0000314489-22-000018 | 10-Q | XBRL Viewer

Outstanding Commitments and Contingent Liabilities

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Outstanding Commitments and Contingent Liabilities

Legal Matters

The Company is a party to legal actions which arise in the normal course of its business activities. In the opinion of management, the ultimate resolution of these matters is not expected to have a material effect on the Company’s financial position or results of operations.

Credit Commitments and Contingencies

A summary of the contractual amount of the Company’s exposure to off-balance-sheet risk relating to the Company’s commitments to extend credit and standby letters of credit follows (dollars in thousands):


	As of
	September 30, 2022		December 31, 2021
Financial instruments whose contract amounts represent credit risk
Commitments to extend credit	$	2,024,255	$	1,983,655
Standby letters of credit	31,933		32,552
Total commitments	$	2,056,188	$	2,016,207

Significant Accounting Policies	9 Months Ended
Significant Accounting Policies	Sep. 30, 2022
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Nature of Operations First Busey Corporation, a Nevada corporation organized in 1980, is a $12.5 billion financial holding company headquartered in Champaign, Illinois. Our common stock is traded on The Nasdaq Global Select Market under the symbol “BUSE.” The Company operates and reports its business in three segments: Banking, FirsTech, and Wealth Management. Banking The Banking operating segment provides a full range of banking services to individual and corporate customers through the Company’s wholly-owned bank subsidiary, Busey Bank, with 58 banking centers in Illinois; the St. Louis, Missouri metropolitan area; southwest Florida; and Indianapolis, Indiana. FirsTech The FirsTech operating segment provides comprehensive and innovative payment technology solutions that include, but are not limited to, text-based mobile bill pay; electronic payment concentration delivered to Automated Clearing House networks, money management, and credit card networks; walk-in payment processing for customers at retail pay agents; customer service payments made over a telephone; direct debit services; and lockbox remittance processing for customers to make payments by mail. FirsTech also provides additional tools to help clients with billing, reconciliation, bill reminders, and treasury services. Wealth Management The Wealth Management operating segment provides a full range of asset management, investment, brokerage, fiduciary, philanthropic advisory, tax preparation, and farm management services to individuals, businesses, and foundations. Basis of Financial Statement Presentation These unaudited consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements included in our 2021 Annual Report. These interim unaudited consolidated financial statements serve to update our 2021 Annual Report and may not include all information and notes necessary to constitute a complete set of financial statements. We prepared these unaudited consolidated financial statements in conformity with GAAP. We have eliminated intercompany accounts and transactions. We have also reclassified certain prior year amounts to conform to the current period presentation. These reclassifications did not have a material impact on our consolidated financial condition or results of operations. In our opinion, the unaudited consolidated financial statements reflect all normal, recurring adjustments needed to present fairly our results for the interim periods. The results of operations for interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period. Use of Estimates In preparing the accompanying unaudited consolidated financial statements in conformity with GAAP, the Company’s management is required to make estimates and assumptions that affect the amounts reported in the financial statements and the disclosures provided. Actual results could differ from those estimates. Material estimates which are particularly susceptible to significant change in the near term relate to the fair value of debt securities available for sale, fair value of assets acquired and liabilities assumed in business combinations, goodwill, income taxes, and the determination of the ACL. Change in Accounting Principle Effective January 1, 2022, the Company elected to account for all newly originated loans held for sale at LOCOM. Prior to this change, the Company accounted for loans held for sale at fair value. This change did not have a material impact on our results of operations during the three or nine months ended September 30, 2022. Impact of Recently Adopted Accounting Standards ASU 2021-10 “Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance” establishes disclosure requirements for transactions with a government that have been accounted for by analogizing to a grant or contribution accounting model. Disclosures required under this standard include 1) the types of transactions, 2) the accounting for those transactions, and 3) the effect of those transactions on the consolidated financial statements. This update was effective for annual periods beginning January 1, 2022, and applies prospectively to all transactions within the scope of the amendments that are reflected in financial statements at the date of initial application and new transactions that are entered into after the date of initial application. Adoption of this standard did not have a material impact on First Busey’s financial position or results of operations. ASU 2021-05 “Leases (Topic 842): Lessors—Certain Leases with Variable Lease Payments” amends the lessor’s classification of certain leases under ASC Topic 842. Under this updated guidance, leases that would otherwise be classified as a sales-type or direct financing lease must be classified by a lessor as an operating lease when the following conditions are met: 1) the contract includes variable lease payments that do not depend on an index or rate and 2) classification as a sales-type or direct financing lease would result in recognition of a selling loss at lease commencement. This guidance was effective for First Busey beginning January 1, 2022, and was applied on a prospective basis. Adoption of this standard did not have a material impact on the Company’s financial position or results of operations. ASU 2021-04 “Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options” clarifies how an issuer should account for modifications or exchanges of equity-classified written call options (i.e. a warrant to purchase the issuer’s common stock). This accounting standard requires the issuer to treat a modification of an equity-classified warrant that does not cause the warrant to become liability-classified as an exchange of the original warrant for a new warrant. This guidance applies whether the modification is structured as an amendment to the terms and conditions of the warrant or as termination of the original warrant and issuance of a new warrant. This guidance was effective for First Busey beginning January 1, 2022, and was applied on a prospective basis. Adoption of this standard did not have a material impact on the Company’s financial position or results of operations. Recently Issued Accounting Standards ASU 2022-03 “Fair Value Measurements (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions” clarifies that contractual restrictions on the sale of equity securities are not considered in measuring the fair value of those equity securities, and further that contractual sale restrictions cannot be recognized and measured as a separate unit of account. This standard applies prospectively, and is effective for First Busey beginning January 1, 2024. Early adoption is permitted. First Busey is currently evaluating the potential effect on the Company’s financial position and results of operations. ASU 2022-02 “Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures” eliminates the TDR accounting model for creditors that have already adopted CECL. In lieu of the TDR accounting model, loan refinancing and restructuring guidance in ASC Subtopic 310-20 “Investments—Debt Securities” will apply to all loan modifications, including those made for borrowers experiencing financial difficulty. This standard also enhances disclosure requirements related to certain loan modifications. Additionally, this standard introduces new requirements to disclose gross write-off information in the vintage disclosures of financing receivables by credit quality indicator and class of financing receivable by year of origination. This standard applies prospectively. For the transition method related to the recognition and measurement of TDRs, there is an option to apply a modified retrospective transition method, resulting in a cumulative-effect adjustment to retained earnings in the period of adoption. This standard is effective for First Busey beginning January 1, 2023. Early adoption is permitted. First Busey is currently evaluating the potential effect on the Company’s financial position and results of operations. ASU 2022-01 “Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method” replaces the current last-of-layer hedge accounting method with an expanded portfolio layer method that permits multiple hedged layers of a single closed portfolio. The scope of the portfolio layer method is also expanded to include non-prepayable financial assets. This update also provides additional guidance on the accounting for and disclosure of hedge basis adjustments that are applicable to the portfolio layer method, and specifies how hedge basis adjustments should be considered when determining credit losses for the assets included in the closed portfolio. Amendments related to hedge basis adjustments which are included in this standard apply on a modified retrospective basis by means of a cumulative-effect adjustment to the opening balance of retained earnings on the initial application date. Amendments related to disclosure which are included in this standard may be applied on a prospective basis from the initial application date, or on a retrospective basis to each prior period presented after the date of adoption of the amendments in ASU 2017-12 “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities.” This standard is effective for First Busey beginning January 1, 2023, and may be early adopted. First Busey is currently evaluating the potential effect on the Company’s financial position and results of operations. ASU 2021-08 “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers” requires measurement and recognition in accordance with ASC Topic 606 “Revenue from Contracts with Customers” for contract assets and contract liabilities acquired in a business combination. This update is effective for First Busey beginning January 1, 2023, and may be adopted early. This standard applies prospectively to all business combinations that occur on or after the date it is adopted and, if applicable, retrospectively to all business combinations for which the acquisition date occurs on or after the beginning of the fiscal year that includes the interim period of early application. First Busey is currently evaluating the potential effect on the Company’s financial position and results of operations. COVID-19 Throughout the COVID-19 pandemic, First Busey operated as an essential community resource, providing approximately $1.1 billion in payroll assistance for small businesses and select nonprofits through low-interest, 100% government-guaranteed loans as part of the PPP. First Busey had $1.5 million in PPP loans outstanding, with an amortized cost of $1.4 million, as of September 30, 2022. In comparison, First Busey had $76.9 million in PPP loans outstanding, with an amortized cost of $75.0 million, as of December 31, 2021. Subsequent Events The Company has evaluated subsequent events for potential recognition and/or disclosure through the date the unaudited consolidated financial statements included in this Quarterly Report were issued. Early in the fourth quarter of 2022, we implemented a targeted restructuring and efficiency optimization plan that is expected to generate annual salary and benefits savings of $4.0 million to $4.4 million. We also expect to incur one-time severance-related costs associated with this initiative of $1.1 million to $1.3 million, most of which are expected to be realized in the fourth quarter of 2022. We expect to largely reinvest the anticipated savings to support ongoing growth initiatives across our franchise over the next several quarters. Other than this item, there were no significant subsequent events for the quarter ended September 30, 2022, through the filing date of these unaudited consolidated financial statements.

Fair Value Measurements

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

The fair value of an asset or liability is the price that would be received by selling that asset or paid in transferring that liability (exit price) in an orderly transaction occurring in the principal market (or most advantageous market in the absence of a principal market) for such asset or liability. ASC Topic 820 “Fair Value Measurement” establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows:

•Level 1 Inputs – Unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

•Level 2 Inputs – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated by market data by correlation or other means.

•Level 3 Inputs – Unobservable inputs for determining the fair values of assets or liabilities that reflect the Company’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities.

A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. These valuation methodologies were applied to those Company assets and liabilities that are carried at fair value.

In general, fair value is based upon quoted market prices, when available. If such quoted market prices are not available, fair values are measured utilizing independent valuation techniques of identical or similar securities for which significant assumptions are derived primarily from or corroborated by observable data. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect, among other things, counterparty credit quality and the company's creditworthiness as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. While management believes the Company's valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.

Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis

Debt Securities Available for Sale

Debt securities classified as available for sale are reported at fair value utilizing Level 2 measurements. The Company obtains fair value measurements from an independent pricing service. The independent pricing service utilizes evaluated pricing models that vary by asset class and incorporate available trade, bid, and other market information. Because many fixed income securities do not trade on a daily basis, the independent pricing service applies available information, focusing on observable market data such as benchmark curves, benchmarking of like securities, sector groupings, and matrix pricing to prepare evaluations.

The independent pricing service uses model processes, such as the Option Adjusted Spread model, to assess interest rate impact and develop prepayment scenarios. Models and processes take into account market conventions. For each asset class, a team of evaluators gathers information from market sources and integrates relevant credit information, perceived market movements, and sector news into the evaluated pricing applications and models.

Market inputs that the independent pricing service normally seeks for evaluations of securities, listed in approximate order of priority, include: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data including market research publications. The independent pricing service also monitors market indicators, industry, and economic events. For certain security types, additional inputs may be used or some of the market inputs may not be applicable. Evaluators may prioritize inputs differently on any given day for any security based on market conditions, and not all inputs listed are available for use in the evaluation process for each security evaluation on a given day. Because the data utilized was observable, the securities have been classified as Level 2.

Equity Securities

Equity securities are reported at fair value utilizing Level 1 or Level 2 measurements. As applicable, for mutual funds, unadjusted quoted prices in active markets for identical assets are utilized to determine fair value at the measurement date and are classified as Level 1. For stock, quoted prices for identical or similar assets in markets that are not active are utilized and classified as Level 2.

Loans Held for Sale

Loans held for sale that were reported at fair value utilized Level 2 measurements at December 31, 2021. The fair values of the mortgage loans held for sale were measured using observable quoted market or contract prices or market price equivalents and were classified as Level 2.

Derivative Assets and Derivative Liabilities

Derivative assets and derivative liabilities are reported at fair value utilizing Level 2 or Level 3 measurements. As applicable, fair values of derivative assets and liabilities are determined based on prices that are obtained from a third-party which uses observable market inputs and are classified as Level 2. Due to the significance of unobservable inputs, derivative assets related to our risk participation agreement are classified as Level 3.

The following tables summarize financial assets and financial liabilities measured at fair value on a recurring basis as of September 30, 2022, and December 31, 2021, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (dollars in thousands):


	As of September 30, 2022
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Debt securities available for sale:
U.S. Treasury securities	$	—	$	140,842	$	—	$	140,842
Obligations of U.S. government corporations and agencies	—		24,933		—		24,933
Obligations of states and political subdivisions	—		270,835		—		270,835
Asset-backed securities	—		466,524		—		466,524
Commercial mortgage-backed securities	—		87,751		—		87,751
Residential mortgage-backed securities	—		1,304,314		—		1,304,314
Corporate debt securities	—		251,842		—		251,842
Equity securities	—		11,341		—		11,341
Derivative assets	—		44,709		4		44,713
Derivative liabilities	—		76,589		—		76,589


	As of December 31, 2021
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Debt securities available for sale:
U.S. Treasury securities	$	—	$	165,762	$	—	$	165,762
Obligations of U.S. government corporations and agencies	—		38,470		—		38,470
Obligations of states and political subdivisions	—		306,869		—		306,869
Asset-backed securities	—		492,186		—		492,186
Commercial mortgage-backed securities	—		614,998		—		614,998
Residential mortgage-backed securities	—		2,069,313		—		2,069,313
Corporate debt securities	—		293,653		—		293,653
Equity securities	—		13,571		—		13,571
Loans held for sale	—		23,875		—		23,875
Derivative assets	—		20,314		—		20,314
Derivative liabilities	—		21,501		—		21,501

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Certain financial assets and financial liabilities are measured at fair value on a non-recurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment).

Loans Evaluated Individually

The Company does not record portfolio loans at fair value on a recurring basis. However, periodically, a loan is evaluated individually and is reported at the fair value of the underlying collateral, less estimated costs to sell, if repayment is expected solely from the collateral. If the collateral value is not sufficient, a specific reserve is recorded. Collateral values are estimated using a combination of observable inputs, including recent appraisals, and unobservable inputs based on customized discounting criteria. Due to the significance of unobservable inputs, fair values of individually evaluated collateral dependent loans have been classified as Level 3.

OREO

Non-financial assets measured at fair value include OREO (upon initial recognition or subsequent impairment). OREO properties are measured using a combination of observable inputs, including recent appraisals, and unobservable inputs. Due to the significance of unobservable inputs, all OREO fair values have been classified as Level 3.

Bank Property Held for Sale

Bank property held for sale represents certain banking center office buildings which the Company has closed and consolidated with other existing banking centers. Bank property held for sale is measured at the lower of amortized cost or fair value less estimated costs to sell. Fair values were based upon discounted appraisals or real estate listing prices. Due to the significance of unobservable inputs, fair values of all bank property held for sale have been classified as Level 3.

The following tables summarize assets and liabilities measured at fair value on a non-recurring basis for the periods presented, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (dollars in thousands):


	As of September 30, 2022
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Loans evaluated individually, net of related allowance	$	—	$	—	$	5,121	$	5,121
OREO with subsequent impairment	—		—		274		274
Bank property held for sale with impairment	—		—		7,923		7,923


	As of December 31, 2021
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Loans evaluated individually, net of related allowance	$	—	$	—	$	2,926	$	2,926
OREO with subsequent impairment	—		—		51		51
Bank property held for sale with impairment	—		—		10,103		10,103

The following table presents additional quantitative information about assets measured at fair value on a non-recurring basis for which the Company has utilized Level 3 inputs to determine fair value (dollars in thousands):

As of September 30, 2022

Fair Value

Valuation
Techniques

Unobservable
Input

Range
(Weighted Average)

Loans evaluated individually, net of related allowance

5,121

Appraisal of collateral

Appraisal adjustments

-41.8% to -100.0%

(-48.5)%

OREO with subsequent impairment

274

Appraisal of collateral

Appraisal adjustments

-16.0% to -33.0%

(-19.8)%

Bank property held for sale with impairment

7,923

Appraisal of collateral or real estate listing price

Appraisal adjustments

-0.7% to -70.1%

(-35.1)%

As of December 31, 2021

Fair Value

Valuation

Techniques

Unobservable

Input

Range

(Weighted Average)

Loans evaluated individually, net of related allowance

2,926

Appraisal of collateral

Appraisal adjustments

-50.0% to -100.0%

(-55.1)%

OREO with subsequent impairment

Appraisal of collateral

Appraisal adjustments

-33.0% to -100.0%

(-67.9)%

Bank property held for sale with impairment

10,103

Appraisal of collateral or real estate listing price

Appraisal adjustments

-0.7% to -70.1%

(-41.3)%

Financial Assets and Financial Liabilities That Are Not Carried at Fair Value

Estimated fair values of financial instruments that are not carried at fair value in the Company’s unaudited Consolidated Balance Sheets, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value, were as follows (dollars in thousands):


	As of September 30, 2022				As of December 31, 2021
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets
Level 1 inputs:
Cash and cash equivalents	$	347,149	$	347,149	$	836,095	$	836,095
Level 2 inputs:
Debt securities held to maturity	936,328		808,885		—		—
Loans held for sale1	4,546		4,555		—		—
Accrued interest receivable	37,409		37,409		31,064		31,064
Level 3 inputs:
Portfolio loans, net	7,579,392		7,319,530		7,101,111		7,161,466
Mortgage servicing rights	6,564		18,815		8,608		12,133
Other servicing rights	1,862		2,253		1,830		2,268

Financial liabilities
Level 2 inputs:
Time deposits	$	800,187	$	775,441	$	935,649	$	935,778
Securities sold under agreements to repurchase	234,597		234,597		270,139		270,139
Short-term borrowings	16,225		16,255		17,678		17,673
Long-term debt	33,000		33,071		46,056		46,164
Junior subordinated debt owed to unconsolidated trusts	71,765		60,603		71,635		63,586
Accrued interest payable	5,075		5,075		2,728		2,728
Level 3 inputs:
Senior notes, net of unamortized issuance costs	—		—		39,944		40,400
Subordinated notes, net of unamortized issuance costs	221,835		209,000		182,773		195,600

1.Effective January 1, 2022, recorded at LOCOM.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Outstanding Commitments and Contingent Liabilities - Schedule of contractual amount of exposure to off-balance-sheet risk (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Credit Commitments and Contingencies
Total commitments	$ 2,056,188	$ 2,016,207
Commitments to extend credit
Credit Commitments and Contingencies
Total commitments	2,024,255	1,983,655
Standby letters of credit
Credit Commitments and Contingencies
Total commitments	$ 31,933	$ 32,552

Portfolio Loans - Summarize TDRs (Details) - Commercial $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) contract	Sep. 30, 2021 USD ($) contract	Sep. 30, 2022 USD ($) contract	Sep. 30, 2021 USD ($) contract
Financing Receivable, Impaired [Line Items]
Number of Contracts \| contract	0	0	1	1
Rate Modification
Financing Receivable, Impaired [Line Items]
Recorded Investment	$ 0	$ 0	$ 0	$ 444
Payment Modification
Financing Receivable, Impaired [Line Items]
Recorded Investment	$ 0	$ 0	$ 381	$ 0

Portfolio Loans (Tables)

9 Months Ended

Sep. 30, 2022

Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]

Distribution of portfolio loans

Distributions of the loan portfolio by loan category were as follows (dollars in thousands):


	As of
	September 30, 2022		December 31, 2021
Portfolio loans
Commercial	$	1,945,893	$	1,943,886
Commercial real estate	3,278,684		3,119,807
Real estate construction	499,560		385,996
Retail real estate	1,643,099		1,512,976
Retail other	302,878		226,333
Total portfolio loans	7,670,114		7,188,998
ACL	(90,722)		(87,887)
Portfolio loans, net	$	7,579,392	$	7,101,111

Summary of risk grades segregated by category of portfolio loans (excluding accretable purchase accounting adjustments and clearings)

The following table is a summary of risk grades segregated by category of portfolio loans (dollars in thousands):


	As of September 30, 2022
	Pass		Watch		Special Mention		Substandard		Substandard Non-accrual		Total
Portfolio loans
Commercial	$	1,707,528	$	135,254	$	58,189	$	38,695	$	6,227	$	1,945,893
Commercial real estate	2,889,804		299,638		42,728		40,722		5,792		3,278,684
Real estate construction	475,099		22,011		2		2,400		48		499,560
Retail real estate	1,625,702		8,601		2,087		3,469		3,240		1,643,099
Retail other	302,760		—		—		—		118		302,878
Total portfolio loans	$	7,000,893	$	465,504	$	103,006	$	85,286	$	15,425	$	7,670,114


	As of December 31, 2021
	Pass		Watch		Special Mention		Substandard		Substandard Non-accrual		Total
Portfolio loans
Commercial	$	1,747,756	$	93,582	$	69,427	$	26,117	$	7,004	$	1,943,886
Commercial real estate	2,682,441		343,304		49,695		38,394		5,973		3,119,807
Real estate construction	369,797		13,793		6		2,400		—		385,996
Retail real estate	1,491,845		12,374		1,992		3,867		2,898		1,512,976
Retail other	226,262		—		—		—		71		226,333
Total portfolio loans	$	6,518,101	$	463,053	$	121,120	$	70,778	$	15,946	$	7,188,998

Risk grades of portfolio loans, further sorted by origination

Risk grades of portfolio loans, further sorted by origination year are as follows (dollars in thousands):


	As of September 30, 2022
	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans		Total
Risk Grade Ratings	2022		2021		2020		2019		2018		Prior
Commercial
Pass	$	403,643	$	315,433	$	145,695	$	60,284	$	53,197	$	149,627	$	579,649	$	1,707,528
Watch	27,665		18,423		4,263		8,372		1,404		3,144		71,983		135,254
Special Mention	1,772		691		1,325		1,078		3,102		17,538		32,683		58,189
Substandard	9,075		1,292		695		6,999		433		5,402		14,799		38,695
Substandard non-accrual	—		3,586		306		137		—		198		2,000		6,227
Total commercial	442,155		339,425		152,284		76,870		58,136		175,909		701,114		1,945,893

Commercial real estate
Pass	765,398		880,522		501,085		332,768		171,177		222,947		15,907		2,889,804
Watch	69,877		44,756		50,799		95,446		18,821		13,338		6,601		299,638
Special Mention	3,010		4,737		15,598		1,517		6,994		10,872		—		42,728
Substandard	14,349		12,681		497		1,841		10,412		942		—		40,722
Substandard non-accrual	—		4,092		41		—		1,650		9		—		5,792
Total commercial real estate	852,634		946,788		568,020		431,572		209,054		248,108		22,508		3,278,684

Real estate construction
Pass	176,071		191,006		84,748		1,570		2,012		1,949		17,743		475,099
Watch	3,100		3,666		3,269		10,533		—		1,443		—		22,011
Special Mention	—		—		—		2		—		—		—		2
Substandard	2,400		—		—		—		—		—		—		2,400
Substandard non-accrual	—		—		48		—		—		—		—		48
Total real estate construction	181,571		194,672		88,065		12,105		2,012		3,392		17,743		499,560

Retail real estate
Pass	344,033		464,066		180,543		79,304		58,925		281,430		217,401		1,625,702
Watch	2,881		1,163		1,875		1,469		1,146		67		—		8,601
Special Mention	148		1,864		—		—		—		—		75		2,087
Substandard	—		1,163		207		82		142		1,868		7		3,469
Substandard non-accrual	—		150		110		—		390		1,985		605		3,240
Total retail real estate	347,062		468,406		182,735		80,855		60,603		285,350		218,088		1,643,099

Retail other
Pass	121,375		47,136		14,999		15,909		7,677		2,124		93,540		302,760



Substandard non-accrual	14		89		3		—		10		2		—		118
Total retail other	121,389		47,225		15,002		15,909		7,687		2,126		93,540		302,878

Total portfolio loans	$	1,944,811	$	1,996,516	$	1,006,106	$	617,311	$	337,492	$	714,885	$	1,052,993	$	7,670,114


	As of December 31, 2021
	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans		Total
Risk Grade Ratings	2021		2020		2019		2018		2017		Prior
Commercial
Pass	$	512,729	$	228,811	$	107,877	$	84,873	$	74,351	$	122,418	$	616,697	$	1,747,756
Watch	13,847		5,913		14,274		5,060		1,361		2,866		50,261		93,582
Special Mention	7,062		898		5,961		4,025		6,790		11,845		32,846		69,427
Substandard	3,595		3,362		3,136		1,855		1,125		5,459		7,585		26,117
Substandard non-accrual	4,126		364		142		—		320		52		2,000		7,004
Total commercial	541,359		239,348		131,390		95,813		83,947		142,640		709,389		1,943,886

Commercial real estate
Pass	969,548		637,550		425,850		235,928		200,373		198,002		15,190		2,682,441
Watch	51,560		38,820		123,324		48,088		46,761		32,608		2,143		343,304
Special Mention	9,542		7,060		6,585		10,098		6,357		9,870		183		49,695
Substandard	21,002		3,781		1,218		11,451		521		421		—		38,394
Substandard non-accrual	112		181		359		1,893		3,407		21		—		5,973
Total commercial real estate	1,051,764		687,392		557,336		307,458		257,419		240,922		17,516		3,119,807

Real estate construction
Pass	202,082		123,491		31,927		3,155		738		1,223		7,181		369,797
Watch	7,886		4,159		54		—		1,574		120		—		13,793
Special Mention	—		—		6		—		—		—		—		6
Substandard	—		2,400		—		—		—		—		—		2,400

Total real estate construction	209,968		130,050		31,987		3,155		2,312		1,343		7,181		385,996

Retail real estate
Pass	523,541		215,068		96,617		79,158		82,478		281,737		213,246		1,491,845
Watch	4,100		2,460		1,780		1,312		343		150		2,229		12,374
Special Mention	1,965		27		—		—		—		—		—		1,992
Substandard	1,369		232		12		71		165		1,687		331		3,867
Substandard non-accrual	235		63		—		16		227		1,705		652		2,898
Total retail real estate	531,210		217,850		98,409		80,557		83,213		285,279		216,458		1,512,976

Retail other
Pass	59,366		22,305		26,126		16,189		7,180		1,326		93,770		226,262



Substandard non-accrual	34		10		—		14		13		—		—		71
Total retail other	59,400		22,315		26,126		16,203		7,193		1,326		93,770		226,333

Total portfolio loans	$	2,393,701	$	1,296,955	$	845,248	$	503,186	$	434,084	$	671,510	$	1,044,314	$	7,188,998

Summary of portfolio loans that are past due and still accruing or on a non-accrual status

An analysis of the amortized cost basis of portfolio loans that are past due and still accruing, or on a non-accrual status, is as follows (dollars in thousands):


	As of September 30, 2022
	Loans past due, still accruing						Non-accrual Loans
	30-59 Days		60-89 Days		90+Days
Past due and non-accrual loans
Commercial	$	19	$	45	$	625	$	6,227
Commercial real estate	411		—		349		5,792
Real estate construction	—		—		—		48
Retail real estate	3,734		1,831		255		3,240
Retail other	262		5		—		118
Total past due and non-accrual loans	$	4,426	$	1,881	$	1,229	$	15,425


	As of December 31, 2021
	Loans past due, still accruing						Non-accrual Loans
	30-59 Days		60-89 Days		90+Days
Past due and non-accrual loans
Commercial	$	363	$	10	$	213	$	7,004
Commercial real estate	151		441		—		5,973
Real estate construction	56		—		—		—
Retail real estate	3,312		1,830		693		2,898
Retail other	82		16		—		71
Total past due and non-accrual loans	$	3,964	$	2,297	$	906	$	15,946

Summary of TDR loans

TDR loan balances are summarized as follows (dollars in thousands):


	As of
	September 30, 2022		December 31, 2021
TDRs
In compliance with modified terms	$	1,940	$	1,801
30 – 89 days past due	—		—
Non-performing TDRs	483		551
Total TDRs	$	2,423	$	2,352

Loans that were newly designated as TDRs during the periods presented, are summarized as follows (dollars in thousands):


	Three Months Ended September 30, 2022					Nine Months Ended September 30, 2022
		Recorded Investment					Recorded Investment
	Number of Contracts	Rate Modification1		Payment Modification1		Number of Contracts	Rate Modification1		Payment Modification1
Commercial	—	$	—	$	—	1	$	—	$	381


	Three Months Ended September 30, 2021					Nine Months Ended September 30, 2021
		Recorded Investment					Recorded Investment
	Number of Contracts	Rate Modification1		Payment Modification1		Number of Contracts	Rate Modification1		Payment Modification1
Commercial	—	$	—	$	—	1	$	444	$	—

1.TDRs may include multiple concessions; those that include an interest rate concession and payment concession are shown in the rate modification column.

