First Busey Corporation Annual Report 2024

FY2024 Annual Report · First Busey Corporation

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2024
ANNUAL REPORT

Building Business. Growing Wealth. Since 1868. • 2
1 • ANNUAL REPORT | 2024
DEAR FELLOW SHAREHOLDERS,
Busey’s recent operational strategy and organizational direction
has been focused on maintaining our fortress balance sheet—a
hallmark of our company that features exceptional credit quality,
ample liquidity and a robust capital position. Complementing
this overarching directive were sustained organic growth within
diversified revenue streams—led by our wealth management
and payments businesses—disciplined credit practices and
expense management.
This strategic approach was partially a response to an operating
environment that presented us with prolonged higher interest
rates, increased regulatory oversight and other competitive
industry pressures. However, there was more to our approach
than simply reacting to the operational climate. We had a
vision—a plan to ensure Busey was well-positioned to capitalize
on a financially and strategically compelling transaction
opportunity that could transform the future of our organization.
In 2024 we seized that opportunity, announcing a merger
with CrossFirst Bankshares, Inc. (CrossFirst) in August. This
transformational partnership—the largest in the 157-year history
of Busey—advances our financial institution and will ultimately
benefit each of our organizational Pillars—associates, customers,
shareholders and communities. Busey will be a premier, full-
service commercial bank serving clients from 77 locations across
10 states in the Midwest and Southwestern U.S., with combined
total assets of approximately $20 billion, $17 billion in total
deposits, $14 billion in total loans and $14 billion in wealth assets
under care.
In the following pages, we will further discuss our partnership
with CrossFirst and how we are working to successfully integrate
our two organizations. We will also review Busey’s full-year 2024
earnings and recap our successful integration of Merchants and
Manufacturers Bank (M&M Bank) and their Life Equity Loan®
(LEL) program—while exploring how our long-term conservative
operating approach, regional operating model with diversified
revenue streams, and our associates’ focus on strategic priorities
and commitment to our vision of service excellence has Busey
poised for success and growth now and in the future.
As we look back on 2024 and ahead to the remainder of
2025 and beyond, I am proud to share our perspectives,
accomplishments and future outlooks with you, our valued
shareholders, as you continue placing your trust and confidence
in our organization. It is with sincere appreciation that I thank you
for your continued support.
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 are committed to helping you achieve your dreams.
Guided by experience that has 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.

3 • ANNUAL REPORT | 2024
Building Business. Growing Wealth. Since 1868. • 4
MERGERS & ACQUISITIONS
Continuing a trend of successful, strategic M&A
partnerships, Busey completed the integration of M&M
Bank in June 2024, bringing M&M’s LEL line of business
into Busey’s existing suite of services and further
expanding our presence in the Chicago Metropolitan
Statistical Area. The merger agreement was initially
announced on November 27, 2023, with required
approvals received in February and March of 2024
and the holding company close completed on April 1,
2024. We were able to achieve this quick announce-to-
close timeline of 127 days because of the well-aligned
strategic fit, our strong regulatory relationships and
a Busey team that has extensive M&A experience.
Subsequent to the April 1, 2024 financial close, we
merged M&M Bank into Busey Bank within the same
quarter, in late June 2024.
While M&M's assets only represented approximately
4% of Busey’s total assets at the time of the announced
acquisition, the LEL vertical—with its attractive risk-
adjusted returns—and the supplemental presence
in the commercially important Oak Brook market of
Chicago made it a great strategic fit for us. The LEL
vertical is comprised of loans secured by cash value of
life insurance and related credit products—a portfolio
in which M&M had no historical loss experience. With
the product, clients can access the cash value of their
policies as a liquidity source, utilizing the convenience
of a life equity loan similar to the features of a HELOC.
Led by a team of specialists focused exclusively on its
growth, and backed by investments in technology and
Busey’s strong balance sheet position, we are already
realizing LEL program success that is exceeding our
expectations. Focused on ensuring team unity and
operational continuity, the LEL division successfully
navigated the transition into Busey, integrating policies,
procedures and systems into Busey’s commercial
operations while maintaining strong client relationships.
As a result, since financial close the LEL portfolio has
experienced substantial on-balance-sheet growth while
retaining top advisors and referral sources. With a solid
operational foundation, cohesive team and expanding
market presence, the LEL team's successful transition
has it poised for continued growth.
With M&M Bank fully integrated into Busey by late June
2024, less than two months later we announced our
partnership with CrossFirst. Shareholder approvals of
both companies were obtained in December 2024,
and all required regulatory approvals were secured
by January 2025. CrossFirst then merged with and
into First Busey Corporation (First Busey) on March
1, 2025, to complete the financial transaction. Again,
the announce-to-close timeline was a short 186 days
relative to other deals of similar size, speaking to the
expertise and trust Busey has built with its strong
history of M&A activity.
Effective as of financial close, the company and
its banking subsidiaries are led by a combined
management team from both organizations well versed
in successful mergers, and governed by a board of
directors comprised of eight legacy directors from First
Busey or Busey Bank and five legacy directors from
CrossFirst. Since financial close, Busey has operated
CrossFirst Bank as a separate subsidiary while teams
across both organizations have continued to work
diligently to fully and effectively integrate CrossFirst
Bank into Busey Bank. It is anticipated that all CrossFirst
locations will open as Busey banking centers on June
23—with access to our entire branch and ATM network,
along with our innovative digital banking technologies
and our extensive consumer, commercial, wealth
management and payments processing capabilities.
Busey’s Oakbrook Terrace, IL, location – formerly M&M Bank.
BUSEY MERGERS & ACQUISITIONS OVER THE LAST DECADE

