0000314489-23-000010 | 10-K | XBRL Viewer

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INCOME TAXES - Schedule of the reconciliation of federal and state income taxes at statutory rates to the income taxes included in the statements of income (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income tax at federal statutory rate	21.00%	21.00%	21.00%
Tax-exempt interest, net	(1.10%)	(1.10%)	(1.60%)
Stock incentive	0.10%	0.00%	0.20%
State income taxes, net	6.50%	4.50%	6.50%
Income on bank owned life insurance	(0.50%)	(0.70%)	(0.90%)
Tax credit investments	(5.60%)	(3.60%)	(3.20%)
Other, net	0.30%	1.20%	(0.30%)
Effective income tax rate	20.70%	21.30%	21.70%

PREMISES AND EQUIPMENT

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

PREMISES AND EQUIPMENT

Premises and equipment are summarized as follows (dollars in thousands):


	As of December 31,
	2022		2021
Premises and equipment
Land and improvements	$	44,193	$	45,595
Buildings and improvements	128,669		132,011
Furniture and equipment	52,991		54,473
Premises and equipment, gross	225,853		232,079
Accumulated depreciation	99,329		95,932
Premises and equipment, net	$	126,524	$	136,147

Depreciation expense was $10.5 million, $11.6 million, and $12.3 million for the years ended December 31, 2022, 2021, and 2020, respectively.

TRANSACTIONS WITH RELATED PARTIES

12 Months Ended

Dec. 31, 2022

TRANSACTIONS WITH RELATED PARTIES

The Company has had, and may be expected to have in the future, banking transactions in the ordinary course of business with related parties which include directors, executive officers, chief credit officers, their immediate families, and affiliated companies in which they have 10% or more beneficial ownership, on the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with others.

The following is an analysis of the changes in loans to related parties, as a group (dollars in thousands):


	As of and for the Year Ended December 31, 2022
Balance of loans to related parties, December 31, 2021	$	42,557
Change in relationship	(11,254)
New loans/advances	39,545
Repayments	(15,507)
Balance of loans to related parties, December 31, 2022	$	55,341

Unused commitments to directors and executive officers	$	12,722

Loans to related parties did not include significant amounts that were past due, nonaccrual, or TDRs.

OPERATING SEGMENTS AND RELATED INFORMATION (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Operating Segments and Related Information
Number of reportable segments \| segment	3
Number of operating segments \| segment	3
Goodwill	$ 317,873	$ 317,873
Total Assets	12,336,677	12,859,689
Net interest income	323,438	270,698	$ 282,935
Noninterest income	126,803	132,804	118,265
Noninterest expense	283,881	261,780	234,197
Income before income taxes	161,737	156,823	128,206
Net income	128,311	123,449	100,344
Banking
Operating Segments and Related Information
Goodwill	294,773	294,773
FirsTech
Operating Segments and Related Information
Goodwill	8,992	8,992
Wealth Management
Operating Segments and Related Information
Goodwill	14,108	14,108
Operating segment \| Banking
Operating Segments and Related Information
Goodwill	294,773	294,773
Total Assets	12,199,960	12,746,833
Net interest income	340,083	285,678	294,728
Noninterest income	54,154	59,393	61,043
Noninterest expense	221,997	205,905	185,445
Income before income taxes	167,617	154,267	131,529
Net income	131,596	117,844	101,226
Operating segment \| FirsTech
Operating Segments and Related Information
Goodwill	8,992	8,992
Total Assets	48,715	47,481
Net interest income	65	79	79
Noninterest income	21,720	19,629	16,548
Noninterest expense	20,619	17,574	13,279
Income before income taxes	1,166	2,134	3,348
Net income	847	1,527	2,372
Operating segment \| Wealth Management
Operating Segments and Related Information
Goodwill	14,108	14,108
Total Assets	84,082	65,587
Net interest income	0	0	0
Noninterest income	55,394	53,082	43,429
Noninterest expense	31,545	29,198	26,086
Income before income taxes	23,849	23,884	17,343
Net income	18,543	18,570	13,181
Intersegment Eliminations
Operating Segments and Related Information
Goodwill	0	0
Total Assets	3,920	(212)
Net interest income	(16,710)	(15,059)	(11,872)
Noninterest income	(4,465)	700	(2,755)
Noninterest expense	9,720	9,103	9,387
Income before income taxes	(30,895)	(23,462)	(24,014)
Net income	$ (22,675)	$ (14,492)	$ (16,435)

OTHER REAL ESTATE OWNED AND OTHER REPOSSESSED ASSETS

12 Months Ended

Dec. 31, 2022

Other Real Estate, Foreclosed Assets, and Repossessed Assets [Abstract]

OTHER REAL ESTATE OWNED AND OTHER REPOSSESSED ASSETS

OREO and other repossessed assets represent properties and other assets acquired through foreclosure or other proceedings in settlement of loans and is included in other assets in the accompanying Consolidated Balance Sheets. The following table summarizes the composition of the Company’s OREO and other repossessed asset balances as of the periods presented (dollars in thousands):


	As of December 31,
	2022		2021
OREO
Commercial	$	—	$	2,839
Residential	70		235
Total OREO	70		3,074
Other repossessed assets	780		1,342
OREO and other repossessed assets	$	850	$	4,416

The following table summarizes activity related to OREO and other repossessed assets (dollars in thousands):


	Years Ended December 31,
	2022		2021		2020
Changes in OREO and other repossessed assets
OREO and other repossessed assets beginning balance	$	4,416	$	4,571	$	3,057
Additions, transfers from loans	175		1,610		2,867
Sales	(2,565)		(1,721)		(1,282)
Cash payments collected	(565)		(43)		(3)
Impairment of OREO and other repossessed assets	(611)		(1)		(68)
OREO and other repossessed assets ending balance	$	850	$	4,416	$	4,571

The Company had residential real estate in the process of foreclosure totaling $1.1 million as of December 31, 2022, and $0.2 million as of December 31, 2021. The Company has elected to follow Federal Housing Finance Agency guidelines on single-family foreclosures and real estate owned evictions on portfolio loans.

Activity related to OREO and other repossessed assets included the following (dollars in thousands):


	Years Ended December 31,
	2022		2021		2020
Activity for OREO and other repossessed assets
Net loss (gain) on sales	665		173		(90)
Operating expenses, net of income	248		468		538

Activity for OREO and other repossessed assets	$	913	$	641	$	448

PORTFOLIO LOANS - Schedule of allowance for loan losses and recorded investments in portfolio loans, by category (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Portfolio Loans
Collectively Evaluated for Impairment	$ 7,710,055	$ 7,173,618
Individually Evaluated for Impairment	15,647	15,380
Total	7,725,702	7,188,998
ACL Attributed to Portfolio Loans
Collectively Evaluated for Impairment	87,107	84,298
Individually Evaluated for Impairment	4,501	3,589
Total	91,608	87,887	$ 101,048	$ 53,748
Commercial
Portfolio Loans
Collectively Evaluated for Impairment	1,967,580	1,936,898
Individually Evaluated for Impairment	6,574	6,988
Total	1,974,154	1,943,886
ACL Attributed to Portfolio Loans
Collectively Evaluated for Impairment	21,384	20,291
Individually Evaluated for Impairment	2,476	3,564
Total	23,860	23,855	23,866	18,291
Commercial real estate
Portfolio Loans
Collectively Evaluated for Impairment	3,255,636	3,114,057
Individually Evaluated for Impairment	6,237	5,750
Total	3,261,873	3,119,807
ACL Attributed to Portfolio Loans
Collectively Evaluated for Impairment	36,299	38,249
Individually Evaluated for Impairment	2,000	0
Total	38,299	38,249	46,230	21,190
Real estate construction
Portfolio Loans
Collectively Evaluated for Impairment	530,222	385,724
Individually Evaluated for Impairment	247	272
Total	530,469	385,996
ACL Attributed to Portfolio Loans
Collectively Evaluated for Impairment	6,457	5,102
Individually Evaluated for Impairment	0	0
Total	6,457	5,102	8,193	3,204
Retail real estate
Portfolio Loans
Collectively Evaluated for Impairment	1,654,493	1,510,606
Individually Evaluated for Impairment	2,589	2,370
Total	1,657,082	1,512,976
ACL Attributed to Portfolio Loans
Collectively Evaluated for Impairment	18,168	17,564
Individually Evaluated for Impairment	25	25
Total	18,193	17,589	21,992	10,495
Retail other
Portfolio Loans
Collectively Evaluated for Impairment	302,124	226,333
Individually Evaluated for Impairment	0	0
Total	302,124	226,333
ACL Attributed to Portfolio Loans
Collectively Evaluated for Impairment	4,799	3,092
Individually Evaluated for Impairment	0	0
Total	$ 4,799	$ 3,092	$ 767	$ 568

PARENT COMPANY ONLY FINANCIAL INFORMATION - Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Assets
Equity securities	$ 11,535	$ 13,571
Investments in subsidiaries:
Premises and equipment, net	126,524	136,147
Other assets	398,792	204,242
Total assets	12,336,677	12,859,689
Liabilities:
Short-term borrowings	351,054	17,678
Long-term debt	30,000	46,056
Senior notes, net of unamortized issuance costs	0	39,944
Subordinated notes, net of unamortized issuance costs	222,038	182,773
Junior subordinated debentures owed to unconsolidated trusts	71,810	71,635
Other liabilities	201,717	133,184
Total liabilities	11,190,700	11,540,577
Total stockholders’ equity	1,145,977	1,319,112	$ 1,270,069	$ 1,220,434
Total liabilities and stockholders’ equity	12,336,677	12,859,689
Parent Company
Assets
Cash and cash equivalents	91,812	78,217
Equity securities	11,535	13,571
Investments in subsidiaries:
Bank	1,369,261	1,565,226
Non-bank	2,181	2,812
Premises and equipment, net	18	30
Other assets	22,316	22,444
Total assets	1,497,123	1,682,300
Liabilities:
Short-term borrowings	12,000	12,000
Long-term debt	30,000	42,000
Senior notes, net of unamortized issuance costs	0	39,944
Subordinated notes, net of unamortized issuance costs	222,038	182,773
Junior subordinated debentures owed to unconsolidated trusts	71,810	71,635
Other liabilities	15,298	14,836
Total liabilities	351,146	363,188
Total stockholders’ equity	1,145,977	1,319,112
Total liabilities and stockholders’ equity	$ 1,497,123	$ 1,682,300

INCOME TAXES - Schedule of the components of income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current expense:
Federal	$ 20,815	$ 20,261	$ 21,027
State	13,883	8,448	12,144
Deferred expense:
Federal	(700)	3,644	(3,657)
State	(572)	1,021	(1,652)
Income taxes	$ 33,426	$ 33,374	$ 27,862

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

STOCK-BASED COMPENSATION - Summary of changes in the Company's RSU, PSU, and DSU awards (Details) - $ / shares		12 Months Ended
	Mar. 23, 2022	Dec. 31, 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)		43,916
Vested (in shares)		(203,230)
Forfeited (in shares)		(48,165)
Non-vested at end of period (in shares)		1,096,931
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)		24.83
Vested (in dollars per share)		27.66
Forfeited (in dollars per share)		23.46
Non-vested at end of period (in dollars per share)		$ 23.61
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)		832
Vested (in shares)		(8,694)
Forfeited (in shares)		(8,080)
Adjustment for performance conditions (in shares)		(7,862)
Non-vested at end of period (in shares)		285,351
Vested and Outstanding at end of period (in shares)		8,694
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)		22.63
Vested (in dollars per share)		16.86
Forfeited (in dollars per share)		25.21
Adjustment for performance conditions (in dollars per share)		16.25
Non-vested at end of period (in dollars per share)		25.40
Vested and Outstanding at end of period (in dollars per share)		$ 16.86
DSU awards
Shares
Non-vested at beginning of period (in shares)		34,135
Granted (in shares)		32,658
Dividend equivalents earned (in shares)		5,473
Vested (in shares)		(41,181)
Non-vested at end of period (in shares)		31,085
Vested and Outstanding at end of period (in shares)		112,434
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
Non-vested at end of period (in dollars per share)		25.75
Vested and Outstanding at end of period (in dollars per share)		$ 23.10

FAIR VALUE MEASUREMENTS - Schedule of assets and liabilities measured at fair value on a non-recurring basis (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans evaluated individually, net of related allowance	$ 15,647	$ 15,380
OREO with subsequent impairment	70	3,074
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	5,345	2,926
Fair Value, Nonrecurring \| OREO with subsequent impairment
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
OREO with subsequent impairment		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
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
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	5,345	2,926
Fair Value, Nonrecurring \| Level 3 Inputs \| OREO with subsequent impairment
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
OREO with subsequent impairment		51
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

OTHER REAL ESTATE OWNED AND OTHER REPOSSESSED ASSETS - Expenses related to OREO and other repossessed assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other Real Estate, Foreclosed Assets, and Repossessed Assets [Abstract]
Net loss (gain) on sales	$ 665	$ 173	$ (90)
Operating expenses, net of income	248	468	538
Activity for OREO and other repossessed assets	$ 913	$ 641	$ 448

SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

SIGNIFICANT ACCOUNTING POLICIES

Nature of Operations

First Busey Corporation is a financial holding company organized under the laws of Nevada. The Company’s subsidiaries provide retail and commercial banking services and payment technology solutions, and offer a full range of financial products and services including depository, lending, security brokerage, investment management, and fiduciary services, to individual, corporate, institutional, and governmental customers through their locations in Illinois, Missouri, southwest Florida and Indianapolis, Indiana. The Company and its subsidiaries are subject to the regulations of certain regulatory agencies and undergo periodic examinations by those regulatory agencies.

