First Busey (NASDAQ:BUSE) shareholders approved all proposals presented at the company’s 2026 annual meeting, including the election of 12 directors, an advisory vote on executive compensation, an amended equity incentive plan and the ratification of RSM US LLP as the company’s independent registered public accounting firm for the year ending Dec. 31, 2026.
Chairman, President and CEO Van Dukeman said a quorum was present for the virtual meeting. As of the record date, First Busey had 85,504,477 shares of common stock outstanding and eligible to vote. The company received proxies representing 66,218,204 shares, or 77.44% of shares outstanding. Dukeman said all director nominees were elected and the other proposals were approved, based on preliminary voting results.
CrossFirst Acquisition Marks Transformational Period
Following the formal business portion of the meeting, Dukeman described 2025 and the first quarter of 2026 as “a transformational period” for the company, highlighting First Busey’s acquisition of CrossFirst Bankshares in March 2025. He said it was the largest merger-and-acquisition transaction in the company’s history.
The integration of CrossFirst Bank into Busey Bank was completed in late June 2025, Dukeman said. The combined company now serves clients from 80 locations across 10 states: Illinois, Indiana, Missouri, Kansas, Oklahoma, Texas, Colorado, New Mexico, Arizona and Florida.
Dukeman said First Busey is led by an experienced management team and board, supported by more than 1,800 associates. As of the first quarter of 2026, he said the franchise had total assets of $18 billion, total deposits of $14.7 billion, total loans of $13.5 billion and wealth management assets under care of $15.6 billion.
Profitability and Revenue Diversification Highlighted
Dukeman said the company is focused on organic growth through its regional operating model and described fee-based businesses as a source of revenue diversification. In 2025, adjusted non-interest income represented 22% of operating revenue, which he said placed First Busey above the median compared with its peer group.
He also pointed to stronger first-quarter profitability in 2026 compared with the prior-year period. Dukeman said First Busey posted an adjusted return on assets of greater than 1.4%, a return on tangible common equity of greater than 14% and an efficiency ratio of less than 55% in the first quarter of 2026. That compared with an adjusted ROA of 1.09%, an adjusted ROTCE of 11.25% and an efficiency ratio of nearly 59% in the first quarter of 2025.
The company’s net interest margin continued to move higher, Dukeman said, rising six basis points from the prior quarter and 61 basis points year over year. He attributed the increase to disciplined loan pricing and deposit control.
Wealth Management Sets Revenue Records
Busey Wealth Management continued to be a key contributor, with assets under care of $15.6 billion as of March 31, 2026, according to Dukeman. He said net assets under care inflows across the company’s footprint helped soften the impact of lower markets during the quarter.
The wealth management segment generated $19.5 million in revenue during the first quarter of 2026, which Dukeman said was a new quarterly record. The result was supported by seasonally high Ag Services revenue. He also noted that fiscal 2025 wealth management segment revenue of $70.2 million was the highest in company history.
Dividends and Share Repurchases Continue
Dukeman said First Busey’s capital levels and earnings have supported steady returns to shareholders through dividends and share repurchases. The company has paid uninterrupted dividends to common stockholders since the bank holding company was organized in 1980, he said.
During 2025, First Busey paid quarterly dividends of $0.25 per common share. In January 2026, the quarterly dividend was raised 4% to $0.26 per common share.
The company’s share repurchase plan remains active. Dukeman said First Busey repurchased 2.6 million shares during the first quarter of 2026, representing about 3% of outstanding common shares. Since beginning its share repurchase initiative in March 2025, the company has repurchased more than 6% of total common shares that were outstanding, he said.
Management Emphasizes Conservative Banking Approach
Looking ahead, Dukeman said the company remains mindful of industry trends, economic conditions and geopolitical impacts, while focusing on balance sheet strength, profitability and growth.
He said First Busey’s strategy remains anchored in a conservative banking approach built over nearly 160 years, including disciplined growth and prudent expense, credit and risk management. Dukeman said the company will continue to focus on deepening its client base, improving operations, using technology and developing and retaining directors, leaders and associates.
Dukeman said the company’s goal is to remain a regional provider of banking and wealth management solutions while delivering attractive profitability to shareholders and preserving what he called a “fortress balance sheet” and strong corporate culture.
About First Busey (NASDAQ:BUSE)
First Busey (NASDAQ: BUSE) is a bank holding company headquartered in Champaign, Illinois, with roots tracing back to the founding of Busey Bank in 1868. As a regional financial institution, it offers a broad spectrum of banking services to individuals, small businesses, and corporations. Its core activities include commercial lending, deposit-taking, and cash management, which are tailored to meet the needs of local communities across its operating footprint.
In addition to traditional banking operations, First Busey provides wealth management and trust services through its subsidiary aimed at high-net-worth clients and fiduciary accounts.