Schedule of loans modified under the CARES Act or Interagency Statement

The Company’s TDR loan totals do not include the following modified loans with payment deferrals that fall under the CARES Act or Interagency Statement, which suspended GAAP requirements related to TDR classification (dollars in thousands):


	As of September 30, 2022			As of December 31, 2021
	Number of Contracts	Recorded Investment		Number of Contracts	Recorded Investment
COVID-19 loan modifications
Commercial loans:

Interest-only deferrals	8	$	20,556	32	$	128,730


Retail loans:
Mortgage and personal loan deferrals	1	99		2	137

Total COVID-19 loans modifications	9	$	20,655	34	$	128,867

Schedule of details of impaired loans, segregated by category

Average recorded investment is calculated using the most recent four quarters (dollars in thousands):


	As of September 30, 2022
	Unpaid Principal Balance		Recorded Investment								Average Recorded Investment
			With No Allowance		With Allowance		Total		Related Allowance
Loans evaluated individually
Commercial	$	9,455	$	547	$	5,892	$	6,439	$	2,806	$	7,488
Commercial real estate	7,497		1,663		4,035		5,698		2,000		5,216
Real estate construction	255		255		—		255		—		266
Retail real estate	2,258		2,089		25		2,114		25		2,526

Total loans evaluated individually	$	19,465	$	4,554	$	9,952	$	14,506	$	4,831	$	15,496


	As of December 31, 2021
	Unpaid Principal Balance		Recorded Investment								Average Recorded Investment
			With No Allowance		With Allowance		Total		Related Allowance
Loans evaluated individually
Commercial	$	10,247	$	498	$	6,490	$	6,988	$	3,564	$	8,791
Commercial real estate	6,456		5,750		—		5,750		—		6,390
Real estate construction	272		272		—		272		—		282
Retail real estate	2,514		2,345		25		2,370		25		4,093

Total loans evaluated individually	$	19,489	$	8,865	$	6,515	$	15,380	$	3,589	$	19,556

Schedule of activity on the allowance for loan losses

The following tables summarize activity in the ACL. Allocation of a portion of the ACL to one category does not preclude its availability to absorb losses in other categories (dollars in thousands):


	Three Months Ended September 30, 2022
	Commercial		Commercial Real Estate		Real Estate Construction		Retail Real Estate		Retail Other		Total
ACL balance, June 30, 2022	$	23,359	$	37,182	$	5,669	$	17,984	$	4,563	$	88,757
Provision for credit losses	615		598		216		684		251		2,364
Charged-off	(381)		—		—		(220)		(218)		(819)
Recoveries	102		19		86		172		41		420
ACL balance, September 30, 2022	$	23,695	$	37,799	$	5,971	$	18,620	$	4,637	$	90,722


	Nine Months Ended September 30, 2022
	Commercial		Commercial Real Estate		Real Estate Construction		Retail Real Estate		Retail Other		Total
ACL balance, December 31, 2021	$	23,855	$	38,249	$	5,102	$	17,589	$	3,092	$	87,887
Provision for credit losses	123		408		663		826		1,744		3,764
Charged-off	(589)		(1,372)		—		(253)		(409)		(2,623)
Recoveries	306		514		206		458		210		1,694
ACL balance, September 30, 2022	$	23,695	$	37,799	$	5,971	$	18,620	$	4,637	$	90,722


	Three Months Ended September 30, 2021
	Commercial		Commercial Real Estate		Real Estate Construction		Retail Real Estate		Retail Other		Total
ACL balance, June 30, 2021	$	24,356	$	39,974	$	7,599	$	20,505	$	2,976	$	95,410

Provision for credit losses	657		(25)		(1,503)		(1,155)		157		(1,869)
Charged-off	(764)		(191)		—		(155)		(98)		(1,208)
Recoveries	157		73		25		157		57		469
ACL balance, September 30, 2021	$	24,406	$	39,831	$	6,121	$	19,352	$	3,092	$	92,802


	Nine Months Ended September 30, 2021
	Commercial		Commercial Real Estate		Real Estate Construction		Retail Real Estate		Retail Other		Total
ACL balance, December 31, 2020	$	23,866	$	46,230	$	8,193	$	21,992	$	767	$	101,048
Day 1 PCD1	3,546		336		—		129		167		4,178
Provision for credit losses	(1,428)		(6,109)		(2,082)		(3,028)		2,282		(10,365)
Charged-off	(2,026)		(812)		(209)		(315)		(349)		(3,711)
Recoveries	448		186		219		574		225		1,652
ACL balance, September 30, 2021	$	24,406	$	39,831	$	6,121	$	19,352	$	3,092	$	92,802

1.The Day 1 PCD is attributable to the CAC acquisition in the second quarter of 2021.

Schedule of allowance for loan losses and recorded investments in portfolio loans, by category

The following tables present the ACL and amortized cost of portfolio loans by category (dollars in thousands):


	As of September 30, 2022
	Portfolio Loans						ACL Attributed to Portfolio Loans
	Collectively Evaluated for Impairment		Individually Evaluated for Impairment		Total		Collectively Evaluated for Impairment		Individually Evaluated for Impairment		Total
Portfolio loan category
Commercial	$	1,939,454	$	6,439	$	1,945,893	$	20,889	$	2,806	$	23,695
Commercial real estate	3,272,986		5,698		3,278,684		35,799		2,000		37,799
Real estate construction	499,305		255		499,560		5,971		—		5,971
Retail real estate	1,640,985		2,114		1,643,099		18,595		25		18,620
Retail other	302,878		—		302,878		4,637		—		4,637
Portfolio loans and related ACL	$	7,655,608	$	14,506	$	7,670,114	$	85,891	$	4,831	$	90,722


	As of December 31, 2021
	Portfolio Loans						ACL Attributed to Portfolio Loans
	Collectively Evaluated for Impairment		Individually Evaluated for Impairment		Total		Collectively Evaluated for Impairment		Individually Evaluated for Impairment		Total
Portfolio loan category
Commercial	$	1,936,898	$	6,988	$	1,943,886	$	20,291	$	3,564	$	23,855
Commercial real estate	3,114,057		5,750		3,119,807		38,249		—		38,249
Real estate construction	385,724		272		385,996		5,102		—		5,102
Retail real estate	1,510,606		2,370		1,512,976		17,564		25		17,589
Retail other	226,333		—		226,333		3,092		—		3,092
Portfolio loans and related ACL	$	7,173,618	$	15,380	$	7,188,998	$	84,298	$	3,589	$	87,887

Stock-Based Compensation - Schedule of Unamortized stock-based compensation expense (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total unamortized stock-based compensation	$ 15,616	$ 11,960
Weighted average period over which expense is to be recognized	2 years 7 months 6 days	2 years 10 months 24 days
RSU Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total unamortized stock-based compensation	$ 9,966	$ 10,204
PSU Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total unamortized stock-based compensation	5,279	1,547
DSU Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total unamortized stock-based compensation	$ 371	$ 209

Outstanding Commitments and Contingent Liabilities (Tables)

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of contractual amount of exposure to off-balance-sheet risk


	As of
	September 30, 2022		December 31, 2021
Financial instruments whose contract amounts represent credit risk
Commitments to extend credit	$	2,024,255	$	1,983,655
Standby letters of credit	31,933		32,552
Total commitments	$	2,056,188	$	2,016,207

Borrowings - Schedule of unamortized debt issuance cost (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total unamortized debt issuance costs	$ 3,165	$ 2,283
Senior notes issued in 2017 \| Senior Notes
Debt Instrument [Line Items]
Total unamortized debt issuance costs	0	56
Subordinated notes issued in 2017 \| Subordinated Debt
Debt Instrument [Line Items]
Total unamortized debt issuance costs	0	549
Subordinated notes issued in 2020 \| Subordinated Debt
Debt Instrument [Line Items]
Total unamortized debt issuance costs	1,337	1,678
Subordinated notes issued in 2022 \| Subordinated Debt
Debt Instrument [Line Items]
Total unamortized debt issuance costs	$ 1,828	$ 0

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2022	Nov. 03, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	0-15950
Entity Registrant Name	FIRST BUSEY CORPORATION
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	37-1078406
Entity Address, Address Line One	100 W. University Ave.
Entity Address, City or Town	Champaign
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	61820
City Area Code	217
Local Phone Number	365-4544
Title of 12(b) Security	Common Stock, $.001 par value
Trading Symbol	BUSE
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		55,232,434
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000314489
Amendment Flag	false

Derivative Financial Instruments - Risk Participation Agreement (Details) - Risk Participation Agreement - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Derivative [Line Items]
Notional amount	$ 18,921	$ 3,990
Fair value	$ 4	$ 11

Stock-Based Compensation - Summary of changes in the Company's RSU, PSU, and DSU awards (Details) - $ / shares		9 Months Ended
	Mar. 23, 2022	Sep. 30, 2022
RSU Awards
Shares
Non-vested at beginning of period (in shares)		1,147,927
Granted (in shares)		156,483
Dividend equivalents earned (in shares)		33,690
Vested (in shares)		(152,992)
Forfeited (in shares)		(35,172)
Non-vested at end of period (in shares)		1,149,936
Weighted- Average Grant Date Fair Value
Non-vested at beginning of period (in dollars per share)		$ 23.97
Granted (in dollars per share)		25.79
Dividend equivalents earned (in dollars per share)		24.56
Vested (in dollars per share)		28.93
Forfeited (in dollars per share)		23.51
Non-vested at end of period (in dollars per share)		$ 23.59
PSU Awards
Shares
Non-vested at beginning of period (in shares)		113,915
Granted (in shares)	38,774	195,240
Dividend equivalents earned (in shares)		0
Vested (in shares)		0
Forfeited (in shares)		(4,556)
Non-vested at end of period (in shares)		304,599
Weighted- Average Grant Date Fair Value
Non-vested at beginning of period (in dollars per share)		$ 22.86
Granted (in dollars per share)		26.14
Dividend equivalents earned (in dollars per share)		0
Vested (in dollars per share)		0
Forfeited (in dollars per share)		24.86
Non-vested at end of period (in dollars per share)		$ 24.93
DSU Awards
Shares
Non-vested at beginning of period (in shares)		34,135
Granted (in shares)		32,658
Dividend equivalents earned (in shares)		4,156
Vested (in shares)		(40,140)
Forfeited (in shares)		0
Non-vested at end of period (in shares)		30,809
Vested and outstanding at end of period (in shares)		116,285
Weighted- Average Grant Date Fair Value
Non-vested at beginning of period (in dollars per share)		$ 24.59
Granted (in dollars per share)		25.79
Dividend equivalents earned (in dollars per share)		24.47
Vested (in dollars per share)		24.67
Forfeited (in dollars per share)		0
Non-vested at end of period (in dollars per share)		25.75
Vested and outstanding at end of period (in dollars per share)		$ 22.82

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of financial assets and financial liabilities measured at fair value on a recurring basis


	As of September 30, 2022
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Debt securities available for sale:
U.S. Treasury securities	$	—	$	140,842	$	—	$	140,842
Obligations of U.S. government corporations and agencies	—		24,933		—		24,933
Obligations of states and political subdivisions	—		270,835		—		270,835
Asset-backed securities	—		466,524		—		466,524
Commercial mortgage-backed securities	—		87,751		—		87,751
Residential mortgage-backed securities	—		1,304,314		—		1,304,314
Corporate debt securities	—		251,842		—		251,842
Equity securities	—		11,341		—		11,341
Derivative assets	—		44,709		4		44,713
Derivative liabilities	—		76,589		—		76,589


	As of December 31, 2021
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Debt securities available for sale:
U.S. Treasury securities	$	—	$	165,762	$	—	$	165,762
Obligations of U.S. government corporations and agencies	—		38,470		—		38,470
Obligations of states and political subdivisions	—		306,869		—		306,869
Asset-backed securities	—		492,186		—		492,186
Commercial mortgage-backed securities	—		614,998		—		614,998
Residential mortgage-backed securities	—		2,069,313		—		2,069,313
Corporate debt securities	—		293,653		—		293,653
Equity securities	—		13,571		—		13,571
Loans held for sale	—		23,875		—		23,875
Derivative assets	—		20,314		—		20,314
Derivative liabilities	—		21,501		—		21,501

Schedule of assets and liabilities measured at fair value on a non-recurring basis


	As of September 30, 2022
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Loans evaluated individually, net of related allowance	$	—	$	—	$	5,121	$	5,121
OREO with subsequent impairment	—		—		274		274
Bank property held for sale with impairment	—		—		7,923		7,923


	As of December 31, 2021
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Loans evaluated individually, net of related allowance	$	—	$	—	$	2,926	$	2,926
OREO with subsequent impairment	—		—		51		51
Bank property held for sale with impairment	—		—		10,103		10,103

Schedule of quantitative information about Level 3 fair value measurements

As of September 30, 2022

Fair Value

Valuation
Techniques

Unobservable
Input

Range
(Weighted Average)

Loans evaluated individually, net of related allowance

5,121

Appraisal of collateral

Appraisal adjustments

-41.8% to -100.0%

(-48.5)%

OREO with subsequent impairment

274

Appraisal of collateral

Appraisal adjustments

-16.0% to -33.0%

(-19.8)%

Bank property held for sale with impairment

7,923

Appraisal of collateral or real estate listing price

Appraisal adjustments

-0.7% to -70.1%

(-35.1)%

As of December 31, 2021

Fair Value

Valuation

Techniques

Unobservable

Input

Range

(Weighted Average)

Loans evaluated individually, net of related allowance

2,926

Appraisal of collateral

Appraisal adjustments

-50.0% to -100.0%

(-55.1)%

OREO with subsequent impairment

Appraisal of collateral

Appraisal adjustments

-33.0% to -100.0%

(-67.9)%

Bank property held for sale with impairment

10,103

Appraisal of collateral or real estate listing price

Appraisal adjustments

-0.7% to -70.1%

(-41.3)%

Schedule of estimated fair values of financial instruments


	As of September 30, 2022				As of December 31, 2021
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets
Level 1 inputs:
Cash and cash equivalents	$	347,149	$	347,149	$	836,095	$	836,095
Level 2 inputs:
Debt securities held to maturity	936,328		808,885		—		—
Loans held for sale1	4,546		4,555		—		—
Accrued interest receivable	37,409		37,409		31,064		31,064
Level 3 inputs:
Portfolio loans, net	7,579,392		7,319,530		7,101,111		7,161,466
Mortgage servicing rights	6,564		18,815		8,608		12,133
Other servicing rights	1,862		2,253		1,830		2,268

Financial liabilities
Level 2 inputs:
Time deposits	$	800,187	$	775,441	$	935,649	$	935,778
Securities sold under agreements to repurchase	234,597		234,597		270,139		270,139
Short-term borrowings	16,225		16,255		17,678		17,673
Long-term debt	33,000		33,071		46,056		46,164
Junior subordinated debt owed to unconsolidated trusts	71,765		60,603		71,635		63,586
Accrued interest payable	5,075		5,075		2,728		2,728
Level 3 inputs:
Senior notes, net of unamortized issuance costs	—		—		39,944		40,400
Subordinated notes, net of unamortized issuance costs	221,835		209,000		182,773		195,600

1.Effective January 1, 2022, recorded at LOCOM.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock
Beginning balance (in shares) at Dec. 31, 2020		54,404,379
Beginning balance at Dec. 31, 2020	$ 1,270,069	$ 56	$ 1,253,360	$ 20,830	$ 33,309	$ (37,486)
Increase (decrease) in shareholders' equity
Net income	93,523			93,523
OCI, net of tax	(34,675)				(34,675)
Stock issued in acquisition, net of stock issuance costs (in shares)		2,206,237
Stock issued in acquisition, net of stock issuance costs	58,955	$ 2	58,953
Repurchase of stock (in shares)		(905,000)
Repurchase of stock	(22,038)					(22,038)
Issuance of treasury stock for ESPP (in shares)		14,658
Issuance of treasury stock for ESPP	307		(70)			377
Net issuance of treasury stock for restricted/deferred stock unit vesting and related tax (in shares)		106,710
Net issuance of treasury stock for RSU/DSU vesting and related tax	(888)		(3,738)			2,850
Cash dividends on common stock	(37,953)			(37,953)
Stock dividend equivalents on RSUs	0		757	(757)
Stock-based compensation	5,776		5,776
Ending balance (in shares) at Sep. 30, 2021		55,826,984
Ending balance at Sep. 30, 2021	1,333,076	$ 58	1,315,038	75,643	(1,366)	(56,297)
Beginning balance (in shares) at Jun. 30, 2021		56,330,616
Beginning balance at Jun. 30, 2021	1,345,691	$ 58	1,316,716	62,926	10,725	(44,734)
Increase (decrease) in shareholders' equity
Net income	25,941			25,941
OCI, net of tax	(12,091)				(12,091)
Stock issued in acquisition, net of stock issuance costs	(29)		(29)
Repurchase of stock (in shares)		(625,000)
Repurchase of stock	(14,790)					(14,790)
Issuance of treasury stock for ESPP (in shares)		14,658
Issuance of treasury stock for ESPP	307		(70)			377
Net issuance of treasury stock for restricted/deferred stock unit vesting and related tax (in shares)		106,710
Net issuance of treasury stock for RSU/DSU vesting and related tax	(888)		(3,738)			2,850
Cash dividends on common stock	(12,956)			(12,956)
Stock dividend equivalents on RSUs	0		268	(268)
Stock-based compensation	1,891		1,891
Ending balance (in shares) at Sep. 30, 2021		55,826,984
Ending balance at Sep. 30, 2021	1,333,076	$ 58	1,315,038	75,643	(1,366)	(56,297)
Beginning balance (in shares) at Dec. 31, 2021		55,434,910
Beginning balance at Dec. 31, 2021	1,319,112	$ 58	1,316,984	92,463	(23,758)	(66,635)
Increase (decrease) in shareholders' equity
Net income	93,924			93,924
OCI, net of tax	(265,237)				(265,237)
Repurchase of stock (in shares)		(388,614)
Repurchase of stock	(9,912)					(9,912)
Issuance of treasury stock for ESPP (in shares)		50,033
Issuance of treasury stock for ESPP	1,017		(271)			1,288
Net issuance of treasury stock for restricted/deferred stock unit vesting and related tax (in shares)		136,105
Net issuance of treasury stock for RSU/DSU vesting and related tax	(878)		(4,383)			3,505
Cash dividends on common stock	(38,159)			(38,159)
Stock dividend equivalents on RSUs	0		870	(870)
Stock-based compensation	6,721		6,721
Ending balance (in shares) at Sep. 30, 2022		55,232,434
Ending balance at Sep. 30, 2022	1,106,588	$ 58	1,319,921	147,358	(288,995)	(71,754)
Beginning balance (in shares) at Jun. 30, 2022		55,335,703
Beginning balance at Jun. 30, 2022	1,161,957	$ 58	1,317,675	124,685	(211,107)	(69,354)
Increase (decrease) in shareholders' equity
Net income	35,661			35,661
OCI, net of tax	(77,888)				(77,888)
Repurchase of stock (in shares)		(130,000)
Repurchase of stock	(3,088)					(3,088)
Issuance of treasury stock for ESPP (in shares)		10,993
Issuance of treasury stock for ESPP	206		(77)			283
Net issuance of treasury stock for restricted/deferred stock unit vesting and related tax (in shares)		15,738
Net issuance of treasury stock for RSU/DSU vesting and related tax	(29)		(434)			405
Cash dividends on common stock	(12,707)			(12,707)
Stock dividend equivalents on RSUs	0		281	(281)
Stock-based compensation	2,476		2,476
Ending balance (in shares) at Sep. 30, 2022		55,232,434
Ending balance at Sep. 30, 2022	$ 1,106,588	$ 58	$ 1,319,921	$ 147,358	$ (288,995)	$ (71,754)

Borrowings - Schedule of distribution of securities sold under agreements to repurchase and short-term borrowings and weighted average interest rates (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Securities sold under agreements to repurchase	$ 234,597	$ 270,139
Weighted average rate for securities sold under agreements to repurchase	0.98%	0.08%

Stock-Based Compensation

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock Options

The Company has outstanding stock options assumed from acquisitions. A summary of the status of, and changes in, the Company's stock option awards for the nine months ended September 30, 2022, follows:


	Shares	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life
Options outstanding at December 31, 2021	31,386	$	23.53	4.88


Expired	(440)	23.53
Options outstanding at September 30, 2022	30,946	$	23.53	4.13

Options exercisable at September 30, 2022	30,946	$	23.53	4.13

2020 Equity Plan

Under the terms of the 2020 Equity Plan, the Company has granted RSU, PSU, and DSU awards. Upon vesting/delivery, shares are expected (though not required) to be issued from treasury.

RSU Awards

The Company grants RSUs to members of management periodically throughout the year. Each RSU is equivalent to one share of the Company’s common stock. These units have requisite service periods ranging from one year to five years, subject to accelerated vesting upon eligible retirement from the Company. Recipients earn quarterly dividend equivalents on their respective units which entitle the recipients to additional units. Therefore, dividends earned each quarter compound based upon the updated unit balances.

PSU Awards

The Company also grants PSU awards to members of management periodically throughout the year. Each PSU is equivalent to one share of the Company’s common stock. The number of units that ultimately vest will be determined based on the achievement of the market or other performance goals, subject to accelerated service-based vesting conditions upon eligible retirement from the Company.

DSU Awards

The Company grants DSUs, which are restricted stock units with a deferred settlement date, to its directors and advisory directors. Each DSU is equivalent to one share of the Company’s common stock. DSUs vest over a one-year period following the grant date. These units generally are subject to the same terms as RSUs under the 2020 Equity Plan, except that, following vesting, settlement occurs within 30 days following the earlier of separation from the board or a change in control of the Company. After vesting and prior to delivery, these units will continue to earn dividend equivalents.

Award Grants and Activity

A summary of changes in the Company’s RSU, PSU, and DSU awards for the nine months ended September 30, 2022, is as follows:


	RSU Awards			PSU Awards			DSU Awards
	Shares	Weighted- Average Grant Date Fair Value		Shares1	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value
Nonvested at December 31, 2021	1,147,927	$	23.97	113,915	$	22.86	34,135	$	24.59
Granted	156,483	25.79		195,240	26.14		32,658	25.79
Dividend equivalents earned	33,690	24.56		—	—		4,156	24.47
Vested	(152,992)	28.93		—	—		(40,140)	24.67
Forfeited	(35,172)	23.51		(4,556)	24.86		—	—
Nonvested at September 30, 2022	1,149,936	$	23.59	304,599	$	24.93	30,809	$	25.75

Vested and outstanding at September 30, 2022							116,285	$	22.82

1.Shares for PSU awards represent target shares at grant date.

On March 23, 2022, under the terms of the 2020 Equity Plan, the Company granted 156,483 RSUs to members of management. The grant date fair value of the award totaled $4.0 million and will be recognized as compensation expense over the requisite service period ranging from one year to five years. The terms of these awards included an accelerated vesting provision upon eligible retirement from the Company, after a one-year minimum requisite service period. Subsequent to the requisite service period, the awards will become 100% vested.

On March 23, 2022, the Company granted a target of 78,233 market-based PSUs with a maximum award of 125,173 units. The actual number of units issued at the vesting date could range from 0% to 160% of the initial grant, depending on attaining a market-based total shareholder return performance goal. The grant date fair value of the award is $2.1 million and will be recognized in compensation expense over the performance period ending December 31, 2024.

On March 23, 2022, the Company granted a target of 78,233 performance-based PSUs with a maximum award of 125,173 units. The actual number of units issued at the vesting date could range from 0% to 160% of the initial grant, depending on attaining a core return on average tangible common equity performance goal. The grant date fair value of the award is $2.0 million and will be recognized in compensation expense over the performance period ending December 31, 2024. The actual amount of compensation expense recognized may vary, subject to achievement of the performance goal.

Further, on March 23, 2022, the Company granted a target of 38,774 PSUs with a maximum award of 77,548 units. The actual number of units issued at the vesting date could range from 0% to 200% of the initial grant, depending on attaining a performance goal based upon the compounded annual revenue growth rate of the FirsTech operating segment. The grant date fair value of the award is $1.0 million and will be recognized in compensation expense over the performance period ending December 31, 2024, subject to achievement of the performance goal.

On March 23, 2022, the Company granted 32,658 DSUs to directors and advisory directors. The grant date fair value of the award totaled $0.8 million and will be recognized as compensation expense over the requisite service period of one year. Subsequent to the requisite service period, the awards will become 100% vested.

2021 Employee Stock Purchase Plan

The First Busey Corporation 2021 ESPP was approved at the Company’s 2021 Annual Meeting of Stockholders and details can be found within First Busey’s Definitive Proxy Statement filed with the SEC on April 8, 2021. The purpose of the 2021 ESPP is to provide a means through which our employees may acquire a proprietary interest in the Company by purchasing shares of our common stock at a 15% discount through voluntary payroll deductions, to assist us in retaining the services of our employees and securing and retaining the services of new employees, and to provide incentives for our employees to exert maximum efforts toward our success. The plan initially reserved for issuance and purchase an aggregate of 600,000 shares of the Company’s common stock. The first offering under this plan began on July 1, 2021.

Stock-based Compensation Expense

The Company did not record any stock option compensation expense for the three or nine months ended September 30, 2022, or 2021. As of September 30, 2022, the Company did not have any unrecognized stock option compensation expense.

The Company recognized compensation expense related to nonvested RSU, PSU, and DSU awards, as well as the 2021 ESPP, as summarized in the table below (dollars in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Stock-based compensation expense

RSU awards	$	1,072	$	1,316	$	3,521	$	4,362
PSU awards1	1,172		290		2,342		619
DSU awards	196		231		679		741
2021 ESPP	36		54		179		54
Total stock-based compensation expense	$	2,476	$	1,891	$	6,721	$	5,776

1.Expense for market-based PSU awards represents amounts based on target shares at grant date. Expense for performance-based PSU awards represents amounts based on target shares at grant date, adjusted for performance expectations as of the date indicated.

Unamortized compensation expense related to nonvested RSU, PSU, and DSU awards is summarized in the table below (dollars in thousands):


	As of
	September 30, 2022		December 31, 2021
Unamortized stock-based compensation
RSU awards	$	9,966	$	10,204
PSU awards1	5,279		1,547
DSU awards	371		209
Total unamortized stock-based compensation	$	15,616	$	11,960

Weighted average period over which expense is to be recognized	2.6 yrs		2.9 yrs

1.Unamortized expense for market-based PSU awards represents amounts based on target shares at grant date. Unamortized expense for performance-based PSU awards represents amounts based on target shares at grant date, adjusted for performance expectations as of the date indicated.

Shares Available for Issuance Under Stock-based Compensation Plans

Shares remaining available for issuance pursuant to authorized stock-based compensation plans were as follows as of September 30, 2022:


Plan						Shares Remaining Available for Issuance Pursuant to the Plan
2020 Equity Plan						645,563
2021 Employee Stock Purchase Plan						519,577

Portfolio Loans - Risk grades of portfolio loans, further sorted by origination year (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]
2022/2021	$ 1,944,811	$ 2,393,701
2021 / 2020	1,996,516	1,296,955
2020 / 2019	1,006,106	845,248
2019 / 2018	617,311	503,186
2018 / 2017	337,492	434,084
Prior	714,885	671,510
Revolving Loans	1,052,993	1,044,314
Total	7,670,114	7,188,998
Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total	7,000,893	6,518,101
Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Total	465,504	463,053
Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total	103,006	121,120
Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total	85,286	70,778
Substandard Non-accrual
Financing Receivable, Credit Quality Indicator [Line Items]
Total	15,425	15,946
Commercial
Financing Receivable, Credit Quality Indicator [Line Items]
2022/2021	442,155	541,359
2021 / 2020	339,425	239,348
2020 / 2019	152,284	131,390
2019 / 2018	76,870	95,813
2018 / 2017	58,136	83,947
Prior	175,909	142,640
Revolving Loans	701,114	709,389
Total	1,945,893	1,943,886
Commercial \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2022/2021	403,643	512,729
2021 / 2020	315,433	228,811
2020 / 2019	145,695	107,877
2019 / 2018	60,284	84,873
2018 / 2017	53,197	74,351
Prior	149,627	122,418
Revolving Loans	579,649	616,697
Total	1,707,528	1,747,756
Commercial \| Watch
Financing Receivable, Credit Quality Indicator [Line Items]
2022/2021	27,665	13,847
2021 / 2020	18,423	5,913
2020 / 2019	4,263	14,274
2019 / 2018	8,372	5,060
2018 / 2017	1,404	1,361
Prior	3,144	2,866
Revolving Loans	71,983	50,261
Total	135,254	93,582
Commercial \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2022/2021	1,772	7,062
2021 / 2020	691	898
2020 / 2019	1,325	5,961
2019 / 2018	1,078	4,025
2018 / 2017	3,102	6,790
Prior	17,538	11,845
Revolving Loans	32,683	32,846
Total	58,189	69,427
Commercial \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2022/2021	9,075	3,595
2021 / 2020	1,292	3,362
2020 / 2019	695	3,136
2019 / 2018	6,999	1,855
2018 / 2017	433	1,125
Prior	5,402	5,459
Revolving Loans	14,799	7,585
Total	38,695	26,117
Commercial \| Substandard Non-accrual
Financing Receivable, Credit Quality Indicator [Line Items]
2022/2021	0	4,126
2021 / 2020	3,586	364
2020 / 2019	306	142
2019 / 2018	137	0
2018 / 2017	0	320
Prior	198	52
Revolving Loans	2,000	2,000
Total	6,227	7,004
Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
2022/2021	852,634	1,051,764
2021 / 2020	946,788	687,392
2020 / 2019	568,020	557,336
2019 / 2018	431,572	307,458
2018 / 2017	209,054	257,419
Prior	248,108	240,922
Revolving Loans	22,508	17,516
Total	3,278,684	3,119,807
Commercial real estate \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2022/2021	765,398	969,548
2021 / 2020	880,522	637,550
2020 / 2019	501,085	425,850
2019 / 2018	332,768	235,928
2018 / 2017	171,177	200,373
Prior	222,947	198,002
Revolving Loans	15,907	15,190
Total	2,889,804	2,682,441
Commercial real estate \| Watch
Financing Receivable, Credit Quality Indicator [Line Items]
2022/2021	69,877	51,560
2021 / 2020	44,756	38,820
2020 / 2019	50,799	123,324
2019 / 2018	95,446	48,088
2018 / 2017	18,821	46,761
Prior	13,338	32,608
Revolving Loans	6,601	2,143
Total	299,638	343,304
Commercial real estate \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2022/2021	3,010	9,542
2021 / 2020	4,737	7,060
2020 / 2019	15,598	6,585
2019 / 2018	1,517	10,098
2018 / 2017	6,994	6,357
Prior	10,872	9,870
Revolving Loans	0	183
Total	42,728	49,695
Commercial real estate \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2022/2021	14,349	21,002
2021 / 2020	12,681	3,781
2020 / 2019	497	1,218
2019 / 2018	1,841	11,451
2018 / 2017	10,412	521
Prior	942	421
Revolving Loans	0	0
Total	40,722	38,394
Commercial real estate \| Substandard Non-accrual
Financing Receivable, Credit Quality Indicator [Line Items]
2022/2021	0	112
2021 / 2020	4,092	181
2020 / 2019	41	359
2019 / 2018	0	1,893
2018 / 2017	1,650	3,407
Prior	9	21
Revolving Loans	0	0
Total	5,792	5,973
Real estate construction
Financing Receivable, Credit Quality Indicator [Line Items]
2022/2021	181,571	209,968
2021 / 2020	194,672	130,050
2020 / 2019	88,065	31,987
2019 / 2018	12,105	3,155
2018 / 2017	2,012	2,312
Prior	3,392	1,343
Revolving Loans	17,743	7,181
Total	499,560	385,996
Real estate construction \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2022/2021	176,071	202,082
2021 / 2020	191,006	123,491
2020 / 2019	84,748	31,927
2019 / 2018	1,570	3,155
2018 / 2017	2,012	738
Prior	1,949	1,223
Revolving Loans	17,743	7,181
Total	475,099	369,797
Real estate construction \| Watch
Financing Receivable, Credit Quality Indicator [Line Items]
2022/2021	3,100	7,886
2021 / 2020	3,666	4,159
2020 / 2019	3,269	54
2019 / 2018	10,533	0
2018 / 2017	0	1,574
Prior	1,443	120
Revolving Loans	0	0
Total	22,011	13,793
Real estate construction \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2022/2021	0	0
2021 / 2020	0	0
2020 / 2019	0	6
2019 / 2018	2	0
2018 / 2017	0	0
Prior	0	0
Revolving Loans	0	0
Total	2	6
Real estate construction \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2022/2021	2,400	0
2021 / 2020	0	2,400
2020 / 2019	0	0
2019 / 2018	0	0
2018 / 2017	0	0
Prior	0	0
Revolving Loans	0	0
Total	2,400	2,400
Real estate construction \| Substandard Non-accrual
Financing Receivable, Credit Quality Indicator [Line Items]
2022/2021	0
2021 / 2020	0
2020 / 2019	48
2019 / 2018	0
2018 / 2017	0
Prior	0
Revolving Loans	0
Total	48	0
Retail real estate
Financing Receivable, Credit Quality Indicator [Line Items]
2022/2021	347,062	531,210
2021 / 2020	468,406	217,850
2020 / 2019	182,735	98,409
2019 / 2018	80,855	80,557
2018 / 2017	60,603	83,213
Prior	285,350	285,279
Revolving Loans	218,088	216,458
Total	1,643,099	1,512,976
Retail real estate \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2022/2021	344,033	523,541
2021 / 2020	464,066	215,068
2020 / 2019	180,543	96,617
2019 / 2018	79,304	79,158
2018 / 2017	58,925	82,478
Prior	281,430	281,737
Revolving Loans	217,401	213,246
Total	1,625,702	1,491,845
Retail real estate \| Watch
Financing Receivable, Credit Quality Indicator [Line Items]
2022/2021	2,881	4,100
2021 / 2020	1,163	2,460
2020 / 2019	1,875	1,780
2019 / 2018	1,469	1,312
2018 / 2017	1,146	343
Prior	67	150
Revolving Loans	0	2,229
Total	8,601	12,374
Retail real estate \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2022/2021	148	1,965
2021 / 2020	1,864	27
2020 / 2019	0	0
2019 / 2018	0	0
2018 / 2017	0	0
Prior	0	0
Revolving Loans	75	0
Total	2,087	1,992
Retail real estate \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2022/2021	0	1,369
2021 / 2020	1,163	232
2020 / 2019	207	12
2019 / 2018	82	71
2018 / 2017	142	165
Prior	1,868	1,687
Revolving Loans	7	331
Total	3,469	3,867
Retail real estate \| Substandard Non-accrual
Financing Receivable, Credit Quality Indicator [Line Items]
2022/2021	0	235
2021 / 2020	150	63
2020 / 2019	110	0
2019 / 2018	0	16
2018 / 2017	390	227
Prior	1,985	1,705
Revolving Loans	605	652
Total	3,240	2,898
Retail other
Financing Receivable, Credit Quality Indicator [Line Items]
2022/2021	121,389	59,400
2021 / 2020	47,225	22,315
2020 / 2019	15,002	26,126
2019 / 2018	15,909	16,203
2018 / 2017	7,687	7,193
Prior	2,126	1,326
Revolving Loans	93,540	93,770
Total	302,878	226,333
Retail other \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2022/2021	121,375	59,366
2021 / 2020	47,136	22,305
2020 / 2019	14,999	26,126
2019 / 2018	15,909	16,189
2018 / 2017	7,677	7,180
Prior	2,124	1,326
Revolving Loans	93,540	93,770
Total	302,760	226,262
Retail other \| Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0	0
Retail other \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0	0
Retail other \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0	0
Retail other \| Substandard Non-accrual
Financing Receivable, Credit Quality Indicator [Line Items]
2022/2021	14	34
2021 / 2020	89	10
2020 / 2019	3	0
2019 / 2018	0	14
2018 / 2017	10	13
Prior	2	0
Revolving Loans	0	0
Total	$ 118	$ 71

