARD OF DIRECTORS
Van A. Dukeman
Chairman, President
& Chief Executive Officer
of First Busey Corporation
DIRECTOR SINCE 2007
Robin N. Elliott
Busey Bank
President & CEO,
FirsTech President & CEO
DIRECTOR SINCE 2016
First Busey Corporation’s Board of Directors is
charged with business oversight and monitoring
the performance of the management team in
executing business strategies and risk oversight.
First Busey Corporation offers a unique model of
robust leadership:
First Busey Corporation’s Board of Directors
includes industry leaders from diverse
backgrounds and areas of expertise.
Similarly, Busey Bank and FirsTech are led
by diverse and experienced Board members.
This structure provides strong leadership to
all lines of business.
Busey’s approach to governance enables
both the Executive Team and the Boards
of Directors to succeed in building strong,
sustainable financial performance—benefiting
associates, customers, communities and
shareholders.
FIRSTECH BOARD OF DIRECTORS
Robin N. Elliott, Chairman
W. Christopher “Chris” Behnke
Michael D. Cassens
Van A. Dukeman
Joshua D. Hale
Thomas S. Harbin
Amy L. Randolph
Patrick T. Fitzgerald
DIRECTOR SINCE 2004
Gregory B. Lykins
DIRECTOR SINCE 2004
EXECUTIVE MANAGEMENT TEAM
Eric J. Minor
DIRECTOR SINCE 2021
Robert L. Plummer
DIRECTOR SINCE 2019
Van A. Dukeman
Chairman, President,
Chief Executive Officer
of First Busey Corporation
Monica L. Bowe
Executive Vice President,
Chief Risk Officer
of First Busey Corporation
Robin N. Elliott
Busey Bank President
& CEO, FirsTech
President & CEO
Mark S. Shashek
DIRECTOR SINCE 2019
David W. Tyrolt
DIRECTOR SINCE 2018
Jeffrey D. Jones
Executive Vice President,
Chief Financial Officer
of First Busey Corporation
John J. Powers
Executive Vice President,
General Counsel
of First Busey Corporation
Amy L. Randolph
Chief of Staff,
Executive Vice President,
Pillar Relations
Scott A. Wehrli
DIRECTOR SINCE 2017
Tiffany B. White
DIRECTOR SINCE 2021
17 • ANNUAL REPORT | 2022
Building Business. Growing Wealth. Since 1868. • 18
CONNECTING COMMUNITIES
Throughout 2022, as a company Busey
donated more than $1.6 million to charitable
organizations, with over half of the larger
contributions CRA qualified. Busey associates,
meanwhile, contributed more than $115,000
through our Pay It Forward Jeans Day initiative
in which associates donate for the opportunity
to wear jeans on Fridays. More than 53 percent
of Busey associates also participated in our
United Way Corporate Workplace Campaign,
raising over $400,000 for local United Ways
throughout our footprint. Additionally, through
our Busey Drives Generosity donation program,
we were able to contribute thousands of needed
items such as food, socks, school supplies and
bandages to help our local nonprofit partners.
More than just contributing financial capital,
Busey also strongly encourages associates to
actively take part in their communities through
volunteerism, offering each associate two paid
hours of volunteer time each month. Throughout
2022, Busey associates recorded a total of 14,667
volunteer hours, easily exceeding the year’s goal
of 12,000 hours, while more than 170 associates
served on boards for nonprofit organizations.
In January 2022, we were pleased to announce
the launch of the Busey Bank Bridge, an
initiative that directly supports Busey’s ongoing
focus on Community Banking. A community
collective in Peoria, IL, the partnership offers
fundamental access to economic opportunity
by connecting with the community through
outreach, tools and resources that provide
comprehensive financial education to
individuals, families and business owners. A first
of its kind facility for our organization, the center
serves as a destination for sound advice and
actionable insight. The associates at the Busey
Bank Bridge are building financial strength,
supporting workforce development, establishing
mortgage and home financing options,
advancing small businesses and more, while
connecting with our neighbors and strengthening
the Peoria community. As a community center, the
Busey Bank Bridge hosts impactful educational
opportunities and community engagement forums,
including monthly Financial Wellness Workshops
and quarterly Breakfast with Busey webinars while
serving as a volunteer hub for individuals and
groups.
Busey’s promise to help support its communities
began when we first opened our doors in 1868.
Our founders were leaders that understood the
significance of economic prosperity and the
importance of playing a role in bettering the
communities we call home. Today, that 155-year
promise continues because we know that it’s not
just about doing business, but doing good.
BUSEY BRIDGES NEEDS THROUGH
FINANCIAL & HUMAN CAPITAL
At Busey, we understand that being a good community partner
means more than just transactions, so we are proud to give
back to the places we call home—doing the right thing for
our customers and building trusted relationships that span
generations. Working with our communities to support the arts,
advocate for our youth and help neighbors in need, we promise
to bridge needs by providing financial capital through monetary
contributions and guidance, human capital through energetic and
committed volunteers and social capital through leaders at the
table to advocate for business and sustainability practices within
our communities.