5 • ANNUAL REPORT | 2024
Building Business. Growing Wealth. Since 1868. • 6
that experience during the CrossFirst integration
process. As we continue to work towards combining
the banks, all critical technology and operating
decisions have been made, with an eye towards what
best positions Busey for future growth. Our attention
is focused on customer retention, combining best-
in-class products and services, and developing a
pipeline of referrals from CrossFirst to Busey Wealth
Management and FirsTech.
With the holding company transaction complete,
Busey’s shareholders own approximately 63.5% of the
combined company and CrossFirst’s shareholders own
approximately 36.5%, on a fully diluted basis. With a
diversified client, loan and deposit base, the combined
bank is expected to significantly enhance key
performance metrics with meaningful improvements
in net interest margin and efficiency, driving increased
The overarching rationale of this partnership is
simple: there is strength in unity of two dynamic
organizations that prioritize people and service.
Both Busey and CrossFirst have similar strategic
commitments—competing through enhanced deposit
and lending models built upon capital strength, solid
credit practices, long-tenured and relationship-driven
associates, and extraordinary service to our valued
clients. Busey and CrossFirst have exceptional, like-
minded cultures that prioritize investing in our teams
and positioning the combined company for strength
and success.
With a collective, focused expertise in well-capitalized
banking, our combined franchise pairs Busey’s
regional operating model, robust wealth management
business and payments technology solutions
subsidiary, FirsTech, Inc. (FirsTech) with CrossFirst’s
regionally oriented model and strong commercial
banking track record. Importantly, the partnership
expands Busey’s operating model in large, growing metro
markets like Kansas City, Dallas/Forth Worth, Denver
and Phoenix, while propelling the combined franchises
well past the $10 billion regulatory asset threshold,
helping spread the impact of added operational costs
and interchange fee reductions through increased
market reach for all business segments.
CrossFirst reported record earnings in 2024, even
with the competing priorities that come with putting
a transaction of this size together. Busey has
successfully completed challenging prior integrations
that included more retail customers, locations and
wealth operations—as compared to CrossFirst‘s
branch-lite footprint and commercially-focused
customer base—and the team continues to leverage
profitability and returns to you, our shareholders.
Put simply, the partnership between our high-
quality franchises is a great fit from a strategic,
financial and cultural perspective. By leveraging
CrossFirst’s established presence in attractive
markets with compelling growth potential, we expect
the partnership to serve as a catalyst for additional
quality loan growth while opening new opportunities
to grow our existing wealth management and
payments businesses.
We are excited for our associates, customers,
shareholders and communities to experience
Busey’s transformational next chapter.
CrossFirst Bank Corporate Headquarters located on Tomahawk Creek Parkway in Leawood, Kansas -
right outside Kansas City, Kansas
CrossFirst Bank's location on the historic
Country Club Plaza in Kansas City, MO
CrossFirst Bank's Camelback Road
location in Phoenix, Arizona
CrossFirst Bank's location
in Denver, Colorado
Dallas Preston Center CrossFirst
Bank location in Dallas, Texas