The significant accounting and reporting policies for the Company and its subsidiaries follow:

Principles of Consolidation

The Consolidated Financial Statements include the accounts of the Company and its subsidiaries, which include First Busey Risk Management, Deed of Trust Services Corporation, and Busey Bank, including Busey Bank’s wholly-owned subsidiaries FirsTech, Pulaski Service Corporation, and Busey Capital Management, Inc. Operating results generated from acquired businesses are included with the Company’s results of operations starting from each date of acquisition. The Company and its subsidiaries maintain various LLCs that hold specific assets for risk mitigation purposes and are consolidated into these Consolidated Financial Statements. Intercompany balances and transactions have been eliminated in consolidation.

Because the Company is not the primary beneficiary, the Consolidated Financial Statements exclude the following wholly-owned variable interest entities: First Busey Statutory Trust II, First Busey Statutory Trust III, First Busey Statutory Trust IV, Pulaski Financial Statutory Trust I, and Pulaski Financial Statutory Trust II.

Use of Estimates

In preparing the accompanying 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 Consolidated 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.

Comprehensive Income (Loss)

Accounting principles generally require that recognized revenue, expenses, gains, and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available for sale debt securities and unrealized gains and losses on cash flow hedges, are reported as a separate component within the equity section of the balance sheet, such items, along with net income, are components of comprehensive income (loss).

Trust Assets

Assets held for customers in a fiduciary or agency capacity, other than trust cash on deposit at Busey Bank, are not assets of the Company and, accordingly, are not included in the accompanying Consolidated Financial Statements. The Company had assets under care of $11.1 billion at December 31, 2022, and $12.7 billion at December 31, 2021.

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand, cash items in process of collection, amounts due from other banks, interest-bearing deposits held with other financial institutions, and federal funds sold. The carrying amount of these instruments is considered a reasonable estimate of fair value.

The Company maintains its cash in deposit accounts, the balance of which, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts. Management believes the Company is not exposed to any significant credit risk on cash and cash equivalents.

Securities

Debt securities classified as available for sale are those debt securities that the Company intends to hold for an indefinite period of time, but not necessarily to maturity. Any decision to sell a security classified as available for sale would be based on factors including significant movements in interest rates, changes in the maturity mix of the Company's assets and liabilities, liquidity needs, regulatory capital considerations, and other similar factors. Debt securities available for sale are carried at fair value, with unrealized gains and losses reported in other comprehensive income (loss), net of taxes.

Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. The amortization period for certain callable debt securities held at a premium are amortized to the earliest call date, while discounts on debt securities are amortized to maturity. Gains and losses on the sale of debt securities available for sale are recorded on the trade date and are determined using the specific identification method.

Debt securities available for sale are not within the scope of the current expected credit losses methodology, however, the accounting for credit losses on these securities is affected by ASC Subtopic 326-30 “Financial Instruments-Credit Losses—Available-for-Sale Debt Securities.” A debt security available for sale is impaired if the fair value of the security declines below its amortized cost basis. To determine the appropriate accounting, the Company must first determine if it intends to sell the security or if it is more likely than not that it will be required to sell the security before the fair value increases to at least the amortized cost basis. If either of those selling events is expected, the Company will write down the amortized cost basis of the security to its fair value. This is achieved by writing off any previously recorded allowance, if applicable, and recognizing any incremental impairment through earnings. If the Company neither intends to sell the security, nor believes it more likely than not will be required to sell the security, before the fair value recovers to the amortized cost basis, the Company must determine whether any of the decline in fair value has resulted from a credit loss, or if it is entirely the result of noncredit factors.

The Company considers the following factors in assessing whether the decline is due to a credit loss:

•Extent to which the fair value is less than the amortized cost basis

•Adverse conditions specifically related to the security, an industry, or a geographic area (for example, changes in the financial condition of the issuer of the security, or in the case of an asset-backed debt security, in the financial condition of the underlying loan obligors)

•Payment structure of the debt security and the likelihood of the issuer being able to make payments that increase in the future

•Failure of the issuer of the security to make scheduled interest or principal payments

•Any changes to the rating of the security by a rating agency

Impairment related to a credit loss must be measured using the discounted cash flow method. Credit loss recognition is limited to the fair value of the security. Impairment is recognized by establishing an ACL through provision for credit losses. Impairment related to noncredit factors is recognized in AOCI, net of applicable taxes. The Company did not recognize any impairment in 2022, 2021, or 2020.

Debt securities classified as held to maturity are those debt securities that the Company has the intent and ability to hold to maturity and are carried at amortized cost. In 2022, the Company elected to transfer a portion of the agency mortgage-backed securities portfolio from available for sale to held to maturity. While held to maturity securities are within the scope of CECL, the standard allows for an assumption of zero credit losses when the expectation of non-payment is zero. The risk related to mortgage-backed securities issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises, is considered low therefore requiring no allowance to be recorded.

Accrued interest receivable for debt securities totaled $14.7 million at December 31, 2022, and is excluded from the estimate of credit losses. Accrued interest receivable is reported in other assets on the Consolidated Balance Sheets.

Equity securities are carried at fair value with changes in fair value recognized in earnings.

Loans Held for Sale

Loans held for sale include mortgage loans which the Company intends to sell to investors and/or the secondary mortgage market.

Effective January 1, 2022, the Company elected to account for all newly originated loans held for sale at LOCOM. Loans held for sale are carried at amortized historical cost less loan write-offs and downward fair value adjustments, as may be applicable. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. Gains and losses on sales of loans are recognized at settlement dates and are determined by the difference between the sales proceeds and the carrying amount, net of the value of any servicing assets for loans that were sold with servicing rights retained.

Prior to this change, the Company accounted for loans held for sale at fair value. Loans held for sale were recorded at fair value, with changes in fair value recognized in earnings. Fair value adjustments were recorded as an adjustment to mortgage revenues. The fair value of loans held for sale was measured using observable quoted market prices, contract prices, or market price equivalents, consistent with those used by other market participants. Direct loan origination fees and costs related to loans accounted for at fair value were recognized when earned.

Loan Servicing

Servicing assets are recognized when servicing rights are acquired or retained through the sale of mortgage and government-guaranteed commercial loans. The unpaid principal balances of loans serviced by the Company for the benefit of others totaled $1.7 billion as of December 31, 2022, and are not included in the accompanying Consolidated Balance Sheets. Servicing rights are initially recorded at fair value which is determined using a valuation model that calculates the present value of estimated future net servicing income. Capitalized servicing rights are reported in other assets and are amortized into noninterest income in proportion to, and over the period of, the estimated future net servicing income of the underlying financial assets. The amortization of mortgage servicing rights is included in mortgage revenue. The amortization of government-guaranteed commercial loans is included in other income.

Servicing rights are periodically evaluated for impairment based on the fair value of those rights as compared to book value. Fair values are estimated using discounted cash flows based on expected prepayment rates and other inputs. For purposes of measuring impairment, servicing rights are stratified by one or more predominant characteristics of the underlying loans. A valuation allowance is recognized in the amount by which the amortized cost of the rights for each stratum exceeds its fair value, if any. If the Company later determines that all or a portion of the impairment no longer exists for a particular group of loans, a reversal of the allowance may be recorded in current period earnings. The Company had an insignificant amount of impairment recorded at December 31, 2022 and 2021.

Servicing fee income is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal and are recorded as income when earned.

Portfolio Loans

Loans that management has the intent and ability to hold for the foreseeable future, or until maturity or pay-off, are reported at the principal balance outstanding, net of purchase premiums and discounts, or net deferred origination fees or costs, charge-offs, and the ACL.

Loan origination fees, net of certain direct loan origination costs, are deferred and the net amount is amortized as an adjustment of the related loan’s yield. The Company amortizes the net amount over the contractual life of the related loan.

Interest income is accrued daily on outstanding loan balances. Loans are placed on non-accrual status when, in management’s opinion, the borrower may be unable to meet payment obligations as they become due, as well as when required by regulatory provisions. Loans may be placed on non-accrual status regardless of whether or not such loans are considered past due. Past due status is based on the contractual terms of the loan.

Interest accrued but not collected for loans that are placed on non-accrual status or charged-off is reversed against interest income. The interest on non-accrual loans is accounted for on the cost-recovery method, until returned to accrual status. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured.

PPP Loans

At December 31, 2022, the Company had $0.9 million in PPP loans outstanding, with an amortized cost of $0.8 million. In comparison, at December 31, 2021, the Company had $76.9 million in PPP loans outstanding, with an amortized cost of $75.0 million. The Company received fees totaling $2.5 million, $20.1 million, and $25.4 million for the years ended December 31, 2022, 2021, and 2020, respectively. Incremental direct origination costs the Company incurred were $0.6 million, $4.2 million, and $5.1 million for the years ended December 31, 2022, 2021, and 2020, respectively. Both the fees received and the origination costs have been deferred and are being amortized over the contractual life of these loans, subject to prepayment. The Company recognized $1.9 million, $14.0 million, and $15.2 million in net interest income for fees, net of deferred cost, during the years ended December 31, 2022, 2021, and 2020, respectively. As of December 31, 2022, the remaining amount of fees to be recognized, net of deferred costs, was insignificant. PPP loans contain a forgiveness feature for funds spent on covered expenses, including both principal and accrued interest. Any remaining balance after loan forgiveness maintains a 100% government guarantee for the remaining term of the loan.

Troubled Debt Restructurings

The Company’s loan portfolio includes certain loans that have been modified in a TDR, where concessions have been granted to borrowers who have experienced financial difficulties. The Company will restructure a loan for its customer after evaluating whether the borrower is able to meet the terms of the loan over the long term, though unable to meet the terms of the loan in the near term due to individual circumstances.

The Company considers the customer’s past performance, previous and current credit history, the individual circumstances surrounding the customer’s current difficulties, and the customer’s plan to meet the terms of the loan in the future prior to restructuring the terms of the loan. Generally, restructurings consist of short-term interest rate relief, short-term principal payment relief, short-term principal and interest payment relief, or forbearance (debt forgiveness). A restructured loan that exceeds 90 days past due or is placed on non-accrual status, is classified as non-performing.

All TDRs are individually evaluated for purposes of assessing the adequacy of the ACL and for financial reporting purposes. TDRs are evaluated using present value of the expected future cash flows discounted at the loan’s original effective interest rate, the loan’s observable market price, or the fair value of the collateral if the loan is collateral dependent. If the Company determines that the fair value of the TDR is less than the recorded investment in the loan, impairment is recognized through a charge to the ACL in the period of the modification and in periods subsequent to the modification.

Modified loans with payment deferrals that fall under the CARES Act or revised Interagency Statement that suspended requirements under GAAP related to TDR classifications are not included in the Company’s TDR totals.

Assets Purchased with Credit Deterioration

On January 1, 2020, First Busey adopted ASC Topic 326 “Financial Instruments-Credit Losses” using the prospective transition approach for financial assets PCD that were previously classified as PCI and accounted for under ASC Subtopic 310-30 “Receivables—Loans and Debt Securities Acquired with Deteriorated Credit Quality.” In accordance with the standard, management did not reassess whether PCI assets met the criteria of PCD assets as of the date of adoption. In accordance with ASC Topic 326, the amortized cost basis of PCD assets were adjusted to reflect an ACL for any remaining credit discount. Subsequent changes in expected cash flows will be adjusted through the ACL. The noncredit discount will be accreted into interest income at the effective interest rate as of January 1, 2020.

Subsequent to the adoption of ASC Topic 326, acquired loans are separated into two categories based on the credit risk characteristics of the underlying borrowers as either PCD, for loans which have experienced more than insignificant credit deterioration since origination, or all other loans. At the date of acquisition, an ACL on PCD loans is determined and netted against the amortized cost basis of the individual loans. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is amortized into interest income over the life of the loan. The ACL on PCD loans is recorded in the acquisition accounting and no provision for credit losses is recognized at the acquisition date. Subsequent changes to the ACL are recorded through provision expense. For all other loans, an ACL is established immediately after the acquisition through a charge to the provision for credit losses.

Allowance for Credit Losses

The ACL is a significant estimate in the Company’s Consolidated Financial Statements, affecting both earnings and capital. The ACL is a valuation account that is deducted from the portfolio loans’ amortized cost bases to present the net amount expected to be collected on the portfolio loans. Portfolio loans are charged off against the ACL when management believes the uncollectibility of a loan balance is confirmed. Recoveries will be recognized up to the aggregate amount of previously charged-off balances. The ACL is established through provision for credit loss expense charged to income.

A loan’s amortized cost basis is comprised of the unpaid principal balance of the loan, accrued interest receivable, purchase premiums or discounts, and net deferred origination fees or costs. The Company has estimated its allowance on the amortized cost basis, exclusive of government guaranteed loans and accrued interest receivable. The Company writes-off uncollectible accrued interest receivable in a timely manner and has elected to not measure an allowance for accrued interest receivable. The Company presents the aggregate amount of accrued interest receivable for all financial instruments in other assets on the Consolidated Balance Sheets and the balance of accrued interest receivable is disclosed in “Note 18. Fair Value Measurements.”