Regulatory Capital - Narrative (Details) - Subordinated Debt - USD ($) $ in Millions	Jun. 02, 2022	May 25, 2017
4.75% notes maturing May 25, 2027
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Principal balance		$ 60.0
5.000% notes due 2032
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Principal balance	$ 100.0
Fixed to floating interest rate	5.00%

Fair Value Measurements - Schedule of estimated fair values of financial instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Financial assets
Debt securities held to maturity	$ 808,885
Portfolio loans, net	7,579,392	$ 7,101,111
Financial liabilities
Short-term borrowings	16,225	17,678
Junior subordinated debt owed to unconsolidated trusts	71,765	71,635
Level 1 Inputs \| Carrying Amount
Financial assets
Cash and cash equivalents	347,149	836,095
Level 1 Inputs \| Fair Value
Financial assets
Cash and cash equivalents	347,149	836,095
Level 2 Inputs \| Carrying Amount
Financial assets
Debt securities held to maturity	936,328	0
Loans held for sale	4,546	0
Accrued interest receivable	37,409	31,064
Financial liabilities
Time deposits	800,187	935,649
Securities sold under agreements to repurchase	234,597	270,139
Short-term borrowings	16,225	17,678
Long-term debt	33,000	46,056
Junior subordinated debt owed to unconsolidated trusts	71,765	71,635
Accrued interest payable	5,075	2,728
Level 2 Inputs \| Fair Value
Financial assets
Debt securities held to maturity	808,885	0
Loans held for sale	4,555	0
Accrued interest receivable	37,409	31,064
Financial liabilities
Time deposits	775,441	935,778
Securities sold under agreements to repurchase	234,597	270,139
Short-term borrowings	16,255	17,673
Long-term debt	33,071	46,164
Junior subordinated debt owed to unconsolidated trusts	60,603	63,586
Accrued interest payable	5,075	2,728
Level 3 Inputs \| Carrying Amount
Financial assets
Portfolio loans, net	7,579,392	7,101,111
Mortgage servicing rights	6,564	8,608
Other servicing rights	1,862	1,830
Level 3 Inputs \| Fair Value
Financial assets
Portfolio loans, net	7,319,530	7,161,466
Mortgage servicing rights	18,815	12,133
Other servicing rights	2,253	2,268
Level 3 Inputs \| Senior Notes \| Carrying Amount
Financial liabilities
Long-term debt	0	39,944
Level 3 Inputs \| Senior Notes \| Fair Value
Financial liabilities
Long-term debt	0	40,400
Level 3 Inputs \| Subordinated Debt \| Carrying Amount
Financial liabilities
Long-term debt	221,835	182,773
Level 3 Inputs \| Subordinated Debt \| Fair Value
Financial liabilities
Long-term debt	$ 209,000	$ 195,600

Derivative Financial Instruments - Narrative (Details) $ in Thousands	Sep. 30, 2022 USD ($) agreement	Dec. 31, 2021 USD ($)
Derivative [Line Items]
Number of risk participant agreement \| agreement	2
Interest Rate Swap
Derivative [Line Items]
Cash pledged to secure obligations	$ 36,048	$ 27,300
Interest Rate Swap \| Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	300,000
Interest Rate Swap \| Not Designated as Hedging Instrument
Derivative [Line Items]
Variable rate, commercial loans that are supported by the interest rate swap contracts	547,900	491,400
Interest Rate Swap \| Cash Flow Hedging \| Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	350,000	50,000
Debt Swap \| Cash Flow Hedging
Derivative [Line Items]
Notional amount	50,000	$ 50,000
Debt Swap \| Cash Flow Hedging \| Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	$ 50,000

Portfolio Loans - Summary of TDR Loans (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Financing Receivable, Past Due [Line Items]
Total TDRs	$ 2,423	$ 2,352
In compliance with modified terms
Financing Receivable, Past Due [Line Items]
Total TDRs	1,940	1,801
30 – 89 days past due
Financing Receivable, Past Due [Line Items]
Total TDRs	0	0
Non-performing TDRs
Financing Receivable, Past Due [Line Items]
Total TDRs	$ 483	$ 551

Fair Value Measurements - Schedule of assets and liabilities measured at fair value on a non-recurring basis (Details) $ in Thousands	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans evaluated individually, net of related allowance	$ 14,506	$ 15,380
Fair Value, Nonrecurring \| Loans evaluated individually, net of related allowance
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans evaluated individually, net of related allowance	5,121	2,926
Fair Value, Nonrecurring \| OREO with subsequent impairment
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
OREO with subsequent impairment	274	51
Fair Value, Nonrecurring \| Bank property held for sale with impairment
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Bank property held for sale with impairment	7,923	10,103
Fair Value, Nonrecurring \| Level 1 Inputs \| Loans evaluated individually, net of related allowance
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans evaluated individually, net of related allowance	0	0
Fair Value, Nonrecurring \| Level 1 Inputs \| OREO with subsequent impairment
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
OREO with subsequent impairment	0	0
Fair Value, Nonrecurring \| Level 1 Inputs \| Bank property held for sale with impairment
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Bank property held for sale with impairment	0	0
Fair Value, Nonrecurring \| Level 2 Inputs \| Loans evaluated individually, net of related allowance
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans evaluated individually, net of related allowance	0	0
Fair Value, Nonrecurring \| Level 2 Inputs \| OREO with subsequent impairment
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
OREO with subsequent impairment	0	0
Fair Value, Nonrecurring \| Level 2 Inputs \| Bank property held for sale with impairment
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Bank property held for sale with impairment	0	0
Fair Value, Nonrecurring \| Level 3 Inputs \| Loans evaluated individually, net of related allowance
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans evaluated individually, net of related allowance	5,121	2,926
Fair Value, Nonrecurring \| Level 3 Inputs \| Loans evaluated individually, net of related allowance \| Appraisal of collateral
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans evaluated individually, net of related allowance	$ 5,121	$ 2,926
Fair Value, Nonrecurring \| Level 3 Inputs \| Loans evaluated individually, net of related allowance \| Minimum \| Measurement Input, Comparability Adjustment \| Appraisal of collateral
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans evaluated individually, net of related allowance	(0.418)	(0.500)
Fair Value, Nonrecurring \| Level 3 Inputs \| Loans evaluated individually, net of related allowance \| Maximum \| Measurement Input, Comparability Adjustment \| Appraisal of collateral
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans evaluated individually, net of related allowance	(1.000)	(1.000)
Fair Value, Nonrecurring \| Level 3 Inputs \| OREO with subsequent impairment
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
OREO with subsequent impairment	$ 274	$ 51
Fair Value, Nonrecurring \| Level 3 Inputs \| OREO with subsequent impairment \| Appraisal of collateral
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
OREO with subsequent impairment	$ 274	$ 51
Fair Value, Nonrecurring \| Level 3 Inputs \| OREO with subsequent impairment \| Minimum \| Measurement Input, Comparability Adjustment \| Appraisal of collateral
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
OREO with subsequent impairment	(0.160)	(0.330)
Fair Value, Nonrecurring \| Level 3 Inputs \| OREO with subsequent impairment \| Maximum \| Measurement Input, Comparability Adjustment \| Appraisal of collateral
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
OREO with subsequent impairment	(0.330)	(1.000)
Fair Value, Nonrecurring \| Level 3 Inputs \| Bank property held for sale with impairment
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Bank property held for sale with impairment	$ 7,923	$ 10,103
Fair Value, Nonrecurring \| Level 3 Inputs \| Bank property held for sale with impairment \| Appraisal of collateral or real estate listing price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Bank property held for sale with impairment	$ 7,923	$ 10,103
Fair Value, Nonrecurring \| Level 3 Inputs \| Bank property held for sale with impairment \| Minimum \| Measurement Input, Comparability Adjustment \| Appraisal of collateral or real estate listing price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Bank property held for sale with impairment	(0.007)	(0.007)
Fair Value, Nonrecurring \| Level 3 Inputs \| Bank property held for sale with impairment \| Maximum \| Measurement Input, Comparability Adjustment \| Appraisal of collateral or real estate listing price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Bank property held for sale with impairment	(0.701)	(0.701)

Earnings Per Common Share - Schedule of average shares excluded from computation of diluted earnings per common share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common stock equivalents	160,391	133,376	289,043	192,578
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common stock equivalents	0	0	10,389	0
RSU Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common stock equivalents	0	47,805	51,883	86,744
PSU Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common stock equivalents	160,391	85,571	226,771	95,511
DSU Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common stock equivalents	0	0	0	10,323

Debt Securities (Tables)

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Schedule of amortized cost, unrealized gains and losses and fair values of securities classified available for sale and held to maturity

The tables below provide the amortized cost, unrealized gains and losses, and fair values of debt securities summarized by major category (dollars in thousands):


	As of September 30, 2022
	Amortized Cost		Unrealized				Fair Value
			Gross Gains		Gross Losses
Debt securities available for sale
U.S. Treasury securities	$	145,495	$	—	$	(4,653)	$	140,842
Obligations of U.S. government corporations and agencies	25,287		4		(358)		24,933
Obligations of states and political subdivisions	298,653		35		(27,853)		270,835
Asset-backed securities	490,076		—		(23,552)		466,524
Commercial mortgage-backed securities	98,719		—		(10,968)		87,751
Residential mortgage-backed securities	1,538,308		1		(233,995)		1,304,314
Corporate debt securities	279,310		20		(27,488)		251,842
Total debt securities available for sale	$	2,875,848	$	60	$	(328,867)	$	2,547,041

Debt securities held to maturity
Commercial mortgage-backed securities	$	486,116	$	—	$	(60,341)	$	425,775
Residential mortgage-backed securities	450,212		—		(67,102)		383,110
Total debt securities held to maturity	$	936,328	$	—	$	(127,443)	$	808,885


	As of December 31, 2021
	Amortized Cost		Unrealized				Fair Value
			Gross Gains		Gross Losses
Debt securities available for sale
U.S. Treasury securities	$	166,768	$	41	$	(1,047)	$	165,762
Obligations of U.S. government corporations and agencies	37,579		891		—		38,470
Obligations of states and political subdivisions	300,602		7,760		(1,493)		306,869
Asset-backed securities	492,055		295		(164)		492,186
Commercial mortgage-backed securities	625,339		3,425		(13,766)		614,998
Residential mortgage-backed securities	2,095,104		8,889		(34,680)		2,069,313
Corporate debt securities	296,076		1,081		(3,504)		293,653
Total debt securities available for sale	$	4,013,523	$	22,382	$	(54,654)	$	3,981,251

Maturities of debt securities

All mortgage-backed securities were issued by U.S. government corporations and agencies (dollars in thousands):


	As of September 30, 2022
	Amortized Cost		Fair Value
Debt securities available for sale
Due in one year or less	$	176,516	$	174,227
Due after one year through five years	410,372		379,095
Due after five years through ten years	353,968		319,381
Due after ten years	1,934,992		1,674,338
Debt securities available for sale	$	2,875,848	$	2,547,041

Debt securities held to maturity
Due after one year through five years	46,961		43,738
Due after five years through ten years	65,516		58,346
Due after ten years	823,851		706,801
Debt securities held to maturity	$	936,328	$	808,885

Gains and losses on debt securities

Realized gains and losses related to sales and calls of debt securities available for sale are summarized as follows (dollars in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Realized gains and losses on debt securities
Gross gains on debt securities	$	—	$	—	$	114	$	524
Gross (losses) on debt securities	(74)		(5)		(86)		(410)
Realized net gains (losses) on debt securities1	$	(74)	$	(5)	$	28	$	114

1.Net gains (losses) on sales of securities reported in the unaudited Consolidated Statements of Income include sales of equity securities, excluded in this table.

Debt securities in an unrealized loss position

The following information pertains to debt securities with gross unrealized losses, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (dollars in thousands):


	As of September 30, 2022
	Less than 12 months				12 months or more				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Debt securities available for sale
U.S. Treasury securities	$	2,067	$	(5)	$	138,775	$	(4,648)	$	140,842	$	(4,653)
Obligations of U.S. government corporations and agencies	21,629		(358)		—		—		21,629		(358)
Obligations of states and political subdivisions	220,960		(20,029)		41,779		(7,824)		262,739		(27,853)
Asset-backed securities	441,896		(21,681)		24,628		(1,871)		466,524		(23,552)
Commercial mortgage-backed securities	74,334		(8,761)		13,417		(2,207)		87,751		(10,968)
Residential mortgage-backed securities	557,046		(72,807)		747,141		(161,188)		1,304,187		(233,995)
Corporate debt securities	75,608		(9,426)		173,266		(18,062)		248,874		(27,488)
Debt securities available for sale with gross unrealized losses	$	1,393,540	$	(133,067)	$	1,139,006	$	(195,800)	$	2,532,546	$	(328,867)

Debt securities held to maturity
Commercial mortgage-backed securities	$	109,085	$	(15,592)	$	316,690	$	(44,749)	$	425,775	$	(60,341)
Residential mortgage-backed securities	162,575		(29,243)		220,535		(37,859)		383,110		(67,102)
Debt securities held to maturity with gross unrealized losses	$	271,660	$	(44,835)	$	537,225	$	(82,608)	$	808,885	$	(127,443)


	As of December 31, 2021
	Less than 12 months				12 months or more				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Debt securities available for sale
U.S. Treasury securities	$	163,653	$	(1,047)	$	—	$	—	$	163,653	$	(1,047)
Obligations of states and political subdivisions	92,680		(1,493)		—		—		92,680		(1,493)
Asset-backed securities	89,983		(164)		—		—		89,983		(164)
Commercial mortgage-backed securities	389,078		(10,186)		85,905		(3,580)		474,983		(13,766)
Residential mortgage-backed securities	1,700,187		(33,453)		20,538		(1,227)		1,720,725		(34,680)
Corporate debt securities	241,153		(3,504)		—		—		241,153		(3,504)
Debt securities available for sale with gross unrealized losses	$	2,676,734	$	(49,847)	$	106,443	$	(4,807)	$	2,783,177	$	(54,654)

Additional information about debt securities in an unrealized loss position is presented in the tables below (dollars in thousands):


	As of September 30, 2022
	Available for Sale			Held to Maturity			Total
Debt securities with gross unrealized losses, fair value	$	2,532,546		$	808,885		$	3,341,431
Gross unrealized losses on debt securities	$	328,867		$	127,443		$	456,310
Ratio of gross unrealized losses to debt securities with gross unrealized losses	13.0		%	15.8		%	13.7		%

Count of debt securities	1,145			55			1,200
Count of debt securities in an unrealized loss position	1,109			55			1,164


	As of December 31, 2021
	Available for Sale			Held to Maturity		Total
Debt securities with gross unrealized losses, fair value	$	2,783,177		$	—	$	2,783,177
Gross unrealized losses on debt securities	$	54,654		$	—	$	54,654
Ratio of gross unrealized losses to debt securities with gross unrealized losses	2.0		%	—		2.0		%

Count of debt securities	1,252			—		1,252
Count of debt securities in an unrealized loss position	373			—		373

Deposits - Schedule of composition of deposits (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Deposits [Abstract]
Demand deposits, noninterest-bearing	$ 3,628,169	$ 3,670,267
Interest-bearing transaction deposits	2,952,414	2,720,417
Saving deposits and money market deposits	3,220,627	3,442,244
Time deposits	800,187	935,649
Total deposits	10,601,397	10,768,577
Brokered savings deposits and money market deposits	2,006	2,248
Brokered time deposits	273	266
Aggregate amount of time deposits with a minimum denomination of $100,000	379,136	454,649
Aggregate amount of time deposits with a minimum denomination that meets or exceeds the FDIC insurance limit of $250,000	$ 103,534	$ 137,449

Acquisitions

9 Months Ended

Sep. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Acquisitions

Cummins-American Corp.

Effective May 31, 2021, the Company completed its acquisition of CAC, the holding company for GSB. The partnership enhanced the Company’s existing deposit, commercial banking, and wealth management presence in the Chicago-Naperville-Elgin, IL-IN-WI Metropolitan Statistical Area. GSB’s results of operations were included in the Company’s results of operations beginning June 1, 2021. First Busey operated GSB as a separate banking subsidiary until August 14, 2021, when it was merged with and into Busey Bank. At that time, all GSB banking centers became branches of Busey Bank.

Under the terms of the definitive agreement, each share of CAC common stock issued and outstanding as of the effective date was converted into the right to receive 444.4783 shares of First Busey common stock and $14,173.96 in cash, which reflects adjustments made to the cash consideration in accordance with the terms of the definitive agreement. The fair value of the common shares of First Busey issued as part of the consideration paid to the holders of CAC common stock was determined on the basis of the closing price of First Busey’s common stock on May 28, 2021, the last trading day immediately preceding the acquisition date of May 31, 2021. As additional consideration provided to CAC’s shareholders in the merger, CAC paid a special dividend to its shareholders in the amount of $60.0 million, or $12,087.58 per share of CAC common stock, on May 28, 2021.

This transaction was accounted for using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed, and consideration exchanged was recorded at estimated fair values on the date of acquisition. Fair values were subject to refinement for up to one year after the closing date, as additional information regarding the closing date fair values became available, and were final as of May 31, 2022. The Company did not record any fair value adjustments during 2022.

As the total consideration paid for CAC exceeded the estimated fair value of net assets acquired, goodwill of $6.3 million was recorded as a result of the acquisition. The amount of goodwill recognized as a result of this transaction was fully tax deductible for federal income tax purposes in accordance with the Company’s election pursuant to Section 338(h)(10) of the Internal Revenue Code. Goodwill recorded for this transaction reflects synergies expected from the acquisition and expansion within the Chicago-Naperville-Elgin, IL-IN-WI Metropolitan Statistical Area, and was assigned to the Banking operating segment.

During the three months ended September 30, 2022, First Busey did not incur any pre-tax acquisition expenses related to the acquisition of CAC. During the nine months ended September 30, 2022, First Busey incurred $0.8 million in pre-tax acquisition expenses related to the acquisition of CAC, comprised primarily of compensation expense and data processing expense.

Fair values of the assets acquired and liabilities assumed, as well as the fair value of consideration transferred, were as follows (dollars in thousands):


	CAC
	May 31, 2021
Assets acquired
Cash and cash equivalents	$	298,637
Securities	702,367
Portfolio loans, net of ACL	430,470
Premises and equipment	17,034
Other intangible assets	17,340
Mortgage servicing rights	629
Other assets	8,176
Total assets acquired	1,474,653

Liabilities assumed
Deposits	1,315,671
Other borrowings	16,651
Other liabilities	19,205
Total liabilities assumed	1,351,527

Net assets acquired	$	123,126

Consideration paid:
Cash	$	70,358
Common stock	59,105
Total consideration paid	$	129,463

Goodwill	$	6,337

The fair value of PCD financial assets was $60.5 million on the date of acquisition. Gross contractual amounts receivable relating to the PCD financial assets was $65.2 million. The Company estimated, on the date of acquisition, that $4.2 million of the contractual cash flows specific to the PCD financial assets will not be collected.

Acquisitions - Cummins-American Corp. (Details) - USD ($) $ / shares in Units, $ in Thousands			9 Months Ended
	May 31, 2021	May 28, 2021	Sep. 30, 2022	Dec. 31, 2021
Merger agreement
Goodwill			$ 317,873	$ 317,873
Consideration paid:
Goodwill			317,873	$ 317,873
CAC
Merger agreement
Shares received in business combination (in shares)	444.4783
Per share cash consideration entitled (in dollars per share)	$ 14,173.96
Special cash dividend		$ 60,000
Additional consideration paid in the form of a special dividend payment to CAC shareholders (in dollars per share)		$ 12,087.58
Goodwill	$ 6,337
Pre-tax acquisition expenses			$ 800
Assets acquired
Cash and cash equivalents	298,637
Securities	702,367
Portfolio loans, net of ACL	430,470
Premises and equipment	17,034
Other intangible assets	17,340
Mortgage servicing rights	629
Other assets	8,176
Total assets acquired	1,474,653
Liabilities assumed
Deposits	1,315,671
Other borrowings	16,651
Other liabilities	19,205
Total liabilities assumed	1,351,527
Net assets acquired	123,126
Consideration paid:
Cash	70,358
Common stock	59,105
Total consideration paid	129,463
Goodwill	6,337
Fair value of PCD financial assets	60,500
Gross contractual amounts receivable relating to the PCD financial assets	65,200
Contractual cash flows specific to the PCD financial assets will not be collected	$ 4,200

Leases (Tables)

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Summary of lease-related balances

The following table summarizes lease-related information and balances the Company reported in its unaudited Consolidated Balance Sheets for the periods presented (dollars in thousands):


	As of
	September 30, 2022			December 31, 2021
Lease balances
Right of use assets	$	10,202		$	10,533
Lease liabilities	10,311			10,591

Supplemental information
Year through which lease terms extend	2037			2031
Weighted average remaining lease term (in years)	8.61			6.47
Weighted average discount rate	2.91		%	2.16		%

Schedule of lease costs and other lease information

The following table represents lease costs and cash flows related to leases for the periods presented (dollars in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Lease costs
Operating lease costs	$	563	$	656	$	1,762	$	1,828
Variable lease costs	214		94		436		394
Short-term lease costs	5		9		15		43
Total lease cost1	$	782	$	759	$	2,213	$	2,265

Cash flows related to leases
Cash paid for amounts included in the measurement of lease liabilities:
Operating lease cash flows – Fixed payments	$	1,076	$	620	$	2,445	$	1,756
Operating lease cash flows – Liability reduction	464		569		1,741		1,610
Right of use assets obtained during the period in exchange for operating lease liabilities	1,127		3,408		1,182		5,018

1.Lease costs are included in net occupancy and equipment expense in the unaudited Consolidated Statements of Income.

Schedule of future undiscounted lease payments

The Company was obligated under noncancelable operating leases for office space and other commitments, as follows (dollars in thousands):


	As of September 30, 2022
Rent commitments
Remainder of 2022	$	539
2023	1,857
2024	1,573
2025	1,349
2026	1,059
2027	886
Thereafter	4,626
Total undiscounted cash flows	11,889
Less: Amounts representing interest	1,578
Present value of net future minimum lease payments	$	10,311

Summary of revenue recorded in connection with leases

Revenues recorded in connection with these leases and reported in other income on our unaudited Consolidated Statements of Income are summarized as follows (dollars in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Rental income	$	146	$	208	$	519	$	339

Portfolio Loans - Summary of risk grades segregated by category of portfolio loans (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	$ 7,670,114	$ 7,188,998
Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	7,000,893	6,518,101
Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	465,504	463,053
Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	103,006	121,120
Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	85,286	70,778
Substandard Non-accrual
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	15,425	15,946
Commercial
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	1,945,893	1,943,886
Commercial \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	1,707,528	1,747,756
Commercial \| Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	135,254	93,582
Commercial \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	58,189	69,427
Commercial \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	38,695	26,117
Commercial \| Substandard Non-accrual
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	6,227	7,004
Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	3,278,684	3,119,807
Commercial real estate \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	2,889,804	2,682,441
Commercial real estate \| Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	299,638	343,304
Commercial real estate \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	42,728	49,695
Commercial real estate \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	40,722	38,394
Commercial real estate \| Substandard Non-accrual
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	5,792	5,973
Real estate construction
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	499,560	385,996
Real estate construction \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	475,099	369,797
Real estate construction \| Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	22,011	13,793
Real estate construction \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	2	6
Real estate construction \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	2,400	2,400
Real estate construction \| Substandard Non-accrual
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	48	0
Retail real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	1,643,099	1,512,976
Retail real estate \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	1,625,702	1,491,845
Retail real estate \| Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	8,601	12,374
Retail real estate \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	2,087	1,992
Retail real estate \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	3,469	3,867
Retail real estate \| Substandard Non-accrual
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	3,240	2,898
Retail other
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	302,878	226,333
Retail other \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	302,760	226,262
Retail other \| Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	0	0
Retail other \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	0	0
Retail other \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	0	0
Retail other \| Substandard Non-accrual
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	$ 118	$ 71

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Stockholders' Equity [Abstract]
Cash dividends, common stock (in dollars per share)	$ 0.23	$ 0.23	$ 0.69	$ 0.69
Stock dividends, restricted stock units (in dollars per share)	$ 0.23	$ 0.23	$ 0.69	$ 0.69
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	$ (77,888)	$ (12,091)	$ (265,237)	$ (34,675)

Portfolio Loans - Schedule of details of impaired loans, segregated by category (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Financing Receivable, Troubled Debt Restructuring [Line Items]
Unpaid Principal Balance	$ 19,465	$ 19,489
Recorded investment with no allowance	4,554	8,865
Recorded investment with allowance	9,952	6,515
Total recorded investment	14,506	15,380
Related Allowance	4,831	3,589
Average Recorded Investment	15,496	19,556
Commercial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Unpaid Principal Balance	9,455	10,247
Recorded investment with no allowance	547	498
Recorded investment with allowance	5,892	6,490
Total recorded investment	6,439	6,988
Related Allowance	2,806	3,564
Average Recorded Investment	7,488	8,791
Commercial real estate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Unpaid Principal Balance	7,497	6,456
Recorded investment with no allowance	1,663	5,750
Recorded investment with allowance	4,035	0
Total recorded investment	5,698	5,750
Related Allowance	2,000	0
Average Recorded Investment	5,216	6,390
Real estate construction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Unpaid Principal Balance	255	272
Recorded investment with no allowance	255	272
Recorded investment with allowance	0	0
Total recorded investment	255	272
Related Allowance	0	0
Average Recorded Investment	266	282
Retail real estate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Unpaid Principal Balance	2,258	2,514
Recorded investment with no allowance	2,089	2,345
Recorded investment with allowance	25	25
Total recorded investment	2,114	2,370
Related Allowance	25	25
Average Recorded Investment	$ 2,526	$ 4,093

Leases - Schedule of future undiscounted lease payments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Rent commitments
Remainder of 2022	$ 539
2023	1,857
2024	1,573
2025	1,349
2026	1,059
2027	886
Thereafter	4,626
Total undiscounted cash flows	11,889
Less: Amounts representing interest	1,578
Present value of net future minimum lease payments	$ 10,311	$ 10,591

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 35,661	$ 25,941	$ 93,924	$ 93,523
Unrealized gains (losses) on debt securities available for sale:
Net unrealized holding gains (losses) on debt securities available for sale, net of taxes of $27,631, $4,902, $84,519, and $14,195, respectively	(69,306)	(12,296)	(211,988)	(35,606)
Unrealized gains (losses) on debt securities transferred to held to maturity from available for sale, net of taxes of $—, $—, $13,812, and $—, respectively	0	0	(34,644)	0
Reclassification adjustment for realized (gains) losses on debt securities available for sale included in net income, net of taxes of $(21), $(1), $8, and $7, respectively	53	4	(20)	(16)
Amortization of unrealized losses on securities transferred to held to maturity, net of taxes of $(515), $—, $(1,396), and $—, respectively	1,291	0	3,500	0
Net change in unrealized gains (losses) on debt securities available for sale	(67,962)	(12,292)	(243,152)	(35,622)
Unrealized gains (losses) on cash flow hedges:
Net unrealized holding gains (losses) on cash flow hedges, net of taxes of $4,061, $2, $8,604, and $(134), respectively	(10,192)	(5)	(21,587)	336
Reclassification adjustment for realized (gains) losses on cash flow hedges included in net income, net of taxes of $(104), ($82), $199, and ($243), respectively	266	206	(498)	611
Net change in unrealized gains (losses) on cash flow hedges	(9,926)	201	(22,085)	947
Net change in AOCI	(77,888)	(12,091)	(265,237)	(34,675)
Total comprehensive income (loss)	$ (42,227)	$ 13,850	$ (171,313)	$ 58,848

Deposits - Schedule of maturities of time deposits (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Time deposits by schedule of maturities
Remainder of 2022	$ 188,332
2023	431,060
2024	126,309
2025	23,078
2026	17,910
2027	12,844
Thereafter	654
Time deposits	$ 800,187	$ 935,649

Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of financial instruments owned and pledged as collateral

To secure its obligations under derivative contracts, the Company pledged cash and held collateral as follows (dollars in thousands):


	As of
	September 30, 2022		December 31, 2021
Cash pledged to secure obligations under derivative contracts	$	36,048	$	27,300
Collateral held to secure obligations under derivative contracts	31,550		—

Summary of the interest-rate swaps designated as cash flow hedges

A summary of the interest-rate swaps designated as cash flow hedges is presented below (dollars in thousands):


		As of
	Location	September 30, 2022			December 31, 2021
Debt Swap
Notional amount		$	50,000		$	50,000
Weighted average fixed pay rates		1.79		%	1.79		%
Weighted average variable 3-month LIBOR receive rates		3.29		%	0.20		%
Weighted average maturity, in years		1.96 yrs			2.71 yrs

Loan Swap
Notional amount		$	300,000		N/A
Weighted average fixed receive rates		4.81		%	N/A
Weighted average variable Prime pay rates		5.80		%	N/A
Weighted average maturity, in years		6.35 yrs			N/A

Gross aggregate fair value of the swaps
Gross aggregate fair value of swap assets	Other assets	$	2,486		$	—
Gross aggregate fair value of swap liabilities	Other liabilities	$	34,515		$	958

Balances carried in AOCI
Unrealized gains (losses) on cash flow hedges, net of tax	AOCI	$	(22,770)		$	(685)

Reclassification of unrealized gains and losses from OCI

The Company expects to reclassify unrealized gains and losses from OCI to interest income and interest expense as shown in the following table (dollars in thousands). Amounts actually recognized could differ from these expectations due to changes in interest rates, hedge de-designations, and the addition of other hedges subsequent to September 30, 2022.