19 • ANNUAL REPORT | 2022
Building Business. Growing Wealth. Since 1868. • 20
LEADS USER EXPERIENCE
GUIDED REVOLUTION SIMPLIFYING THE MOVEMENT
OF MONEY AND DATA
FirsTech, a wholly-owned subsidiary of Busey
Bank with nearly 40 years of experience, is
revolutionizing the payment industry with
innovative single-source platform solutions
built on deep relationships and an ongoing
commitment to service excellence.
Businesses of all sizes, whether a well-
established enterprise company, an
entrepreneurial startup, a financial institution,
municipality, utility company or professional
service firm, are experiencing challenges as
consumer behavior continues to evolve in the
payment space. Business owners need smart
solutions that keep them competitive in a
landscape defined by the major online retailers.
Today, anyone who shops online knows what an
integrated and intuitive payment experience is—
just look at Amazon, Apple or Google.
The majority of businesses don’t have the
knowledge, staffing or resources to build a
custom solution—enter a hodgepodge of one-
off payment products being cobbled together
attempting to provide an exceptional user
experience. The reality is that these solutions
aren’t designed to work together, and each
carries associated costs and workflow, user
experience, reconciliation and integrations,
straining both the staff and the budget.
Within these different business models—each
unique in its own way—FirsTech has found that
its partners, regardless of their business, have
one issue in common—the need for a simplified
and efficient way to move money and data.
FirsTech's result-focused partnership provides
a single solution to streamline processes and
provide integrated receivables through an
omnichannel technology-enabled platform,
allowing for frictionless payments with
integrations that enable real time reconciliations.
Additionally, the platform levels the playing field
in this highly competitive digital marketplace,
enhancing customer engagement through each
partner’s custom-branded user experience while
realizing net new revenue and ongoing growth.
While providing solutions to new partners
remains a key priority, the FirsTech team
recognizes the importance of nurturing and
retaining the deep relationships that have
formed over decades with existing clients. The
Enterprise Sales and Relationship Management
team has continued to deliver service
excellence to their customers, retaining over
95 percent of their enterprise portfolio. With
a focus on the future and the success of both
new and existing partners, in 2022 the company
continued a streak of two straight years of
revenue growth, finishing the year with $21.8
million of LTM revenue, a 10.5 percent increase
from 2021. Overall, FirsTech processed more
than $11 billion in payments in 2022.
As part of the First Busey family, FirsTech has
also matured in the culture of service excellence.
Equally emphasizing partners’ and customers’
needs through thoughtful identification of
issues, a team-based solution design process
and robust go-to-market strategies, FirsTech’s
success is built on its partners’ success.
Looking toward the future, one thing is
abundantly clear, FirsTech solves for
disconnects in a user experience, providing
customers—no matter what their business—
a secure, comprehensive and intuitive
payment experience from a trusted partner.
21 • ANNUAL REPORT | 2022
Building Business. Growing Wealth. Since 1868. • 22
CORPORATE PROFILE
As of December 31, 2022, First Busey Corporation
(NASDAQ: BUSE) was a $12.34 billion financial
holding company headquartered in Champaign, Illinois.
Busey Bank, a wholly-owned bank subsidiary
of First Busey Corporation, had total assets of
$12.30 billion as of December 31, 2022, and is
headquartered in Champaign, Illinois. Busey Bank
currently has 46 banking centers serving Illinois,
eight banking centers serving Missouri, three
banking centers serving southwest Florida, and
one banking center in Indianapolis, Indiana.
Busey Bank’s wholly-owned subsidiary, FirsTech,
is a payments platform specializing in the evolving
financial technology needs of small and medium-
sized businesses, highly regulated enterprise
industries and financial institutions. With associates
across the United States, FirsTech provides
comprehensive and innovative payment technology
solutions that enable businesses to connect with
their customers in a multitude of ways on a single,
highly configurable, secure platform.
SHAREHOLDER
INFORMATION
Fast, secure payment modes include, but are
not limited to, text-based payments; electronic
payments concentration delivered to Automated
Clearing House networks; internet voice
recognition ("IVR"); credit cards; in-store payments
for customers at retail pay agents; direct debit
services; and lockbox remittance processing for
customers to make payments by mail. Once these
payments are processed through integration with
our customers’ financial systems, FirsTech provides
its customers with reconciliation and settlement
services to ensure payment confirmation.
Additionally, FirsTech provides consulting and
technology services through its Professional
Services Division, assisting clients in identifying
and implementing payment technologies to meet
their evolving needs. In 2022, FirsTech started
a phased launch of its innovative BaaS platform,
helping community banks and their commercial
customers build modernized payment solutions,
which include online payment technologies and
automated file transfers. More information about
FirsTech can be found at firstechpayments.com.
Through the Company’s Wealth Management
division, the Company provides asset management,
investment, and fiduciary services to individuals,
businesses, and foundations. As of December 31,
2022, assets under care were $11.06 billion.