Our methodology influences, and is influenced by, the Company’s overall credit risk management processes. The ACL is managed in accordance with GAAP to provide an adequate reserve for expected credit losses that is reflective of management’s best estimate of what is expected to be collected. The ACL is measured on a collective pool basis when similar risk characteristics exist. Loans that do not share risk characteristics are evaluated on an individual basis.

The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the amortized cost basis. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency level, or term as well as for changes in environmental conditions such as changes in unemployment rates, property values, and other relevant factors. The calculation also contemplates that the Company may not be able to make or obtain such forecasts for the entire life of the financial assets and requires a reversion to historical credit loss information. The Company uses four quarters as its reasonable and supportable forecast period. Due to rapidly changing forecasts around the impact of COVID-19, the Company does not believe it has the current ability to incorporate reasonable and supportable forecasts into its CECL models extending beyond four quarters.

Ongoing impacts of CECL will be dependent upon changes in economic conditions and forecasts, originated and acquired loan portfolio composition, credit performance trends, portfolio duration, and other factors.

Premises and Equipment

Land is carried at cost less accumulated depreciation of depreciable land improvements. Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed by the straight-line method over the estimated useful lives of the assets. The estimated useful lives for premises and equipment are:


Asset Description						Estimated Useful Life
Buildings and improvements						3 — 40 years
Furniture and equipment						3 — 10 years

Leases

A determination is made at inception if an arrangement contains a lease. For arrangements containing leases, the Company recognizes leases on the Consolidated Balance Sheets as right of use assets and corresponding lease liabilities. Lease-related assets, or right of use assets, are recognized on the lease commencement date at amounts equal to the respective lease liabilities, adjusted for prepaid lease payments, initial direct costs, and lease incentives received. Lease-related liabilities are recognized at the present value of the remaining contractual fixed lease payments, discounted using our incremental borrowing rate. Operating lease expense is recognized on a straight-line basis over the lease term, while variable lease payments are expensed as incurred.

ASC Topic 842 “Leases” requires the use of the rate implicit in the lease whenever this rate is readily determinable. If not readily determinable, the Company utilizes its incremental borrowing rate at lease inception, on a collateralized basis, over a similar term. For operating leases existing prior to January 1, 2019, the Company used a borrowing rate that corresponded to the remaining lease term.

The Company’s lease agreements often include one or more options to renew at the Company’s discretion. If, at lease inception, the Company considers the exercising of a renewal option to be reasonably certain, the Company will include the extended term in the calculation of its right of use assets and lease liabilities.

Long-Lived Assets

Long-lived assets, including premises and equipment, right of use assets, and intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. An impairment loss is recognized when estimated undiscounted future cash flows from operations of the asset are less than the carrying value of the asset. Cash flows used for this analysis are those directly associated with, and that are expected to arise as a direct result of, the use and eventual disposition of the asset. An impairment loss would be measured by the amount by which the carrying value of the asset exceeds its fair value.

Other Real Estate Owned and Other Repossessed Assets

OREO and other repossessed assets represent properties and other assets acquired through foreclosure or other proceedings in settlement of loans. OREO and other repossessed assets are recorded at the fair value of the property or asset, less estimated costs of disposal, which establishes a new cost basis. Any adjustment to fair value at the time of transfer to OREO or other repossessed assets is charged to the ACL. OREO property and other repossessed assets are evaluated regularly to ensure the recorded amount is supported by its current fair value, and valuation allowances to reduce the carrying amount to fair value less estimated costs to dispose are recorded, as necessary. OREO and other repossessed assets are included in other assets on the Consolidated Balance Sheets. Revenue, expense, gains, and losses from the operations of foreclosed assets are included in earnings.

Goodwill and Other Intangibles

Goodwill represents the excess of the consideration transferred in a business combination over the fair value of the net assets acquired. Goodwill is not amortized but is subject to at least annual impairment assessments. The Company has established December 31 as the annual impairment assessment date. As part of this analysis, each reporting unit's carrying value is compared to its fair value.

The Company estimates the fair value of its reporting units as of the measurement date utilizing valuation methodologies including comparable company analysis and precedent transaction analysis. Goodwill is considered impaired if the carrying value of the reporting unit exceeds its fair value. There was no impairment as of December 31, 2022, or 2021. See “Note 7. Goodwill and Other Intangible Assets” for further discussion.

Other intangible assets consist of core deposit and acquired customer relationship intangible assets arising from acquisitions and are amortized over their estimated useful lives.

Cash Surrender Value of Bank Owned Life Insurance

The Company has purchased, or acquired through acquisitions, life insurance policies on certain executives and senior officers. Life insurance is recorded at its cash surrender value, which estimates its fair value.

The Company maintains a liability for post-employment benefits promised to an employee based on an arrangement between the Company and an employee. In an endorsement split-dollar life insurance arrangement, the employer owns and controls the policy, and the employer and employee split the life insurance policy’s cash surrender value and/or death benefits. If the employer agrees to maintain a life insurance policy during the employee’s retirement, the present value of the cost of maintaining the insurance policy would be accrued over the employee’s active service period. Similarly, if the employer agrees to provide the employee with a death benefit, the present value of the death benefit would be accrued over the employee’s active service period. The Company has an accrued liability of $5.6 million as of December 31, 2022, included in other liabilities, for these arrangements, compared with $5.5 million as of December 31, 2021.

FHLB Stock

Busey Bank is a member of the FHLB system. FHLB members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB stock is carried at cost in other assets in our Consolidated Balance Sheet. Dividends are reported as income.

The Company's investment in FHLB stock was $19.0 million as of December 31, 2022, and $6.2 million as of December 31, 2021.

Other Asset Investments

The Company has invested in certain tax-advantaged projects promoting affordable housing, new markets, and historic rehabilitation. These investments are designed to generate returns primarily though the realization of federal and state income tax credits and other tax benefits, such as tax deductions from operating losses of the investments, over specified time periods. In addition, the Company has private equities, which are primarily small business investment companies in the financial technology, agricultural, environmental, and affordable housing preservation markets. These investments are considered to be variable interest entities, and are accounted for under the equity method or deferral method, as appropriate. The Company is not required to consolidate variable interest entities in which it has concluded it does not have a controlling financial interest, and is not the primary beneficiary.

The following table summarizes the impact of the Company’s other asset investments on our Consolidated Balance Sheets for the periods indicated (dollars in thousands):


		As of December 31,
	Location	2022		2021
Other asset investments
Funded investments	Other assets	$	58,912	$	37,417
Unfunded investments	Other assets	67,437		52,765
Other asset investments		$	126,349	$	90,182

Unfunded investment obligations	Other liabilities	$	(67,437)	$	(52,765)

Further, the Company owns Visa Class B shares, recorded at a nominal carrying value. These shares are subject to certain transfer restrictions currently and will be convertible into Visa Class A shares upon final resolution of certain litigation matters involving Visa.

Transfers of Financial Assets

Transfers of financial assets are accounted for as sales only when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when: (i) the assets have been isolated from the Company, (ii) the transferee obtains the right to pledge or exchange the assets it receives, and no condition both constrains the transferee from taking advantage of its right to pledge or exchange and provides more than a trivial benefit to the transferor, and (iii) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity or the ability to unilaterally cause the holder to return specific assets.

Income Taxes

The Company is subject to income taxes in U.S. federal and various state jurisdictions. The Company and its subsidiaries file consolidated federal and state income tax returns with each subsidiary computing its taxes on a separate entity basis. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. With few exceptions, the Company is no longer subject to U.S. federal, state, or local tax examinations by tax authorities for the years before 2017.

Under GAAP, a valuation allowance is required to be recognized if it is more likely than not that the deferred tax assets will not be realized. The determination of the recoverability of the deferred tax assets is highly subjective and dependent upon judgment concerning management’s evaluation of both positive and negative evidence, the forecasts of future income, applicable tax planning strategies, and assessments of current and future economic and business conditions.

Management believes that it is more likely than not that the deferred tax assets included in the accompanying Consolidated Financial Statements will be fully realized. The Company determined that no valuation allowance was required as of December 31, 2022, or 2021.

Positions taken in tax returns may be subject to challenge upon examination by the taxing authorities. Uncertain tax positions are initially recognized in the Consolidated Financial Statements when it is more likely than not the position will not be sustained upon examination by the tax authorities. Such tax positions are both initially and subsequently measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon settlement with the tax authority, assuming full knowledge of the position and all relevant facts. When applicable, the Company recognizes interest accrued related to unrecognized tax benefits and penalties in operating expenses. The Company had no accruals for payments of interest and penalties at December 31, 2022, or 2021.

At December 31, 2022, the Company was not under examination by any tax authority; however, we have received an inquiry from the State of Illinois regarding our prior franchise tax filings. In the event the Company is required to amend our prior franchise tax filings, we could incur additional expenses.

Treasury Stock

Treasury stock acquired is recorded at cost. Treasury stock issued is valued based on the “first-in, first-out” method. Gains and losses on issuance are recorded as increases or decreases to additional paid-in capital.

Stock-Based Employee Compensation

The 2020 Equity Plan was approved by stockholders at the 2020 Annual Meeting of Stockholders. A description of the 2020 Equity Plan can be found in the Company’s Proxy Statement for the 2020 Annual Meeting of Stockholders filed on April 9, 2020. The 2020 Equity Plan replaces the 2010 Equity Incentive Plan and the First Community 2016 Equity Incentive Plan, which, from time to time, the Company used to grant equity awards to legacy employees of First Community. Under the terms of the 2020 Equity Plan, the Company has granted RSU, DSU and PSU awards.

The Company’s equity incentive plans are designed to encourage ownership of its common stock by its employees and directors, to provide additional incentive for them to promote the success of the Company’s business, and to attract and retain talented personnel. All of the Company’s employees and directors and those of its subsidiaries are eligible to receive awards under the plans.

The Company grants RSU awards 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.

The Company grants DSU awards, which are RSU awards 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 Company’s 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.

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 market or other performance goals, subject to accelerated service-based vesting conditions upon eligible retirement from the Company.

The Company has outstanding stock options assumed from acquisitions.

In 2021, the stockholders of First Busey approved the 2021 ESPP, and since the purchase price under the plan is 85% of the fair value of a share of common stock (a 15% discount to the market price), the plan is considered to be a compensatory plan under current accounting guidance. Therefore, the entire amount of the discount is recognized in salaries, wages, and employee benefits on the Consolidated Statements of Income.

See “Note 14. Stock-based Compensation” for further discussion.

Segment Disclosure

Operating segments are components of a business that (i) engage in business activities from which the component may earn revenues and incur expenses; (ii) have operating results that are reviewed regularly by the entity’s chief operating decision maker to make decisions about resources to be allocated to the segments and assess their performance; and (iii) for which discrete financial information is available. The Company’s operations are managed along three operating segments consisting of Banking, FirsTech, and Wealth Management. See “Note 21. Operating Segments and Related Information” for further discussion.

Business Combinations

Business combinations are accounted for under ASC Topic 805 “Business Combinations” using the acquisition method of accounting. The acquisition method of accounting requires an acquirer to recognize the assets acquired and the liabilities assumed at the acquisition date measured at their estimated fair values as of that date. To determine the fair values, the Company may utilize third-party valuations, such as appraisals, or internal valuations based on discounted cash flow analyses or other valuation techniques. Under the acquisition method of accounting, the Company will identify the acquirer and the closing date and apply applicable recognition principles.

Operating results generated from acquired businesses are included with the Company’s results of operations starting from each date of acquisition. Acquisition related costs are costs the Company incurs to effect a business combination. Those costs may include legal, accounting, valuation, other professional or consulting fees, system conversions, and marketing costs. The Company accounts for acquisition related costs as expenses in the periods in which the costs are incurred and the services are received. Costs that the Company expects, but is not obligated to incur in the future, to effect its plan to exit an activity of an acquiree or to terminate the employment of an acquiree’s employees are not liabilities at the acquisition date. Instead, the Company recognizes these costs in its post-combination Consolidated Financial Statements in accordance with other applicable accounting guidance.

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.

Interest Rate Swaps 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 other comprehensive income (loss) 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 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 an equal and offsetting derivative with a third-party dealer. 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.

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 Consolidated Financial Statements, 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 best-efforts 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 Consolidated Financial Statements. 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.

Risk Participation Agreements

The Company has entered into a risk participation agreement to manage the credit risk of its derivative position. This agreement transfers counterparty credit risk related to an interest rate swap to another financial institution. In this type of transaction, the Company (purchaser) has a swap agreement with a customer. The Company then enters into a risk participation agreement with a counterparty (seller), under which the counterparty receives a fee to accept a portion of the credit risk. If the customer defaults on the swap contract, the counterparty to the risk participation agreement must reimburse the Company for the counterparty's percentage of the positive fair value of the customer swap as of the default date. If the customer swap has a negative fair value, the counterparty has no reimbursement requirements. If the customer defaults on the swap contract and the counterparty (seller) fulfills its payment obligations under the risk participation agreement, the seller is entitled to a pro rata share of the Company’s claim against the customer under the terms of the swap agreement.