	As of
	September 30, 2022
Unrealized gains (losses) in OCI expected to be recognized in income
Unrealized gains expected to be reclassified from OCI to interest income	$	190
Unrealized losses expected to be reclassified from OCI to interest expense	(247)
Net unrealized gains (losses) in OCI expected to be recognized in net interest income	$	(57)

Schedule of interest income (expense) recorded on swap transactions

Interest expense recorded on these swap transactions was as follows for the periods presented (dollars in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Interest income (expense) on swap transactions	$	(370)	$	(288)	$	697	$	(854)

Summary of Net gains (losses) relating to these derivative instruments

The following table reflects the net gains (losses) relating to cash flow derivative instruments that were recorded in AOCI and the unaudited Consolidated Statements of Income during the periods presented (dollars in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Unrealized gains (losses) on cash flow hedges
Gain (loss) recognized in OCI, net of tax	$	(10,192)	$	(5)	$	(21,587)	$	336
(Gain) loss reclassified from OCI to interest expense, net of tax	266		206		(498)		611
Net change in unrealized gains (losses) on cash flow hedges	$	(9,926)	$	201	$	(22,085)	$	947

Changes in fair value of these derivative assets and liabilities are recorded in noninterest expense in the unaudited Consolidated Statements of Income and summarized as follows (dollars in thousands):


		Three Months Ended September 30,				Nine Months Ended September 30,
	Location	2022		2021		2022		2021
Interest rate swaps
Pay floating, receive fixed	Noninterest expense	$	18,317	$	(2,024)	$	21,792	$	(11,355)
Pay fixed, receive floating	Noninterest expense	(18,317)		2,024		(21,792)		11,355
Net change in fair value of interest rate swaps		$	—	$	—	$	—	$	—

Net gains (losses) relating to these derivative instruments are summarized as follows for the periods presented (dollars in thousands):


		Three Months Ended September 30,				Nine Months Ended September 30,
	Location	2022		2021		2022		2021
Net gains (losses)
Interest rate lock commitments	Mortgage revenue	$	(111)	$	537	$	38	$	1,502
Forward sales commitments	Mortgage revenue	295		(1,438)		82		(3,616)
Net gains (losses)		$	184	$	(901)	$	120	$	(2,114)

Summary of fair values of derivative assets and liabilities recorded in consolidated balance sheet

Amounts and fair values of derivative assets and liabilities related to customer interest rate swaps recorded in the unaudited Consolidated Balance Sheets are summarized as follows (dollars in thousands):


	As of September 30, 2022
	Derivative Asset				Derivative Liability
	Notional Amount		Fair Value		Notional Amount		Fair Value
Derivatives not designated as hedging instruments
Interest rate swaps – pay floating, receive fixed	$	4,668	$	46	$	543,207	$	42,001
Interest rate swaps – pay fixed, receive floating	543,207		42,001		4,668		46
Total derivatives not designated as hedging instruments	$	547,875	$	42,047	$	547,875	$	42,047


	As of December 31, 2021
	Derivative Asset				Derivative Liability
	Notional Amount		Fair Value		Notional Amount		Fair Value
Derivatives not designated as hedging instruments
Interest rate swaps – pay floating, receive fixed	$	404,572	$	17,839	$	86,784	$	2,259
Interest rate swaps – pay fixed, receive floating	86,784		2,259		404,572		17,839
Total derivatives not designated as hedging instruments	$	491,356	$	20,098	$	491,356	$	20,098

Amounts and fair values of mortgage banking derivatives included in the unaudited Consolidated Balance Sheets are summarized as follows (dollars in thousands):


		As of September 30, 2022				As of December 31, 2021
	Location	Notional Amount		Fair Value		Notional Amount		Fair Value
Derivatives with positive fair value
Interest rate lock commitments	Other assets	$	3,434	$	42	$	19,384	$	206
Forward sales commitments	Other assets	4,107		134		1,884		10
Mortgage banking derivatives recorded in other assets		$	7,541	$	176	$	21,268	$	216

Derivatives with negative fair value
Interest rate lock commitments	Other liabilities	$	408	$	4	$	499	$	6
Forward sales commitments	Other liabilities	4,342		52		41,002		439
Mortgage banking derivatives recorded in other liabilities		$	4,750	$	56	$	41,501	$	445

Schedule of notional amount and fair value of risk participation agreement

The risk participation agreements mature in 2026 and 2028, and are summarized as follows (dollars in thousands):


	As of
	September 30, 2022		December 31, 2021
Risk participation agreements
Notional amount	$	18,921	$	3,990
Fair value	4		11

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-SubTopic 10
-Section 50
-Paragraph 4B
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+ Details

Stock-Based Compensation - Schedule of shares remaining available for issuance pursuant to authorized plans (Details) - shares	Sep. 30, 2022	Jul. 01, 2021
2020 Equity Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Remaining shares available for issuance pursuant to the plan (in shares)	645,563
2021 ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Remaining shares available for issuance pursuant to the plan (in shares)	519,577	600,000

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Sep. 30, 2022
Accounting Policies [Abstract]
Nature of Operations	Nature of Operations First Busey Corporation, a Nevada corporation organized in 1980, is a $12.5 billion financial holding company headquartered in Champaign, Illinois. Our common stock is traded on The Nasdaq Global Select Market under the symbol “BUSE.” The Company operates and reports its business in three segments: Banking, FirsTech, and Wealth Management. Banking The Banking operating segment provides a full range of banking services to individual and corporate customers through the Company’s wholly-owned bank subsidiary, Busey Bank, with 58 banking centers in Illinois; the St. Louis, Missouri metropolitan area; southwest Florida; and Indianapolis, Indiana. FirsTech The FirsTech operating segment provides comprehensive and innovative payment technology solutions that include, but are not limited to, text-based mobile bill pay; electronic payment concentration delivered to Automated Clearing House networks, money management, and credit card networks; walk-in payment processing for customers at retail pay agents; customer service payments made over a telephone; direct debit services; and lockbox remittance processing for customers to make payments by mail. FirsTech also provides additional tools to help clients with billing, reconciliation, bill reminders, and treasury services. Wealth Management The Wealth Management operating segment provides a full range of asset management, investment, brokerage, fiduciary, philanthropic advisory, tax preparation, and farm management services to individuals, businesses, and foundations.
Basis of Financial Statement Presentation	Basis of Financial Statement Presentation These unaudited consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements included in our 2021 Annual Report. These interim unaudited consolidated financial statements serve to update our 2021 Annual Report and may not include all information and notes necessary to constitute a complete set of financial statements. We prepared these unaudited consolidated financial statements in conformity with GAAP. We have eliminated intercompany accounts and transactions. We have also reclassified certain prior year amounts to conform to the current period presentation. These reclassifications did not have a material impact on our consolidated financial condition or results of operations. In our opinion, the unaudited consolidated financial statements reflect all normal, recurring adjustments needed to present fairly our results for the interim periods. The results of operations for interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period.
Use of Estimates	Use of Estimates In preparing the accompanying unaudited consolidated financial statements in conformity with GAAP, the Company’s management is required to make estimates and assumptions that affect the amounts reported in the financial statements and the disclosures provided. Actual results could differ from those estimates. Material estimates which are particularly susceptible to significant change in the near term relate to the fair value of debt securities available for sale, fair value of assets acquired and liabilities assumed in business combinations, goodwill, income taxes, and the determination of the ACL.
Change in Accounting Principle	Change in Accounting Principle Effective January 1, 2022, the Company elected to account for all newly originated loans held for sale at LOCOM. Prior to this change, the Company accounted for loans held for sale at fair value. This change did not have a material impact on our results of operations during the three or nine months ended September 30, 2022.
Impact of Recently Adopted Accounting Standards	Impact of Recently Adopted Accounting Standards ASU 2021-10 “Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance” establishes disclosure requirements for transactions with a government that have been accounted for by analogizing to a grant or contribution accounting model. Disclosures required under this standard include 1) the types of transactions, 2) the accounting for those transactions, and 3) the effect of those transactions on the consolidated financial statements. This update was effective for annual periods beginning January 1, 2022, and applies prospectively to all transactions within the scope of the amendments that are reflected in financial statements at the date of initial application and new transactions that are entered into after the date of initial application. Adoption of this standard did not have a material impact on First Busey’s financial position or results of operations. ASU 2021-05 “Leases (Topic 842): Lessors—Certain Leases with Variable Lease Payments” amends the lessor’s classification of certain leases under ASC Topic 842. Under this updated guidance, leases that would otherwise be classified as a sales-type or direct financing lease must be classified by a lessor as an operating lease when the following conditions are met: 1) the contract includes variable lease payments that do not depend on an index or rate and 2) classification as a sales-type or direct financing lease would result in recognition of a selling loss at lease commencement. This guidance was effective for First Busey beginning January 1, 2022, and was applied on a prospective basis. Adoption of this standard did not have a material impact on the Company’s financial position or results of operations. ASU 2021-04 “Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options” clarifies how an issuer should account for modifications or exchanges of equity-classified written call options (i.e. a warrant to purchase the issuer’s common stock). This accounting standard requires the issuer to treat a modification of an equity-classified warrant that does not cause the warrant to become liability-classified as an exchange of the original warrant for a new warrant. This guidance applies whether the modification is structured as an amendment to the terms and conditions of the warrant or as termination of the original warrant and issuance of a new warrant. This guidance was effective for First Busey beginning January 1, 2022, and was applied on a prospective basis. Adoption of this standard did not have a material impact on the Company’s financial position or results of operations. Recently Issued Accounting Standards ASU 2022-03 “Fair Value Measurements (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions” clarifies that contractual restrictions on the sale of equity securities are not considered in measuring the fair value of those equity securities, and further that contractual sale restrictions cannot be recognized and measured as a separate unit of account. This standard applies prospectively, and is effective for First Busey beginning January 1, 2024. Early adoption is permitted. First Busey is currently evaluating the potential effect on the Company’s financial position and results of operations. ASU 2022-02 “Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures” eliminates the TDR accounting model for creditors that have already adopted CECL. In lieu of the TDR accounting model, loan refinancing and restructuring guidance in ASC Subtopic 310-20 “Investments—Debt Securities” will apply to all loan modifications, including those made for borrowers experiencing financial difficulty. This standard also enhances disclosure requirements related to certain loan modifications. Additionally, this standard introduces new requirements to disclose gross write-off information in the vintage disclosures of financing receivables by credit quality indicator and class of financing receivable by year of origination. This standard applies prospectively. For the transition method related to the recognition and measurement of TDRs, there is an option to apply a modified retrospective transition method, resulting in a cumulative-effect adjustment to retained earnings in the period of adoption. This standard is effective for First Busey beginning January 1, 2023. Early adoption is permitted. First Busey is currently evaluating the potential effect on the Company’s financial position and results of operations. ASU 2022-01 “Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method” replaces the current last-of-layer hedge accounting method with an expanded portfolio layer method that permits multiple hedged layers of a single closed portfolio. The scope of the portfolio layer method is also expanded to include non-prepayable financial assets. This update also provides additional guidance on the accounting for and disclosure of hedge basis adjustments that are applicable to the portfolio layer method, and specifies how hedge basis adjustments should be considered when determining credit losses for the assets included in the closed portfolio. Amendments related to hedge basis adjustments which are included in this standard apply on a modified retrospective basis by means of a cumulative-effect adjustment to the opening balance of retained earnings on the initial application date. Amendments related to disclosure which are included in this standard may be applied on a prospective basis from the initial application date, or on a retrospective basis to each prior period presented after the date of adoption of the amendments in ASU 2017-12 “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities.” This standard is effective for First Busey beginning January 1, 2023, and may be early adopted. First Busey is currently evaluating the potential effect on the Company’s financial position and results of operations. ASU 2021-08 “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers” requires measurement and recognition in accordance with ASC Topic 606 “Revenue from Contracts with Customers” for contract assets and contract liabilities acquired in a business combination. This update is effective for First Busey beginning January 1, 2023, and may be adopted early. This standard applies prospectively to all business combinations that occur on or after the date it is adopted and, if applicable, retrospectively to all business combinations for which the acquisition date occurs on or after the beginning of the fiscal year that includes the interim period of early application. First Busey is currently evaluating the potential effect on the Company’s financial position and results of operations.
COVID-19	COVID-19 Throughout the COVID-19 pandemic, First Busey operated as an essential community resource, providing approximately $1.1 billion in payroll assistance for small businesses and select nonprofits through low-interest, 100% government-guaranteed loans as part of the PPP. First Busey had $1.5 million in PPP loans outstanding, with an amortized cost of $1.4 million, as of September 30, 2022. In comparison, First Busey had $76.9 million in PPP loans outstanding, with an amortized cost of $75.0 million, as of December 31, 2021.
Subsequent Events	Subsequent Events The Company has evaluated subsequent events for potential recognition and/or disclosure through the date the unaudited consolidated financial statements included in this Quarterly Report were issued. Early in the fourth quarter of 2022, we implemented a targeted restructuring and efficiency optimization plan that is expected to generate annual salary and benefits savings of $4.0 million to $4.4 million. We also expect to incur one-time severance-related costs associated with this initiative of $1.1 million to $1.3 million, most of which are expected to be realized in the fourth quarter of 2022. We expect to largely reinvest the anticipated savings to support ongoing growth initiatives across our franchise over the next several quarters. Other than this item, there were no significant subsequent events for the quarter ended September 30, 2022, through the filing date of these unaudited consolidated financial statements.

Stock-Based Compensation - Award Grants and Activity (Details) - USD ($) $ in Millions		9 Months Ended	12 Months Ended
	Mar. 23, 2022	Sep. 30, 2022	Dec. 31, 2021
Additional disclosures
Period over which cost will be recognized		2 years 7 months 6 days	2 years 10 months 24 days
RSU Awards
Additional disclosures
Granted (in shares)		156,483
Market Based Performance Stock Units
Additional disclosures
Granted (in shares)	78,233
Grant date fair value of the award	$ 2.1
Market Based Performance Stock Units \| Minimum
Additional disclosures
Vesting percentage	0.00%
Market Based Performance Stock Units \| Maximum
Additional disclosures
Granted (in shares)	125,173
Vesting percentage	160.00%
Performance Based Performance Stock Units
Additional disclosures
Granted (in shares)	78,233
Grant date fair value of the award	$ 2.0
Performance Based Performance Stock Units \| Minimum
Additional disclosures
Vesting percentage	0.00%
Performance Based Performance Stock Units \| Maximum
Additional disclosures
Granted (in shares)	125,173
Vesting percentage	160.00%
PSU Awards
Additional disclosures
Granted (in shares)	38,774	195,240
Grant date fair value of the award	$ 1.0
PSU Awards \| Minimum
Additional disclosures
Vesting percentage	0.00%
PSU Awards \| Maximum
Additional disclosures
Granted (in shares)	77,548
Vesting percentage	200.00%
DSU Awards
Additional disclosures
Granted (in shares)		32,658
2020 Equity Incentive Plan \| RSU Awards \| Members of management, including the Vice-Chairman of the Board
Additional disclosures
Granted (in shares)	156,483
Grant date fair value of the award	$ 4.0
Accelerated vesting provision, minimum requisite service period	1 year
Vesting percentage	100.00%
2020 Equity Incentive Plan \| RSU Awards \| Members of management, including the Vice-Chairman of the Board \| Minimum
Additional disclosures
Period over which cost will be recognized	1 year
2020 Equity Incentive Plan \| RSU Awards \| Members of management, including the Vice-Chairman of the Board \| Maximum
Additional disclosures
Period over which cost will be recognized	5 years
2020 Equity Incentive Plan \| DSU Awards \| Directors and Advisory Directors
Additional disclosures
Granted (in shares)	32,658
Grant date fair value of the award	$ 0.8
Period over which cost will be recognized	1 year
Vesting percentage	100.00%

Derivative Financial Instruments - Reclassification of unrealized gains and losses from OCI (Details) - Interest Rate Swap - Cash Flow Hedging $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Derivative [Line Items]
Unrealized gain (losses) to be reclassified from OCI to interest expense during next three months	$ (57)
Interest Income
Derivative [Line Items]
Unrealized gain (losses) to be reclassified from OCI to interest expense during next three months	190
Interest Expense
Derivative [Line Items]
Unrealized gain (losses) to be reclassified from OCI to interest expense during next three months	$ (247)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent
Net unrealized holding gains (losses) on debt securities available for sale, tax expense (benefit)	$ (27,631)	$ (4,902)	$ (84,519)	$ (14,195)
Unrealized gains (losses) on debt securities transferred to held to maturity from available for sale, tax expense (benefit)	0	0	(13,812)	0
Reclassification adjustment for realized (gains) losses on debt securities available for sale included in net income, tax expense (benefit)	(21)	(1)	8	7
Amortization of unrealized losses on securities transferred to held to maturity, tax expense (benefit)	(515)	0	(1,396)	0
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
Net unrealized holding gains (losses) on cash flow hedges, tax expense (benefit)	(4,061)	(2)	(8,604)	134
Reclassification adjustment for realized (gains) losses on cash flow hedges included in net income, tax expense (benefit)	$ (104)	$ (82)	$ 199	$ (243)

Significant Accounting Policies (Details) $ in Thousands	3 Months Ended	9 Months Ended
Significant Accounting Policies (Details) $ in Thousands	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($) segment center	Dec. 31, 2021 USD ($)
Nature of Operations
Total assets		$ 12,497,388	$ 12,859,689
Number of operating segments \| segment		3
Number of reportable segments \| segment		3
Number of banking centers consolidated \| center		58
COVID-19
Covid 19, payroll assistance		$ 1,100,000
Minimum \| Forecast \| Subsequent Event
Subsequent Events [Abstract]
Annual salary and benefit savings	$ 4,000
Severance costs	1,100
Maximum \| Forecast \| Subsequent Event
Subsequent Events [Abstract]
Annual salary and benefit savings	4,400
Severance costs	$ 1,300
PPP Loans
COVID-19
PPP loans outstanding		1,500	76,900
PPP loans outstanding, amortized cost		$ 1,400	$ 75,000

Debt Securities - Maturity of Debt Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Amortized Cost
Due in one year or less	$ 176,516
Due after one year through five years	410,372
Due after five years through ten years	353,968
Due after ten years	1,934,992
Amortized Cost	2,875,848	$ 4,013,523
Fair Value
Due in one year or less	174,227
Due after one year through five years	379,095
Due after five years through ten years	319,381
Due after ten years	1,674,338
Fair Value	2,547,041	3,981,251
Amortized Cost
Due after one year through five years	46,961
Due after five years through ten years	65,516
Due after ten years	823,851
Amortized Cost	936,328	$ 0
Fair Value
Due after one year through five years	43,738
Due after five years through ten years	58,346
Due after ten years	706,801
Debt securities held to maturity	$ 808,885

Stock-Based Compensation - 2020 Equity Plan (Details)	9 Months Ended
Stock-Based Compensation - 2020 Equity Plan (Details)	Sep. 30, 2022 shares
RSU Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares of common stock per award (in shares)	1
PSU Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares of common stock per award (in shares)	1
DSU Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares of common stock per award (in shares)	1
Vesting period	1 year
Settlement period	30 days
Minimum \| RSU Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Requisite service periods	1 year
Maximum \| RSU Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Requisite service periods	5 years

Borrowings - Schedule of short-term borrowings (Details) - USD ($)	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Short-Term Debt [Line Items]
Total short-term debt	$ 16,225,000	$ 17,678,000
Federal funds purchased	0	0
FHLB advances maturing in less than one year from date of origination, and the current portion of long-term FHLB advances due within 12 months
Short-Term Debt [Line Items]
Total short-term debt	4,225,000	5,678,000
Term Loan, current portion due within 12 months
Short-Term Debt [Line Items]
Total short-term debt	$ 12,000,000	$ 12,000,000
Minimum
Short-Term Debt [Line Items]
Short-term borrowings, mature period	1 day
Maximum
Short-Term Debt [Line Items]
Short-term borrowings, mature period	90 days

Debt Securities - Additional Information (Details) $ in Thousands	Sep. 30, 2022 USD ($) security	Dec. 31, 2021 USD ($) security
Available for Sale
Debt securities with gross unrealized losses, fair value \| $	$ 2,532,546	$ 2,783,177
Gross unrealized losses on debt securities \| $	$ 328,867	$ 54,654
Ratio of gross unrealized losses to debt securities with gross unrealized losses	13.00%	2.00%
Count of debt securities \| security	1,145	1,252
Count of debt securities in an unrealized loss position \| security	1,109	373
Held to Maturity
Debt securities with gross unrealized losses, fair value \| $	$ 808,885	$ 0
Gross unrealized losses on debt securities \| $	$ 127,443	$ 0
Ratio of gross unrealized losses to debt securities with gross unrealized losses	15.80%	0.00%
Count of debt securities \| security	55	0
Count of debt securities in an unrealized loss position \| security	55	0
Total
Debt securities with gross unrealized losses, fair value \| $	$ 3,341,431	$ 2,783,177
Gross unrealized losses on debt securities \| $	$ 456,310	$ 54,654
Ratio of gross unrealized losses to debt securities with gross unrealized losses	13.70%	2.00%
Count of debt securities \| security	1,200	1,252
Count of debt securities in an unrealized loss position \| security	1,164	373

Earnings Per Common Share - Schedule of computation of earnings per common share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net income per share calculations for basic and diluted methods
Net income	$ 35,661	$ 25,941	$ 93,924	$ 93,523
Weighted Average Shares Outstanding
Weighted average number of common shares outstanding, basic (in shares)	55,349,547	56,227,816	55,399,424	55,256,348
Weighted average number of common shares outstanding, diluted (in shares)	56,073,164	56,832,518	56,123,756	55,872,835
Basic earnings per common share (in dollars per share)	$ 0.64	$ 0.46	$ 1.70	$ 1.69
Diluted earnings per common share (in dollars per share)	$ 0.64	$ 0.46	$ 1.67	$ 1.67
Options
Weighted Average Shares Outstanding
Dilutive effect of common stock equivalents (in shares)	249	122	1,606	1,009
Warrants
Weighted Average Shares Outstanding
Dilutive effect of common stock equivalents (in shares)	1,708	1,704	1,749	1,732
RSU Awards
Weighted Average Shares Outstanding
Dilutive effect of common stock equivalents (in shares)	624,576	577,611	661,173	602,311
PSU Awards
Weighted Average Shares Outstanding
Dilutive effect of common stock equivalents (in shares)	81,268	4,915	37,393	2,601
DSU Awards
Weighted Average Shares Outstanding
Dilutive effect of common stock equivalents (in shares)	10,414	12,796	14,275	6,316
ESPP
Weighted Average Shares Outstanding
Dilutive effect of common stock equivalents (in shares)	5,402	7,554	8,136	2,518

Portfolio Loans -Summary of portfolio loans that are past due and still accruing or on a non-accrual status (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Financing Receivable, Past Due [Line Items]
Portfolio loans	$ 7,670,114	$ 7,188,998
90 days past due and still accruing	1,229	906
Non-accrual Loans	15,425	15,946
30 to 59 days past due and still accruing
Financing Receivable, Past Due [Line Items]
Portfolio loans	4,426	3,964
60 to 89 days past due and still accruing
Financing Receivable, Past Due [Line Items]
Portfolio loans	1,881	2,297
Commercial
Financing Receivable, Past Due [Line Items]
Portfolio loans	1,945,893	1,943,886
90 days past due and still accruing	625	213
Non-accrual Loans	6,227	7,004
Commercial \| 30 to 59 days past due and still accruing
Financing Receivable, Past Due [Line Items]
Portfolio loans	19	363
Commercial \| 60 to 89 days past due and still accruing
Financing Receivable, Past Due [Line Items]
Portfolio loans	45	10
Commercial real estate
Financing Receivable, Past Due [Line Items]
Portfolio loans	3,278,684	3,119,807
90 days past due and still accruing	349	0
Non-accrual Loans	5,792	5,973
Commercial real estate \| 30 to 59 days past due and still accruing
Financing Receivable, Past Due [Line Items]
Portfolio loans	411	151
Commercial real estate \| 60 to 89 days past due and still accruing
Financing Receivable, Past Due [Line Items]
Portfolio loans	0	441
Real estate construction
Financing Receivable, Past Due [Line Items]
Portfolio loans	499,560	385,996
90 days past due and still accruing	0	0
Non-accrual Loans	48	0
Real estate construction \| 30 to 59 days past due and still accruing
Financing Receivable, Past Due [Line Items]
Portfolio loans	0	56
Real estate construction \| 60 to 89 days past due and still accruing
Financing Receivable, Past Due [Line Items]
Portfolio loans	0	0
Retail real estate
Financing Receivable, Past Due [Line Items]
Portfolio loans	1,643,099	1,512,976
90 days past due and still accruing	255	693
Non-accrual Loans	3,240	2,898
Retail real estate \| 30 to 59 days past due and still accruing
Financing Receivable, Past Due [Line Items]
Portfolio loans	3,734	3,312
Retail real estate \| 60 to 89 days past due and still accruing
Financing Receivable, Past Due [Line Items]
Portfolio loans	1,831	1,830
Retail other
Financing Receivable, Past Due [Line Items]
Portfolio loans	302,878	226,333
90 days past due and still accruing	0	0
Non-accrual Loans	118	71
Retail other \| 30 to 59 days past due and still accruing
Financing Receivable, Past Due [Line Items]
Portfolio loans	262	82
Retail other \| 60 to 89 days past due and still accruing
Financing Receivable, Past Due [Line Items]
Portfolio loans	$ 5	$ 16

Leases

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Leases

Busey as the Lessee

The Company has operating leases consisting primarily of equipment leases and real estate leases for banking centers, ATM locations, and office space. The following table summarizes lease-related information and balances the Company reported in its unaudited Consolidated Balance Sheets for the periods presented (dollars in thousands):


	As of
	September 30, 2022			December 31, 2021
Lease balances
Right of use assets	$	10,202		$	10,533
Lease liabilities	10,311			10,591

Supplemental information
Year through which lease terms extend	2037			2031
Weighted average remaining lease term (in years)	8.61			6.47
Weighted average discount rate	2.91		%	2.16		%

The following table represents lease costs and cash flows related to leases for the periods presented (dollars in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Lease costs
Operating lease costs	$	563	$	656	$	1,762	$	1,828
Variable lease costs	214		94		436		394
Short-term lease costs	5		9		15		43
Total lease cost1	$	782	$	759	$	2,213	$	2,265

Cash flows related to leases
Cash paid for amounts included in the measurement of lease liabilities:
Operating lease cash flows – Fixed payments	$	1,076	$	620	$	2,445	$	1,756
Operating lease cash flows – Liability reduction	464		569		1,741		1,610
Right of use assets obtained during the period in exchange for operating lease liabilities	1,127		3,408		1,182		5,018

1.Lease costs are included in net occupancy and equipment expense in the unaudited Consolidated Statements of Income.

