BUSEPHIGH SIGNALFINANCIAL10-K

BUSEP completed a major business combination that substantially expanded its asset base and market presence while dramatically increasing share count.

The massive increase in outstanding shares from 57M to 86M combined with substantially higher assets, deposits, and revenue clearly indicates a significant acquisition or merger transaction. The strong growth in stockholders' equity and maintained profitability suggests the combination was executed successfully, though investors should monitor integration risks and whether the expanded scale delivers expected synergies.

Comparing 2026-02-26 vs 2025-02-27View on EDGAR →
FINANCIAL ANALYSIS

The financial statements reflect a transformative year with total assets growing to $18.1B and deposits expanding to $14.9B, indicating substantial business combination activity. Revenue and net interest income grew meaningfully while net income increased a more modest 19%, suggesting some near-term integration costs or margin compression. The sharp decline in cash reserves from $697M to $294M likely reflects transaction-related outflows, while the substantial increase in dividends paid demonstrates management's confidence in the expanded entity's cash generation capabilities.

FINANCIAL STATEMENT CHANGES
Stockholders Equity
Balance Sheet
+78.5%
$1.4B→$2.5B

Equity base grew 78.5% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Net Interest Income
P&L
+70.7%
$523.7M→$893.9M

Net interest income grew 70.7% — benefiting from rate environment or loan book expansion.

Dividends Paid
Cash Flow
+68%
$54.2M→$91.0M

Dividend payments increased 68% — management confidence in sustained cash generation.

Cash & Equivalents
Balance Sheet
-57.9%
$697.7M→$294.1M

Cash declined 57.9% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Revenue
P&L
+55.7%
$462.3M→$719.6M

Strong top-line growth of 55.7% — accelerating demand or successful expansion into new markets.

Total Assets
Balance Sheet
+50.3%
$12.0B→$18.1B

Asset base grew 50.3% — expansion through organic growth, acquisitions, or capital deployment.

Total Deposits
Balance Sheet
+49.3%
$10.0B→$14.9B

Deposits grew 49.3% — expanding customer base or increased trust in the institution.

Total Liabilities
Balance Sheet
+46.6%
$10.7B→$15.6B

Liabilities grew 46.6% — significant increase in debt or obligations, assess impact on financial flexibility.

Net Income
P&L
+19%
$113.7M→$135.3M

Net income grew 19% — bottom-line growth signals improving overall business health.

LANGUAGE CHANGES
NEW — 2026-02-26
PRIOR — 2025-02-27
ADDED
As of February 26, 2026, there were 86,227,449 shares of the registrant s common stock, $0.001 par value, outstanding.
BUSINESS 8 Organization 8 Business Combinations 9 Banking Center Markets 11 Human Capital 14 Corporate Governance 15 Supervision, Regulation, and Other Factors 15 Securities And Exchange Commission Reporting and Other Information 28 Non-GAAP Financial Information 28 Forward-Looking Statements 34 ITEM 1A.
RISK FACTORS 36 Economic and Market Risks 36 Regulatory and Legal Risks 37 Credit and Lending Risks 38 Capital and Liquidity Risks 40 Competitive and Strategic Risks 41 Accounting and Tax Risks 45 Operational Risks 46 ITEM 1B.
MARKET FOR REGISTRANT S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES 50 ITEM 6.
MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Unaudited) 53 Scope of Discussion 53 Busey s Conservative Banking Strategy 54 Critical Accounting Estimates 54 Results Of Operations Three Years Ended December 31, 2025 57 Financial Condition 71 New Accounting Pronouncements 88 Effects Of Inflation 88 ITEM 7A.
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REMOVED
As of February 27, 2025, there were 56,958,853 shares of the registrant s common stock, $0.001 par value, outstanding.
Business ORGANIZATION 6 MERGERS AND ACQUISITIONS 7 BANKING CENTER MARKETS 8 HUMAN CAPITAL 9 CORPORATE GOVERNANCE 11 SUPERVISION, REGULATION, AND OTHER FACTORS 11 SECURITIES AND EXCHANGE COMMISSION REPORTING AND OTHER INFORMATION 26 NON-GAAP FINANCIAL INFORMATION 26 SPECIAL CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS 33 ORGANIZATION First Busey Corporation is a $12.05 billion financial holding company.
Organized in Nevada in 1980, First Busey Corporation is headquartered in Champaign, Illinois.
First Busey Corporation s common stock is traded on The Nasdaq Global Select Market under the symbol BUSE.
Busey Bank Busey Bank is an Illinois state-chartered bank organized in 1868 with its headquarters in Champaign, Illinois.
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