Off-Balance Sheet Arrangements

The Company is a party to credit-related financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the Consolidated Balance Sheets. The Company’s exposure to credit loss is represented by the contractual amount of those commitments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments.

Commitments to extend credit are agreements to lend to a customer as long as no condition established in the contract has been violated. These commitments are generally at variable interest rates and generally have fixed expiration dates or other termination clauses and may require payment of a fee. The commitments for equity lines of credit may expire without being drawn upon. Therefore, the total commitment amounts do not necessarily represent future cash requirements. These commitments may be secured based on management’s credit evaluation of the borrower.

Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer’s obligation to a third-party. Those guarantees are primarily issued to support public and private borrowing arrangements, including bond financing and similar transactions, and primarily have terms of two years or less. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The Company holds collateral, which may include accounts receivable, inventory, property and equipment, and income producing properties, supporting those commitments if deemed necessary. In the event the customer does not perform in accordance with the terms of the agreement with the third-party, the Company would be required to fund the commitment. If the commitment is funded, the Company would be entitled to seek recovery from the customer.

The Company estimates expected credit losses for off-balance sheet arrangements over the contractual period in which it is exposed to credit risk via a present contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the issuer. To be considered unconditionally cancellable for accounting purposes, the Company must have the ability to, at any time, with or without cause, refuse to extend credit under the commitment. Off-balance-sheet credit exposure segments share the same risk characteristics as portfolio loans. The Company incorporates a probability of funding and utilizes the ACL loss rates to calculate the reserve. The reserve for off-balance-sheet credit exposure is carried on the Consolidated Balance Sheets in other liabilities rather than as a component of the ACL. The reserve for off-balance-sheet credit exposure is adjusted as a provision for off-balance-sheet credit exposure reported as a component of noninterest expense in the accompanying Consolidated Statements of Income. Liabilities recorded as reserves for the Company’s off-balance sheet credit exposure under these commitments was $6.6 million as of December 31, 2022, and was $6.5 million as of December 31, 2021.

Fair Value of Financial Instruments

Fair value of financial instruments is estimated using relevant market information and other assumptions, as more fully disclosed in “Note 18. Fair Value Measurements.” Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect these estimates.

Revenue

ASC Topic 606 “Revenue from Contracts with Customers” outlines a single model for companies to use in accounting for revenue arising from contracts with customers and supersedes most prior revenue recognition guidance, including industry-specific guidance. ASC Topic 606 requires that companies recognize revenue based on the value of transferred goods or services as they occur in the contract and establishes additional disclosures. The Company’s revenue is comprised of net interest income, which is explicitly excluded from the scope of ASC Topic 606, and noninterest income. The Company has evaluated its noninterest income and the nature of its contracts with customers and determined that further disaggregation of revenue beyond what is presented in the accompanying Consolidated Financial Statements is not necessary. The Company satisfies its performance obligations on its contracts with customers as services are rendered so there is limited judgment involved in applying ASC Topic 606 that affects the determination of the timing and amount of revenue from contracts with customers.

Descriptions of the Company’s primary revenue generating activities that are within the scope of ASC Topic 606, and are presented in the accompanying Consolidated Statements of Income as components of noninterest income, include wealth management fees, payment technology solutions, and fees for customer services.

Wealth Management Fees

Wealth management fees represent fees due from wealth management customers as consideration for managing the customers' assets. Wealth management and trust services include custody of assets, investment management, fees for trust services, and other fiduciary activities. Also included are fees received from a third-party broker-dealer as part of a revenue sharing agreement for fees earned from customers that the Company refers to the third party. Revenue is recognized when the performance obligation is completed, which is generally monthly.

Payment Technology Solutions

Payment technology solutions revenue represents transaction-based fees for technology-driven payment solutions primarily for walk-in, lockbox, interactive voice recognition, and online bill payments through the Company’s subsidiary, FirsTech. Revenue is recognized when the performance obligation is completed, which is generally monthly.

Fees for Customer Services

Fees for customer services consist of time-based revenue from service fees for account maintenance, item-based revenue from fee-based activity, and transaction-based fee revenue. Revenue is recognized when the performance obligation is completed, which is generally monthly for account maintenance services or when a transaction has been completed. Payments for such performance obligations are generally received at the time the performance obligations are satisfied.

Reclassifications

Reclassifications have been made to certain prior year account balances, with no effect on net income or stockholders’ equity, to be consistent with the classifications adopted as of and for the year ended December 31, 2022.

Subsequent Events

The Company has evaluated subsequent events for potential recognition and/or disclosure through the date the Consolidated Financial Statements included in this Annual Report on Form 10-K were issued. There were no significant subsequent events for the year ended December 31, 2022, through the filing date of these Consolidated Financial Statements.

Impact of Recently Adopted Accounting Standards

ASU 2022-06 “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848” deferred the sunset date of ASC Topic 848 from December 31, 2022, to December 31, 2024, extending the time during which entities may apply certain practical expedients for contract modifications that replace a reference to LIBOR or another reference rate that is expected to be discontinued as a result of reference rate reform. This update was effective upon issuance on December 21, 2022. Adoption of this standard did not have a material impact on First Busey’s financial position or results of operations.

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 will be 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 310-20-35-9 through 35-11 “Receivables—Nonrefundable Fees and Other Costs—Subsequent Measurement—Loan Refinancing or Restructuring” 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 became effective for First Busey beginning January 1, 2023. Adoption of this standard is not expected to have a material impact on our financial position or 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 became effective for First Busey beginning January 1, 2023. Adoption of this standard is not expected to have a material impact on our financial position or 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 became effective for First Busey beginning January 1, 2023. This standard applies prospectively to all business combinations that occur on or after the date it is adopted. Adoption of this standard is not expected to have a material impact on our financial position or results of operations.

SIGNIFICANT ACCOUNTING POLICIES - FHLB Stock (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Investment in FHLB stock	$ 19.0	$ 6.2

OTHER REAL ESTATE OWNED AND OTHER REPOSSESSED ASSETS - Summary of activity related to OREO and other repossessed assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Changes in OREO and other repossessed assets
OREO and other repossessed assets beginning balance	$ 4,416	$ 4,571	$ 3,057
Additions, transfers from loans	175	1,610	2,867
Sales	(2,565)	(1,721)	(1,282)
Cash payments collected	(565)	(43)	(3)
Impairment of OREO and other repossessed assets	(611)	(1)	(68)
OREO and other repossessed assets ending balance	$ 850	$ 4,416	$ 4,571

PORTFOLIO LOANS - Schedule of details of impaired loans, segregated by category (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Troubled Debt Restructuring [Line Items]
Unpaid Principal Balance	$ 20,608	$ 19,489
Recorded investment with no allowance	5,801	8,865
Recorded investment with allowance	9,846	6,515
Total recorded investment	15,647	15,380
Related Allowance	4,501	3,589
Average Recorded Investment	14,551	19,556
Commercial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Unpaid Principal Balance	9,589	10,247
Recorded investment with no allowance	656	498
Recorded investment with allowance	5,918	6,490
Total recorded investment	6,574	6,988
Related Allowance	2,476	3,564
Average Recorded Investment	6,761	8,791
Commercial real estate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Unpaid Principal Balance	8,039	6,456
Recorded investment with no allowance	2,334	5,750
Recorded investment with allowance	3,903	0
Total recorded investment	6,237	5,750
Related Allowance	2,000	0
Average Recorded Investment	5,219	6,390
Real estate construction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Unpaid Principal Balance	247	272
Recorded investment with no allowance	247	272
Recorded investment with allowance	0	0
Total recorded investment	247	272
Related Allowance	0	0
Average Recorded Investment	260	282
Retail real estate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Unpaid Principal Balance	2,733	2,514
Recorded investment with no allowance	2,564	2,345
Recorded investment with allowance	25	25
Total recorded investment	2,589	2,370
Related Allowance	25	25
Average Recorded Investment	$ 2,311	$ 4,093

DERIVATIVE FINANCIAL INSTRUMENTS - Mortgage Banking Derivatives (Details) - USD ($) $ in Thousands	Dec. 31, 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	$ 1,517	$ 19,384
Fair value recorded in other assets	16	206
Derivatives with negative fair value
Notional Amount	83	499
Fair value recorded in other liabilities	1	6
Forward sales commitments
Derivatives with positive fair value
Notional Amount	83	1,884
Fair value recorded in other assets	1	10
Derivatives with negative fair value
Notional Amount	2,757	41,002
Fair value recorded in other liabilities	39	439
Mortgage banking derivatives recorded in other assets \| Designated as Hedging Instrument
Derivatives with positive fair value
Notional Amount	1,600	21,268
Fair value recorded in other assets	17	216
Derivatives with negative fair value
Notional Amount	2,840	41,501
Fair value recorded in other liabilities	$ 40	$ 445

DEBT SECURITIES

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

DEBT SECURITIES

The Company reassessed classification of certain securities in 2022, and transferred a portion of its commercial and residential mortgage-backed securities from available for sale to held to maturity. The transfers occurred at fair value. The unrecognized loss associated with these securities is in OCI, and is being amortized out of OCI with an offsetting entry to investment securities interest income as a yield adjustment over the remaining contractual lives of the securities. No gain or loss was recorded at the time of the transfer.

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


	As of December 31, 2022
	Amortized Cost		Unrealized				Fair Value
			Gross Gains		Gross Losses
Debt securities available for sale
U.S. Treasury securities	$	117,805	$	—	$	(3,744)	$	114,061
Obligations of U.S. government corporations and agencies	20,097		3		(321)		19,779
Obligations of states and political subdivisions	283,481		106		(26,075)		257,512
Asset-backed securities	489,558		—		(19,683)		469,875
Commercial mortgage-backed securities	124,423		—		(16,029)		108,394
Residential mortgage-backed securities	1,463,971		2		(220,717)		1,243,256
Corporate debt securities	273,118		33		(24,635)		248,516
Total debt securities available for sale	$	2,772,453	$	144	$	(311,204)	$	2,461,393

	Amortized Cost		Unrecognized				Fair Value
			Gross Gains		Gross Losses
Debt securities held to maturity
Commercial mortgage-backed securities	$	474,820	$	—	$	(63,738)	$	411,082
Residential mortgage-backed securities	443,492		—		(69,279)		374,213
Total debt securities held to maturity	$	918,312	$	—	$	(133,017)	$	785,295


	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

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 December 31, 2022
	Amortized Cost		Fair Value
Debt securities available for sale
Due in one year or less	$	135,698	$	133,967
Due after one year through five years	395,914		368,754
Due after five years through ten years	364,065		330,280
Due after ten years	1,876,776		1,628,392
Debt securities available for sale	$	2,772,453	$	2,461,393

Debt securities held to maturity

Due after one year through five years	$	44,392	$	41,483
Due after five years through ten years	64,593		57,955
Due after ten years	809,327		685,857
Debt securities held to maturity	$	918,312	$	785,295

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


	Years Ended December 31,
		2022		2021		2020
Realized gains and losses on debt securities
Gross gains on debt securities		$	115	$	543	$	1,732
Gross (losses) on debt securities		(89)		(514)		(8)
Realized net gains (losses) on debt securities1		$	26	$	29	$	1,724

___________________________________________

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

Debt securities with carrying amounts of $746.7 million on December 31, 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.

The following information pertains to debt securities with gross unrealized and unrecognized 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 December 31, 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 securities1	$	74	$	—	$	113,987	$	(3,744)	$	114,061	$	(3,744)
Obligations of U.S. government corporations and agencies	19,603		(321)		—		—		19,603		(321)
Obligations of states and political subdivisions	166,147		(10,059)		75,217		(16,016)		241,364		(26,075)
Asset-backed securities	390,164		(15,648)		79,711		(4,035)		469,875		(19,683)
Commercial mortgage-backed securities	89,428		(12,623)		18,966		(3,406)		108,394		(16,029)
Residential mortgage-backed securities	366,221		(38,111)		876,668		(182,606)		1,242,889		(220,717)
Corporate debt securities	39,037		(5,079)		204,310		(19,556)		243,347		(24,635)
Debt securities available for sale with gross unrealized losses	$	1,070,674	$	(81,841)	$	1,368,859	$	(229,363)	$	2,439,533	$	(311,204)

	Less than 12 months				12 months or more				Total
	Fair Value		Unrecognized Losses		Fair Value		Unrecognized Losses		Fair Value		Unrecognized Losses
Debt securities held to maturity
Commercial mortgage-backed securities	$	58,065	$	(8,009)	$	353,017	$	(55,729)	$	411,082	$	(63,738)
Residential mortgage-backed securities	—		—		374,213		(69,279)		374,213		(69,279)
Debt securities held to maturity with gross unrecognized losses	$	58,065	$	(8,009)	$	727,230	$	(125,008)	$	785,295	$	(133,017)

___________________________________________

1.Unrealized losses for U.S. Treasury securities that have been in a continuous loss position for less than 12 months were insignificant, rounding to zero thousand.


	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 or unrecognized loss position is presented in the tables below (dollars in thousands):


	As of December 31, 2022
	Available for Sale			Held to Maturity			Total
Debt securities with gross unrealized or unrecognized losses, fair value	$	2,439,533		$	785,295		$	3,224,828
Gross unrealized or unrecognized losses on debt securities	311,204			133,017			444,221
Ratio of gross unrealized or unrecognized losses to debt securities with gross unrealized or unrecognized losses	12.8		%	16.9		%	13.8		%

Count of debt securities	1,091			55			1,146
Count of debt securities in an unrealized or unrecognized loss position	1,032			55			1,087


	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 and unrecognized 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 or unrecognized 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 December 31, 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.