The Company was obligated under noncancelable operating leases for office space and other commitments, as follows (dollars in thousands):


	As of September 30, 2022
Rent commitments
Remainder of 2022	$	539
2023	1,857
2024	1,573
2025	1,349
2026	1,059
2027	886
Thereafter	4,626
Total undiscounted cash flows	11,889
Less: Amounts representing interest	1,578
Present value of net future minimum lease payments	$	10,311

Busey as the Lessor

Busey occasionally leases parking lots and office space to outside parties. Further, in connection with the acquisition of CAC in the second quarter of 2021, the Company acquired office buildings in Glenview, IL and Northbrook, IL, along with operating leases for space within these buildings that is rented to third parties. Revenues recorded in connection with these leases and reported in other income on our unaudited Consolidated Statements of Income are summarized as follows (dollars in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Rental income	$	146	$	208	$	519	$	339

Stock-Based Compensation - 2021 Employee Stock Purchase Plan (Details) - 2021 ESPP - shares	Jul. 01, 2021	Sep. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Discount through voluntary payroll deductions	15.00%
Remaining shares available for issuance (in shares)	600,000	519,577

Earnings Per Common Share (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Schedule of computation of earnings per common share

Earnings per common share have been computed as follows (dollars in thousands, except per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Net income	$	35,661	$	25,941	$	93,924	$	93,523

Weighted average number of common shares outstanding, basic	55,349,547		56,227,816		55,399,424		55,256,348
Dilutive effect of common stock equivalents:
Options	249		122		1,606		1,009
Warrants	1,708		1,704		1,749		1,732
RSU awards	624,576		577,611		661,173		602,311
PSU awards	81,268		4,915		37,393		2,601
DSU awards	10,414		12,796		14,275		6,316
ESPP	5,402		7,554		8,136		2,518
Weighted average number of common shares outstanding, diluted	56,073,164		56,832,518		56,123,756		55,872,835

Basic earnings per common share	$	0.64	$	0.46	$	1.70	$	1.69
Diluted earnings per common share	$	0.64	$	0.46	$	1.67	$	1.67

Schedule of average shares excluded from computation of diluted earnings per common share


	Three Months Ended September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021
Anti-dilutive common stock equivalents
Options	—	—	10,389	—

RSU awards	—	47,805	51,883	86,744
PSU awards	160,391	85,571	226,771	95,511
DSU awards	—	—	—	10,323
Total anti-dilutive common stock equivalents	160,391	133,376	289,043	192,578

Deposits

9 Months Ended

Sep. 30, 2022

Deposits [Abstract]

Deposits

The composition of deposits is as follows (dollars in thousands):


	As of
	September 30, 2022		December 31, 2021
Deposits
Demand deposits, noninterest-bearing	$	3,628,169	$	3,670,267
Interest-bearing transaction deposits	2,952,414		2,720,417
Saving deposits and money market deposits	3,220,627		3,442,244
Time deposits	800,187		935,649
Total deposits	$	10,601,397	$	10,768,577

Additional information about our deposits is as follows (dollars in thousands):


	As of
	September 30, 2022		December 31, 2021
Brokered savings deposits and money market deposits	$	2,006	$	2,248
Brokered time deposits	273		266
Aggregate amount of time deposits with a minimum denomination of $100,000	379,136		454,649
Aggregate amount of time deposits with a minimum denomination that meets or exceeds the FDIC insurance limit of $250,000	103,534		137,449

Scheduled maturities of time deposits are as follows (dollars in thousands):


	As of September 30, 2022
Time deposits by schedule of maturities
Remainder of 2022	$	188,332
2023	431,060
2024	126,309
2025	23,078
2026	17,910
2027	12,844
Thereafter	654
Time deposits	$	800,187

Regulatory Capital - Capital Amounts and Ratios (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Common Equity Tier 1 Capital to Risk Weighted Assets, Amount
Actual	$ 1,056,206	$ 995,874
Minimum Capital Requirement	403,047	378,334
Minimum To Be Well Capitalized	$ 582,179	$ 546,482
Common Equity Tier 1 Capital to Risk Weighted Assets, Ratio
Actual	11.79%	11.85%
Minimum Capital Requirement	4.50%	4.50%
Minimum To Be Well Capitalized	6.50%	6.50%
Tier 1 Capital to Risk Weighted Assets, Amount
Actual	$ 1,130,206	$ 1,069,874
Minimum Capital Requirement	537,396	504,445
Minimum To Be Well Capitalized	$ 716,528	$ 672,594
Tier 1 Capital to Risk Weighted Assets, Ratio
Actual	12.62%	12.73%
Minimum Capital Requirement	6.00%	6.00%
Minimum To Be Well Capitalized	8.00%	8.00%
Total Capital to Risk Weighted Assets, Amount
Actual	$ 1,431,308	$ 1,320,187
Minimum Capital Requirement	716,528	672,594
Minimum To Be Well Capitalized	$ 895,660	$ 840,742
Total Capital to Risk Weighted Assets, Ratio
Actual	15.98%	15.70%
Minimum Capital Requirement	8.00%	8.00%
Minimum To Be Well Capitalized	10.00%	10.00%
Leverage Ratio of Tier 1 Capital to Average Assets, Amount
Actual	$ 1,130,206	$ 1,069,874
Minimum Capital Requirement	$ 494,124	$ 502,336
Leverage Ratio of Tier 1 Capital to Average Assets, Ratio
Actual	9.15%	8.52%
Minimum Capital Requirement	4.00%	4.00%
Busey Bank
Common Equity Tier 1 Capital to Risk Weighted Assets, Amount
Actual	$ 1,288,945	$ 1,241,303
Minimum Capital Requirement	401,307	377,096
Minimum To Be Well Capitalized	$ 579,665	$ 544,695
Common Equity Tier 1 Capital to Risk Weighted Assets, Ratio
Actual	14.45%	14.81%
Minimum Capital Requirement	4.50%	4.50%
Minimum To Be Well Capitalized	6.50%	6.50%
Tier 1 Capital to Risk Weighted Assets, Amount
Actual	$ 1,288,945	$ 1,241,303
Minimum Capital Requirement	535,076	502,795
Minimum To Be Well Capitalized	$ 713,434	$ 670,394
Tier 1 Capital to Risk Weighted Assets, Ratio
Actual	14.45%	14.81%
Minimum Capital Requirement	6.00%	6.00%
Minimum To Be Well Capitalized	8.00%	8.00%
Total Capital to Risk Weighted Assets, Amount
Actual	$ 1,365,046	$ 1,306,616
Minimum Capital Requirement	713,434	670,394
Minimum To Be Well Capitalized	$ 891,793	$ 837,992
Total Capital to Risk Weighted Assets, Ratio
Actual	15.31%	15.59%
Minimum Capital Requirement	8.00%	8.00%
Minimum To Be Well Capitalized	10.00%	10.00%
Leverage Ratio of Tier 1 Capital to Average Assets, Amount
Actual	$ 1,288,945	$ 1,241,303
Minimum Capital Requirement	492,534	501,104
Minimum To Be Well Capitalized	$ 615,668	$ 626,379
Leverage Ratio of Tier 1 Capital to Average Assets, Ratio
Actual	10.47%	9.91%
Minimum Capital Requirement	4.00%	4.00%
Minimum To Be Well Capitalized	5.00%	5.00%

Portfolio Loans

9 Months Ended

Sep. 30, 2022

Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]

Portfolio Loans

Loan Categories

The Company’s lending can be summarized into five primary categories: commercial loans, commercial real estate loans, real estate construction loans, retail real estate loans, and retail other loans. Distributions of the loan portfolio by loan category were as follows (dollars in thousands):


	As of
	September 30, 2022		December 31, 2021
Portfolio loans
Commercial	$	1,945,893	$	1,943,886
Commercial real estate	3,278,684		3,119,807
Real estate construction	499,560		385,996
Retail real estate	1,643,099		1,512,976
Retail other	302,878		226,333
Total portfolio loans	7,670,114		7,188,998
ACL	(90,722)		(87,887)
Portfolio loans, net	$	7,579,392	$	7,101,111

Net deferred loan origination costs included in the balances above were $13.7 million as of September 30, 2022, compared to $9.0 million as of December 31, 2021. Net accretable purchase accounting adjustments included in the balances above reduced loans by $6.4 million as of September 30, 2022, and $8.8 million as of December 31, 2021. Commercial balances include loans originated under the PPP with an amortized cost of $1.4 million as of September 30, 2022, and $75.0 million as of December 31, 2021.

There were no retail real estate loans purchased during the three or nine months ended September 30, 2022. There were also no retail real estate loans purchased during the three months ended September 30, 2021. The Company purchased $32.2 million of retail real estate loans during the nine months ended September 30, 2021.

Risk Grading

The Company utilizes a loan grading scale to assign a risk grade to all of its loans. A description of the general characteristics of each grade is as follows:

•Pass – This category includes loans that are all considered acceptable credits, ranging from investment or near investment grade, to loans made to borrowers who exhibit credit fundamentals that meet or exceed industry standards.

•Watch – This category includes loans that warrant a higher-than-average level of monitoring to ensure that weaknesses do not cause the inability of the credit to perform as expected. These loans are not necessarily a problem due to other inherent strengths of the credit, such as guarantor strength, but have above average concern and monitoring.

•Special mention – This category is for “Other Assets Specially Mentioned” loans that have potential weaknesses, which may, if not checked or corrected, weaken the asset or inadequately protect the Company’s credit position at some future date.

•Substandard – This category includes “Substandard” loans, determined in accordance with regulatory guidelines, for which the accrual of interest has not been stopped. Assets so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected.

•Substandard non-accrual – This category includes loans that have all the characteristics of a “Substandard” loan with additional factors that make collection in full highly questionable and improbable. Such loans are placed on non-accrual status and may be dependent on collateral with a value that is difficult to determine.

All loans are graded at their inception. Commercial lending relationships that are $1.0 million or less are usually processed through an expedited underwriting process. Most commercial loans greater than $1.0 million are included in a portfolio review at least annually. Commercial loans greater than $0.35 million that have a grading of special mention or worse are typically reviewed on a quarterly basis. Interim reviews may take place if circumstances of the borrower warrant a more frequent review.

The following table is a summary of risk grades segregated by category of portfolio loans (dollars in thousands):


	As of September 30, 2022
	Pass		Watch		Special Mention		Substandard		Substandard Non-accrual		Total
Portfolio loans
Commercial	$	1,707,528	$	135,254	$	58,189	$	38,695	$	6,227	$	1,945,893
Commercial real estate	2,889,804		299,638		42,728		40,722		5,792		3,278,684
Real estate construction	475,099		22,011		2		2,400		48		499,560
Retail real estate	1,625,702		8,601		2,087		3,469		3,240		1,643,099
Retail other	302,760		—		—		—		118		302,878
Total portfolio loans	$	7,000,893	$	465,504	$	103,006	$	85,286	$	15,425	$	7,670,114


	As of December 31, 2021
	Pass		Watch		Special Mention		Substandard		Substandard Non-accrual		Total
Portfolio loans
Commercial	$	1,747,756	$	93,582	$	69,427	$	26,117	$	7,004	$	1,943,886
Commercial real estate	2,682,441		343,304		49,695		38,394		5,973		3,119,807
Real estate construction	369,797		13,793		6		2,400		—		385,996
Retail real estate	1,491,845		12,374		1,992		3,867		2,898		1,512,976
Retail other	226,262		—		—		—		71		226,333
Total portfolio loans	$	6,518,101	$	463,053	$	121,120	$	70,778	$	15,946	$	7,188,998

Risk grades of portfolio loans, further sorted by origination year are as follows (dollars in thousands):


	As of September 30, 2022
	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans		Total
Risk Grade Ratings	2022		2021		2020		2019		2018		Prior
Commercial
Pass	$	403,643	$	315,433	$	145,695	$	60,284	$	53,197	$	149,627	$	579,649	$	1,707,528
Watch	27,665		18,423		4,263		8,372		1,404		3,144		71,983		135,254
Special Mention	1,772		691		1,325		1,078		3,102		17,538		32,683		58,189
Substandard	9,075		1,292		695		6,999		433		5,402		14,799		38,695
Substandard non-accrual	—		3,586		306		137		—		198		2,000		6,227
Total commercial	442,155		339,425		152,284		76,870		58,136		175,909		701,114		1,945,893

Commercial real estate
Pass	765,398		880,522		501,085		332,768		171,177		222,947		15,907		2,889,804
Watch	69,877		44,756		50,799		95,446		18,821		13,338		6,601		299,638
Special Mention	3,010		4,737		15,598		1,517		6,994		10,872		—		42,728
Substandard	14,349		12,681		497		1,841		10,412		942		—		40,722
Substandard non-accrual	—		4,092		41		—		1,650		9		—		5,792
Total commercial real estate	852,634		946,788		568,020		431,572		209,054		248,108		22,508		3,278,684

Real estate construction
Pass	176,071		191,006		84,748		1,570		2,012		1,949		17,743		475,099
Watch	3,100		3,666		3,269		10,533		—		1,443		—		22,011
Special Mention	—		—		—		2		—		—		—		2
Substandard	2,400		—		—		—		—		—		—		2,400
Substandard non-accrual	—		—		48		—		—		—		—		48
Total real estate construction	181,571		194,672		88,065		12,105		2,012		3,392		17,743		499,560

Retail real estate
Pass	344,033		464,066		180,543		79,304		58,925		281,430		217,401		1,625,702
Watch	2,881		1,163		1,875		1,469		1,146		67		—		8,601
Special Mention	148		1,864		—		—		—		—		75		2,087
Substandard	—		1,163		207		82		142		1,868		7		3,469
Substandard non-accrual	—		150		110		—		390		1,985		605		3,240
Total retail real estate	347,062		468,406		182,735		80,855		60,603		285,350		218,088		1,643,099

Retail other
Pass	121,375		47,136		14,999		15,909		7,677		2,124		93,540		302,760



Substandard non-accrual	14		89		3		—		10		2		—		118
Total retail other	121,389		47,225		15,002		15,909		7,687		2,126		93,540		302,878

Total portfolio loans	$	1,944,811	$	1,996,516	$	1,006,106	$	617,311	$	337,492	$	714,885	$	1,052,993	$	7,670,114


	As of December 31, 2021
	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans		Total
Risk Grade Ratings	2021		2020		2019		2018		2017		Prior
Commercial
Pass	$	512,729	$	228,811	$	107,877	$	84,873	$	74,351	$	122,418	$	616,697	$	1,747,756
Watch	13,847		5,913		14,274		5,060		1,361		2,866		50,261		93,582
Special Mention	7,062		898		5,961		4,025		6,790		11,845		32,846		69,427
Substandard	3,595		3,362		3,136		1,855		1,125		5,459		7,585		26,117
Substandard non-accrual	4,126		364		142		—		320		52		2,000		7,004
Total commercial	541,359		239,348		131,390		95,813		83,947		142,640		709,389		1,943,886

Commercial real estate
Pass	969,548		637,550		425,850		235,928		200,373		198,002		15,190		2,682,441
Watch	51,560		38,820		123,324		48,088		46,761		32,608		2,143		343,304
Special Mention	9,542		7,060		6,585		10,098		6,357		9,870		183		49,695
Substandard	21,002		3,781		1,218		11,451		521		421		—		38,394
Substandard non-accrual	112		181		359		1,893		3,407		21		—		5,973
Total commercial real estate	1,051,764		687,392		557,336		307,458		257,419		240,922		17,516		3,119,807

Real estate construction
Pass	202,082		123,491		31,927		3,155		738		1,223		7,181		369,797
Watch	7,886		4,159		54		—		1,574		120		—		13,793
Special Mention	—		—		6		—		—		—		—		6
Substandard	—		2,400		—		—		—		—		—		2,400

Total real estate construction	209,968		130,050		31,987		3,155		2,312		1,343		7,181		385,996

Retail real estate
Pass	523,541		215,068		96,617		79,158		82,478		281,737		213,246		1,491,845
Watch	4,100		2,460		1,780		1,312		343		150		2,229		12,374
Special Mention	1,965		27		—		—		—		—		—		1,992
Substandard	1,369		232		12		71		165		1,687		331		3,867
Substandard non-accrual	235		63		—		16		227		1,705		652		2,898
Total retail real estate	531,210		217,850		98,409		80,557		83,213		285,279		216,458		1,512,976

Retail other
Pass	59,366		22,305		26,126		16,189		7,180		1,326		93,770		226,262



Substandard non-accrual	34		10		—		14		13		—		—		71
Total retail other	59,400		22,315		26,126		16,203		7,193		1,326		93,770		226,333

Total portfolio loans	$	2,393,701	$	1,296,955	$	845,248	$	503,186	$	434,084	$	671,510	$	1,044,314	$	7,188,998

Past Due and Non-accrual Loans

An analysis of the amortized cost basis of portfolio loans that are past due and still accruing, or on a non-accrual status, is as follows (dollars in thousands):


	As of September 30, 2022
	Loans past due, still accruing						Non-accrual Loans
	30-59 Days		60-89 Days		90+Days
Past due and non-accrual loans
Commercial	$	19	$	45	$	625	$	6,227
Commercial real estate	411		—		349		5,792
Real estate construction	—		—		—		48
Retail real estate	3,734		1,831		255		3,240
Retail other	262		5		—		118
Total past due and non-accrual loans	$	4,426	$	1,881	$	1,229	$	15,425


	As of December 31, 2021
	Loans past due, still accruing						Non-accrual Loans
	30-59 Days		60-89 Days		90+Days
Past due and non-accrual loans
Commercial	$	363	$	10	$	213	$	7,004
Commercial real estate	151		441		—		5,973
Real estate construction	56		—		—		—
Retail real estate	3,312		1,830		693		2,898
Retail other	82		16		—		71
Total past due and non-accrual loans	$	3,964	$	2,297	$	906	$	15,946

Gross interest income recorded on 90+ days past due loans, and that would have been recorded on non-accrual loans if they had been accruing interest in accordance with their original terms, was $0.3 million and $0.8 million for the three and nine months ended September 30, 2022, respectively. Gross interest income recorded on 90+ days past due loans, and that would have been recorded on non-accrual loans if they had been accruing interest in accordance with their original terms, was $0.3 million and $1.2 million for the three and nine months ended September 30, 2021, respectively. The amount of interest collected on those loans and recognized on a cash basis that was included in interest income was insignificant for the three months ended September 30, 2022, and was $0.4 million for the nine months ended September 30, 2022. The amount of interest collected on those loans and recognized on a cash basis that was included in interest income was $0.4 million for the three and nine months ended September 30, 2021.

Troubled Debt Restructurings

TDR loan balances are summarized as follows (dollars in thousands):


	As of
	September 30, 2022		December 31, 2021
TDRs
In compliance with modified terms	$	1,940	$	1,801
30 – 89 days past due	—		—
Non-performing TDRs	483		551
Total TDRs	$	2,423	$	2,352

Loans that were newly designated as TDRs during the periods presented, are summarized as follows (dollars in thousands):


	Three Months Ended September 30, 2022					Nine Months Ended September 30, 2022
		Recorded Investment					Recorded Investment
	Number of Contracts	Rate Modification1		Payment Modification1		Number of Contracts	Rate Modification1		Payment Modification1
Commercial	—	$	—	$	—	1	$	—	$	381


	Three Months Ended September 30, 2021					Nine Months Ended September 30, 2021
		Recorded Investment					Recorded Investment
	Number of Contracts	Rate Modification1		Payment Modification1		Number of Contracts	Rate Modification1		Payment Modification1
Commercial	—	$	—	$	—	1	$	444	$	—

1.TDRs may include multiple concessions; those that include an interest rate concession and payment concession are shown in the rate modification column.

There were no TDRs entered into during the 12 months ended September 30, 2022, or 2021, that had subsequent defaults during the three or nine months ended September 30, 2022, or 2021. A default occurs when a loan is 90 days or more past due or transferred to non-accrual.

Gross interest income that would have been recorded in the three and nine months ended September 30, 2022, and 2021, if TDRs had performed in accordance with their original terms compared with their modified terms, was insignificant.

Collateral Dependent Loans

Management's evaluation as to the ultimate collectability of loans includes estimates regarding future cash flows from operations and the value of property, real and personal, pledged as collateral. These estimates are affected by changing economic conditions and the economic prospects of borrowers. Collateral dependent loans are loans in which repayment is expected to be provided solely by the underlying collateral and there are no other available and reliable sources of repayment. Loans are written down to the lower of cost or fair value of underlying collateral, less estimated costs to sell. The Company had $14.8 million and $7.9 million of collateral dependent loans secured by real estate or business assets as of September 30, 2022, and December 31, 2021, respectively.

Foreclosures

As of September 30, 2022, the Company had $1.0 million of residential real estate in the process of foreclosure. The Company follows Federal Housing Finance Agency guidelines on single-family foreclosures and real estate owned evictions on portfolio loans.

Loans Modified Under the CARES Act or Interagency Statement

The CARES Act provided financial institutions the option to temporarily suspend certain requirements under GAAP related to TDRs for a limited period of time to account for the effects of COVID-19. Federal regulatory agencies, in consultation with FASB, also issued an Interagency Statement to encourage financial institutions to work with borrowers affected by COVID-19, and to update guidance which allowed banks to modify loans of customers stressed by COVID-19 without having to classify the loan as a TDR. The Company’s TDR loan totals do not include the following modified loans with payment deferrals that fall under the CARES Act or Interagency Statement, which suspended GAAP requirements related to TDR classification (dollars in thousands):


	As of September 30, 2022			As of December 31, 2021
	Number of Contracts	Recorded Investment		Number of Contracts	Recorded Investment
COVID-19 loan modifications
Commercial loans:

Interest-only deferrals	8	$	20,556	32	$	128,730


Retail loans:
Mortgage and personal loan deferrals	1	99		2	137

Total COVID-19 loans modifications	9	$	20,655	34	$	128,867

Loans Evaluated Individually

The Company evaluates loans with disparate risk characteristics on an individual basis. The following tables provide details of loans evaluated individually, segregated by category. The unpaid principal balance represents customer outstanding contractual principal balances excluding any partial charge-offs. Recorded investment represents the amortized cost of customer balances net of any partial charge-offs recognized on the loan. Average recorded investment is calculated using the most recent four quarters (dollars in thousands):


	As of September 30, 2022
	Unpaid Principal Balance		Recorded Investment								Average Recorded Investment
			With No Allowance		With Allowance		Total		Related Allowance
Loans evaluated individually
Commercial	$	9,455	$	547	$	5,892	$	6,439	$	2,806	$	7,488
Commercial real estate	7,497		1,663		4,035		5,698		2,000		5,216
Real estate construction	255		255		—		255		—		266
Retail real estate	2,258		2,089		25		2,114		25		2,526

Total loans evaluated individually	$	19,465	$	4,554	$	9,952	$	14,506	$	4,831	$	15,496


	As of December 31, 2021
	Unpaid Principal Balance		Recorded Investment								Average Recorded Investment
			With No Allowance		With Allowance		Total		Related Allowance
Loans evaluated individually
Commercial	$	10,247	$	498	$	6,490	$	6,988	$	3,564	$	8,791
Commercial real estate	6,456		5,750		—		5,750		—		6,390
Real estate construction	272		272		—		272		—		282
Retail real estate	2,514		2,345		25		2,370		25		4,093

Total loans evaluated individually	$	19,489	$	8,865	$	6,515	$	15,380	$	3,589	$	19,556

Allowance for Credit Losses

Management estimates the ACL balance using relevant available information from internal and external sources relating to past events, current conditions, and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. The cumulative loss rate used as the basis for the estimate of credit losses is comprised of the Company’s historical loss experience beginning in 2010. Due to the continued economic uncertainty in the markets in which the Company operates, in particular the levels of delinquencies, the Company will continue to utilize a forecast period of 12 months with an immediate reversion to historical loss rates beyond this forecast period in its ACL estimate. PPP loans were excluded from the ACL calculation as they are 100% government guaranteed.

The following tables summarize activity in the ACL. Allocation of a portion of the ACL to one category does not preclude its availability to absorb losses in other categories (dollars in thousands):


	Three Months Ended September 30, 2022
	Commercial		Commercial Real Estate		Real Estate Construction		Retail Real Estate		Retail Other		Total
ACL balance, June 30, 2022	$	23,359	$	37,182	$	5,669	$	17,984	$	4,563	$	88,757
Provision for credit losses	615		598		216		684		251		2,364
Charged-off	(381)		—		—		(220)		(218)		(819)
Recoveries	102		19		86		172		41		420
ACL balance, September 30, 2022	$	23,695	$	37,799	$	5,971	$	18,620	$	4,637	$	90,722


	Nine Months Ended September 30, 2022
	Commercial		Commercial Real Estate		Real Estate Construction		Retail Real Estate		Retail Other		Total
ACL balance, December 31, 2021	$	23,855	$	38,249	$	5,102	$	17,589	$	3,092	$	87,887
Provision for credit losses	123		408		663		826		1,744		3,764
Charged-off	(589)		(1,372)		—		(253)		(409)		(2,623)
Recoveries	306		514		206		458		210		1,694
ACL balance, September 30, 2022	$	23,695	$	37,799	$	5,971	$	18,620	$	4,637	$	90,722


	Three Months Ended September 30, 2021
	Commercial		Commercial Real Estate		Real Estate Construction		Retail Real Estate		Retail Other		Total
ACL balance, June 30, 2021	$	24,356	$	39,974	$	7,599	$	20,505	$	2,976	$	95,410

Provision for credit losses	657		(25)		(1,503)		(1,155)		157		(1,869)
Charged-off	(764)		(191)		—		(155)		(98)		(1,208)
Recoveries	157		73		25		157		57		469
ACL balance, September 30, 2021	$	24,406	$	39,831	$	6,121	$	19,352	$	3,092	$	92,802


	Nine Months Ended September 30, 2021
	Commercial		Commercial Real Estate		Real Estate Construction		Retail Real Estate		Retail Other		Total
ACL balance, December 31, 2020	$	23,866	$	46,230	$	8,193	$	21,992	$	767	$	101,048
Day 1 PCD1	3,546		336		—		129		167		4,178
Provision for credit losses	(1,428)		(6,109)		(2,082)		(3,028)		2,282		(10,365)
Charged-off	(2,026)		(812)		(209)		(315)		(349)		(3,711)
Recoveries	448		186		219		574		225		1,652
ACL balance, September 30, 2021	$	24,406	$	39,831	$	6,121	$	19,352	$	3,092	$	92,802

1.The Day 1 PCD is attributable to the CAC acquisition in the second quarter of 2021.

The following tables present the ACL and amortized cost of portfolio loans by category (dollars in thousands):


	As of September 30, 2022
	Portfolio Loans						ACL Attributed to Portfolio Loans
	Collectively Evaluated for Impairment		Individually Evaluated for Impairment		Total		Collectively Evaluated for Impairment		Individually Evaluated for Impairment		Total
Portfolio loan category
Commercial	$	1,939,454	$	6,439	$	1,945,893	$	20,889	$	2,806	$	23,695
Commercial real estate	3,272,986		5,698		3,278,684		35,799		2,000		37,799
Real estate construction	499,305		255		499,560		5,971		—		5,971
Retail real estate	1,640,985		2,114		1,643,099		18,595		25		18,620
Retail other	302,878		—		302,878		4,637		—		4,637
Portfolio loans and related ACL	$	7,655,608	$	14,506	$	7,670,114	$	85,891	$	4,831	$	90,722


	As of December 31, 2021
	Portfolio Loans						ACL Attributed to Portfolio Loans
	Collectively Evaluated for Impairment		Individually Evaluated for Impairment		Total		Collectively Evaluated for Impairment		Individually Evaluated for Impairment		Total
Portfolio loan category
Commercial	$	1,936,898	$	6,988	$	1,943,886	$	20,291	$	3,564	$	23,855
Commercial real estate	3,114,057		5,750		3,119,807		38,249		—		38,249
Real estate construction	385,724		272		385,996		5,102		—		5,102
Retail real estate	1,510,606		2,370		1,512,976		17,564		25		17,589
Retail other	226,333		—		226,333		3,092		—		3,092
Portfolio loans and related ACL	$	7,173,618	$	15,380	$	7,188,998	$	84,298	$	3,589	$	87,887

Derivative Financial Instruments - Schedule of financial instruments owned and pledged as collateral (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Interest Rate Swap
Derivative [Line Items]
Cash pledged to secure obligations	$ 36,048	$ 27,300
Interest Rate Contract
Derivative [Line Items]
Cash pledged to secure obligations	$ 31,550	$ 0

Stock-Based Compensation - Summary of changes in the Company's stock option awards (Details) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Shares
Outstanding at beginning of year (in shares)	31,386
Expired (in shares)	(440)
Outstanding at end of year (in shares)	30,946	31,386
Exercisable at end of year (in shares)	30,946
Weighted- Average Exercise Price
Outstanding at beginning of year (in dollars per share)	$ 23.53
Expired (in dollars per share)	23.53
Outstanding at end of year (in dollars per share)	23.53	$ 23.53
Exercisable at end of year (in dollars per share)	$ 23.53
Weighted- Average Remaining Contractual Life
Weighted-average remaining contractual life, options outstanding	4 years 1 month 17 days	4 years 10 months 17 days
Weighted-average remaining contractual life, exercisable at end of year	4 years 1 month 17 days

Debt Securities - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Asset Pledged as Collateral
Financial Instruments Owned and Pledged as Collateral [Line Items]
Debt securities, carrying amount	$ 675.8	$ 708.9

Portfolio Loans - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
Portfolio Loans - Narrative (Details) $ in Thousands	Sep. 30, 2022 USD ($) loan	Sep. 30, 2021 USD ($) loan	Sep. 30, 2022 USD ($) loan	Sep. 30, 2021 USD ($) loan	Dec. 31, 2021 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net deferred loan origination (fees) costs	$ 13,700		$ 13,700		$ 9,000
Net accretable purchase accounting adjustments			(6,400)		(8,800)
Gross interest income that would have been recorded if impaired loans had been current	$ 300	$ 300	800	$ 1,200
Amount of interest collected and recognized on a cash basis		$ 400	$ 400	$ 400
TDRs subsequently classified as non-performing and had payment defaults \| loan	0	0	0	0
Collateral dependent loans secured by real estate or business assets			$ 14,800		7,900
Loans in the process of foreclosure	$ 1,000		1,000
Retail real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans purchased	0	$ 0	0	$ 32,200
Maximum \| Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Limit where loans are processed through an expedited underwriting process			1,000
Watch \| Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Limit above which loans are annually reviewed			1,000
Special Mention \| Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Limit above which loans are annually reviewed			350
PPP Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost of the loans outstanding	$ 1,400		$ 1,400		$ 75,000

Accumulated Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 30, 2022

Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Alternative [Abstract]

Accumulated Other Comprehensive Income (Loss)

The following table represents changes in AOCI by component, net of tax, for the period below (dollars in thousands):


	Three Months Ended September 30,
	2022						2021
	Before Tax		Tax Effect		Net of Tax		Before Tax		Tax Effect		Net of Tax
Unrealized gains (losses) on debt securities available for sale
Balance at beginning of period	$	(277,310)	$	79,047	$	(198,263)	$	17,013	$	(4,850)	$	12,163
Unrealized holding gains (losses) on debt securities available for sale, net	(96,937)		27,631		(69,306)		(17,198)		4,902		(12,296)

Amounts reclassified from AOCI, net	74		(21)		53		5		(1)		4
Amortization of unrealized losses on securities transferred to held to maturity	1,806		(515)		1,291		—		—		—
Balance at end of period	$	(372,367)	$	106,142	$	(266,225)	$	(180)	$	51	$	(129)

Unrealized gains (losses) on cash flow hedges
Balance at beginning of period	$	(17,963)	$	5,119	$	(12,844)	$	(2,012)	$	574	$	(1,438)
Unrealized holding gains (losses) on cash flow hedges, net	(14,253)		4,061		(10,192)		(7)		2		(5)
Amounts reclassified from AOCI, net	370		(104)		266		288		(82)		206
Balance at end of period	$	(31,846)	$	9,076	$	(22,770)	$	(1,731)	$	494	$	(1,237)

Total AOCI	$	(404,213)	$	115,218	$	(288,995)	$	(1,911)	$	545	$	(1,366)


	Nine Months Ended September 30,
	2022						2021
	Before Tax		Tax Effect		Net of Tax		Before Tax		Tax Effect		Net of Tax
Unrealized gains (losses) on debt securities available for sale
Balance at beginning of period	$	(32,272)	$	9,199	$	(23,073)	$	49,644	$	(14,151)	$	35,493
Unrealized holding gains (losses) on debt securities available for sale, net	(296,507)		84,519		(211,988)		(49,801)		14,195		(35,606)
Unrealized losses on debt securities transferred to held to maturity from available for sale	(48,456)		13,812		(34,644)		—		—		—
Amounts reclassified from AOCI, net	(28)		8		(20)		(23)		7		(16)
Amortization of unrealized losses on securities transferred to held to maturity	4,896		(1,396)		3,500		—		—		—
Balance at end of period	$	(372,367)	$	106,142	$	(266,225)	$	(180)	$	51	$	(129)

Unrealized gains (losses) on cash flow hedges
Balance at beginning of period	$	(958)	$	273	$	(685)	$	(3,055)	$	871	$	(2,184)
Unrealized holding gains (losses) on cash flow hedges, net	(30,191)		8,604		(21,587)		470		(134)		336
Amounts reclassified from AOCI, net	(697)		199		(498)		854		(243)		611
Balance at end of period	$	(31,846)	$	9,076	$	(22,770)	$	(1,731)	$	494	$	(1,237)

Total AOCI	$	(404,213)	$	115,218	$	(288,995)	$	(1,911)	$	545	$	(1,366)