7 • ANNUAL REPORT | 2024
Building Business. Growing Wealth. Since 1868. • 8
CORPORATE UPDATE & STRATEGY
Since 2014, Busey has grown from $3.7 billion to
approximately $20 billion in assets in 2025 by executing
on a clearly articulated set of customer- and associate-
centric goals designed to deliver steady and disciplined
growth while maintaining strong risk management
outcomes. Although 2024 continued to be influenced by
an uncertain economic environment, prolonged higher
interest rates and increasing regulatory and competitive
pressures on the financial industry, Busey was
positioned well and once again realized solid growth.
While the integration of CrossFirst Bank will continue to
be a top priority throughout the coming months, organic
growth through our One Busey approach remains a
critically important focus now and in the future. This
strategic method brings together associates from
different organizational backgrounds and with
differing expertise—lending, wealth management,
payment technologies, personal banking and more—
to bring the full weight of Busey to every relationship
for the betterment of our customers. We apply this
holistic view of customer relationships to go-to-
market within our decentralized regional operating
model—a region-based sales structure that brings
a tailored experience to each community we serve.
This strategic business model produces diversified
revenue streams that provide a distinguishing
balance to spread-based revenue from traditional
banking activities, and are a hallmark of our
institution. This approach continued to produce
in 2024, resulting in strong noninterest income
from areas including Busey Wealth Management
and FirsTech.
Our scalable wealth-led services continue to be
a key part of our model and story, with wealth
assets under care continuing to grow substantially
to end 2024 at $13.8 billion, a 14% increase from
year-end 2023. The consistent go-to-market
strategy of combining business banking and
wealth services facilitates holistic customer
relationships, as well-capitalized individuals can
maintain relationships and services throughout
their companies’ life cycle—utilizing lending and
treasury management services for the operating
years and our comprehensive wealth services
to efficiently manage profits, taxes and liquidity
events. This unique combination of business
segments and the strong performance of Busey
Wealth Management’s fully internalized investment
office and recently enhanced Family Office services
helped us keep current client assets in house
while adding significant new client assets
throughout 2024.
Additionally, FirsTech produced year-over-year
revenue growth for the fourth consecutive year.
Through its three payments segments—integrated
receivables, electronic payments and merchant
services—FirsTech ended 2024 with $23.1 million
in revenue, processing 44 million transactions
throughout the year totaling $12 billion of payments
processed. In 2024, FirsTech demonstrated success
in growth plans for integrated receivables—signing
their two largest deals in company history during
the year—and merchant processing through high
referral rates and successful partnerships with
existing Busey commercial customers.
A challenging operating environment—with
sluggish customer pipelines and lower line
utilization due to the hesitancy of customers
to invest—as well as a tighter view on credit
contributed to muted loan growth in 2024. While
we expect improvement in loan growth through
our partnership with CrossFirst, we anticipate
continuing to grant loans within a conservative
credit box, seeking quality growth where both the
pricing and underwriting are in equilibrium.
Another critical value driver of our institution is
the quality of our core deposit franchise, which
combines with our strong asset quality, robust
capital foundation and diversified revenue streams to
construct Busey’s fortress balance sheet, and allows
us to continually deliver organic growth, pursue
strategic acquisitions and provide strong returns. At
year-end 2024, core deposits(1) represented 96.5% of
our deposits, with a retail deposit base comprised of
more than 251,000 accounts with an average balance
of $22,000 and an average tenure of nearly 17 years.
Our commercial deposit base is comprised of more
than 32,000 accounts with an average balance of
$98,000 and an average tenure of nearly 13 years.
This account granularity and the high level of service
we provide to our depositors contributed to our
ability to contain deposit costs during the Fed Funds
tightening cycle that extended from first quarter 2022
through September 2024. Busey demonstrated a total
deposit beta of 34 percent for the tightening cycle,
better than most of our peer group, and we anticipate
a similar response within the current easing cycle.
Leveraging our fortress balance sheet, regional
operating model and unsurpassed dedication
to service excellence, Busey has attracted new
customers and deepened existing customer
relationships, as reflected in near across-the-board
increases in Net Promoter Score (NPS®) results in
2024. A customer experience metric, and the global
standard used across industries and organizations to
gauge customer satisfaction and loyalty, NPS® allows
companies to measure whether customers would
recommend their organization to others.
In 2024, Busey once again significantly improved its
corporate score to 62.4, a 5.9-point improvement
from the previous year and another new record-
high for our organization, while Busey Wealth
Management posted an impressive 82.3 from over
1,500 surveys submitted. Busey’s corporate and
wealth management scores continue to outperform
some of the largest banks and investment firms
in the country, based on Forrester’s 2024 U.S.
Net Promoter Rankings report. Through strategic
process improvements and investments in integrated
technology platforms, we are serving customers more
efficiently and effectively today than ever before and
are positioned to continue to do so for years to come.
Van A. Dukeman, Chairman and CEO (left) and
Robert Ballsrud, EVP, Executive Managing Director,
Wealth Management
(1)A non-GAAP financial measure: For a reconciliation, see
Busey's Annual Report on Form 10-K for the year ended
December 31, 2024 under the heading "Non-GAAP
Financial Information."