SIGNIFICANT ACCOUNTING POLICIES - Trust Assets (Details) - USD ($) $ in Billions	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Assets under care	$ 11.1	$ 12.7

PARENT COMPANY ONLY FINANCIAL INFORMATION - Statements of Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Dividends from subsidiaries:
Other income	$ 14,822	$ 10,292	$ 8,356
Expense:
Salaries, wages, and employee benefits	159,016	145,312	126,719
Interest expense	36,548	28,102	43,663
Income tax benefit	(33,426)	(33,374)	(27,862)
Equity in undistributed (in excess of) net income of subsidiaries:
Net income	128,311	123,449	100,344
Parent Company
Dividends from subsidiaries:
Bank	95,000	60,000	122,000
Non-bank	1,630	1,745	0
Interest income	1,094	79	154
Gains (losses) recognized on equity securities, net	(2,159)	3,041	(393)
Other income	15,195	12,109	10,083
Total operating income	110,760	76,974	131,844
Expense:
Salaries, wages, and employee benefits	20,964	17,914	16,205
Interest expense	17,854	15,163	12,056
Operating expense	7,294	7,429	7,685
Total expense	46,112	40,506	35,946
Income (loss) before income tax benefit and equity in undistributed (in excess of) net income of subsidiaries	64,648	36,468	95,898
Income tax benefit	8,286	8,974	7,727
Income (loss) before equity in undistributed (in excess of) net income of subsidiaries	72,934	45,442	103,625
Equity in undistributed (in excess of) net income of subsidiaries:
Bank	55,986	77,941	(5,221)
Non-bank	(609)	66	1,940
Net income	$ 128,311	$ 123,449	$ 100,344

STOCK-BASED COMPENSATION - 2021 Employee Stock Purchase Plan (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jul. 01, 2021
Share-based Compensation
Compensation expense recognized	$ 8,968,000	$ 7,864,000	$ 7,135,000
Stock options
Share-based Compensation
Compensation expense recognized	0	$ 0	$ 0
Unrecognized stock-based compensation expense	$ 0
2021 ESPP
Share-based Compensation
Discount through voluntary payroll deductions (as percentage)	15.00%
Remaining shares available for issuance (in shares)	512,225			600,000

OUTSTANDING COMMITMENTS AND CONTINGENT LIABILITIES

12 Months Ended

Dec. 31, 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 the 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 December 31,
	2022		2021
Financial instruments whose contract amounts represent credit risk
Commitments to extend credit	$	1,991,769	$	1,983,655
Standby letters of credit	33,008		32,552
Total commitments	$	2,024,777	$	2,016,207

STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 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	Intrinsic Value
Options outstanding at December 31, 2021	31,386	$	23.53	4.88	$	113
Exercised	(4,840)	23.53

Expired	(440)	23.53
Options outstanding at December 31, 2022	26,106	$	23.53	3.88	$	31

Options exercisable at December 31, 2022	26,106	$	23.53	3.88	$	31

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

A summary of changes in the Company’s RSU awards for the year ended December 31, 2022, is as follows:


	RSU Awards
	Shares	Weighted- Average Grant Date Fair Value
Nonvested at December 31, 2021	1,147,927	$	23.97
Granted	156,483	25.79
Dividend equivalents earned	43,916	24.83
Vested	(203,230)	27.66
Forfeited	(48,165)	23.46

Nonvested at December 31, 2022	1,096,931	23.61

A summary of changes in the Company’s PSU awards for the year ended December 31, 2022, is as follows:


	PSU Awards
	Shares1	Weighted- Average Grant Date Fair Value
Nonvested at December 31, 2021	113,915	$	22.86
Granted	195,240	26.14
Dividend equivalents earned2	832	22.63
Vested2	(8,694)	16.86
Forfeited2	(8,080)	25.21
Adjustment for performance conditions2,3	(7,862)	16.25
Nonvested at December 31, 2022	285,351	25.40

Vested and outstanding at December 31, 2022	8,694	16.86

___________________________________________

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

2.PSUs granted in 2020 vested on December 31, 2022. In January 2023, it was determined that performance criteria had been met at 50% of target.

3.Adjustments for performance conditions represent the difference between the number of target shares at grant date and the number of actual shares earned for the performance period completed.

A summary of changes in the Company’s DSU awards for the year ended December 31, 2022, is as follows:


	DSU Awards
		Shares	Weighted- Average Grant Date Fair Value
Nonvested at December 31, 2021		34,135	$	24.59
Granted		32,658	25.79
Dividend equivalents earned		5,473	24.47
Vested		(41,181)	24.67


Nonvested at December 31, 2022		31,085	25.75

Vested and outstanding at December 31, 2022		112,434	23.10

Schedule of Stock-based compensation expense

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


	Years Ended December 31,
		2022		2021		2020
Stock-based compensation expense

RSU awards		$	4,648	$	5,809	$	6,493
PSU awards1		3,240		979		77
DSU awards		876		962		565
2021 ESPP		204		114		—
Total stock-based compensation expense		$	8,968	$	7,864	$	7,135

___________________________________________

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.

Schedule of Unamortized stock-based compensation expense

Unamortized stock-based compensation expense is presented in the table below (dollars in thousands):


	As of December 31,
	2022		2021
Unamortized stock-based compensation
RSU awards	$	8,570	$	10,204
PSU awards1	4,279		1,547
DSU awards	175		209
Total unamortized stock-based compensation	$	13,024	$	11,960

Weighted average period over which expense is to be recognized	2.5 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.

LEASES - Busey as the Lessor (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Rental income	$ 707	$ 566	$ 228

EARNINGS PER SHARE - Schedule of computation of earnings per common share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net income per share calculations for basic and diluted methods
Net income	$ 128,311	$ 123,449	$ 100,344
Shares:
Weighted average number of common shares outstanding, basic (in shares)	55,387,073	55,369,476	54,567,429
Weighted average number of common shares outstanding, diluted (in shares)	56,137,164	56,008,805	54,826,939
Basic earnings per common share (in dollars per share)	$ 2.32	$ 2.23	$ 1.84
Diluted earnings per common share (in dollars per share)	$ 2.29	$ 2.20	$ 1.83
Options
Shares:
Dilutive effect of common stock equivalents (in shares)	1,632	1,639	900
Warrants
Shares:
Dilutive effect of common stock equivalents (in shares)	1,753	1,753	1,469
RSU awards
Shares:
Dilutive effect of common stock equivalents (in shares)	665,998	615,759	252,153
PSU awards
Shares:
Dilutive effect of common stock equivalents (in shares)	58,206	5,429	0
DSU awards
Shares:
Dilutive effect of common stock equivalents (in shares)	15,532	10,641	4,988
ESPP
Shares:
Dilutive effect of common stock equivalents (in shares)	6,970	4,108	0

REGULATORY CAPITAL

12 Months Ended

Dec. 31, 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 December 31, 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 December 31, 2022, that would change this designation.

Current Expected Credit Loss Model

On August 26, 2020, the FDIC and other federal banking agencies adopted a final rule which provided banking organizations that adopted 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. 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. 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. On January 1, 2022, 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 December 31, 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	$	1,081,686	11.96	%	$	406,980	4.50	%	$	587,861	6.50	%
Busey Bank	1,306,716		14.49	%	405,736		4.50	%	586,063		6.50	%

Tier 1 Capital to Risk Weighted Assets
Consolidated	$	1,155,686	12.78	%	$	542,640	6.00	%	$	723,521	8.00	%
Busey Bank	1,306,716		14.49	%	540,981		6.00	%	721,308		8.00	%

Total Capital to Risk Weighted Assets
Consolidated	$	1,457,994	16.12	%	$	723,521	8.00	%	$	904,401	10.00	%
Busey Bank	1,384,024		15.35	%	721,308		8.00	%	901,635		10.00	%

Leverage Ratio of Tier 1 Capital to Average Assets
Consolidated	$	1,155,686	9.45	%	$	489,124	4.00	%	N/A		N/A
Busey Bank	1,306,716		10.72	%	487,541		4.00	%	$	609,426	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 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%.

Subsidiary Dividend Payments

The ability of the Company to pay cash dividends to its stockholders and to service its debt is dependent on the receipt of cash dividends from its subsidiaries. Under applicable regulatory requirements, an Illinois state-chartered bank, such as Busey Bank, may not pay dividends in excess of its net profits. Busey Bank paid dividends to the Company of $95.0 million, $60.0 million, and $122.0 million during the years ended December 31, 2022, 2021, and 2020, respectively.

- 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

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 128,311	$ 123,449	$ 100,344
Unrealized/Unrecognized gains (losses) on debt securities:
Net unrealized holding gains (losses) on debt securities available for sale, net of taxes of $79,460, $23,367, and $(8,615)	(199,302)	(58,610)	21,561
Net unrecognized gains (losses) on debt securities transferred to held to maturity from available for sale, net of taxes of $13,812, $—, and $—, respectively	(34,644)	0	0
Reclassification adjustment for realized (gains) losses on debt securities available for sale included in net income, net of taxes of $7, $(17), and $496, respectively	(19)	44	(1,228)
Amortization of unrecognized losses on securities transferred to held to maturity, net of taxes of $(1,893), $—, and $—, respectively	4,745	0	0
Net change in unrealized/unrecognized gains (losses) on debt securities	(229,220)	(58,566)	20,333
Unrealized gains (losses) on cash flow hedges:
Net unrealized holding gains (losses) on cash flow hedges, net of taxes of $8,258, $(294), and $1,007, respectively	(20,717)	736	(2,526)
Reclassification adjustment for realized (gains) losses on cash flow hedges included in net income, net of taxes of $(166), $(304), and $(216), respectively	417	763	542
Net change in unrealized gains (losses) on cash flow hedges	(20,300)	1,499	(1,984)
Net change in AOCI	(249,520)	(57,067)	18,349
Total comprehensive income	$ (121,209)	$ 66,382	$ 118,693

DEBT SECURITIES - Debt securities in an unrealized loss position (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value
Less than 12 months	$ 1,070,674	$ 2,676,734
12 months or more	1,368,859	106,443
Total	2,439,533	2,783,177
Unrealized Losses
Less than 12 months	(81,841)	(49,847)
12 months or more	(229,363)	(4,807)
Total	(311,204)	(54,654)
Fair Value
Less than 12 months	58,065
12 months or more	727,230
Total	785,295	0
Unrealized Losses
Less than 12 months	(8,009)
12 months or more	(125,008)
Total	(133,017)	0
U.S. Treasury securities
Fair Value
Less than 12 months	74	163,653
12 months or more	113,987	0
Total	114,061	163,653
Unrealized Losses
Less than 12 months	0	(1,047)
12 months or more	(3,744)	0
Total	(3,744)	(1,047)
Obligations of U.S. government corporations and agencies
Fair Value
Less than 12 months	19,603
12 months or more	0
Total	19,603
Unrealized Losses
Less than 12 months	(321)
12 months or more	0
Total	(321)
Obligations of states and political subdivisions
Fair Value
Less than 12 months	166,147	92,680
12 months or more	75,217	0
Total	241,364	92,680
Unrealized Losses
Less than 12 months	(10,059)	(1,493)
12 months or more	(16,016)	0
Total	(26,075)	(1,493)
Asset-backed securities
Fair Value
Less than 12 months	390,164	89,983
12 months or more	79,711	0
Total	469,875	89,983
Unrealized Losses
Less than 12 months	(15,648)	(164)
12 months or more	(4,035)	0
Total	(19,683)	(164)
Commercial mortgage-backed securities
Fair Value
Less than 12 months	89,428	389,078
12 months or more	18,966	85,905
Total	108,394	474,983
Unrealized Losses
Less than 12 months	(12,623)	(10,186)
12 months or more	(3,406)	(3,580)
Total	(16,029)	(13,766)
Fair Value
Less than 12 months	58,065
12 months or more	353,017
Total	411,082
Unrealized Losses
Less than 12 months	(8,009)
12 months or more	(55,729)
Total	(63,738)
Residential mortgage-backed securities
Fair Value
Less than 12 months	366,221	1,700,187
12 months or more	876,668	20,538
Total	1,242,889	1,720,725
Unrealized Losses
Less than 12 months	(38,111)	(33,453)
12 months or more	(182,606)	(1,227)
Total	(220,717)	(34,680)
Fair Value
Less than 12 months	0
12 months or more	374,213
Total	374,213
Unrealized Losses
Less than 12 months	0
12 months or more	(69,279)
Total	(69,279)
Corporate debt securities
Fair Value
Less than 12 months	39,037	241,153
12 months or more	204,310	0
Total	243,347	241,153
Unrealized Losses
Less than 12 months	(5,079)	(3,504)
12 months or more	(19,556)	0
Total	$ (24,635)	$ (3,504)

DEBT SECURITIES - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Asset Pledged as Collateral
Financial Instruments Owned and Pledged as Collateral [Line Items]
Debt securities, carrying amount	$ 746.7	$ 708.9

BORROWINGS - Senior Notes and Subordinate 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
Long-term debt
Issuance of debt				$ 40.0
Interest rate				3.75%
3.75% notes maturing May 25, 2022 \| Subordinated Debt
Long-term debt
Debt Instrument, Redemption Amount			$ 60.0
3.75% notes maturing May 25, 2022 \| London Interbank Offered Rate (LIBOR) \| Subordinated Debt
Long-term debt
Floating interest rate margin			2.919%
4.75% notes maturing May 25, 2027 \| Subordinated Debt
Long-term debt
Issuance of debt				$ 60.0
5.25% notes maturing June 1, 2030 \| Subordinated Debt
Long-term debt
Issuance of debt		$ 125.0
Floating interest rate margin		5.11%
Duration of fixed interest rate		5 years
5.25% notes maturing June 1, 2030 \| Base Rate \| Subordinated Debt
Long-term debt
Interest rate		5.25%
5.000% notes maturing June 15, 2032 \| Subordinated Debt
Long-term debt
Issuance of debt	$ 100.0
Fixed to floating interest rate	5.00%
Percentage of principal amount of notes	100.00%
5.000% notes maturing June 15, 2032 \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Subordinated Debt
Long-term debt
Floating interest rate margin	2.52%

EMPLOYEE BENEFIT PLANS

12 Months Ended

Dec. 31, 2022

Employee Benefit Plans

EMPLOYEE BENEFIT PLANS

First Busey Corporation Profit Sharing Plan and Trust (“the 401(k) Plan”)

All associates who meet certain age requirements are eligible to participate in the 401(k) Plan. There is no waiting period for participation in the 401(k) Plan. The 401(k) Plan offers two contribution options: (i) the traditional option allows plan participants to elect pre-tax contributions, and (ii) the Roth option allows plan participants to elect after tax contributions. Plan participants may elect to make traditional and/or Roth 401(k) contributions, up to the annual deferral and catch-up limits established by the Internal Revenue Service.