Derivative Financial Instruments - Interest Rate Swaps Recorded in Noninterest Expense (Details) - Interest Rate Swap - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivative [Line Items]
Net change in fair value of interest rate swaps	$ 0	$ 0	$ 0	$ 0
Noninterest expense
Derivative [Line Items]
Gain (loss) pay, floating receive fixed	18,317	(2,024)	21,792	(11,355)
Gain (loss) pay fixed receive floating	$ (18,317)	$ 2,024	$ (21,792)	$ 11,355

Derivative Financial Instruments - Net Gains (Losses) Recorded in Accumulated Other Comprehensive Income (Loss) (Details) - Cash Flow Hedging - Interest Rate Contract - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivative [Line Items]
Gain (loss) recognized in OCI, net of tax	$ (10,192)	$ (5)	$ (21,587)	$ 336
(Gain) loss reclassified from OCI to interest expense, net of tax	266	206	(498)	611
Net change in unrealized gains (losses) on cash flow hedges	$ (9,926)	$ 201	$ (22,085)	$ 947

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Portfolio loans, allowance for credit losses	$ 90,722	$ 87,887
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	100,000,000	100,000,000

Derivative Financial Instruments - Interest Rate Swaps Not Designated as Hedges (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Interest Rate Swap
Derivative Asset
Notional Amount	$ 547,875	$ 491,356
Fair Value	42,047	20,098
Derivative Liability
Notional Amount	547,875	491,356
Fair Value	42,047	20,098
Interest rate swaps – pay floating, receive fixed
Derivative Asset
Notional Amount	4,668	404,572
Fair Value	46	17,839
Derivative Liability
Notional Amount	543,207	86,784
Fair Value	42,001	2,259
Interest rate swaps – pay fixed, receive floating
Derivative Asset
Notional Amount	543,207	86,784
Fair Value	42,001	2,259
Derivative Liability
Notional Amount	4,668	404,572
Fair Value	$ 46	$ 17,839

Portfolio Loans - Schedule of allowance for loan losses and recorded investments in portfolio loans, by category (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Portfolio Loans
Collectively Evaluated for Impairment	$ 7,655,608		$ 7,173,618
Individually Evaluated for Impairment	14,506		15,380
Total	7,670,114		7,188,998
ACL Attributed to Portfolio Loans
Collectively Evaluated for Impairment	85,891		84,298
Individually Evaluated for Impairment	4,831		3,589
Total	90,722	$ 88,757	87,887	$ 92,802	$ 95,410	$ 101,048
Commercial
Portfolio Loans
Collectively Evaluated for Impairment	1,939,454		1,936,898
Individually Evaluated for Impairment	6,439		6,988
Total	1,945,893		1,943,886
ACL Attributed to Portfolio Loans
Collectively Evaluated for Impairment	20,889		20,291
Individually Evaluated for Impairment	2,806		3,564
Total	23,695	23,359	23,855	24,406	24,356	23,866
Commercial real estate
Portfolio Loans
Collectively Evaluated for Impairment	3,272,986		3,114,057
Individually Evaluated for Impairment	5,698		5,750
Total	3,278,684		3,119,807
ACL Attributed to Portfolio Loans
Collectively Evaluated for Impairment	35,799		38,249
Individually Evaluated for Impairment	2,000		0
Total	37,799	37,182	38,249	39,831	39,974	46,230
Real estate construction
Portfolio Loans
Collectively Evaluated for Impairment	499,305		385,724
Individually Evaluated for Impairment	255		272
Total	499,560		385,996
ACL Attributed to Portfolio Loans
Collectively Evaluated for Impairment	5,971		5,102
Individually Evaluated for Impairment	0		0
Total	5,971	5,669	5,102	6,121	7,599	8,193
Retail real estate
Portfolio Loans
Collectively Evaluated for Impairment	1,640,985		1,510,606
Individually Evaluated for Impairment	2,114		2,370
Total	1,643,099		1,512,976
ACL Attributed to Portfolio Loans
Collectively Evaluated for Impairment	18,595		17,564
Individually Evaluated for Impairment	25		25
Total	18,620	17,984	17,589	19,352	20,505	21,992
Retail other
Portfolio Loans
Collectively Evaluated for Impairment	302,878		226,333
Individually Evaluated for Impairment	0		0
Total	302,878		226,333
ACL Attributed to Portfolio Loans
Collectively Evaluated for Impairment	4,637		3,092
Individually Evaluated for Impairment	0		0
Total	$ 4,637	$ 4,563	$ 3,092	$ 3,092	$ 2,976	$ 767

Operating Segments and Related Information

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Operating Segments and Related Information

The Company has three reportable operating segments: Banking, FirsTech, and Wealth Management. The Company’s three operating segments are strategic business units that are separately managed as they offer different products and services and have different marketing strategies. The Banking operating segment provides a full range of banking services to individual and corporate customers through its banking center network in Illinois; the St. Louis, Missouri metropolitan area; southwest Florida; and Indianapolis, Indiana. The FirsTech operating segment provides solutions for online, mobile, and voice-recognition bill payments; lockbox; and walk-in payments. The Wealth Management operating segment provides a full range of asset management, investment, brokerage, fiduciary, philanthropic advisory, tax preparation, and farm management services to individuals, businesses, and foundations.

The segment financial information provided below has been derived from information used by management to monitor and manage the financial performance of the Company. The accounting policies of the three operating segments are the same as those described in the summary of significant accounting policies in “Note 1. Significant Accounting Policies” in the Company’s 2021 Annual Report. The Company accounts for intersegment revenue and transfers at current market value.

Following is a summary of selected financial information for the Company’s operating segments. The “other” category included in the tables below consists of the parent company, First Busey Risk Management, and the elimination of intercompany transactions (dollars in thousands):


	Goodwill				Total Assets
	As of				As of
	September 30, 2022		December 31, 2021		September 30, 2022		December 31, 2021
Operating segment
Banking	$	294,773	$	294,773	$	12,352,413	$	12,746,833
FirsTech	8,992		8,992		48,499		47,481
Wealth Management	14,108		14,108		80,082		65,587
Other	—		—		16,394		(212)
Consolidated total	$	317,873	$	317,873	$	12,497,388	$	12,859,689


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Net interest income
Banking	$	90,916	$	74,672	$	244,820	$	211,377
FirsTech	15		19		50		60
Other	(4,626)		(3,936)		(12,581)		(11,247)
Total net interest income	$	86,305	$	70,755	$	232,289	$	200,190

Noninterest income
Banking	$	13,559	$	14,976	$	42,827	$	42,798
FirsTech	5,578		5,030		16,333		14,700
Wealth Management	12,514		13,746		42,425		39,333
Other	(718)		(493)		(3,861)		884
Total noninterest income	$	30,933	$	33,259	$	97,724	$	97,715

Noninterest expense
Banking	$	55,273	$	59,520	$	165,220	$	150,032
FirsTech	5,109		4,519		14,601		13,086
Wealth Management	7,682		7,679		23,533		20,961
Other	2,672		1,769		6,850		6,532
Total noninterest expense	$	70,736	$	73,487	$	210,204	$	190,611

Income before income taxes
Banking	$	46,838	$	31,996	$	118,663	$	114,507
FirsTech	484		530		1,782		1,674
Wealth Management	4,832		6,068		18,892		18,373
Other	(8,016)		(6,198)		(23,292)		(16,895)
Total income before income taxes	$	44,138	$	32,396	$	116,045	$	117,659

Net income
Banking	$	37,082	$	25,123	$	94,032	$	89,889
FirsTech	353		384		1,300		1,214
Wealth Management	3,756		4,719		14,688		14,285
Other	(5,530)		(4,285)		(16,096)		(11,865)
Total net income	$	35,661	$	25,941	$	93,924	$	93,523

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI https://asc.fasb.org/topic&trid=2134510

+ Details

Debt Securities - Debt securities in an unrealized loss position (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value
Less than 12 months	$ 1,393,540	$ 2,676,734
12 months or more	1,139,006	106,443
Total	2,532,546	2,783,177
Unrealized Losses
Less than 12 months	(133,067)	(49,847)
Unrealized Losses	(195,800)	(4,807)
Total	(328,867)	(54,654)
Fair Value
Less than 12 months	271,660
12 months or more	537,225
Total	808,885	0
Unrealized Losses
Less than 12 months	(44,835)
12 months or more	(82,608)
Total	(127,443)	0
U.S. Treasury securities
Fair Value
Less than 12 months	2,067	163,653
12 months or more	138,775	0
Total	140,842	163,653
Unrealized Losses
Less than 12 months	(5)	(1,047)
Unrealized Losses	(4,648)	0
Total	(4,653)	(1,047)
Obligations of U.S. government corporations and agencies
Fair Value
Less than 12 months	21,629
12 months or more	0
Total	21,629
Unrealized Losses
Less than 12 months	(358)
Unrealized Losses	0
Total	(358)
Obligations of states and political subdivisions
Fair Value
Less than 12 months	220,960	92,680
12 months or more	41,779	0
Total	262,739	92,680
Unrealized Losses
Less than 12 months	(20,029)	(1,493)
Unrealized Losses	(7,824)	0
Total	(27,853)	(1,493)
Asset-backed securities
Fair Value
Less than 12 months	441,896	89,983
12 months or more	24,628	0
Total	466,524	89,983
Unrealized Losses
Less than 12 months	(21,681)	(164)
Unrealized Losses	(1,871)	0
Total	(23,552)	(164)
Commercial mortgage-backed securities
Fair Value
Less than 12 months	74,334	389,078
12 months or more	13,417	85,905
Total	87,751	474,983
Unrealized Losses
Less than 12 months	(8,761)	(10,186)
Unrealized Losses	(2,207)	(3,580)
Total	(10,968)	(13,766)
Fair Value
Less than 12 months	109,085
12 months or more	316,690
Total	425,775
Unrealized Losses
Less than 12 months	(15,592)
12 months or more	(44,749)
Total	(60,341)
Residential mortgage-backed securities
Fair Value
Less than 12 months	557,046	1,700,187
12 months or more	747,141	20,538
Total	1,304,187	1,720,725
Unrealized Losses
Less than 12 months	(72,807)	(33,453)
Unrealized Losses	(161,188)	(1,227)
Total	(233,995)	(34,680)
Fair Value
Less than 12 months	162,575
12 months or more	220,535
Total	383,110
Unrealized Losses
Less than 12 months	(29,243)
12 months or more	(37,859)
Total	(67,102)
Corporate debt securities
Fair Value
Less than 12 months	75,608	241,153
12 months or more	173,266	0
Total	248,874	241,153
Unrealized Losses
Less than 12 months	(9,426)	(3,504)
Unrealized Losses	(18,062)	0
Total	$ (27,488)	$ (3,504)

Borrowings - Senior and Subordinated Notes (Details) - USD ($) $ in Millions			3 Months Ended
	Jun. 02, 2022	Jun. 01, 2020	Sep. 30, 2022	May 25, 2017
3.75% notes maturing May 25, 2022 \| Senior Notes
Debt Instrument [Line Items]
Issuance of debt				$ 40.0
Interest rate				3.75%
3.75% notes maturing May 25, 2022 \| Subordinated Debt
Debt Instrument [Line Items]
Redemption amount			$ 60.0
4.75% notes maturing May 25, 2027 \| Subordinated Debt
Debt Instrument [Line Items]
Issuance of debt				$ 60.0
5.25% notes maturing June 1, 2030 \| Subordinated Debt
Debt Instrument [Line Items]
Issuance of debt		$ 125.0
Floating interest rate margin (as a percent)		5.11%
Duration of fixed interest rate		5 years
5.25% notes maturing June 1, 2030 \| Base Rate \| Subordinated Debt
Debt Instrument [Line Items]
Interest rate		5.25%
5.000% notes due 2032 \| Subordinated Debt
Debt Instrument [Line Items]
Issuance of debt	$ 100.0
Fixed to floating interest rate	5.00%
Percentage of principal amount of notes	100.00%
5.000% notes due 2032 \| SOFR \| Subordinated Debt
Debt Instrument [Line Items]
Floating interest rate margin (as a percent)	2.52%

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash Flows Provided by (Used in) Operating Activities
Net income	$ 93,924	$ 93,523
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for credit losses	3,764	(10,365)
Amortization of intangible assets	8,833	8,200
Amortization of mortgage servicing rights	2,757	4,202
Amortization of NMTC	4,668	4,308
Depreciation and amortization of premises and equipment	8,035	8,723
Net amortization (accretion) on portfolio loans	2,524	(4,860)
Net amortization (accretion) of premium (discount) on investment securities	15,820	17,263
Net amortization (accretion) of premium (discount) on time deposits	(318)	(929)
Net amortization (accretion) of premium (discount) on FHLB advances and other borrowings	1,152	620
Impairment of OREO and other repossessed assets	611	0
Impairment of fixed assets held for sale	427	0
Impairment of mortgage servicing rights	(9)	(542)
Impairment of leases	84	0
Unrealized (gains) losses recognized on equity securities, net	2,376	(2,482)
(Gain) loss on sales of equity securities, net	(24)	0
(Gain) loss on sales of debt securities, net	(28)	(114)
(Gain) loss on sales of loans, net	(1,777)	(8,202)
(Gain) loss on sales of OREO	56	163
(Gain) loss on sales of premises and equipment	(666)	(1,007)
(Gain) loss on life insurance proceeds	0	(493)
(Increase) decrease in cash surrender value of bank owned life insurance	(2,716)	(2,946)
Provision for deferred income taxes	(3)	2,326
Stock-based compensation	6,721	5,776
Mortgage loans originated for sale	(63,986)	(214,096)
Proceeds from sales of mortgage loans	84,732	244,356
(Increase) decrease in other assets	(45,575)	(17,099)
Increase (decrease) in other liabilities	(3,364)	(23,829)
Net cash provided by (used in) operating activities	118,018	102,496
Cash Flows Provided by (Used in) Investing Activities
Purchases of equity securities	(14,820)	(11,017)
Purchases of debt securities available for sale	(279,831)	(2,048,554)
Proceeds from sales of equity securities	15,418	7,254
Proceeds from sales of debt securities available for sale	0	290,955
Proceeds from paydowns and maturities of debt securities held to maturity	51,552	0
Proceeds from paydowns and maturities of debt securities available for sale	370,274	641,754
Proceeds from the redemption of FHLB stock	225	0
Net cash received in (paid for) acquisitions (see Note 2)	0	228,279
Net (increase) decrease in loans	(484,701)	114,729
Cash paid for premiums on bank-owned life insurance	(101)	(118)
Proceeds from life insurance	219	3,232
Purchases of premises and equipment	(4,006)	(4,041)
Proceeds from disposition of premises and equipment	4,182	6,519
Proceeds from sales of OREO	2,662	1,452
Net cash provided by (used in) investing activities	(338,927)	(769,556)
Cash Flows Provided by (Used in) Financing Activities
Net increase (decrease) in deposits	(166,862)	816,551
Net change in federal funds purchased and securities sold under agreements to repurchase	(35,542)	48,977
Proceeds from FHLB advances	0	5,000
Repayment of FHLB advances	(5,507)	(4,492)
Proceeds from other borrowings, net of debt issuance costs	98,094	72,500
Repayment of other borrowings	(109,000)	(15,500)
Cash dividends paid	(38,159)	(37,953)
Purchase of treasury stock	(9,912)	(22,038)
Cash paid for withholding taxes on stock-based payments	(878)	(888)
Issuance of treasury stock for ESPP	(271)	361
Common stock issuance costs	0	(150)
Net cash provided by (used in) financing activities	(268,037)	862,368
Net increase (decrease) in cash and cash equivalents	(488,946)	195,308
Cash and cash equivalents, beginning of period	836,095	688,537
Cash and cash equivalents, ending of period	347,149	883,845
Cash payments for:
Interest	19,465	16,257
Income taxes	30,506	19,586
Non-cash investing and financing activities:
OREO acquired in settlement of loans	132	228
Transfer of debt securities available for sale to held to maturity	$ 985,199	$ 0

Derivative Financial Instruments - Schedule of interest income (expense) recorded on swap transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Interest Rate Swap \| Cash Flow Hedging
Derivative [Line Items]
Interest income (expense) on swap transactions	$ (370)	$ (288)	$ 697	$ (854)

Debt Securities - Schedule of Amortized Cost, Unrealized Gains and Losses, and Fair Values of Securities Classified as AFS and HTM (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt securities available for sale
Amortized Cost	$ 2,875,848	$ 4,013,523
Gross unrealized gains	60	22,382
Gross unrealized losses	(328,867)	(54,654)
Fair Value	2,547,041	3,981,251
Debt securities held to maturity
Amortized Cost	936,328	0
Gross unrealized gains	0
Gross unrealized losses	(127,443)
Fair Value	808,885
U.S. Treasury securities
Debt securities available for sale
Amortized Cost	145,495	166,768
Gross unrealized gains	0	41
Gross unrealized losses	(4,653)	(1,047)
Fair Value	140,842	165,762
Obligations of U.S. government corporations and agencies
Debt securities available for sale
Amortized Cost	25,287	37,579
Gross unrealized gains	4	891
Gross unrealized losses	(358)	0
Fair Value	24,933	38,470
Obligations of states and political subdivisions
Debt securities available for sale
Amortized Cost	298,653	300,602
Gross unrealized gains	35	7,760
Gross unrealized losses	(27,853)	(1,493)
Fair Value	270,835	306,869
Asset-backed securities
Debt securities available for sale
Amortized Cost	490,076	492,055
Gross unrealized gains	0	295
Gross unrealized losses	(23,552)	(164)
Fair Value	466,524	492,186
Commercial mortgage-backed securities
Debt securities available for sale
Amortized Cost	98,719	625,339
Gross unrealized gains	0	3,425
Gross unrealized losses	(10,968)	(13,766)
Fair Value	87,751	614,998
Debt securities held to maturity
Amortized Cost	486,116
Gross unrealized gains	0
Gross unrealized losses	(60,341)
Fair Value	425,775
Residential mortgage-backed securities
Debt securities available for sale
Amortized Cost	1,538,308	2,095,104
Gross unrealized gains	1	8,889
Gross unrealized losses	(233,995)	(34,680)
Fair Value	1,304,314	2,069,313
Debt securities held to maturity
Amortized Cost	450,212
Gross unrealized gains	0
Gross unrealized losses	(67,102)
Fair Value	383,110
Corporate debt securities
Debt securities available for sale
Amortized Cost	279,310	296,076
Gross unrealized gains	20	1,081
Gross unrealized losses	(27,488)	(3,504)
Fair Value	$ 251,842	$ 293,653

Leases - Summary of lease-related balances (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Leases [Abstract]
Right of use assets	$ 10,202	$ 10,533
Lease liabilities	$ 10,311	$ 10,591
Weighted average remaining lease term (in years)	8 years 7 months 9 days	6 years 5 months 19 days
Weighted average discount rate	2.91%	2.16%

Acquisitions (Tables)

9 Months Ended

Sep. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of fair value estimates of assets acquired and liabilities assumed

Fair values of the assets acquired and liabilities assumed, as well as the fair value of consideration transferred, were as follows (dollars in thousands):


	CAC
	May 31, 2021
Assets acquired
Cash and cash equivalents	$	298,637
Securities	702,367
Portfolio loans, net of ACL	430,470
Premises and equipment	17,034
Other intangible assets	17,340
Mortgage servicing rights	629
Other assets	8,176
Total assets acquired	1,474,653

Liabilities assumed
Deposits	1,315,671
Other borrowings	16,651
Other liabilities	19,205
Total liabilities assumed	1,351,527

Net assets acquired	$	123,126

Consideration paid:
Cash	$	70,358
Common stock	59,105
Total consideration paid	$	129,463

Goodwill	$	6,337

Portfolio Loans - Schedule of activity on the allowance for loan losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Activity in the allowance for loan losses
ACL beginning balance	$ 88,757	$ 95,410	$ 87,887	$ 101,048
Provision for credit losses	2,364	(1,869)	3,764	(10,365)
Charged-off	(819)	(1,208)	(2,623)	(3,711)
Recoveries	420	469	1,694	1,652
ACL ending balance	90,722	92,802	90,722	92,802
Financial Asset Acquired with Credit Deterioration
Activity in the allowance for loan losses
ACL ending balance		4,178		4,178
Commercial
Activity in the allowance for loan losses
ACL beginning balance	23,359	24,356	23,855	23,866
Provision for credit losses	615	657	123	(1,428)
Charged-off	(381)	(764)	(589)	(2,026)
Recoveries	102	157	306	448
ACL ending balance	23,695	24,406	23,695	24,406
Commercial \| Financial Asset Acquired with Credit Deterioration
Activity in the allowance for loan losses
ACL ending balance		3,546		3,546
Commercial real estate
Activity in the allowance for loan losses
ACL beginning balance	37,182	39,974	38,249	46,230
Provision for credit losses	598	(25)	408	(6,109)
Charged-off	0	(191)	(1,372)	(812)
Recoveries	19	73	514	186
ACL ending balance	37,799	39,831	37,799	39,831
Commercial real estate \| Financial Asset Acquired with Credit Deterioration
Activity in the allowance for loan losses
ACL ending balance		336		336
Real estate construction
Activity in the allowance for loan losses
ACL beginning balance	5,669	7,599	5,102	8,193
Provision for credit losses	216	(1,503)	663	(2,082)
Charged-off	0	0	0	(209)
Recoveries	86	25	206	219
ACL ending balance	5,971	6,121	5,971	6,121
Real estate construction \| Financial Asset Acquired with Credit Deterioration
Activity in the allowance for loan losses
ACL ending balance		0		0
Retail real estate
Activity in the allowance for loan losses
ACL beginning balance	17,984	20,505	17,589	21,992
Provision for credit losses	684	(1,155)	826	(3,028)
Charged-off	(220)	(155)	(253)	(315)
Recoveries	172	157	458	574
ACL ending balance	18,620	19,352	18,620	19,352
Retail real estate \| Financial Asset Acquired with Credit Deterioration
Activity in the allowance for loan losses
ACL ending balance		129		129
Retail other
Activity in the allowance for loan losses
ACL beginning balance	4,563	2,976	3,092	767
Provision for credit losses	251	157	1,744	2,282
Charged-off	(218)	(98)	(409)	(349)
Recoveries	41	57	210	225
ACL ending balance	$ 4,637	3,092	$ 4,637	3,092
Retail other \| Financial Asset Acquired with Credit Deterioration
Activity in the allowance for loan losses
ACL ending balance		$ 167		$ 167

Earnings Per Common Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Earnings Per Common Share

Earnings Per Common ShareBasic earnings per share is computed by dividing net income for the period by the weighted average number of common shares outstanding, which include DSUs that are vested but not delivered. Diluted earnings per common share is computed using the treasury stock method and reflects the potential dilution that could occur if the Company’s outstanding stock options and warrants were exercised, stock units were vested, and ESPP shares were issued.

Earnings per common share have been computed as follows (dollars in thousands, except per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Net income	$	35,661	$	25,941	$	93,924	$	93,523

Weighted average number of common shares outstanding, basic	55,349,547		56,227,816		55,399,424		55,256,348
Dilutive effect of common stock equivalents:
Options	249		122		1,606		1,009
Warrants	1,708		1,704		1,749		1,732
RSU awards	624,576		577,611		661,173		602,311
PSU awards	81,268		4,915		37,393		2,601
DSU awards	10,414		12,796		14,275		6,316
ESPP	5,402		7,554		8,136		2,518
Weighted average number of common shares outstanding, diluted	56,073,164		56,832,518		56,123,756		55,872,835

Basic earnings per common share	$	0.64	$	0.46	$	1.70	$	1.69
Diluted earnings per common share	$	0.64	$	0.46	$	1.67	$	1.67

Average shares that were excluded from the computation of diluted earnings per common share because their effect would have been anti-dilutive are summarized in the table below for the periods presented:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021
Anti-dilutive common stock equivalents
Options	—	—	10,389	—

RSU awards	—	47,805	51,883	86,744
PSU awards	160,391	85,571	226,771	95,511
DSU awards	—	—	—	10,323
Total anti-dilutive common stock equivalents	160,391	133,376	289,043	192,578

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Cash and cash equivalents:
Cash and due from banks	$ 121,419	$ 102,983
Interest-bearing deposits	225,730	733,112
Total cash and cash equivalents	347,149	836,095
Debt securities available for sale	2,547,041	3,981,251
Debt securities held to maturity	936,328	0
Equity securities	11,341	13,571
Loans held for sale (2022 at LOCOM, 2021 at fair value)	4,546	23,875
Portfolio loans (net of ACL of $90,722 at September 30, 2022, and $87,887 at December 31, 2021)	7,579,392	7,101,111
Premises and equipment, net	128,175	136,147
Right of use assets	10,202	10,533
Goodwill	317,873	317,873
Other intangible assets, net	49,218	58,051
Cash surrender value of bank owned life insurance	179,533	176,940
Other assets	386,590	204,242
Total assets	12,497,388	12,859,689
Deposits:
Noninterest-bearing	3,628,169	3,670,267
Interest-bearing	6,973,228	7,098,310
Total deposits	10,601,397	10,768,577
Securities sold under agreements to repurchase	234,597	270,139
Short-term borrowings	16,225	17,678
Long-term debt	33,000	46,056
Senior notes, net of unamortized issuance costs	0	39,944
Subordinated notes, net of unamortized issuance costs	221,835	182,773
Junior subordinated debt owed to unconsolidated trusts	71,765	71,635
Lease liabilities	10,311	10,591
Other liabilities	201,670	133,184
Total liabilities	11,390,800	11,540,577
Outstanding commitments and contingent liabilities (see Notes 9 and 15)
Stockholders’ Equity
Common stock, ($.001 par value; 100,000,000 shares authorized)	58	58
Additional paid-in capital	1,319,921	1,316,984
Retained earnings	147,358	92,463
AOCI	(288,995)	(23,758)
Total stockholders’ equity before treasury stock	1,178,342	1,385,747
Treasury stock at cost	(71,754)	(66,635)
Total stockholders’ equity	1,106,588	1,319,112
Total liabilities and stockholders’ equity	$ 12,497,388	$ 12,859,689
Shares
Common shares issued (in shares)	58,116,970	58,116,970
Less treasury shares (in shares)	(2,884,536)	(2,682,060)
Common shares outstanding (in shares)	55,232,434	55,434,910

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Summary of changes in the Company's stock option awards


	Shares	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life
Options outstanding at December 31, 2021	31,386	$	23.53	4.88


Expired	(440)	23.53
Options outstanding at September 30, 2022	30,946	$	23.53	4.13

Options exercisable at September 30, 2022	30,946	$	23.53	4.13

Summary of changes in the Company's RSU, PSU, and DSU awards

A summary of changes in the Company’s RSU, PSU, and DSU awards for the nine months ended September 30, 2022, is as follows:


	RSU Awards			PSU Awards			DSU Awards
	Shares	Weighted- Average Grant Date Fair Value		Shares1	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value
Nonvested at December 31, 2021	1,147,927	$	23.97	113,915	$	22.86	34,135	$	24.59
Granted	156,483	25.79		195,240	26.14		32,658	25.79
Dividend equivalents earned	33,690	24.56		—	—		4,156	24.47
Vested	(152,992)	28.93		—	—		(40,140)	24.67
Forfeited	(35,172)	23.51		(4,556)	24.86		—	—
Nonvested at September 30, 2022	1,149,936	$	23.59	304,599	$	24.93	30,809	$	25.75

Vested and outstanding at September 30, 2022							116,285	$	22.82

1.Shares for PSU awards represent target shares at grant date.

Schedule of Stock-based compensation expense

The Company recognized compensation expense related to nonvested RSU, PSU, and DSU awards, as well as the 2021 ESPP, as summarized in the table below (dollars in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Stock-based compensation expense

RSU awards	$	1,072	$	1,316	$	3,521	$	4,362
PSU awards1	1,172		290		2,342		619
DSU awards	196		231		679		741
2021 ESPP	36		54		179		54
Total stock-based compensation expense	$	2,476	$	1,891	$	6,721	$	5,776

Schedule of Unamortized stock-based compensation expense

Unamortized compensation expense related to nonvested RSU, PSU, and DSU awards is summarized in the table below (dollars in thousands):


	As of
	September 30, 2022		December 31, 2021
Unamortized stock-based compensation
RSU awards	$	9,966	$	10,204
PSU awards1	5,279		1,547
DSU awards	371		209
Total unamortized stock-based compensation	$	15,616	$	11,960

Weighted average period over which expense is to be recognized	2.6 yrs		2.9 yrs

Schedule of shares remaining available for issuance pursuant to authorized plans

Shares remaining available for issuance pursuant to authorized stock-based compensation plans were as follows as of September 30, 2022:


Plan						Shares Remaining Available for Issuance Pursuant to the Plan
2020 Equity Plan						645,563
2021 Employee Stock Purchase Plan						519,577

Borrowings

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Borrowings

Securities Sold Under Agreements to Repurchase

Securities sold under agreements to repurchase, which are classified as secured borrowings, generally mature daily. Securities sold under agreements to repurchase are reflected at the amount of cash received in connection with the transaction. The underlying securities are held by the Company’s safekeeping agent. The Company may be required to provide additional collateral based on fluctuations in the fair value of the underlying securities. Securities sold under agreements to repurchase were as follows (dollars in thousands):


	As of
	September 30, 2022			December 31, 2021
Securities sold under agreements to repurchase	$	234,597		$	270,139
Weighted average rate for securities sold under agreements to repurchase	0.98		%	0.08		%

Term Loan

On May 28, 2021, the Company entered into a Second Amended and Restated Credit Agreement, pursuant to which the Company has access to (i) a $40.0 million revolving line of credit with a termination date of April 30, 2022, and (ii) a $60.0 million term loan with a maturity date of May 31, 2026. The loans had an annual interest rate of 1.75% plus the one-month LIBOR rate. On April 30, 2022, the agreement was amended, effecting an extension of the termination date for the revolving line of credit to April 30, 2023, and providing for the transition from a LIBOR-indexed interest rate to a SOFR-indexed interest rate. Under the terms of the amendment, the loans now have an annual interest rate of 1.80% plus the one-month forward-looking term rate based on SOFR.

Proceeds of the term loan were used to fund a part of the cash portion of the merger consideration related to the acquisition of CAC in the second quarter of 2021, and for general corporate purposes. As of September 30, 2022, there was no balance outstanding on the revolving credit facility and a total of $45.0 million outstanding on the term loan, of which $12.0 million was short-term and $33.0 million was long-term. The revolving credit facility incurs a non-usage fee based on any undrawn amounts. Quarterly payments on the term loan reduce the outstanding principal balance by $3.0 million each quarter.

Short-term Borrowings

First Busey’s short-term borrowings include loans maturing within one year of the loan origination date, as well as the current portion of long-term debt that is due within 12 months. Short-term borrowings are summarized as follows (dollars in thousands):


	As of
	September 30, 2022		December 31, 2021
Short-term borrowings

FHLB advances maturing in less than one year from date of origination, and the current portion of long-term FHLB advances due within 12 months	$	4,225	$	5,678

Term Loan, current portion due within 12 months	12,000		12,000
Total short-term debt	$	16,225	$	17,678

Federal funds purchased are short-term borrowings that generally mature between one and 90 days. The Company had no federal funds purchased as of September 30, 2022, or December 31, 2021.