9 • ANNUAL REPORT | 2024
EARNINGS, GROWTH AND
CAPITAL STRENGTH
As of December 31, 2024, our organization remained
well-capitalized, exceeding regulatory standards with
a Common Equity Tier 1 Capital Ratio of 14.10 percent
and Total Capital Ratio of 18.53 percent. Additionally,
the Tangible Common Equity ratio(1) was 8.76 percent
at December 31, 2024, compared to 7.75 percent at
December 31, 2023. Our tangible book value per
common share(1) was $17.88 at December 31, 2024,
compared to $16.62 at December 31, 2023, an
increase of 7.6 percent year-over-year.
Busey’s net income was $113.7 million for the year-
ended December 31, 2024, or $1.98 per diluted
common share, compared to $122.6 million for
the year-ended December 31, 2023, or $2.18 per
diluted common share. Adjusted net income(1),
taking into account acquisition-related expenses
and restructuring charges, was $119.8 million for
the year-ended December 31, 2024, or $2.08 per
diluted common share, compared to $126.0 million
for the year-ended December 31, 2023, or $2.24 per
diluted common share. Full year 2024 net income
and adjusted net income(1) include $6.1 million of net
securities losses and a $7.7 million gain on the sale of
mortgage servicing rights, related to a balance sheet
repositioning executed in the first quarter of 2024.
Net income and adjusted net income(1) for 2024 were
further impacted by a one-time deferred tax valuation
adjustment of $1.4 million resulting from a change
to our Illinois apportionment rate due to regulations
enacted during the second quarter of 2024.
Busey’s net interest margin(1) increased to 2.95
percent for the year-ended December 31, 2024,
compared to 2.89 percent for the year-ended
December 31, 2023. After raising federal funds rates
by a total of 525 basis points between March 2022
and July 2023, beginning in September 2024 the
Federal Open Market Committee (“FOMC”) lowered
rates by 100 basis points through year-end 2024. In
anticipation of the FOMC pivot to an easing cycle, we
limited our exposure to term funding structures and
intentionally priced savings specials to encourage
maturing certificate of deposit balances to migrate
to managed rate non-maturity products. Our balance
sheet is well-positioned for rate neutrality, and we
continue to evaluate and execute off-balance sheet
hedging and balance sheet restructuring strategies.
As noted earlier, Busey’s fee-based businesses
continue to add distinctive revenue diversification.
Busey’s adjusted noninterest income(1) represented
30.0 percent of operating revenue(1) in 2024, once
again placing Busey in the upper quartile of our
peer groups. Wealth management fees and wealth
management referral income included in other
noninterest income contributed $65.0 million and
payment technology solutions contributed $22.0
million to our consolidated noninterest income
for 2024, representing 63.0 percent of adjusted
noninterest income(1) on a combined basis.
The efficiency ratio(1) for year-end December 31, 2024
was 61.76 percent compared to 61.65 percent for 2023.
Efficiency ratios are impacted by acquisition expenses
and other restructuring costs, provisions for unfunded
commitments and in 2023, amortization of new
market tax credits. This resulted in an adjusted core
efficiency ratio(1) of 61.27 percent and 58.56 percent,
for the years ended December 31, 2024 and 2023,
respectively. The year-over-year change in efficiency
can be partially attributed to increased adjusted core
expenses primarily related to the acquisition of
M&M Bank, along with general inflationary pressures
on compensation and benefits. We exited the fourth
quarter of 2024 with an 86 percent realization run-rate
of $6.6 million of annualized cost saves from the
M&M transaction, and anticipate full run-rate
realization in the first quarter of 2025.
Our strong capital levels, coupled with our earnings,
have allowed us to provide a steady return to
shareholders through dividends. With an uninterrupted
history of paying dividends to common shareholders
since the bank holding company was organized in
1980, Busey announced an increase to the quarterly
dividend to $0.25 per common share beginning in
2025 from $0.24 in 2024.
(1)A non-GAAP financial measure: For a reconciliation, see
Busey's Annual Report on Form 10-K for the year ended
December 31, 2024 under the heading "Non-GAAP
Financial Information."
Building Business. Growing Wealth. Since 1868. • 10