First Busey supplements participant contributions by making Safe Harbor matching and discretionary profit sharing contributions.

Safe Harbor Match

First Busey makes Safe Harbor matching contributions equal to 100% of the first 3% of eligible contributions and 50% of the next 2% of eligible contributions. The rights of participants in Safe Harbor matching contributions vest immediately.

Profit Sharing

All associates who meet certain age and service requirements are eligible to participate in the Company's profit-sharing contributions. Discretionary profit-sharing contributions and related expenses, if any, are approved solely by the First Busey board of directors, and in no case may annual contributions be greater than the amounts deductible for federal income tax purposes for that year. The rights of participants in profit-sharing contributions vest ratably over a five-year period.

401(k) Plan Expenses

Expenses related to our employee benefit plans, reported in salaries, wages, and employee benefits in the accompanying Consolidated Statements of Income, are summarized in the table below (dollars in thousands):


	Years Ended December 31,
	2022		2021		2020
401(k) Plan expenses
Profit-sharing expenses	$	2,960	$	2,823	$	2,551
Safe Harbor match expenses	$	4,094	$	3,708	$	3,431
Total 401(k) Plan expenses	$	7,054	$	6,531	$	5,982

EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2022

Employee Benefit Plans

Schedule of expenses related to the employee benefit plans


	Years Ended December 31,
	2022		2021		2020
401(k) Plan expenses
Profit-sharing expenses	$	2,960	$	2,823	$	2,551
Safe Harbor match expenses	$	4,094	$	3,708	$	3,431
Total 401(k) Plan expenses	$	7,054	$	6,531	$	5,982

SIGNIFICANT ACCOUNTING POLICIES - Segment Disclosure (Details)	12 Months Ended
	Dec. 31, 2022 segment
Accounting Policies [Abstract]
Number of operating segments	3

PARENT COMPANY ONLY FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

PARENT COMPANY ONLY FINANCIAL INFORMATION

Condensed financial data for First Busey Corporation is presented below.

CONDENSED BALANCE SHEETS

(dollars in thousands)


	As of December 31,
	2022		2021
Assets
Cash and cash equivalents	$	91,812	$	78,217
Equity securities	11,535		13,571
Investments in subsidiaries:
Bank	1,369,261		1,565,226
Non-bank	2,181		2,812
Premises and equipment, net	18		30
Other assets	22,316		22,444
Total assets	$	1,497,123	$	1,682,300

Liabilities and Stockholders' Equity
Liabilities:
Short-term borrowings	$	12,000	$	12,000
Long-term debt	30,000		42,000
Senior notes, net of unamortized issuance costs	—		39,944
Subordinated notes, net of unamortized issuance costs	222,038		182,773
Junior subordinated debentures owed to unconsolidated trusts	71,810		71,635
Other liabilities	15,298		14,836
Total liabilities	351,146		363,188

Total stockholders' equity	1,145,977		1,319,112
Total liabilities and stockholders' equity	$	1,497,123	$	1,682,300

JUNIOR SUBORDINATED DEBT OWED TO UNCOLSOLIDATED TRUSTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Junior subordinated debt owed to unconsolidated trusts
Fair value adjustment, remaining balance to be accreted	$ 2,800
Junior subordinated debt owed to unconsolidated trusts	71,810	$ 71,635
Trust Preferred Securities Subject to Mandatory Redemption
Junior subordinated debt owed to unconsolidated trusts
Maximum of holding companies assets retained	$ 15,000,000
Trust preferred securities qualified as Tier I capital (as a percent)	100.00%
Junior Subordinated Debt \| Trust Preferred Securities Subject to Mandatory Redemption
Junior subordinated debt owed to unconsolidated trusts
Maximum period to defer payment of interest on the notes and, therefore, distributions on the trust preferred securities	5 years
Parent Company
Junior subordinated debt owed to unconsolidated trusts
Junior subordinated debt owed to unconsolidated trusts	$ 71,810	$ 71,635

FAIR VALUE MEASUREMENTS - Schedule of financial assets and financial liabilities measured at fair value on a recurring basis (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Financial assets and financial liabilities measured at fair value
Fair Value	$ 2,461,393	$ 3,981,251
Equity securities	11,535	13,571
Loans held for sale	1,253	23,875
U.S. Treasury securities
Financial assets and financial liabilities measured at fair value
Fair Value	114,061	165,762
Obligations of U.S. government corporations and agencies
Financial assets and financial liabilities measured at fair value
Fair Value	19,779	38,470
Obligations of states and political subdivisions
Financial assets and financial liabilities measured at fair value
Fair Value	257,512	306,869
Asset-backed securities
Financial assets and financial liabilities measured at fair value
Fair Value	469,875	492,186
Commercial mortgage-backed securities
Financial assets and financial liabilities measured at fair value
Fair Value	108,394	614,998
Residential mortgage-backed securities
Financial assets and financial liabilities measured at fair value
Fair Value	1,243,256	2,069,313
Corporate debt securities
Financial assets and financial liabilities measured at fair value
Fair Value	248,516	293,653
Fair Value, Recurring
Financial assets and financial liabilities measured at fair value
Loans held for sale		23,875
Fair Value, Recurring \| Derivative assets
Financial assets and financial liabilities measured at fair value
Derivative assets	42,612	20,314
Fair Value, Recurring \| Derivative liabilities
Financial assets and financial liabilities measured at fair value
Derivative liabilities	72,462	21,501
Fair Value, Recurring \| U.S. Treasury securities
Financial assets and financial liabilities measured at fair value
Fair Value	114,061	165,762
Fair Value, Recurring \| Obligations of U.S. government corporations and agencies
Financial assets and financial liabilities measured at fair value
Fair Value	19,779	38,470
Fair Value, Recurring \| Obligations of states and political subdivisions
Financial assets and financial liabilities measured at fair value
Fair Value	257,512	306,869
Fair Value, Recurring \| Asset-backed securities
Financial assets and financial liabilities measured at fair value
Fair Value	469,875	492,186
Fair Value, Recurring \| Commercial mortgage-backed securities
Financial assets and financial liabilities measured at fair value
Fair Value	108,394	614,998
Fair Value, Recurring \| Residential mortgage-backed securities
Financial assets and financial liabilities measured at fair value
Fair Value	1,243,256	2,069,313
Fair Value, Recurring \| Corporate debt securities
Financial assets and financial liabilities measured at fair value
Fair Value	248,516	293,653
Fair Value, Recurring \| Equity securities
Financial assets and financial liabilities measured at fair value
Equity securities	11,535	13,571
Fair Value, Recurring \| Level 1 Inputs
Financial assets and financial liabilities measured at fair value
Loans held for sale		0
Fair Value, Recurring \| Level 1 Inputs \| Derivative assets
Financial assets and financial liabilities measured at fair value
Derivative assets	0	0
Fair Value, Recurring \| Level 1 Inputs \| Derivative liabilities
Financial assets and financial liabilities measured at fair value
Derivative liabilities	0	0
Fair Value, Recurring \| Level 1 Inputs \| U.S. Treasury securities
Financial assets and financial liabilities measured at fair value
Fair Value	0	0
Fair Value, Recurring \| Level 1 Inputs \| Obligations of U.S. government corporations and agencies
Financial assets and financial liabilities measured at fair value
Fair Value	0	0
Fair Value, Recurring \| Level 1 Inputs \| Obligations of states and political subdivisions
Financial assets and financial liabilities measured at fair value
Fair Value	0	0
Fair Value, Recurring \| Level 1 Inputs \| Asset-backed securities
Financial assets and financial liabilities measured at fair value
Fair Value	0	0
Fair Value, Recurring \| Level 1 Inputs \| Commercial mortgage-backed securities
Financial assets and financial liabilities measured at fair value
Fair Value	0	0
Fair Value, Recurring \| Level 1 Inputs \| Residential mortgage-backed securities
Financial assets and financial liabilities measured at fair value
Fair Value	0	0
Fair Value, Recurring \| Level 1 Inputs \| Corporate debt securities
Financial assets and financial liabilities measured at fair value
Fair Value	0	0
Fair Value, Recurring \| Level 1 Inputs \| Equity securities
Financial assets and financial liabilities measured at fair value
Equity securities	0	0
Fair Value, Recurring \| Level 2 Inputs
Financial assets and financial liabilities measured at fair value
Loans held for sale		23,875
Fair Value, Recurring \| Level 2 Inputs \| Derivative assets
Financial assets and financial liabilities measured at fair value
Derivative assets	42,607	20,314
Fair Value, Recurring \| Level 2 Inputs \| Derivative liabilities
Financial assets and financial liabilities measured at fair value
Derivative liabilities	72,462	21,501
Fair Value, Recurring \| Level 2 Inputs \| U.S. Treasury securities
Financial assets and financial liabilities measured at fair value
Fair Value	114,061	165,762
Fair Value, Recurring \| Level 2 Inputs \| Obligations of U.S. government corporations and agencies
Financial assets and financial liabilities measured at fair value
Fair Value	19,779	38,470
Fair Value, Recurring \| Level 2 Inputs \| Obligations of states and political subdivisions
Financial assets and financial liabilities measured at fair value
Fair Value	257,512	306,869
Fair Value, Recurring \| Level 2 Inputs \| Asset-backed securities
Financial assets and financial liabilities measured at fair value
Fair Value	469,875	492,186
Fair Value, Recurring \| Level 2 Inputs \| Commercial mortgage-backed securities
Financial assets and financial liabilities measured at fair value
Fair Value	108,394	614,998
Fair Value, Recurring \| Level 2 Inputs \| Residential mortgage-backed securities
Financial assets and financial liabilities measured at fair value
Fair Value	1,243,256	2,069,313
Fair Value, Recurring \| Level 2 Inputs \| Corporate debt securities
Financial assets and financial liabilities measured at fair value
Fair Value	248,516	293,653
Fair Value, Recurring \| Level 2 Inputs \| Equity securities
Financial assets and financial liabilities measured at fair value
Equity securities	11,535	13,571
Fair Value, Recurring \| Level 3 Inputs
Financial assets and financial liabilities measured at fair value
Loans held for sale		0
Fair Value, Recurring \| Level 3 Inputs \| Derivative assets
Financial assets and financial liabilities measured at fair value
Derivative assets	5	0
Fair Value, Recurring \| Level 3 Inputs \| Derivative liabilities
Financial assets and financial liabilities measured at fair value
Derivative liabilities	0	0
Fair Value, Recurring \| Level 3 Inputs \| U.S. Treasury securities
Financial assets and financial liabilities measured at fair value
Fair Value	0	0
Fair Value, Recurring \| Level 3 Inputs \| Obligations of U.S. government corporations and agencies
Financial assets and financial liabilities measured at fair value
Fair Value	0	0
Fair Value, Recurring \| Level 3 Inputs \| Obligations of states and political subdivisions
Financial assets and financial liabilities measured at fair value
Fair Value	0	0
Fair Value, Recurring \| Level 3 Inputs \| Asset-backed securities
Financial assets and financial liabilities measured at fair value
Fair Value	0	0
Fair Value, Recurring \| Level 3 Inputs \| Commercial mortgage-backed securities
Financial assets and financial liabilities measured at fair value
Fair Value	0	0
Fair Value, Recurring \| Level 3 Inputs \| Residential mortgage-backed securities
Financial assets and financial liabilities measured at fair value
Fair Value	0	0
Fair Value, Recurring \| Level 3 Inputs \| Corporate debt securities
Financial assets and financial liabilities measured at fair value
Fair Value	0	0
Fair Value, Recurring \| Level 3 Inputs \| Equity securities
Financial assets and financial liabilities measured at fair value
Equity securities	$ 0	$ 0

DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details) $ in Thousands	Dec. 31, 2022 USD ($) agreement	Dec. 31, 2021 USD ($)
Derivative Financial Instruments
Number of risk participant agreement \| agreement	2
Interest Rate Swap \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional amount	$ 300,000
Interest Rate Swap \| Not Designated as Hedging Instrument
Derivative Financial Instruments
Variable rate, commercial loans that are supported by the interest rate swap contracts	576,900	$ 491,400
Interest Rate Swap \| Cash Flow Hedging
Derivative Financial Instruments
Notional amount	350,000	50,000
Debt Swap \| Cash Flow Hedging
Derivative Financial Instruments
Notional amount	50,000	$ 50,000
Debt Swap \| Cash Flow Hedging \| Designated as Hedging Instrument
Derivative Financial Instruments
Notional amount	$ 50,000

INCOME TAXES - Schedule of the deferred tax assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
ACL	$ 26,979	$ 25,884
Unrealized loss on cash flow hedge	8,365	273
Unrealized losses on securities available for sale	88,666	9,199
Unrealized losses on securities held to maturity	11,919	0
Stock-based compensation	5,504	4,204
Deferred compensation	53	55
Purchase accounting adjustments	656	1,213
Accrued vacation	411	398
Lease liabilities	3,564	2,893
Employee costs	3,298	2,847
Other	376	390
Total deferred tax assets	149,791	47,356
Deferred tax liabilities:
Basis in premises and equipment	(1,541)	(1,347)
Affordable housing partnerships and other investments	(6,669)	(3,696)
Purchase accounting adjustments	(1,207)	(1,362)
Mortgage servicing assets	(2,132)	(2,853)
Basis in core deposit, customer intangible assets, and asset purchase goodwill	(6,956)	(9,485)
Deferred loan origination costs	(3,845)	(2,454)
Right of use assets	(3,518)	(2,877)
Unrealized gain on equity securities	(512)	(1,099)
Other	(586)	(560)
Total deferred tax liabilities	(26,966)	(25,733)
Net deferred tax asset	$ 122,825	$ 21,623

TRANSACTIONS WITH RELATED PARTIES (Details) $ in Thousands	12 Months Ended
TRANSACTIONS WITH RELATED PARTIES (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Analysis of the changes in loans to related parties
Balance at beginning of year	$ 42,557
Change in relationship	(11,254)
New loans/advances	39,545
Repayments	(15,507)
Balance at end of year	55,341
Directors and executive officers
Analysis of the changes in loans to related parties
Total unused commitments	$ 12,722

DEBT SECURITIES (Tables)

12 Months Ended

Dec. 31, 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 table below provides the amortized cost, unrealized and unrecognized gains and losses, and fair values of debt securities, summarized by major category (dollars in thousands):


	As of December 31, 2022
	Amortized Cost		Unrealized				Fair Value
			Gross Gains		Gross Losses
Debt securities available for sale
U.S. Treasury securities	$	117,805	$	—	$	(3,744)	$	114,061
Obligations of U.S. government corporations and agencies	20,097		3		(321)		19,779
Obligations of states and political subdivisions	283,481		106		(26,075)		257,512
Asset-backed securities	489,558		—		(19,683)		469,875
Commercial mortgage-backed securities	124,423		—		(16,029)		108,394
Residential mortgage-backed securities	1,463,971		2		(220,717)		1,243,256
Corporate debt securities	273,118		33		(24,635)		248,516
Total debt securities available for sale	$	2,772,453	$	144	$	(311,204)	$	2,461,393

	Amortized Cost		Unrecognized				Fair Value
			Gross Gains		Gross Losses
Debt securities held to maturity
Commercial mortgage-backed securities	$	474,820	$	—	$	(63,738)	$	411,082
Residential mortgage-backed securities	443,492		—		(69,279)		374,213
Total debt securities held to maturity	$	918,312	$	—	$	(133,017)	$	785,295


	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

Schedule of amortized cost and fair value of debt securities available for sale and held to maturity by contractual maturity


	As of December 31, 2022
	Amortized Cost		Fair Value
Debt securities available for sale
Due in one year or less	$	135,698	$	133,967
Due after one year through five years	395,914		368,754
Due after five years through ten years	364,065		330,280
Due after ten years	1,876,776		1,628,392
Debt securities available for sale	$	2,772,453	$	2,461,393

Debt securities held to maturity

Due after one year through five years	$	44,392	$	41,483
Due after five years through ten years	64,593		57,955
Due after ten years	809,327		685,857
Debt securities held to maturity	$	918,312	$	785,295

Schedule of realized gains and losses related to sales of securities

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


	Years Ended December 31,
		2022		2021		2020
Realized gains and losses on debt securities
Gross gains on debt securities		$	115	$	543	$	1,732
Gross (losses) on debt securities		(89)		(514)		(8)
Realized net gains (losses) on debt securities1		$	26	$	29	$	1,724

___________________________________________

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

Schedule of securities with gross unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous loss position


	As of December 31, 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 securities1	$	74	$	—	$	113,987	$	(3,744)	$	114,061	$	(3,744)
Obligations of U.S. government corporations and agencies	19,603		(321)		—		—		19,603		(321)
Obligations of states and political subdivisions	166,147		(10,059)		75,217		(16,016)		241,364		(26,075)
Asset-backed securities	390,164		(15,648)		79,711		(4,035)		469,875		(19,683)
Commercial mortgage-backed securities	89,428		(12,623)		18,966		(3,406)		108,394		(16,029)
Residential mortgage-backed securities	366,221		(38,111)		876,668		(182,606)		1,242,889		(220,717)
Corporate debt securities	39,037		(5,079)		204,310		(19,556)		243,347		(24,635)
Debt securities available for sale with gross unrealized losses	$	1,070,674	$	(81,841)	$	1,368,859	$	(229,363)	$	2,439,533	$	(311,204)

	Less than 12 months				12 months or more				Total
	Fair Value		Unrecognized Losses		Fair Value		Unrecognized Losses		Fair Value		Unrecognized Losses
Debt securities held to maturity
Commercial mortgage-backed securities	$	58,065	$	(8,009)	$	353,017	$	(55,729)	$	411,082	$	(63,738)
Residential mortgage-backed securities	—		—		374,213		(69,279)		374,213		(69,279)
Debt securities held to maturity with gross unrecognized losses	$	58,065	$	(8,009)	$	727,230	$	(125,008)	$	785,295	$	(133,017)

___________________________________________

1.Unrealized losses for U.S. Treasury securities that have been in a continuous loss position for less than 12 months were insignificant, rounding to zero thousand.


	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 or unrecognized loss position is presented in the tables below (dollars in thousands):


	As of December 31, 2022
	Available for Sale			Held to Maturity			Total
Debt securities with gross unrealized or unrecognized losses, fair value	$	2,439,533		$	785,295		$	3,224,828
Gross unrealized or unrecognized losses on debt securities	311,204			133,017			444,221
Ratio of gross unrealized or unrecognized losses to debt securities with gross unrealized or unrecognized losses	12.8		%	16.9		%	13.8		%

Count of debt securities	1,091			55			1,146
Count of debt securities in an unrealized or unrecognized loss position	1,032			55			1,087


	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

PORTFOLIO LOANS - Summarize TDRs (Details) $ in Thousands	12 Months Ended
PORTFOLIO LOANS - Summarize TDRs (Details) $ in Thousands	Dec. 31, 2022 USD ($) contract	Dec. 31, 2021 USD ($) contract	Dec. 31, 2020 USD ($) contract
Financing Receivable, Impaired [Line Items]
Number of Contracts \| contract	4		8
Rate Modification
Financing Receivable, Impaired [Line Items]
Recorded Investment1	$ 136		$ 781
Payment Modification
Financing Receivable, Impaired [Line Items]
Recorded Investment1	$ 1,513		$ 986
Commercial
Financing Receivable, Impaired [Line Items]
Number of Contracts \| contract	3	1	3
Commercial \| Rate Modification
Financing Receivable, Impaired [Line Items]
Recorded Investment1	$ 136	$ 364	$ 130
Commercial \| Payment Modification
Financing Receivable, Impaired [Line Items]
Recorded Investment1	$ 996	$ 0	$ 0
Retail real estate
Financing Receivable, Impaired [Line Items]
Number of Contracts \| contract	1
Retail real estate \| Rate Modification
Financing Receivable, Impaired [Line Items]
Recorded Investment1	$ 0
Retail real estate \| Payment Modification
Financing Receivable, Impaired [Line Items]
Recorded Investment1	$ 517
Commercial real estate
Financing Receivable, Impaired [Line Items]
Number of Contracts \| contract			1
Commercial real estate \| Rate Modification
Financing Receivable, Impaired [Line Items]
Recorded Investment1			$ 651
Commercial real estate \| Payment Modification
Financing Receivable, Impaired [Line Items]
Recorded Investment1			$ 0
Real estate construction
Financing Receivable, Impaired [Line Items]
Number of Contracts \| contract			4
Real estate construction \| Rate Modification
Financing Receivable, Impaired [Line Items]
Recorded Investment1			$ 0
Real estate construction \| Payment Modification
Financing Receivable, Impaired [Line Items]
Recorded Investment1			$ 986

BORROWINGS - Schedule of unamortized debt issuance cost (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Junior subordinated debt owed to unconsolidated trusts
Total unamortized debt issuance costs	$ 2,962	$ 2,283
Senior notes issued in 2017 \| Senior Notes
Junior subordinated debt owed to unconsolidated trusts
Total unamortized debt issuance costs	0	56
Subordinated notes issued in 2017 \| Subordinated Debt
Junior subordinated debt owed to unconsolidated trusts
Total unamortized debt issuance costs	0	549
Subordinated notes issued in 2020 \| Subordinated Debt
Junior subordinated debt owed to unconsolidated trusts
Total unamortized debt issuance costs	1,220	1,678
Subordinated notes issued in 2022 \| Subordinated Debt
Junior subordinated debt owed to unconsolidated trusts
Total unamortized debt issuance costs	$ 1,742	$ 0

OTHER REAL ESTATE OWNED AND OTHER REPOSSESSED ASSETS (Tables)

12 Months Ended

Dec. 31, 2022

Other Real Estate, Foreclosed Assets, and Repossessed Assets [Abstract]

Summary of OREO and other repossessed assets balances

The following table summarizes the composition of the Company’s OREO and other repossessed asset balances as of the periods presented (dollars in thousands):


	As of December 31,
	2022		2021
OREO
Commercial	$	—	$	2,839
Residential	70		235
Total OREO	70		3,074
Other repossessed assets	780		1,342
OREO and other repossessed assets	$	850	$	4,416

Summary of activity related to OREO and other repossessed assets

The following table summarizes activity related to OREO and other repossessed assets (dollars in thousands):


	Years Ended December 31,
	2022		2021		2020
Changes in OREO and other repossessed assets
OREO and other repossessed assets beginning balance	$	4,416	$	4,571	$	3,057
Additions, transfers from loans	175		1,610		2,867
Sales	(2,565)		(1,721)		(1,282)
Cash payments collected	(565)		(43)		(3)
Impairment of OREO and other repossessed assets	(611)		(1)		(68)
OREO and other repossessed assets ending balance	$	850	$	4,416	$	4,571

Schedule of activity related to foreclosed assets

Activity related to OREO and other repossessed assets included the following (dollars in thousands):


	Years Ended December 31,
	2022		2021		2020
Activity for OREO and other repossessed assets
Net loss (gain) on sales	665		173		(90)
Operating expenses, net of income	248		468		538

Activity for OREO and other repossessed assets	$	913	$	641	$	448

DEPOSITS

12 Months Ended

Dec. 31, 2022

Deposits [Abstract]

DEPOSITS

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


	As of December 31,
	2022		2021
Deposits
Noninterest-bearing demand deposits	$	3,393,666	$	3,670,267
Interest-bearing transaction deposits	2,857,818		2,720,417
Saving deposits and money market deposits	2,964,421		3,442,244
Time deposits	855,375		935,649
Total deposits	$	10,071,280	$	10,768,577

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


	As of December 31,
	2022		2021
Brokered savings deposits and money market deposits	$	1,303	$	2,248
Brokered time deposits	275		266
Total time deposits with a minimum denomination of $100,000	416,445		454,649
Total time deposits with a minimum denomination that meets or exceeds the FDIC insurance limit of $250,000	120,377		137,449

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


	As of December 31, 2022
Time deposits by schedule of maturities

2023	$	560,147
2024	229,263
2025	34,307
2026	16,637
2027	14,301
Thereafter	720
Time deposits	$	855,375