Long-term Debt

First Busey’s long-term debt consists of loans maturing more than one year from the loan origination date, excluding the current portion that is due within 12 months. Long-term debt is summarized as follows (dollars in thousands):


	As of
	September 30, 2022		December 31, 2021
Long-term debt
Notes payable, FHLB, original maturity of 5 years, collateralized by FHLB deposits, residential and commercial real estate loans and FHLB stock	$	—	$	4,056
Term Loan	33,000		42,000
Total long-term debt	$	33,000	$	46,056

As of December 31, 2021, funds borrowed from the FHLB, listed above, consisted of one variable-rate note maturing in May 2023, with an interest rate of 3.04%. This note became due within 12 months during the second quarter of 2022, and the balance is now fully reflected in short-term borrowings.

Senior and Subordinated Notes

On May 25, 2017, the Company issued $40.0 million of 3.75% senior notes that matured and were redeemed on May 25, 2022. Additionally, on May 25, 2017, the Company issued $60.0 million of fixed-to-floating rate subordinated notes that were scheduled to mature on May 25, 2027, with an optional redemption in whole or in part on any interest payment date on or after May 25, 2022. The Company redeemed all outstanding $60.0 million fixed-to-floating rate subordinated notes during the third quarter of 2022. At the time of redemption, the redeemed subordinated notes carried interest at a floating rate of 3-month LIBOR plus 2.919%.

On June 1, 2020, the Company issued $125.0 million of fixed-to-floating rate subordinated notes that mature on June 1, 2030. The subordinated notes, which qualify as Tier 2 capital for First Busey, bear interest at an annual rate of 5.25% for the first five years after issuance and thereafter bear interest at a floating rate equal to a three-month benchmark rate plus a spread of 5.11%, as calculated on each applicable determination date. The subordinated notes are payable semi-annually on each June 1 and December 1 during the five-year fixed-term, and thereafter on March 1, June 1, September 1, and December 1 of each year, commencing on September 1, 2025. The subordinated notes have an optional redemption in whole or in part on any interest payment date on or after June 1, 2025. The subordinated notes are unsecured obligations of the Company.

On June 2, 2022, the Company issued $100.0 million aggregate principal amount of 5.000% fixed-to-floating rate subordinated notes maturing June 15, 2032, which qualify as Tier 2 Capital for regulatory purposes. The price to the public for the subordinated notes was 100% of the principal amount of the subordinated notes. Interest on the subordinated notes will accrue at a rate equal to (i) 5.000% per annum from the original issue date to, but excluding, June 15, 2027, payable semiannually in arrears, and (ii) a floating rate per annum equal to a benchmark rate, which is expected to be the Three-Month Term SOFR (as defined in the subordinated notes), plus a spread of 252 basis points from and including, June 15, 2027, payable quarterly in arrears. The subordinated notes have an optional redemption in whole or in part on any interest payment date on or after June 15, 2027.

Unamortized debt issuance costs related to senior notes and subordinated notes are presented in the following table (dollars in thousands):


	As of
	September 30, 2022		December 31, 2021
Unamortized debt issuance costs
Senior notes issued in 2017	$	—	$	56
Subordinated notes issued in 2017	—		549
Subordinated notes issued in 2020	1,337		1,678
Subordinated notes issued in 2022	1,828		—
Total unamortized debt issuance costs	$	3,165	$	2,283

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
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+ Details

Borrowings (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of distribution of securities sold under agreements to repurchase and short-term borrowings and weighted average interest rates

Securities sold under agreements to repurchase were as follows (dollars in thousands):


	As of
	September 30, 2022			December 31, 2021
Securities sold under agreements to repurchase	$	234,597		$	270,139
Weighted average rate for securities sold under agreements to repurchase	0.98		%	0.08		%

Schedule of Short-term Borrowings

Short-term borrowings are summarized as follows (dollars in thousands):


	As of
	September 30, 2022		December 31, 2021
Short-term borrowings

FHLB advances maturing in less than one year from date of origination, and the current portion of long-term FHLB advances due within 12 months	$	4,225	$	5,678

Term Loan, current portion due within 12 months	12,000		12,000
Total short-term debt	$	16,225	$	17,678

Summary of Long-term Debt

Long-term debt is summarized as follows (dollars in thousands):


	As of
	September 30, 2022		December 31, 2021
Long-term debt
Notes payable, FHLB, original maturity of 5 years, collateralized by FHLB deposits, residential and commercial real estate loans and FHLB stock	$	—	$	4,056
Term Loan	33,000		42,000
Total long-term debt	$	33,000	$	46,056

Schedule of unamortized debt issuance cost

Unamortized debt issuance costs related to senior notes and subordinated notes are presented in the following table (dollars in thousands):


	As of
	September 30, 2022		December 31, 2021
Unamortized debt issuance costs
Senior notes issued in 2017	$	—	$	56
Subordinated notes issued in 2017	—		549
Subordinated notes issued in 2020	1,337		1,678
Subordinated notes issued in 2022	1,828		—
Total unamortized debt issuance costs	$	3,165	$	2,283

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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-Paragraph 1
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-Subparagraph (SX 210.12-04(a))
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+ Details

Leases - Summary of revenue recorded in connection with leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Rental income	$ 146	$ 208	$ 519	$ 339

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,161,957	$ 1,345,691	$ 1,319,112	$ 1,270,069
Unrealized gains (losses) on debt securities available for sale
Unrealized holding gains (losses) on debt securities available for sale, net of tax	(69,306)	(12,296)	(211,988)	(35,606)
Unrealized losses on debt securities transferred to held to maturity from available for sale, net of tax	0	0	(34,644)	0
Amounts reclassified from AOCI, net of tax	(53)	(4)	20	16
Amortization of unrealized losses on securities transferred to held to maturity, net of tax	(1,291)	0	(3,500)	0
Unrealized gains (losses) on cash flow hedges
Unrealized holding gains (losses) on cash flow hedges, net of tax	(10,192)	(5)	(21,587)	336
Amounts reclassified from AOCI, net of tax	(266)	(206)	498	(611)
Ending balance	1,106,588	1,333,076	1,106,588	1,333,076
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(211,107)	10,725	(23,758)	33,309
Unrealized gains (losses) on cash flow hedges
Accumulated other comprehensive income (loss) ending balance period, before tax	(404,213)	(1,911)	(404,213)	(1,911)
Accumulated other comprehensive income (loss) ending balance period, tax effect	115,218	545	115,218	545
Ending balance	(288,995)	(1,366)	(288,995)	(1,366)
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss) beginning balance period, before tax	(277,310)	17,013	(32,272)	49,644
Accumulated other comprehensive income (loss) beginning balance period, tax effect	79,047	(4,850)	9,199	(14,151)
Beginning balance	(198,263)	12,163	(23,073)	35,493
Unrealized gains (losses) on debt securities available for sale
Unrealized holding gains (losses) on debt securities available for sale, before tax	(96,937)	(17,198)	(296,507)	(49,801)
Unrealized holding gains (losses) on debt securities available for sale, tax effect	27,631	4,902	84,519	14,195
Unrealized holding gains (losses) on debt securities available for sale, net of tax	(69,306)	(12,296)	(211,988)	(35,606)
Unrealized losses on debt securities transferred to held to maturity from available for sale, before tax			(48,456)	0
Unrealized losses on debt securities transferred to held to maturity from available for sale, tax effect	0	0	13,812	0
Unrealized losses on debt securities transferred to held to maturity from available for sale, net of tax			(34,644)	0
Amounts reclassified from AOCI, before tax	74	5	(28)	(23)
Reclassification adjustment for realized (gains) losses on debt securities available for sale included in net income, tax expense (benefit)	(21)	(1)	8	7
Amounts reclassified from AOCI, net of tax	53	4	(20)	(16)
Amortization of unrealized losses on securities transferred to held to maturity, before tax	1,806	0	4,896	0
Amortization of unrealized losses on securities transferred to held to maturity, tax effect	515	0	1,396	0
Amortization of unrealized losses on securities transferred to held to maturity, net of tax	1,291	0	3,500	0
Unrealized gains (losses) on cash flow hedges
Accumulated other comprehensive income (loss) ending balance period, before tax	(372,367)	(180)	(372,367)	(180)
Accumulated other comprehensive income (loss) ending balance period, tax effect	106,142	51	106,142	51
Ending balance	(266,225)	(129)	(266,225)	(129)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss) beginning balance period, before tax	(17,963)	(2,012)	(958)	(3,055)
Accumulated other comprehensive income (loss) beginning balance period, tax effect	5,119	574	273	871
Beginning balance	(12,844)	(1,438)	(685)	(2,184)
Unrealized gains (losses) on cash flow hedges
Unrealized holding gains (losses) on cash flow hedges, before tax	(14,253)	(7)	(30,191)	470
Unrealized holding gains (losses) on cash flow hedges, tax effect	4,061	2	8,604	(134)
Unrealized holding gains (losses) on cash flow hedges, net of tax	(10,192)	(5)	(21,587)	336
(Gain) loss reclassified from OCI to interest expense, net of tax	370	288	(697)	854
Amounts reclassified from AOCI, tax effect	(104)	(82)	199	(243)
Amounts reclassified from AOCI, net of tax	266	206	(498)	611
Accumulated other comprehensive income (loss) ending balance period, before tax	(31,846)	(1,731)	(31,846)	(1,731)
Accumulated other comprehensive income (loss) ending balance period, tax effect	9,076	494	9,076	494
Ending balance	$ (22,770)	$ (1,237)	$ (22,770)	$ (1,237)

Regulatory Capital

9 Months Ended

Sep. 30, 2022

Banking and Thrift, Other Disclosure [Abstract]

Regulatory Capital

The Company and its subsidiary bank are subject to various regulatory capital requirements administered by federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory—and possibly additional discretionary—actions by regulators that, if undertaken, could have a direct material effect on the Company's consolidated financial statements. Capital amounts and classification also are subject to qualitative judgments by regulators about components, risk weightings, and other factors.

Banking regulations identify five capital categories for insured depository institutions: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized. As of September 30, 2022, and December 31, 2021, all capital ratios of the Company and its subsidiary bank exceeded well capitalized levels under the applicable regulatory capital adequacy guidelines. Management believes that no events or changes have occurred subsequent to September 30, 2022, that would change this designation.

Current Expected Credit Loss Model

On March 27, 2020, the FDIC and other federal banking agencies published an interim final rule that provides those banking organizations adopting CECL during 2020 with the option to delay for two years the estimated impact of CECL on regulatory capital and to phase in the aggregate impact of the deferral on regulatory capital over a subsequent three-year period. On August 26, 2020, the CECL final rule was finalized and was substantially similar to the interim final rule. Under this final rule, because the Company has elected to use the deferral option, the regulatory capital impact of our transition adjustments recorded on January 1, 2020, arising from the adoption of CECL was deferred for two years, until January 1, 2022. In addition, 25 percent of the ongoing impact of CECL on our ACL, retained earnings, and average total consolidated assets from January 1, 2020, through the end of the two-year deferral period, each as reported for regulatory capital purposes, has been added to the deferred transition amounts (“adjusted transition amounts”) and deferred for the two-year period. At the conclusion of the two-year period the adjusted transition amounts began to be phased-in for regulatory capital purposes at a rate of 25 percent per year, with the phased-in amounts included in regulatory capital at the beginning of each year.

Changes in Capital Relating to Subordinated Debt

On May 25, 2017, the Company issued $60.0 million of fixed-to-floating rate subordinated notes that were scheduled to mature on May 25, 2027. The full balance of the subordinated note qualified as Tier 2 Capital for First Busey for the first five years, with a phase out beginning in the second quarter of 2022. The subordinated notes had an optional redemption in whole or in part on any interest payment date on or after May 25, 2022, and the Company redeemed them in full during the third quarter of 2022.

On June 2, 2022, the Company issued $100.0 million aggregate principal amount of 5.000% fixed-to-floating rate subordinated notes that mature on June 15, 2032, which qualify as Tier 2 Capital for regulatory purposes.

Capital Amounts and Ratios

The following tables summarize regulatory capital requirements applicable to the Company and its subsidiary bank (dollars in thousands):


	As of September 30, 2022
	Actual				Minimum Capital Requirement				Minimum To Be Well Capitalized
	Amount		Ratio		Amount		Ratio		Amount		Ratio
Common Equity Tier 1 Capital to Risk Weighted Assets
Consolidated	$	1,056,206	11.79	%	$	403,047	4.50	%	$	582,179	6.50	%
Busey Bank	$	1,288,945	14.45	%	$	401,307	4.50	%	$	579,665	6.50	%

Tier 1 Capital to Risk Weighted Assets
Consolidated	$	1,130,206	12.62	%	$	537,396	6.00	%	$	716,528	8.00	%
Busey Bank	$	1,288,945	14.45	%	$	535,076	6.00	%	$	713,434	8.00	%

Total Capital to Risk Weighted Assets
Consolidated	$	1,431,308	15.98	%	$	716,528	8.00	%	$	895,660	10.00	%
Busey Bank	$	1,365,046	15.31	%	$	713,434	8.00	%	$	891,793	10.00	%

Leverage Ratio of Tier 1 Capital to Average Assets
Consolidated	$	1,130,206	9.15	%	$	494,124	4.00	%	N/A		N/A
Busey Bank	$	1,288,945	10.47	%	$	492,534	4.00	%	$	615,668	5.00	%


	As of December 31, 2021
	Actual				Minimum Capital Requirement				Minimum To Be Well Capitalized
	Amount		Ratio		Amount		Ratio		Amount		Ratio
Common Equity Tier 1 Capital to Risk Weighted Assets
Consolidated	$	995,874	11.85	%	$	378,334	4.50	%	$	546,482	6.50	%
Busey Bank	$	1,241,303	14.81	%	$	377,096	4.50	%	$	544,695	6.50	%

Tier 1 Capital to Risk Weighted Assets
Consolidated	$	1,069,874	12.73	%	$	504,445	6.00	%	$	672,594	8.00	%
Busey Bank	$	1,241,303	14.81	%	$	502,795	6.00	%	$	670,394	8.00	%

Total Capital to Risk Weighted Assets
Consolidated	$	1,320,187	15.70	%	$	672,594	8.00	%	$	840,742	10.00	%
Busey Bank	$	1,306,616	15.59	%	$	670,394	8.00	%	$	837,992	10.00	%

Leverage Ratio of Tier 1 Capital to Average Assets
Consolidated	$	1,069,874	8.52	%	$	502,336	4.00	%	N/A		N/A
Busey Bank	$	1,241,303	9.91	%	$	501,104	4.00	%	$	626,379	5.00	%

Capital Conservation Buffer

In July 2013, U.S. federal banking authorities approved the Basel III Rule for strengthening international capital standards. The Basel III Rule introduced a capital conservation buffer, composed entirely of Common Equity Tier 1 Capital, which is added to the minimum risk-weighted asset ratios. The capital conservation buffer is not a minimum capital requirement; however, banking institutions with a ratio of Common Equity Tier 1 Capital to risk-weighted assets below the capital conservation buffer will face constraints on dividends, equity repurchases, and discretionary bonus payments based on the amount of the shortfall. In order to refrain from restrictions on dividends, equity repurchases, and discretionary bonus payments, banking institutions must maintain minimum ratios of (i) Common Equity Tier 1 Capital to risk-weighted assets of at least 7.0%, (ii) Tier 1 Capital to risk-weighted assets of at least 8.5%, and (iii) Total capital to risk-weighted assets of at least 10.5%.

- Definition

The entire disclosure for regulatory capital requirement for depository and lending institutions. Institutions include, but not are not limited to, finance company, insured depository institution, bank holding company, savings and loan association holding company, bank and savings institution not federally insured, mortgage company, foreign financial institution and credit union.

+ References + Details

Fair Value Measurements - Schedule of quantitative information about Level 3 fair value measurements (Details) $ in Thousands	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Fair Value
Loans evaluated individually, net of related allowance	$ 14,506	$ 15,380
Fair Value, Nonrecurring \| Loans evaluated individually, net of related allowance
Fair Value
Loans evaluated individually, net of related allowance	5,121	2,926
Fair Value, Nonrecurring \| OREO with subsequent impairment
Fair Value
OREO with subsequent impairment	274	51
Fair Value, Nonrecurring \| Bank property held for sale with impairment
Fair Value
Bank property held for sale with impairment	7,923	10,103
Fair Value, Nonrecurring \| Level 3 Inputs \| Loans evaluated individually, net of related allowance
Fair Value
Loans evaluated individually, net of related allowance	5,121	2,926
Fair Value, Nonrecurring \| Level 3 Inputs \| OREO with subsequent impairment
Fair Value
OREO with subsequent impairment	274	51
Fair Value, Nonrecurring \| Level 3 Inputs \| Bank property held for sale with impairment
Fair Value
Bank property held for sale with impairment	7,923	10,103
Fair Value, Nonrecurring \| Level 3 Inputs \| Appraisal of collateral \| Loans evaluated individually, net of related allowance
Fair Value
Loans evaluated individually, net of related allowance	5,121	2,926
Fair Value, Nonrecurring \| Level 3 Inputs \| Appraisal of collateral \| OREO with subsequent impairment
Fair Value
OREO with subsequent impairment	274	51
Fair Value, Nonrecurring \| Level 3 Inputs \| Appraisal of collateral or real estate listing price \| Bank property held for sale with impairment
Fair Value
Bank property held for sale with impairment	$ 7,923	$ 10,103
Measurement Input, Comparability Adjustment \| Fair Value, Nonrecurring \| Level 3 Inputs \| Appraisal of collateral \| Loans evaluated individually, net of related allowance \| Minimum
Range (Weighted Average)
Loans evaluated individually, net of related allowance	(0.418)	(0.500)
Measurement Input, Comparability Adjustment \| Fair Value, Nonrecurring \| Level 3 Inputs \| Appraisal of collateral \| Loans evaluated individually, net of related allowance \| Maximum
Range (Weighted Average)
Loans evaluated individually, net of related allowance	(1.000)	(1.000)
Measurement Input, Comparability Adjustment \| Fair Value, Nonrecurring \| Level 3 Inputs \| Appraisal of collateral \| Loans evaluated individually, net of related allowance \| Weighted Average
Range (Weighted Average)
Loans evaluated individually, net of related allowance	(0.485)	(0.551)
Measurement Input, Comparability Adjustment \| Fair Value, Nonrecurring \| Level 3 Inputs \| Appraisal of collateral \| OREO with subsequent impairment \| Minimum
Range (Weighted Average)
OREO with subsequent impairment	(0.160)	(0.330)
Measurement Input, Comparability Adjustment \| Fair Value, Nonrecurring \| Level 3 Inputs \| Appraisal of collateral \| OREO with subsequent impairment \| Maximum
Range (Weighted Average)
OREO with subsequent impairment	(0.330)	(1.000)
Measurement Input, Comparability Adjustment \| Fair Value, Nonrecurring \| Level 3 Inputs \| Appraisal of collateral \| OREO with subsequent impairment \| Weighted Average
Range (Weighted Average)
OREO with subsequent impairment	(0.198)	(0.679)
Measurement Input, Comparability Adjustment \| Fair Value, Nonrecurring \| Level 3 Inputs \| Appraisal of collateral or real estate listing price \| Bank property held for sale with impairment \| Minimum
Range (Weighted Average)
Bank property held for sale with impairment	(0.007)	(0.007)
Measurement Input, Comparability Adjustment \| Fair Value, Nonrecurring \| Level 3 Inputs \| Appraisal of collateral or real estate listing price \| Bank property held for sale with impairment \| Maximum
Range (Weighted Average)
Bank property held for sale with impairment	(0.701)	(0.701)
Measurement Input, Comparability Adjustment \| Fair Value, Nonrecurring \| Level 3 Inputs \| Appraisal of collateral or real estate listing price \| Bank property held for sale with impairment \| Weighted Average
Range (Weighted Average)
Bank property held for sale with impairment	(0.351)	(0.413)

Derivative Financial Instruments - Net Gains (Losses) Relating to Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivative [Line Items]
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Mortgage revenue	Mortgage revenue	Mortgage revenue	Mortgage revenue
Interest rate lock commitments \| Designated as Hedging Instrument
Derivative [Line Items]
Net change in fair value of interest rate swaps	$ (111)	$ 537	$ 38	$ 1,502
Forward sales commitments \| Designated as Hedging Instrument
Derivative [Line Items]
Net change in fair value of interest rate swaps	295	(1,438)	82	(3,616)
Net gains (losses) \| Designated as Hedging Instrument
Derivative [Line Items]
Net change in fair value of interest rate swaps	$ 184	$ (901)	$ 120	$ (2,114)

Derivative Financial Instruments

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

The Company utilizes interest rate swap agreements as part of its asset liability management strategy to help manage its interest rate risk position. Additionally, the Company enters into derivative financial instruments, including interest rate lock commitments issued to residential loan customers for loans that will be held for sale, forward sales commitments to sell residential mortgage loans to investors, and interest rate swaps with customers and other third parties. See “Note 11: Fair Value Measurements” for further discussion of the fair value measurement of such derivatives.

To secure its obligations under derivative contracts, the Company pledged cash and held collateral as follows (dollars in thousands):


	As of
	September 30, 2022		December 31, 2021
Cash pledged to secure obligations under derivative contracts	$	36,048	$	27,300
Collateral held to secure obligations under derivative contracts	31,550		—

Derivative Instruments Designated as Cash Flow Hedges

The Company entered into derivative instruments designated as cash flow hedges. For a derivative instrument that is designated and qualifies as a cash flow hedge, the change in fair value of the derivative instrument is reported as a component of OCI and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Changes in fair value of components excluded from the assessment of effectiveness are recognized in current earnings.

Interest Rate Swaps Designated as Cash Flow Hedges

Interest rate swaps with notional amounts totaling $350.0 million as of September 30, 2022, and $50.0 million as of December 31, 2021, were designated as cash flow hedges. The Company entered into one $50.0 million interest rate swap to hedge the risks of variability in cash flows (future interest payments) attributable to changes in the contractually specified 3-month LIBOR benchmark interest rate on the Company’s junior subordinated debt owed to unconsolidated trusts (Debt Swap). In addition, during the first quarter of 2022, the Company entered into one $300.0 million receive fixed pay floating interest rate swap to reduce our asset sensitivity (Loan Swap). We added duration to our loan portfolio by fixing a portion of our floating prime based loans. Interest rates had risen above their historical lows allowing us to lock in a portion of our loan portfolio to reduce asset sensitivity while creating a more stable margin in a volatile rate market. These hedges were determined to be highly effective during the period, and the Company expects its hedges to remain highly effective during the remaining terms of the swaps. Changes in fair value were recorded net of tax in OCI.

A summary of the interest-rate swaps designated as cash flow hedges is presented below (dollars in thousands):


		As of
	Location	September 30, 2022			December 31, 2021
Debt Swap
Notional amount		$	50,000		$	50,000
Weighted average fixed pay rates		1.79		%	1.79		%
Weighted average variable 3-month LIBOR receive rates		3.29		%	0.20		%
Weighted average maturity, in years		1.96 yrs			2.71 yrs

Loan Swap
Notional amount		$	300,000		N/A
Weighted average fixed receive rates		4.81		%	N/A
Weighted average variable Prime pay rates		5.80		%	N/A
Weighted average maturity, in years		6.35 yrs			N/A

Gross aggregate fair value of the swaps
Gross aggregate fair value of swap assets	Other assets	$	2,486		$	—
Gross aggregate fair value of swap liabilities	Other liabilities	$	34,515		$	958

Balances carried in AOCI
Unrealized gains (losses) on cash flow hedges, net of tax	AOCI	$	(22,770)		$	(685)


	As of
	September 30, 2022
Unrealized gains (losses) in OCI expected to be recognized in income
Unrealized gains expected to be reclassified from OCI to interest income	$	190
Unrealized losses expected to be reclassified from OCI to interest expense	(247)
Net unrealized gains (losses) in OCI expected to be recognized in net interest income	$	(57)

Interest expense recorded on these swap transactions was as follows for the periods presented (dollars in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Interest income (expense) on swap transactions	$	(370)	$	(288)	$	697	$	(854)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Unrealized gains (losses) on cash flow hedges
Gain (loss) recognized in OCI, net of tax	$	(10,192)	$	(5)	$	(21,587)	$	336
(Gain) loss reclassified from OCI to interest expense, net of tax	266		206		(498)		611
Net change in unrealized gains (losses) on cash flow hedges	$	(9,926)	$	201	$	(22,085)	$	947

Derivative Instruments Not Designated as Hedges

Interest Rate Swaps Not Designated as Hedges

The Company may offer derivative contracts to its customers in connection with their risk management needs. The Company manages the risk associated with these contracts by entering into equal and offsetting derivative agreements with a third-party dealer. These contracts support variable rate, commercial loan relationships totaling $547.9 million and $491.4 million as of September 30, 2022, and December 31, 2021, respectively. These derivatives generally worked together as an economic interest rate hedge, but the Company did not designate them for hedge accounting treatment. Consequently, changes in fair value of the corresponding derivative financial asset or liability were recorded as either a charge or credit to current earnings during the period in which the changes occurred.


	As of September 30, 2022
	Derivative Asset				Derivative Liability
	Notional Amount		Fair Value		Notional Amount		Fair Value
Derivatives not designated as hedging instruments
Interest rate swaps – pay floating, receive fixed	$	4,668	$	46	$	543,207	$	42,001
Interest rate swaps – pay fixed, receive floating	543,207		42,001		4,668		46
Total derivatives not designated as hedging instruments	$	547,875	$	42,047	$	547,875	$	42,047


	As of December 31, 2021
	Derivative Asset				Derivative Liability
	Notional Amount		Fair Value		Notional Amount		Fair Value
Derivatives not designated as hedging instruments
Interest rate swaps – pay floating, receive fixed	$	404,572	$	17,839	$	86,784	$	2,259
Interest rate swaps – pay fixed, receive floating	86,784		2,259		404,572		17,839
Total derivatives not designated as hedging instruments	$	491,356	$	20,098	$	491,356	$	20,098


		Three Months Ended September 30,				Nine Months Ended September 30,
	Location	2022		2021		2022		2021
Interest rate swaps
Pay floating, receive fixed	Noninterest expense	$	18,317	$	(2,024)	$	21,792	$	(11,355)
Pay fixed, receive floating	Noninterest expense	(18,317)		2,024		(21,792)		11,355
Net change in fair value of interest rate swaps		$	—	$	—	$	—	$	—

Risk Participation Agreement

To manage the credit risk exposure related to a customer-facing swap, the Company entered into two risk participation agreements in conjunction with loan participation arrangements with other financial institutions. The risk participation agreements mature in 2026 and 2028, and are summarized as follows (dollars in thousands):


	As of
	September 30, 2022		December 31, 2021
Risk participation agreements
Notional amount	$	18,921	$	3,990
Fair value	4		11

Mortgage Banking Derivatives

Interest Rate Lock Commitments

Interest rate lock commitments that meet the definition of derivative financial instruments under ASC Topic 815 “Derivatives and Hedging” are carried at their fair values in other assets or other liabilities in the unaudited Consolidated Balance Sheets, with changes in the fair values of the corresponding derivative financial assets or liabilities recorded as either a charge or credit to current earnings during the period in which the changes occurred.

Forward Sales Commitments

The Company economically hedges mortgage loans held for sale and interest rate lock commitments issued to its residential loan customers related to loans that will be held for sale by obtaining corresponding forward sales commitments with an investor to sell the loans at an agreed-upon price at the time the interest rate locks are issued to the customers. Forward sales commitments that meet the definition of derivative financial instruments under ASC Topic 815 “Derivatives and Hedging” are carried at their fair values in other assets or other liabilities in the unaudited Consolidated Balance Sheets. While such forward sales commitments generally served as an economic hedge to mortgage loans held for sale and interest rate lock commitments, the Company did not designate them for hedge accounting treatment. Changes in fair value of the corresponding derivative financial asset or liability were recorded as either a charge or credit to current earnings during the period in which the changes occurred.