Busey Bank has been named among America’s
Best Banks for 2023 by Forbes. Ranked
26th overall, Busey was the top-ranked bank
headquartered in Illinois; only two other Illinois-
based banks were included on the list. Additionally,
for the first time in 2022, Busey was named a
Leading Disability Employer by the National
Organization on Disability—this highly selective
award is presented only to top performing
companies demonstrating positive outcomes in
recruiting, hiring, retaining and advancing people
with disabilities in their workforce. We are honored
to be consistently recognized nationally and
locally for our engaged culture of integrity and
commitment to community development.
For more information about us, visit busey.com.
CORPORATE HEADQUARTERS
FIRST BUSEY CORPORATION COMMON STOCK
First Busey Corporation
100 W. University Ave., Champaign, IL 61820
217.365.4500
busey.com
ANNUAL MEETING
The 2023 Annual Meeting of Shareholders of
First Busey Corporation will be held virtually
on Wednesday, May 24, 2023 at 10:30 a.m.
CT and may be attended at www.virtual
shareholdermeeting.com/BUSE2023.
Proxy materials can be accessed at www.
proxyvote.com using your Control Number.
First Busey Corporation common stock is listed
on the NASDAQ Global Select Market under the
symbol BUSE.
ANNUAL REPORT ON FORM 10-K
A copy of the Annual Report on Form 10-K filed
with the Securities and Exchange Commission can
be found at busey.com.
STOCK TRANSFER AGENT
Computershare, P.O. Box 30170, College Station, TX
77842-3170. The transfer agent can be accessed at
computershare.com/investor.
FIRST BUSEY’S COMMITMENT TO CORPORATE
RESPONSIBILITY AND IMPACT
With a strong and unwavering commitment to our Pillars
– associates, customers, shareholders and communities,
First Busey has continued to prioritize putting our values
into action, featuring enterprise-wide efforts in our 2022
Busey Impact Report—set to be published later in 2023.
This publication addresses topics such as ethics and
governance, diversity and inclusion, social responsibility
and environmental sustainability, focusing on First
Busey’s dedication to associates, customers and the
vibrant communities we serve. First Busey’s corporate
responsibility and impact work builds on a legacy of
purposeful action, civic responsibility and positive impacts.
To view the full Busey Impact Report once it has been
published, visit busey.com/impact.
23 • ANNUAL REPORT | 2022
Building Business. Growing Wealth. Since 1868. • 24
SPECIAL NOTE CONCERNING
FORWARD-LOOKING STATEMENTS
Statements made in this document, other than those concerning historical financial
information, may be considered forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 with respect to the financial condition, results of
operations, plans, objectives, future performance, and business of the Company. Forward-
looking statements, which may be based upon beliefs, expectations, and assumptions of the
Company’s management, and on information currently available to management, are generally
identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,”
“estimate,” “may,” “will,” “would,” “could,” “should,” or other similar expressions. Additionally,
all statements in this document, including forward-looking statements, speak only as of the
date they are made, and the Company undertakes no obligation to update any statement
in light of new information or future events. A number of factors, many of which are beyond
the Company’s ability to control or predict, could cause actual results to differ materially
from those in the Company’s forward-looking statements. These factors include, among
others, the following: (i) the strength of the local, state, national, and international economy
(including effects of inflationary pressures and supply chain constraints); (ii) the economic
impact of any future terrorist threats or attacks, widespread disease or pandemics (including
the Coronavirus Disease 2019 pandemic), or other adverse external events that could cause
economic deterioration or instability in credit markets (including Russia’s invasion of Ukraine);
(iii) changes in state and federal laws, regulations, and governmental policies concerning the
Company’s general business; (iv) changes in accounting policies and practices; (v) changes
in interest rates and prepayment rates of the Company’s assets (including the impact of The
London Inter-bank Offered Rate phase-out); (vi) increased competition in the financial services
sector and the inability to attract new customers; (vii) changes in technology and the ability to
develop and maintain secure and reliable electronic systems; (viii) the loss of key executives or
associates; (ix) changes in consumer spending; (x) unexpected results of current and/or future
acquisitions, which may include failure to realize the anticipated benefits of any acquisition
and the possibility that transaction costs may be greater than anticipated; (xi) unexpected
outcomes of existing or new litigation involving the Company; and (xii) the economic impact of
exceptional weather occurrences such as tornadoes, hurricanes, floods, and blizzards. These
risks and uncertainties should be considered in evaluating forward-looking statements and
undue reliance should not be placed on such statements. Additional information concerning the
Company and its business, including additional factors that could materially affect its financial
results, is included in the Company’s filings with the Securities and Exchange Commission.
25 • ANNUAL REPORT | 2022
Building Business. Growing Wealth. Since 1868. • 26
FIRST BUSEY CORPORATION
100 W. University Ave., Champaign, IL 61820
NASDAQ: BUSE
Busey 2023 | All Rights Reserved
Busey’s Financial Suite of Services
Member FDIC
busey.com