11 • ANNUAL REPORT | 2024
Building Business. Growing Wealth. Since 1868. • 12
Martin O'Donnell, Executive Vice President, Regional President, Central
speaks to clients and associates at the 2024 Illinois Smith Center Event.
At Busey, we focus on our proven,
sustainable conservative banking
approach built through more than
a century and a half of disciplined
growth and prudent expense,
credit and risk management.
Van A. Dukeman, CFA
Chairman & CEO
First Busey Corporation

By remaining true to our beliefs, we can
pursue our business objectives, capitalize on
new opportunities and support our vision as
a premier regional provider of differentiated
and comprehensive banking and wealth
management solutions, delivering attractive
profitability to shareholders while preserving
the core tenets of a fortress balance sheet and
strong corporate culture.
FUTURE OUTLOOK
Some financial institutions choose to take
more risk, and at times get rewarded for it in
the short term. Historically, however, high-
risk financial institutions rarely stand the test
of time. At Busey, we focus on our proven,
sustainable conservative banking approach
built through more than a century and a half
of disciplined growth and prudent expense,
credit and risk management. We respond to the
current operating environment in a thoughtful,
measured manner while positioning ourselves
to be profitable through any economic climate.
This deep-rooted, time-tested approach helped
us forge a partnership with CrossFirst that
altered the footprint of Busey and can
significantly improve future earnings results.
Remaining true to this approach, the core
tenets of our philosophy will not change
now or in the future. Deepening Busey’s
customer base, improving business operations,
leveraging innovative and transformative
technology, and developing and retaining
the best and brightest directors, leaders
and associates will continue to guide our
vision and strategic initiatives. The following
priorities provide the blueprint for our work
the remainder of 2025 and beyond, while
supporting earnings expansion, profitability
and organic and acquisitive growth:

Integrate CrossFirst Bank to realize
the full transformational, strategic
and financial value of the acquisition;

Continue profitability and growth
through the integration process; and

Continue relevant capability building
through strengthening of the regional
operating model, building out cross-sell
of profitable products and services and
other select initiatives to implement in
the go-forward company.
SUMMARY
With 2024 complete, we look ahead to the
remainder of 2025 with pride in the path we’ve
charted and optimism for the promise of what
lies ahead. While we are cognizant of evolving
economic and geopolitical conditions, as well as
regulatory scrutiny and competitive pressures,
we remain acutely focused on our new
partnership, preserving balance sheet strength
and sustaining profitability and growth. We are
grateful for the opportunity to earn the business
of our exceptional customers every day, which
can only be achieved through the contributions
of our talented associates and the continued
support of our loyal shareholders.
It is with sincere appreciation that I thank you,
valued shareholders, for your sustained support.

13 • ANNUAL REPORT | 2024
Building Business. Growing Wealth. Since 1868. • 14
THE BUSEY PROMISE TO OUR 4 PILLARS
All relationships begin with the Busey Promise. We
embrace and consistently fulfill the Busey Promise to
our 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.
2024 PROGRESS
FOR OUR PILLARS
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 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
$9 million
in Associate Training &
Development since 2014
INVESTED
300
Recognized in 2024
INTERNAL PROMOTIONS
PILLARS
450
Busey's internal eNewsletter
distributed since 2015
ISSUES OF
BETWEEN
THE LINES
With an average tenure
of over 7 years
1,500+
ASSOCIATES
Since 2018 by St. Louis
Business Journal
and Illinois' Healthiest
Employer finalist since
2017 by Cigna and
Crain's Content Studio
HEALTHIEST
EMPLOYER
FINALIST
THOUGHTFUL, HONEST FEEDBACK EARNED BUSEY TITLES OF:
$7
million
Contributed
Since 2015
Through B Well
IN ASSOCIATE
CASH & HSA
INCENTIVES
59%
Are Actively Participating
in Programming Designed
To Further Develop Their
Capabilities
ASSOCIATES
In the B Well
Health & Wellness
Program in 2024
85%
ENGAGEMENT
2,100
By associates to express
gratitude for their colleagues
MISSION
MOMENTS
SHARED
77,000+
PERSONAL & PROFESSIONAL
DEVELOPMENT
TRAINING HOURS
Including all program
participation, leadership
development and required
and voluntary e-learning
SINCE 2016
SINCE 2017
SINCE 2024
SINCE 2017
SINCE 2016
SINCE 2018
2024
*These are Busey-only figures as of December 31, 2024,
and do not include CrossFirst Bank numbers since the
merger was not completed until March 1, 2025.