Amounts and fair values of mortgage banking derivatives included in the unaudited Consolidated Balance Sheets are summarized as follows (dollars in thousands):


		As of September 30, 2022				As of December 31, 2021
	Location	Notional Amount		Fair Value		Notional Amount		Fair Value
Derivatives with positive fair value
Interest rate lock commitments	Other assets	$	3,434	$	42	$	19,384	$	206
Forward sales commitments	Other assets	4,107		134		1,884		10
Mortgage banking derivatives recorded in other assets		$	7,541	$	176	$	21,268	$	216

Derivatives with negative fair value
Interest rate lock commitments	Other liabilities	$	408	$	4	$	499	$	6
Forward sales commitments	Other liabilities	4,342		52		41,002		439
Mortgage banking derivatives recorded in other liabilities		$	4,750	$	56	$	41,501	$	445

Net gains (losses) relating to these derivative instruments are summarized as follows for the periods presented (dollars in thousands):


		Three Months Ended September 30,				Nine Months Ended September 30,
	Location	2022		2021		2022		2021
Net gains (losses)
Interest rate lock commitments	Mortgage revenue	$	(111)	$	537	$	38	$	1,502
Forward sales commitments	Mortgage revenue	295		(1,438)		82		(3,616)
Net gains (losses)		$	184	$	(901)	$	120	$	(2,114)

Stock-Based Compensation - Schedule of Stock-based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	$ 2,476	$ 1,891	$ 6,721	$ 5,776
RSU Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	1,072	1,316	3,521	4,362
PSU Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	1,172	290	2,342	619
DSU Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	196	231	679	741
2021 ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	$ 36	$ 54	$ 179	$ 54

Borrowings - Summary of Long-term Debt (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Long-term debt	$ 33,000	$ 46,056
FHLB Advances
Debt Instrument [Line Items]
Notes payable original maturity term	5 years	5 years
Interest rate		3.04%
Notes payable, FHLB, original maturity of 5 years, collateralized by FHLB deposits, residential and commercial real estate loans and FHLB stock
Debt Instrument [Line Items]
Long-term debt	$ 0	$ 4,056
Term Loan
Debt Instrument [Line Items]
Long-term debt	$ 33,000	$ 42,000

Debt Securities - Gains and losses on debt securities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Realized gains and losses on debt securities
Gross gains on debt securities	$ 0	$ 0	$ 114	$ 524
Gross (losses) on debt securities	(74)	(5)	(86)	(410)
Realized net gains (losses) on debt securities	$ (74)	$ (5)	$ 28	$ 114

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Interest income
Interest and fees on loans	$ 76,081	$ 65,163	$ 202,530	$ 189,132
Interest and dividends on investment securities:
Taxable interest income	17,436	11,324	47,370	29,016
Non-taxable interest income	813	915	2,482	2,878
Other interest income	1,085	462	1,720	857
Total interest income	95,415	77,864	254,102	221,883
Interest expense
Deposits	3,565	3,059	7,835	10,086
Federal funds purchased and securities sold under agreements to repurchase	459	60	665	177
Short-term borrowings	190	112	426	195
Long-term debt	372	270	859	415
Senior notes	0	400	637	1,199
Subordinated notes	3,738	2,480	9,243	7,436
Junior subordinated debt owed to unconsolidated trusts	786	728	2,148	2,185
Total interest expense	9,110	7,109	21,813	21,693
Net interest income	86,305	70,755	232,289	200,190
Provision for credit losses	2,364	(1,869)	3,764	(10,365)
Net interest income after provision for credit losses	83,941	72,624	228,525	210,555
Noninterest income
Mortgage revenue	438	1,740	1,697	6,153
Income on bank owned life insurance	958	999	2,716	3,439
Realized net gains (losses) on securities	(74)	(5)	52	114
Unrealized net gains (losses) recognized on equity securities	78	62	(2,376)	2,482
Other income	4,318	2,806	12,046	6,485
Total noninterest income	30,933	33,259	97,724	97,715
Noninterest expense
Salaries, wages, and employee benefits	39,762	41,949	117,226	107,222
Data processing	5,447	7,782	15,800	16,881
Net occupancy expense of premises	4,705	4,797	14,492	13,606
Furniture and equipment expenses	1,799	2,208	5,874	6,300
Professional fees	1,579	1,361	4,693	5,617
Amortization of intangible assets	2,871	3,149	8,833	8,200
Interchange expense	1,574	1,434	4,606	4,360
Other expense	12,999	10,807	38,680	28,425
Total noninterest expense	70,736	73,487	210,204	190,611
Income before income taxes	44,138	32,396	116,045	117,659
Income taxes	8,477	6,455	22,121	24,136
Net income	$ 35,661	$ 25,941	$ 93,924	$ 93,523
Basic earnings per common share (in dollars per share)	$ 0.64	$ 0.46	$ 1.70	$ 1.69
Diluted earnings per common share (in dollars per share)	0.64	0.46	1.67	1.67
Dividends declared per share of common stock (in dollars per share)	$ 0.23	$ 0.23	$ 0.69	$ 0.69
Wealth management fees
Noninterest income
Noninterest income	$ 12,508	$ 13,749	$ 42,422	$ 39,335
Fees for customer services
Noninterest income
Noninterest income	7,627	9,288	26,122	25,936
Payment technology solutions
Noninterest income
Noninterest income	$ 5,080	$ 4,620	$ 15,045	$ 13,771

Portfolio Loans- Distribution of portfolio loans (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Portfolio loans	$ 7,670,114		$ 7,188,998
ACL	(90,722)	$ (88,757)	(87,887)	$ (92,802)	$ (95,410)	$ (101,048)
Portfolio loans, net	7,579,392		7,101,111
Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Portfolio loans	1,945,893		1,943,886
ACL	(23,695)	(23,359)	(23,855)	(24,406)	(24,356)	(23,866)
Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Portfolio loans	3,278,684		3,119,807
ACL	(37,799)	(37,182)	(38,249)	(39,831)	(39,974)	(46,230)
Real estate construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Portfolio loans	499,560		385,996
ACL	(5,971)	(5,669)	(5,102)	(6,121)	(7,599)	(8,193)
Retail real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Portfolio loans	1,643,099		1,512,976
ACL	(18,620)	(17,984)	(17,589)	(19,352)	(20,505)	(21,992)
Retail other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Portfolio loans	302,878		226,333
ACL	$ (4,637)	$ (4,563)	$ (3,092)	$ (3,092)	$ (2,976)	$ (767)

Portfolio Loans - Schedule of loans modified under the CARES Act or Interagency Statement (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022 contract	Sep. 30, 2021 contract	Sep. 30, 2022 USD ($) contract	Sep. 30, 2021 contract	Dec. 31, 2021 USD ($) contract
Total COVID-19 loans modifications
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts			9		34
Recorded Investment \| $			$ 20,655		$ 128,867
Commercial loans:
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts	0	0	1	1
Commercial loans: \| Interest-only deferrals
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts			8		32
Recorded Investment \| $			$ 20,556		$ 128,730
Retail loans: \| Mortgage and personal loan deferrals
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts			1		2
Recorded Investment \| $			$ 99		$ 137

Operating Segments and Related Information (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Summary of information relating to operating segments


	Goodwill				Total Assets
	As of				As of
	September 30, 2022		December 31, 2021		September 30, 2022		December 31, 2021
Operating segment
Banking	$	294,773	$	294,773	$	12,352,413	$	12,746,833
FirsTech	8,992		8,992		48,499		47,481
Wealth Management	14,108		14,108		80,082		65,587
Other	—		—		16,394		(212)
Consolidated total	$	317,873	$	317,873	$	12,497,388	$	12,859,689


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Net interest income
Banking	$	90,916	$	74,672	$	244,820	$	211,377
FirsTech	15		19		50		60
Other	(4,626)		(3,936)		(12,581)		(11,247)
Total net interest income	$	86,305	$	70,755	$	232,289	$	200,190

Noninterest income
Banking	$	13,559	$	14,976	$	42,827	$	42,798
FirsTech	5,578		5,030		16,333		14,700
Wealth Management	12,514		13,746		42,425		39,333
Other	(718)		(493)		(3,861)		884
Total noninterest income	$	30,933	$	33,259	$	97,724	$	97,715

Noninterest expense
Banking	$	55,273	$	59,520	$	165,220	$	150,032
FirsTech	5,109		4,519		14,601		13,086
Wealth Management	7,682		7,679		23,533		20,961
Other	2,672		1,769		6,850		6,532
Total noninterest expense	$	70,736	$	73,487	$	210,204	$	190,611

Income before income taxes
Banking	$	46,838	$	31,996	$	118,663	$	114,507
FirsTech	484		530		1,782		1,674
Wealth Management	4,832		6,068		18,892		18,373
Other	(8,016)		(6,198)		(23,292)		(16,895)
Total income before income taxes	$	44,138	$	32,396	$	116,045	$	117,659

Net income
Banking	$	37,082	$	25,123	$	94,032	$	89,889
FirsTech	353		384		1,300		1,214
Wealth Management	3,756		4,719		14,688		14,285
Other	(5,530)		(4,285)		(16,096)		(11,865)
Total net income	$	35,661	$	25,941	$	93,924	$	93,523

Regulatory Capital (Tables)

9 Months Ended

Sep. 30, 2022

Banking and Thrift, Other Disclosure [Abstract]

Schedule of applicable holding company and bank regulatory capital requirements

The following tables summarize regulatory capital requirements applicable to the Company and its subsidiary bank (dollars in thousands):


	As of September 30, 2022
	Actual				Minimum Capital Requirement				Minimum To Be Well Capitalized
	Amount		Ratio		Amount		Ratio		Amount		Ratio
Common Equity Tier 1 Capital to Risk Weighted Assets
Consolidated	$	1,056,206	11.79	%	$	403,047	4.50	%	$	582,179	6.50	%
Busey Bank	$	1,288,945	14.45	%	$	401,307	4.50	%	$	579,665	6.50	%

Tier 1 Capital to Risk Weighted Assets
Consolidated	$	1,130,206	12.62	%	$	537,396	6.00	%	$	716,528	8.00	%
Busey Bank	$	1,288,945	14.45	%	$	535,076	6.00	%	$	713,434	8.00	%

Total Capital to Risk Weighted Assets
Consolidated	$	1,431,308	15.98	%	$	716,528	8.00	%	$	895,660	10.00	%
Busey Bank	$	1,365,046	15.31	%	$	713,434	8.00	%	$	891,793	10.00	%

Leverage Ratio of Tier 1 Capital to Average Assets
Consolidated	$	1,130,206	9.15	%	$	494,124	4.00	%	N/A		N/A
Busey Bank	$	1,288,945	10.47	%	$	492,534	4.00	%	$	615,668	5.00	%


	As of December 31, 2021
	Actual				Minimum Capital Requirement				Minimum To Be Well Capitalized
	Amount		Ratio		Amount		Ratio		Amount		Ratio
Common Equity Tier 1 Capital to Risk Weighted Assets
Consolidated	$	995,874	11.85	%	$	378,334	4.50	%	$	546,482	6.50	%
Busey Bank	$	1,241,303	14.81	%	$	377,096	4.50	%	$	544,695	6.50	%

Tier 1 Capital to Risk Weighted Assets
Consolidated	$	1,069,874	12.73	%	$	504,445	6.00	%	$	672,594	8.00	%
Busey Bank	$	1,241,303	14.81	%	$	502,795	6.00	%	$	670,394	8.00	%

Total Capital to Risk Weighted Assets
Consolidated	$	1,320,187	15.70	%	$	672,594	8.00	%	$	840,742	10.00	%
Busey Bank	$	1,306,616	15.59	%	$	670,394	8.00	%	$	837,992	10.00	%

Leverage Ratio of Tier 1 Capital to Average Assets
Consolidated	$	1,069,874	8.52	%	$	502,336	4.00	%	N/A		N/A
Busey Bank	$	1,241,303	9.91	%	$	501,104	4.00	%	$	626,379	5.00	%

Derivative Financial Instruments - Mortgage Banking Derivatives (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Derivatives with positive fair value
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Derivatives with negative fair value
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Interest rate lock commitments
Derivatives with positive fair value
Notional Amount	$ 3,434	$ 19,384
Fair value recorded in other assets	42	206
Derivatives with negative fair value
Notional Amount	408	499
Fair value recorded in other liabilities	4	6
Forward sales commitments
Derivatives with positive fair value
Notional Amount	4,107	1,884
Fair value recorded in other assets	134	10
Derivatives with negative fair value
Notional Amount	4,342	41,002
Fair value recorded in other liabilities	52	439
Mortgage banking derivatives recorded in other assets \| Designated as Hedging Instrument
Derivatives with positive fair value
Notional Amount	7,541	21,268
Fair value recorded in other assets	176	216
Derivatives with negative fair value
Notional Amount	4,750	41,501
Fair value recorded in other liabilities	$ 56	$ 445

Operating Segments and Related Information - Narrative (Details)	9 Months Ended
	Sep. 30, 2022 segment
Segment Reporting [Abstract]
Number of reportable segments	3
Number of operating segments	3

Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2022

Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Alternative [Abstract]

Accumulated Other Comprehensive Income (Loss).

Accumulated Other Comprehensive Income (Loss)

The following table represents changes in AOCI by component, net of tax, for the period below (dollars in thousands):


	Three Months Ended September 30,
	2022						2021
	Before Tax		Tax Effect		Net of Tax		Before Tax		Tax Effect		Net of Tax
Unrealized gains (losses) on debt securities available for sale
Balance at beginning of period	$	(277,310)	$	79,047	$	(198,263)	$	17,013	$	(4,850)	$	12,163
Unrealized holding gains (losses) on debt securities available for sale, net	(96,937)		27,631		(69,306)		(17,198)		4,902		(12,296)

Amounts reclassified from AOCI, net	74		(21)		53		5		(1)		4
Amortization of unrealized losses on securities transferred to held to maturity	1,806		(515)		1,291		—		—		—
Balance at end of period	$	(372,367)	$	106,142	$	(266,225)	$	(180)	$	51	$	(129)

Unrealized gains (losses) on cash flow hedges
Balance at beginning of period	$	(17,963)	$	5,119	$	(12,844)	$	(2,012)	$	574	$	(1,438)
Unrealized holding gains (losses) on cash flow hedges, net	(14,253)		4,061		(10,192)		(7)		2		(5)
Amounts reclassified from AOCI, net	370		(104)		266		288		(82)		206
Balance at end of period	$	(31,846)	$	9,076	$	(22,770)	$	(1,731)	$	494	$	(1,237)

Total AOCI	$	(404,213)	$	115,218	$	(288,995)	$	(1,911)	$	545	$	(1,366)


	Nine Months Ended September 30,
	2022						2021
	Before Tax		Tax Effect		Net of Tax		Before Tax		Tax Effect		Net of Tax
Unrealized gains (losses) on debt securities available for sale
Balance at beginning of period	$	(32,272)	$	9,199	$	(23,073)	$	49,644	$	(14,151)	$	35,493
Unrealized holding gains (losses) on debt securities available for sale, net	(296,507)		84,519		(211,988)		(49,801)		14,195		(35,606)
Unrealized losses on debt securities transferred to held to maturity from available for sale	(48,456)		13,812		(34,644)		—		—		—
Amounts reclassified from AOCI, net	(28)		8		(20)		(23)		7		(16)
Amortization of unrealized losses on securities transferred to held to maturity	4,896		(1,396)		3,500		—		—		—
Balance at end of period	$	(372,367)	$	106,142	$	(266,225)	$	(180)	$	51	$	(129)

Unrealized gains (losses) on cash flow hedges
Balance at beginning of period	$	(958)	$	273	$	(685)	$	(3,055)	$	871	$	(2,184)
Unrealized holding gains (losses) on cash flow hedges, net	(30,191)		8,604		(21,587)		470		(134)		336
Amounts reclassified from AOCI, net	(697)		199		(498)		854		(243)		611
Balance at end of period	$	(31,846)	$	9,076	$	(22,770)	$	(1,731)	$	494	$	(1,237)

Total AOCI	$	(404,213)	$	115,218	$	(288,995)	$	(1,911)	$	545	$	(1,366)

Leases - Schedule of lease costs and other lease information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Lease costs
Operating lease costs	$ 563	$ 656	$ 1,762	$ 1,828
Variable lease costs	214	94	436	394
Short-term lease costs	5	9	15	43
Total lease cost	782	759	2,213	2,265
Cash flows related to leases
Operating lease cash flows – Fixed payments	1,076	620	2,445	1,756
Operating lease cash flows – Liability reduction	464	569	1,741	1,610
Right of use assets obtained during the period in exchange for operating lease liabilities	$ 1,127	$ 3,408	$ 1,182	$ 5,018

Debt Securities

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Debt Securities

The tables below provide the amortized cost, unrealized gains and losses, and fair values of debt securities summarized by major category (dollars in thousands):


	As of September 30, 2022
	Amortized Cost		Unrealized				Fair Value
			Gross Gains		Gross Losses
Debt securities available for sale
U.S. Treasury securities	$	145,495	$	—	$	(4,653)	$	140,842
Obligations of U.S. government corporations and agencies	25,287		4		(358)		24,933
Obligations of states and political subdivisions	298,653		35		(27,853)		270,835
Asset-backed securities	490,076		—		(23,552)		466,524
Commercial mortgage-backed securities	98,719		—		(10,968)		87,751
Residential mortgage-backed securities	1,538,308		1		(233,995)		1,304,314
Corporate debt securities	279,310		20		(27,488)		251,842
Total debt securities available for sale	$	2,875,848	$	60	$	(328,867)	$	2,547,041

Debt securities held to maturity
Commercial mortgage-backed securities	$	486,116	$	—	$	(60,341)	$	425,775
Residential mortgage-backed securities	450,212		—		(67,102)		383,110
Total debt securities held to maturity	$	936,328	$	—	$	(127,443)	$	808,885


	As of December 31, 2021
	Amortized Cost		Unrealized				Fair Value
			Gross Gains		Gross Losses
Debt securities available for sale
U.S. Treasury securities	$	166,768	$	41	$	(1,047)	$	165,762
Obligations of U.S. government corporations and agencies	37,579		891		—		38,470
Obligations of states and political subdivisions	300,602		7,760		(1,493)		306,869
Asset-backed securities	492,055		295		(164)		492,186
Commercial mortgage-backed securities	625,339		3,425		(13,766)		614,998
Residential mortgage-backed securities	2,095,104		8,889		(34,680)		2,069,313
Corporate debt securities	296,076		1,081		(3,504)		293,653
Total debt securities available for sale	$	4,013,523	$	22,382	$	(54,654)	$	3,981,251

Maturities of debt securities

Amortized cost and fair value of debt securities, by contractual maturity or pre-refunded date, are shown below. Mortgages underlying mortgage-backed securities and asset-backed securities may be called or prepaid; therefore, actual maturities could differ from the contractual maturities. All mortgage-backed securities were issued by U.S. government corporations and agencies (dollars in thousands):


	As of September 30, 2022
	Amortized Cost		Fair Value
Debt securities available for sale
Due in one year or less	$	176,516	$	174,227
Due after one year through five years	410,372		379,095
Due after five years through ten years	353,968		319,381
Due after ten years	1,934,992		1,674,338
Debt securities available for sale	$	2,875,848	$	2,547,041

Debt securities held to maturity
Due after one year through five years	46,961		43,738
Due after five years through ten years	65,516		58,346
Due after ten years	823,851		706,801
Debt securities held to maturity	$	936,328	$	808,885

Gains and losses on debt securities

Realized gains and losses related to sales and calls of debt securities available for sale are summarized as follows (dollars in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Realized gains and losses on debt securities
Gross gains on debt securities	$	—	$	—	$	114	$	524
Gross (losses) on debt securities	(74)		(5)		(86)		(410)
Realized net gains (losses) on debt securities1	$	(74)	$	(5)	$	28	$	114

1.Net gains (losses) on sales of securities reported in the unaudited Consolidated Statements of Income include sales of equity securities, excluded in this table.

Debt securities with carrying amounts of $675.8 million on September 30, 2022, and $708.9 million on December 31, 2021, were pledged as collateral for public deposits, securities sold under agreements to repurchase, and for other purposes as required.

Debt securities in an unrealized loss position


	As of September 30, 2022
	Less than 12 months				12 months or more				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Debt securities available for sale
U.S. Treasury securities	$	2,067	$	(5)	$	138,775	$	(4,648)	$	140,842	$	(4,653)
Obligations of U.S. government corporations and agencies	21,629		(358)		—		—		21,629		(358)
Obligations of states and political subdivisions	220,960		(20,029)		41,779		(7,824)		262,739		(27,853)
Asset-backed securities	441,896		(21,681)		24,628		(1,871)		466,524		(23,552)
Commercial mortgage-backed securities	74,334		(8,761)		13,417		(2,207)		87,751		(10,968)
Residential mortgage-backed securities	557,046		(72,807)		747,141		(161,188)		1,304,187		(233,995)
Corporate debt securities	75,608		(9,426)		173,266		(18,062)		248,874		(27,488)
Debt securities available for sale with gross unrealized losses	$	1,393,540	$	(133,067)	$	1,139,006	$	(195,800)	$	2,532,546	$	(328,867)

Debt securities held to maturity
Commercial mortgage-backed securities	$	109,085	$	(15,592)	$	316,690	$	(44,749)	$	425,775	$	(60,341)
Residential mortgage-backed securities	162,575		(29,243)		220,535		(37,859)		383,110		(67,102)
Debt securities held to maturity with gross unrealized losses	$	271,660	$	(44,835)	$	537,225	$	(82,608)	$	808,885	$	(127,443)


	As of December 31, 2021
	Less than 12 months				12 months or more				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Debt securities available for sale
U.S. Treasury securities	$	163,653	$	(1,047)	$	—	$	—	$	163,653	$	(1,047)
Obligations of states and political subdivisions	92,680		(1,493)		—		—		92,680		(1,493)
Asset-backed securities	89,983		(164)		—		—		89,983		(164)
Commercial mortgage-backed securities	389,078		(10,186)		85,905		(3,580)		474,983		(13,766)
Residential mortgage-backed securities	1,700,187		(33,453)		20,538		(1,227)		1,720,725		(34,680)
Corporate debt securities	241,153		(3,504)		—		—		241,153		(3,504)
Debt securities available for sale with gross unrealized losses	$	2,676,734	$	(49,847)	$	106,443	$	(4,807)	$	2,783,177	$	(54,654)

Additional information about debt securities in an unrealized loss position is presented in the tables below (dollars in thousands):


	As of September 30, 2022
	Available for Sale			Held to Maturity			Total
Debt securities with gross unrealized losses, fair value	$	2,532,546		$	808,885		$	3,341,431
Gross unrealized losses on debt securities	$	328,867		$	127,443		$	456,310
Ratio of gross unrealized losses to debt securities with gross unrealized losses	13.0		%	15.8		%	13.7		%

Count of debt securities	1,145			55			1,200
Count of debt securities in an unrealized loss position	1,109			55			1,164


	As of December 31, 2021
	Available for Sale			Held to Maturity		Total
Debt securities with gross unrealized losses, fair value	$	2,783,177		$	—	$	2,783,177
Gross unrealized losses on debt securities	$	54,654		$	—	$	54,654
Ratio of gross unrealized losses to debt securities with gross unrealized losses	2.0		%	—		2.0		%

Count of debt securities	1,252			—		1,252
Count of debt securities in an unrealized loss position	373			—		373

Unrealized losses were related to changes in market interest rates and market conditions that do not represent credit-related impairments. The Company does not intend to sell securities that are in an unrealized loss position, and it is more likely than not that the Company will recover the amortized cost prior to being required to sell the debt securities. Full collection of the amounts due according to the contractual terms of the debt securities is expected; therefore, no ACL was recorded in relation to debt securities, and the impairment related to noncredit factors is recognized in AOCI, net of applicable taxes. As of September 30, 2022, the Company did not hold general obligation bonds of any single issuer, the aggregate of which exceeded 10% of the Company’s stockholders’ equity.

Derivative Financial Instruments - Summary of the interest-rate swaps designated as cash flow hedges (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Interest Rate Swap
Balances carried in AOCI
Unrealized gains (losses) on cash flow hedges, net of tax	$ 0	$ 0	$ 0	$ 0
Cash Flow Hedging \| Interest Rate Swap
Balances carried in AOCI
Unrealized gains (losses) on cash flow hedges, net of tax			(22,770)		$ (685)
Cash Flow Hedging \| Interest Rate Swap \| Other assets
Gross aggregate fair value of the swaps
Gross aggregate fair value of swap assets	2,486		2,486		0
Cash Flow Hedging \| Interest Rate Swap \| Other liabilities
Gross aggregate fair value of the swaps
Gross aggregate fair value of swap liabilities	34,515		34,515		958
Cash Flow Hedging \| Debt Swap
Derivative [Line Items]
Notional amount	$ 50,000		$ 50,000		$ 50,000
Weighted average fixed pay/receive rates	1.79%		1.79%		1.79%
Weighted average variable interest rates	3.29%		3.29%		0.20%
Weighted average maturity, in years			1 year 11 months 15 days		2 years 8 months 15 days
Cash Flow Hedging \| Loan Swap
Derivative [Line Items]
Notional amount	$ 300,000		$ 300,000
Weighted average fixed pay/receive rates	4.81%		4.81%
Weighted average variable interest rates	5.80%		5.80%
Weighted average maturity, in years			6 years 4 months 6 days

Deposits (Tables)

9 Months Ended

Sep. 30, 2022

Deposits [Abstract]

Schedule of composition of deposits

The composition of deposits is as follows (dollars in thousands):


	As of
	September 30, 2022		December 31, 2021
Deposits
Demand deposits, noninterest-bearing	$	3,628,169	$	3,670,267
Interest-bearing transaction deposits	2,952,414		2,720,417
Saving deposits and money market deposits	3,220,627		3,442,244
Time deposits	800,187		935,649
Total deposits	$	10,601,397	$	10,768,577

Additional information about our deposits is as follows (dollars in thousands):


	As of
	September 30, 2022		December 31, 2021
Brokered savings deposits and money market deposits	$	2,006	$	2,248
Brokered time deposits	273		266
Aggregate amount of time deposits with a minimum denomination of $100,000	379,136		454,649
Aggregate amount of time deposits with a minimum denomination that meets or exceeds the FDIC insurance limit of $250,000	103,534		137,449

Schedule of maturities of time deposits

Scheduled maturities of time deposits are as follows (dollars in thousands):


	As of September 30, 2022
Time deposits by schedule of maturities
Remainder of 2022	$	188,332
2023	431,060
2024	126,309
2025	23,078
2026	17,910
2027	12,844
Thereafter	654
Time deposits	$	800,187

Operating Segments and Related Information - Summary of information relating to operating segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Segment Reporting Information [Line Items]
Goodwill	$ 317,873		$ 317,873		$ 317,873
Total Assets	12,497,388		12,497,388		12,859,689
Net interest income	86,305	$ 70,755	232,289	$ 200,190
Noninterest income	30,933	33,259	97,724	97,715
Noninterest expense	70,736	73,487	210,204	190,611
Income before income taxes	44,138	32,396	116,045	117,659
Net income	35,661	25,941	93,924	93,523
Operating segment \| Banking
Segment Reporting Information [Line Items]
Goodwill	294,773		294,773		294,773
Total Assets	12,352,413		12,352,413		12,746,833
Net interest income	90,916	74,672	244,820	211,377
Noninterest income	13,559	14,976	42,827	42,798
Noninterest expense	55,273	59,520	165,220	150,032
Income before income taxes	46,838	31,996	118,663	114,507
Net income	37,082	25,123	94,032	89,889
Operating segment \| FirsTech
Segment Reporting Information [Line Items]
Goodwill	8,992		8,992		8,992
Total Assets	48,499		48,499		47,481
Net interest income	15	19	50	60
Noninterest income	5,578	5,030	16,333	14,700
Noninterest expense	5,109	4,519	14,601	13,086
Income before income taxes	484	530	1,782	1,674
Net income	353	384	1,300	1,214
Operating segment \| Wealth Management
Segment Reporting Information [Line Items]
Goodwill	14,108		14,108		14,108
Total Assets	80,082		80,082		65,587
Noninterest income	12,514	13,746	42,425	39,333
Noninterest expense	7,682	7,679	23,533	20,961
Income before income taxes	4,832	6,068	18,892	18,373
Net income	3,756	4,719	14,688	14,285
Intersegment Eliminations
Segment Reporting Information [Line Items]
Goodwill	0		0		0
Total Assets	16,394		16,394		$ (212)
Net interest income	(4,626)	(3,936)	(12,581)	(11,247)
Noninterest income	(718)	(493)	(3,861)	884
Noninterest expense	2,672	1,769	6,850	6,532
Income before income taxes	(8,016)	(6,198)	(23,292)	(16,895)
Net income	$ (5,530)	$ (4,285)	$ (16,096)	$ (11,865)

Borrowings - Term Loan (Details) - USD ($)	9 Months Ended
Borrowings - Term Loan (Details) - USD ($)	Sep. 30, 2022	Apr. 30, 2022	Dec. 31, 2021	May 28, 2021
Short-Term Debt [Line Items]
Long-term debt	$ 33,000,000		$ 46,056,000
Term Loan
Short-Term Debt [Line Items]
Issuance of debt				$ 60,000,000
Long-term debt	33,000,000		$ 42,000,000
Revolving Credit Facility
Short-Term Debt [Line Items]
Issuance of debt				$ 40,000,000
Quarterly payments on the term loan reduce the outstanding principal balance, amount	3,000,000
Second Amended and Restated Credit Agreement \| Term Loan
Short-Term Debt [Line Items]
Long-term debt	45,000,000
Long-term debt, current	12,000,000
Long term debt, noncurrent	33,000,000
Second Amended and Restated Credit Agreement \| Revolving Credit Facility
Short-Term Debt [Line Items]
Balance outstanding	$ 0
Second Amended and Restated Credit Agreement \| One-month LIBOR rate \| Term Loan
Short-Term Debt [Line Items]
Interest rate				1.75%
Third Amendment To Extend Credit Facility \| SOFR-indexed interest rate \| Term Loan
Short-Term Debt [Line Items]
Interest rate		1.80%

Fair Value Measurements - Schedule of financial assets and financial liabilities measured at fair value on a recurring basis (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	$ 2,547,041	$ 3,981,251
Equity securities	11,341	13,571
Loans held for sale	4,546	23,875
U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	140,842	165,762
Obligations of U.S. government corporations and agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	24,933	38,470
Obligations of states and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	270,835	306,869
Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	466,524	492,186
Commercial mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	87,751	614,998
Residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	1,304,314	2,069,313
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	251,842	293,653
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for sale		23,875
Fair Value, Recurring \| Derivative assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	44,713	20,314
Fair Value, Recurring \| Derivative liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	76,589	21,501
Fair Value, Recurring \| U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	140,842	165,762
Fair Value, Recurring \| Obligations of U.S. government corporations and agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	24,933	38,470
Fair Value, Recurring \| Obligations of states and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	270,835	306,869
Fair Value, Recurring \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	466,524	492,186
Fair Value, Recurring \| Commercial mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	87,751	614,998
Fair Value, Recurring \| Residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	1,304,314	2,069,313
Fair Value, Recurring \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	251,842	293,653
Fair Value, Recurring \| Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	11,341	13,571
Fair Value, Recurring \| Level 1 Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for sale		0
Fair Value, Recurring \| Level 1 Inputs \| Derivative assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Fair Value, Recurring \| Level 1 Inputs \| Derivative liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	0	0
Fair Value, Recurring \| Level 1 Inputs \| U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	0	0
Fair Value, Recurring \| Level 1 Inputs \| Obligations of U.S. government corporations and agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	0	0
Fair Value, Recurring \| Level 1 Inputs \| Obligations of states and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	0	0
Fair Value, Recurring \| Level 1 Inputs \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	0	0
Fair Value, Recurring \| Level 1 Inputs \| Commercial mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	0	0
Fair Value, Recurring \| Level 1 Inputs \| Residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	0	0
Fair Value, Recurring \| Level 1 Inputs \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	0	0
Fair Value, Recurring \| Level 1 Inputs \| Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Fair Value, Recurring \| Level 2 Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for sale		23,875
Fair Value, Recurring \| Level 2 Inputs \| Derivative assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	44,709	20,314
Fair Value, Recurring \| Level 2 Inputs \| Derivative liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	76,589	21,501
Fair Value, Recurring \| Level 2 Inputs \| U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	140,842	165,762
Fair Value, Recurring \| Level 2 Inputs \| Obligations of U.S. government corporations and agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	24,933	38,470
Fair Value, Recurring \| Level 2 Inputs \| Obligations of states and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	270,835	306,869
Fair Value, Recurring \| Level 2 Inputs \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	466,524	492,186
Fair Value, Recurring \| Level 2 Inputs \| Commercial mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	87,751	614,998
Fair Value, Recurring \| Level 2 Inputs \| Residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	1,304,314	2,069,313
Fair Value, Recurring \| Level 2 Inputs \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	251,842	293,653
Fair Value, Recurring \| Level 2 Inputs \| Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	11,341	13,571
Fair Value, Recurring \| Level 3 Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for sale		0
Fair Value, Recurring \| Level 3 Inputs \| Derivative assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	4	0
Fair Value, Recurring \| Level 3 Inputs \| Derivative liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	0	0
Fair Value, Recurring \| Level 3 Inputs \| U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	0	0
Fair Value, Recurring \| Level 3 Inputs \| Obligations of U.S. government corporations and agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	0	0
Fair Value, Recurring \| Level 3 Inputs \| Obligations of states and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	0	0
Fair Value, Recurring \| Level 3 Inputs \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	0	0
Fair Value, Recurring \| Level 3 Inputs \| Commercial mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	0	0
Fair Value, Recurring \| Level 3 Inputs \| Residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	0	0
Fair Value, Recurring \| Level 3 Inputs \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	0	0
Fair Value, Recurring \| Level 3 Inputs \| Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	$ 0	$ 0