15 • ANNUAL REPORT | 2024
Building Business. Growing Wealth. Since 1868. • 16
CUSTOMERS
250,000+
INDIVIDUALS SERVED
60+
37,000+
80,000+
BUSEY - MOBILE APP USERS
SURCHARGE-FREE
MONEYPASS® ATM
NPS
In 2024, Busey earned a corporate
Net Promoter Score (NPS) of 62.4,
significantly above the banking industry
benchmark of 18.0. This was a record-
high annual NPS score for Busey.
82.3 NPS score for Busey Wealth
Management, a record for the division
and well above the industry average
of 23.7.
Busey’s Corporate and Wealth
Management NPS results outperformed
some of the largest banks and
investment firms in the country,
per Forrester’s 2024 Net Promoter
Rankings report.
BANKING CENTERS IN ILLINOIS,
MISSOURI, FLORIDA AND INDIANA
$12 billion
OF PAYMENTS PROCESSED
ANNUALLY BY FIRSTECH
DONATED ANNUALLY
To charitable organizations
$1.9 million
$350,000
GIFTED DURING
THE UNITED WAY
Corporate campaign in 2024
21,000+
VOLUNTEER HOURS
Completed by associates for
hundreds of community
organizations in 2024
170
ASSOCIATES
Actively commit to board
service in their communities
$365,000+
IN SCHOLARSHIPS
and scholastic contributions
COMMUNITIES
Launched in 2020, Busey Drives Generosity
is a quarterly campaign encouraging
associates to give generously through
donation drives at each location.
In 2024 our associates and customers
generously donated:
• 1,650+ pairs of socks
• 2,000+ school supplies
• 1,200+ non-perishables
to the communities we call home.
For the first time, Busey was
named among the World’s
Best Banks for 2024 by
Forbes while also named
among America’s Best
Banks by Forbes the third
consecutive year.
$560K+
RAISED SINCE 2015
Through the Pay It Forward
Fridays initiative since its
inception in 2015 & over
$110,500 in 2024 alone
Three issues of
The Pillar magazine
published annually
Countless educational
articles in our blog,
Money Matters,
on busey.com
The Community Banking Team offers
over 150 proactive, focused events,
including homeowner education
workshops, financial literacy
seminars, credit education classes
and first-time homeowner events.
In 2024 one new rotation of
Busey's 1868 The Exhibition
galleries was launched. For each
exhibit, Busey partners with a
local nonprofit to showcase talent
and creativity.
*These are Busey-only figures as of December 31, 2024,
and do not include CrossFirst Bank numbers since the merger
was not completed until March 1, 2025.

17 • ANNUAL REPORT | 2024
Building Business. Growing Wealth. Since 1868. • 18
CORPORATE LEADERSHIP
FIRST BUSEY CORPORATION
BOARD OF DIRECTORS
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.
The Boards—First Busey Corporation, Busey Bank and FirsTech—
include industry leaders from diverse backgrounds and areas of
expertise. 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.
Samuel P. Banks
DIRECTOR SINCE 2020
George Barr
DIRECTOR SINCE 2017
Stanley J. Bradshaw
DIRECTOR SINCE 2016
Michael D. Cassens
DIRECTOR SINCE 2019
Van A. Dukeman
Chairman & CEO of First
Busey Corporation and
Chairman of Busey Bank
DIRECTOR SINCE 2007
Karen M. Jensen
DIRECTOR SINCE 2019
Frederic L. Kenney
DIRECTOR SINCE 2018
Stephen V. King
DIRECTOR SINCE 2013
Gregory B. Lykins
Vice Chairman of
First Busey Corporation
DIRECTOR SINCE 2007
Cassandra R. Sanford
DIRECTOR SINCE 2022
FIRST BUSEY CORPORATION BOARD OF DIRECTORS
Van A. Dukeman
Chairman & CEO of First
Busey Corporation and
Chairman of Busey Bank
DIRECTOR SINCE 2007
EXECUTIVE MANAGEMENT TEAM
Van A. Dukeman
Chairman & CEO of First
Busey Corporation and
Chairman of Busey Bank
Monica L. Bowe
Executive Vice President,
Chief Risk Officer
of First Busey Corporation
John J. Powers
Executive Vice President,
General Counsel
of First Busey Corporation
Amy L. Randolph
Executive Vice President,
Chief Operating Officer
of First Busey Corporation

Robert L. Plummer
DIRECTOR SINCE 2019
Eric J. Minor
DIRECTOR SINCE 2021
Patrick T. Fitzgerald
DIRECTOR SINCE 2004
Gregory B. Lykins
DIRECTOR SINCE 2007
David W. Tyrolt
DIRECTOR SINCE 2018
Mark S. Shashek
DIRECTOR SINCE 2019
Scott A. Wehrli
DIRECTOR SINCE 2017
Tiffany B. White
DIRECTOR SINCE 2021
BUSEY BANK BOARD
OF DIRECTORS
Scott A. Phillips
Executive Vice President,
Interim Chief Financial Officer
and Chief Accounting Officer
of First Busey Corporation
As of the March 1, 2025 merger of
CrossFirst Bankshares, Inc. with and into
First Busey Corporation, CrossFirst's
Michael J. Maddox and Amy Fauss, and
Busey's Chip Jorstad, have joined the
Busey Executive Management Team.
For more information, visit our Investor
Relations website at ir.busey.com.
As of the March 1, 2025 merger of CrossFirst Bankshares, Inc. with
and into First Busey Corporation, a new Busey board structure was
established with eight legacy directors from the First Busey and Busey
Bank boards and five legacy directors from CrossFirst. The composition
of the First Busey board and Busey Bank board is now identical.

For more information on the new Busey Board of Directors,
visit our Investor Relations website at ir.busey.com.
FIRSTECH BOARD OF DIRECTORS
Amy L. Randolph, Chairperson
Humair Ghauri
W. Christopher “Chris” Behnke
Michael D. Cassens
Van A. Dukeman
Joshua D. Hale
Mark S. Shashek
David W. Tyrolt
Following the March 1, 2025
merger of CrossFirst Bankshares,
Inc. with and into First Busey
Corporation, CrossFirst's
Michael J. Maddox was
appointed to the FirsTech Board
of Directors as its chairman.

19 • ANNUAL REPORT | 2024
Building Business. Growing Wealth. Since 1868. • 20

As of March 1, 2025, First Busey Corporation
(NASDAQ: BUSE) was an approximately
$20 billion financial holding company
headquartered in Leawood, Kansas.
Busey Bank, a wholly-owned bank subsidiary
of First Busey Corporation, had total assets of
$12.01 billion as of December 31, 2024, and is
headquartered in Champaign, Illinois. Busey
Bank currently has 62 banking centers, with
21 in Central Illinois markets, 17 in suburban
Chicago markets, 20 in the St. Louis
Metropolitan Statistical Area, three in
Southwest Florida, and one in Indianapolis.
More information about Busey Bank can be
found at busey.com.
CrossFirst Bank—also a wholly-owned bank
subsidiary of First Busey Corporation as of
March 1, 2025—had total assets of $7.7 billion
as of December 31, 2024, and is a full-service
financial institution with locations in Kansas,
Missouri, Oklahoma, Texas, Arizona, Colorado
and New Mexico.
More information about CrossFirst Bank can
be found at crossfirstbank.com.
Through its Wealth Management division,
the Company provides a full range of asset
management, investment, brokerage, fiduciary,
philanthropic advisory, tax preparation, and farm
management services to individuals, businesses,
and foundations. Assets under care totaled
$13.83 billion as of December 31, 2024.
More information about Busey’s Wealth
Management services can be found at
busey.com/wealthmanagement.
Busey Bank’s wholly-owned subsidiary,
FirsTech, specializes in the evolving financial
technology needs of small and medium-
sized businesses, highly regulated enterprise
industries, and financial institutions. FirsTech
provides comprehensive and innovative payment
technology solutions, including online, mobile,
and voice-recognition bill payments; money and
data movement; merchant services; direct debit
services; lockbox remittance processing for
payments made by mail; and walk-in payments
at retail agents. Additionally, FirsTech simplifies
client workflows through integrations enabling
support with billing, reconciliation, bill reminders,
CORPORATE PROFILE
and treasury services. More information about FirsTech
can be found at firstechpayments.com.
For the first time, Busey was named among the
World’s Best Banks for 2024 by Forbes, earning a
spot on the list among 68 U.S. banks and 403 banks
worldwide. Additionally, Busey Bank was honored to
be named among America’s Best Banks by Forbes
magazine for the third consecutive year. Ranked 40th
overall in 2024, Busey was the second-ranked bank
headquartered in Illinois of the six banks that made this
year’s list and the highest-ranked bank of those with
more than $10 billion in assets. Busey is humbled to be
named among the 2024 Best Banks to Work For by
American Banker, the 2024 Best Places to Work in
Money Management by Pensions and Investments, the
2024 Best Places to Work in Illinois by Daily Herald
Business Ledger, the 2024 Best Places to Work in
Indiana by the Indiana Chamber of Commerce, and
the 2024 Best Companies to Work For in Florida
by Florida Trend magazine. 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.
SHAREHOLDER
INFORMATION
CORPORATE HEADQUARTERS
First Busey Corporation
11440 Tomahawk Creek Parkway,
Leawood, KS, 66211
217.365.4500 | busey.com
ANNUAL MEETING
The 2025 Annual Meeting of Shareholders of
First Busey Corporation will be held virtually
on Thursday, May 29, 2025, at 10:30 a.m.
CDT and may be attended at www.virtual
shareholdermeeting.com/BUSE2025.

Proxy materials can be accessed at
www.proxyvote.com using your Control Number.
FIRST BUSEY CORPORATION
COMMON STOCK
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 Sta-
tion, TX 77842-3170. The transfer agent can be
accessed at computershare.com/investor.

21 • ANNUAL REPORT | 2024
Building Business. Growing Wealth. Since 1868.
This document may contain “forward-looking statements” within the meaning of the Private Securities
Litigation Reform Act of 1995 with respect to Busey’s financial condition, results of operations, plans,
objectives, future performance, and business. Forward-looking statements, which may be based
upon beliefs, expectations and assumptions of Busey’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,” “position,” or
other similar expressions. Additionally, all statements in this document, including forward-looking
statements, speak only as of the date they are made, and Busey undertakes no obligation to update
any statement in light of new information or future events.
A number of factors, many of which are beyond Busey’s ability to control or predict, could cause
actual results to differ materially from those in any forward-looking statements. These factors include,
among others, the following: (1) the strength of the local, state, national, and international economies
and financial markets (including effects of inflationary pressures and supply chain constraints); (2)
effects on the U.S. economy resulting from the implementation of policies proposed by the new
presidential administration, including tariffs, mass deportations, and tax regulations; (3) the economic
impact of any future terrorist threats or attacks, widespread disease or pandemics, or other adverse
external events that could cause economic deterioration or instability in credit markets (including
Russia’s invasion of Ukraine and the conflict in the Middle East); (4) changes in state and federal laws,
regulations, and governmental policies concerning Busey's general business (including changes
in response to the failures of other banks or as a result changes in policies implemented by the
new presidential administration); (5) changes in accounting policies and practices; (6) changes in
interest rates and prepayment rates of Busey’s assets (including the impact of sustained elevated
interest rates); (7) increased competition in the financial services sector (including from non-bank
competitors such as credit unions and fintech companies) and the inability to attract new customers;
(8) unexpected results of acquisitions, including the acquisition of CrossFirst Bankshares, Inc.; (9)
changes in technology and the ability to develop and maintain secure and reliable electronic systems;
(10) the loss of key executives or associates; (11) changes in consumer spending; (12) unexpected
outcomes of existing or new litigation, investigations, or inquiries involving Busey (including with
respect to Busey’s Illinois franchise taxes); (13) fluctuations in the value of securities held in Busey’s
securities portfolio; (14) concentrations within Busey’s loan portfolio (including commercial real estate
loans), large loans to certain borrowers, and large deposits from certain clients; (15) the concentration
of large deposits from certain clients who have balances above current FDIC insurance limits and
may withdraw deposits to diversify their exposure; (16) the level of nonperforming assets on Busey’s
balance sheets; (17) interruptions involving information technology and communications systems or
third-party servicers; (18) breaches or failures of information security controls or cybersecurity-related
incidents; and (19) the economic impact of exceptional weather occurrences such as tornadoes,
hurricanes, floods, blizzards, and droughts. 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 Busey and its business, including additional factors that could
materially affect Busey’s financial results, is included in Busey’s filings with the Securities and
Exchange Commission.
SPECIAL NOTE CONCERNING
FORWARD-LOOKING STATEMENTS