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash Flows Provided by (Used in) Operating Activities
Net income	$ 128,311	$ 123,449	$ 100,344
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for credit losses	4,623	(15,101)	38,797
Amortization of intangible assets	11,628	11,274	10,008
Amortization of mortgage servicing rights	3,540	5,292	5,667
Amortization of NMTC	6,333	5,563	2,311
Depreciation and amortization of premises and equipment	10,482	11,610	12,273
Net amortization (accretion) on portfolio loans	3,932	(11,545)	(15,372)
Net amortization (accretion) of premium (discount) on investment securities	20,799	24,251	9,716
Net amortization (accretion) of premium (discount) on time deposits	(403)	(1,142)	(933)
Net amortization (accretion) of premium (discount) on FHLB advances and other borrowings	1,400	826	586
Impairment of OREO and other repossessed assets	611	1	68
Impairment of fixed assets held for sale	427	3,227	6,901
Impairment of mortgage servicing rights	(8)	(639)	648
Impairment of leases	84	0	0
Unrealized (gains) losses recognized on equity securities, net	2,183	(3,041)	393
(Gain) loss on sales of equity securities, net	(24)	0	0
(Gain) loss on sales of debt securities, net	(26)	(29)	(1,724)
(Gain) loss on sales of loans, net	(1,944)	(9,323)	(26,999)
(Gain) loss on sales of OREO	(54)	174	(133)
(Gain) loss on sales of premises and equipment	(825)	(1,023)	286
(Gain) loss on life insurance proceeds	0	(1,257)	(1,270)
(Increase) decrease in cash surrender value of bank owned life insurance	(3,663)	(3,909)	(4,110)
Provision for deferred income taxes	(1,272)	4,665	(5,309)
Stock-based compensation	8,968	7,864	7,135
Mortgage loans originated for sale	(70,953)	(274,356)	(881,398)
Proceeds from sales of mortgage loans	95,289	306,074	920,050
(Increase) decrease in other assets	(56,284)	7,203	(8,210)
Increase (decrease) in other liabilities	2,633	(28,096)	(6,551)
Net cash provided by (used in) operating activities	165,787	162,012	163,174
Cash Flows Provided by (Used in) Investing Activities
Purchases of equity securities	(14,820)	(11,017)	(13,123)
Purchases of debt securities available for sale	(280,083)	(2,298,055)	(1,282,199)
Proceeds from sales of equity securities	15,418	7,254	13,152
Proceeds from sales of debt securities available for sale	0	290,955	0
Proceeds from paydowns and maturities of debt securities held to maturity	70,116	0	0
Proceeds from paydowns and maturities of debt securities available for sale	470,134	868,083	665,744
Purchases of FHLB and other bank stock	(12,969)	0	0
Proceeds from the redemption of FHLB and other bank stock	225	0	0
Net cash received in (paid for) acquisitions (see Note 2)	0	228,279	0
Net (increase) decrease in loans	(541,713)	76,826	(113,744)
Cash paid for premiums on bank-owned life insurance	(106)	(124)	(120)
Proceeds from life insurance	219	4,755	2,696
Purchases of premises and equipment	(4,989)	(5,042)	(4,198)
Proceeds from disposition of premises and equipment	4,528	7,306	814
Proceeds from sales of OREO	3,184	1,590	1,439
Net cash provided by (used in) investing activities	(290,856)	(829,190)	(729,539)
Cash Flows Provided by (Used in) Financing Activities
Net increase (decrease) in deposits	(696,894)	767,474	776,386
Net change in federal funds purchased and securities sold under agreements to repurchase	(40,333)	77,874	(29,877)
Proceeds from FHLB advances	335,000	5,000	4,000
Repayment of FHLB advances	(5,678)	(4,658)	(32,711)
Proceeds from other borrowings, net of debt issuance costs	98,094	72,500	142,634
Repayment of other borrowings	(112,000)	(18,500)	(74,000)
Cash dividends paid	(50,863)	(50,764)	(48,012)
Purchase of treasury stock	(9,912)	(33,043)	(12,272)
Cash paid for withholding taxes on stock-based payments	(1,276)	(997)	(635)
Proceeds from stock options exercised	0	0	101
Common stock issuance costs	0	(150)	0
Net cash provided by (used in) financing activities	(483,862)	814,736	725,614
Net increase (decrease) in cash and cash equivalents	(608,931)	147,558	159,249
Cash and cash equivalents, beginning of period	836,095	688,537	529,288
Cash and cash equivalents, ending of period	227,164	836,095	688,537
Cash payments for:
Interest	35,297	25,374	53,601
Income taxes	30,676	22,487	22,195
Non-cash investing and financing activities:
OREO acquired in settlement of loans	175	1,610	2,867
Transfer of loans held for sale to portfolio loans	0	(4,808)	0
Transfer of debt securities available for sale to held to maturity	$ 985,199	$ 0	$ 0

LEASES - Undiscounted Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Rent commitments
2023	$ 2,254
2024	1,942
2025	1,719
2026	1,442
2027	1,277
Thereafter	6,699
Total undiscounted cash flows	15,333
Less: Amounts representing interest	2,338
Present value of net future minimum lease payments	$ 12,995	$ 10,591

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of carrying amount of goodwill by operating segment (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Goodwill and other intangibles assets
Total goodwill	$ 317,873	$ 317,873
Banking
Goodwill and other intangibles assets
Total goodwill	294,773	294,773
FirsTech
Goodwill and other intangibles assets
Total goodwill	8,992	8,992
Wealth Management
Goodwill and other intangibles assets
Total goodwill	$ 14,108	$ 14,108

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

LEASES - Lease Cost and Other Lease Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Lease costs
Operating lease costs	$ 2,495	$ 2,464	$ 2,524
Variable lease costs	365	540	416
Short-term lease costs	22	49	35
Total lease cost	2,882	3,053	2,975
Cash flows related to leases
Operating lease cash flows – Fixed payments	3,080	2,417	2,526
Operating lease cash flows – Liability reduction	2,285	2,217	2,289
Right of use assets obtained during the period in exchange for operating lease liabilities	$ 6,206	5,818	$ 743
CAC
Cash flows related to leases
Right of use assets obtained during the period in exchange for operating lease liabilities		$ 400

GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill

The Company’s goodwill is associated with its three operating segments, Banking, FirsTech, and Wealth Management. Goodwill is tested annually for impairment, and as part of this analysis, the reporting unit's carrying value is compared to its estimated fair value. Based on the impairment testing performed at December 31, 2022, there were no indicators of potential impairment based on the estimated fair value of those operating segments.

The Company did not record any new goodwill during the year ended December 31, 2022. During 2021, in connection with the acquisition of CAC, the Company recorded goodwill totaling $6.3 million and other intangible assets totaling $8.8 million in the Banking operating segment, as well as other intangible assets totaling $8.5 million in the Wealth Management segment.

The carrying amount of goodwill by operating segment is as follows (dollars in thousands):


	As of December 31,
	2022		2021
Goodwill
Banking	$	294,773	$	294,773
FirsTech	8,992		8,992
Wealth Management	14,108		14,108
Total goodwill	$	317,873	$	317,873

Indefinite-lived intangible assets, such as goodwill, are not amortized. Goodwill is the Company's only indefinite-lived intangible asset.

Intangible Assets

Core deposit and customer relationship intangible assets are amortized over the estimated period during which the Company expects to benefit from the assets. Intangible asset disclosures are as follows (dollars in thousands):


	As of December 31,
	2022						2021
	Core deposit intangible		Customer relationship intangible		Total		Core deposit intangible		Customer relationship intangible		Total
Intangible Assets
Intangible assets, gross	$	99,065	$	33,138	$	132,203	$	99,065	$	33,138	$	132,203
Accumulated amortization	63,476		22,304		85,780		55,161		18,991		74,152
Intangible assets, net	$	35,589	$	10,834	$	46,423	$	43,904	$	14,147	$	58,051

Amortization expense related to intangible assets, as reflected in the Company's Consolidated Statements of Income, is presented in the table below (dollars in thousands):


	Years Ended December 31,
	2022		2021		2020
Amortization Expense
Core deposit intangible	$	8,315	$	8,253	$	7,753
Customer relationship intangible	3,313		3,021		2,255
Amortization of intangible assets	$	11,628	$	11,274	$	10,008

Future expense for the amortization of intangible assets, as estimated, is summarized in the table below (dollars in thousands):


	As of December 31, 2022
	Core deposit intangible		Customer relationship intangible		Total
Estimated amortization expense
2023	$	7,616	$	2,816	$	10,432
2024	6,902		2,318		9,220
2025	5,956		1,887		7,843
2026	5,227		1,479		6,706
2027	4,490		1,091		5,581
Thereafter	5,398		1,243		6,641
Total estimated amortization expense	$	35,589	$	10,834	$	46,423

OTHER REAL ESTATE OWNED AND OTHER REPOSSESSED ASSETS - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Residential
Real Estate Properties [Line Items]
Residential real estate in the process of foreclosure	$ 1.1	$ 0.2

DEPOSITS - Schedule of composition of deposits (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deposits [Abstract]
Noninterest-bearing demand deposits	$ 3,393,666	$ 3,670,267
Interest-bearing transaction deposits	2,857,818	2,720,417
Saving deposits and money market deposits	2,964,421	3,442,244
Time deposits	855,375	935,649
Total deposits	10,071,280	10,768,577
Brokered savings deposits and money market deposits	1,303	2,248
Brokered time deposits	275	266
Total time deposits with a minimum denomination of $100,000	416,445	454,649
Total time deposits with a minimum denomination that meets or exceeds the FDIC insurance limit of $250,000	$ 120,377	$ 137,449

SIGNIFICANT ACCOUNTING POLICIES - Portfolio Loans (Details) - PPP Loans - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Loans
PPP loans outstanding	$ 0.9	$ 76.9
Amortized cost of the loans outstanding	0.8	75.0
Loans outstanding, fees received	2.5	20.1	$ 25.4
Incurred incremental direct origination costs	0.6	4.2	5.1
Net interest income for fees	$ 1.9	$ 14.0	$ 15.2
Percentage of remaining loan maintains government guarantee	100.00%

SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Nature of Operations

The significant accounting and reporting policies for the Company and its subsidiaries follow:

Principles of Consolidation

Use of Estimates

Comprehensive Income (Loss)

Trust Assets

Cash and Cash Equivalents

Securities

The Company considers the following factors in assessing whether the decline is due to a credit loss:

•Extent to which the fair value is less than the amortized cost basis

•Payment structure of the debt security and the likelihood of the issuer being able to make payments that increase in the future

•Failure of the issuer of the security to make scheduled interest or principal payments

•Any changes to the rating of the security by a rating agency

Equity securities are carried at fair value with changes in fair value recognized in earnings.

Loans Held for Sale

Loans held for sale include mortgage loans which the Company intends to sell to investors and/or the secondary mortgage market.

Loan Servicing

Servicing fee income is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal and are recorded as income when earned.

Portfolio Loans

PPP Loans

Troubled Debt Restructurings

Assets Purchased with Credit Deterioration

Allowance for Credit Losses

Premises and Equipment


Asset Description						Estimated Useful Life
Buildings and improvements						3 — 40 years
Furniture and equipment						3 — 10 years

Leases

Long-Lived Assets

Other Real Estate Owned and Other Repossessed Assets

Goodwill and Other Intangibles

Other intangible assets consist of core deposit and acquired customer relationship intangible assets arising from acquisitions and are amortized over their estimated useful lives.

Cash Surrender Value of Bank-Owned Life Insurance

Cash Surrender Value of Bank Owned Life Insurance

FHLB Stock

Other Asset Investments

The following table summarizes the impact of the Company’s other asset investments on our Consolidated Balance Sheets for the periods indicated (dollars in thousands):


		As of December 31,
	Location	2022		2021
Other asset investments
Funded investments	Other assets	$	58,912	$	37,417
Unfunded investments	Other assets	67,437		52,765
Other asset investments		$	126,349	$	90,182

Unfunded investment obligations	Other liabilities	$	(67,437)	$	(52,765)

Transfers of Financial Assets

Income Taxes

Treasury Stock

Stock-Based Employee Compensation

The Company has outstanding stock options assumed from acquisitions.

See “Note 14. Stock-based Compensation” for further discussion.

Segment Disclosure

Business Combinations

Derivative Financial Instruments

Interest Rate Swaps Designated as Cash Flow Hedges

Interest Rate Swaps Not Designated as Hedges

Interest Rate Lock Commitments

Forward Sales Commitments

Risk Participation Agreements

Off-Balance Sheet Arrangements

Fair Value of Financial Instruments

Revenue

Wealth Management Fees

Payment Technology Solutions

Fees for Customer Services

Reclassifications

Subsequent Events

Impact of Recently Adopted and Issued Accounting Standards

Impact of Recently Adopted Accounting Standards

Recently Issued Accounting Standards

STOCK-BASED COMPENSATION - 2020 Equity Plan (Details) - USD ($) $ in Millions		12 Months Ended
	Mar. 23, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation
Period over which cost will be recognized		2 years 6 months	2 years 10 months 24 days
2020 Equity Incentive Plan
Share-based Compensation
Remaining shares available for issuance (in shares)		657,570
Common Stock
Share-based Compensation
Net issuance of treasury stock for restricted/deferred stock unit vesting and related tax (in shares)		175,225	116,904	106,589
RSU awards
Share-based Compensation
Number of shares of common stock per award (in shares)		1
Granted (in shares)		156,483
RSU awards \| 2020 Equity Incentive Plan \| Members of management, including the Vice-Chairman of the Board
Share-based Compensation
Granted (in shares)	156,483
Grant date fair value of the award	$ 4.0
PSU awards
Share-based Compensation
Number of shares of common stock per award (in shares)		1
Granted (in shares)	38,774	195,240
Grant date fair value of the award	$ 1.0
DSU awards
Share-based Compensation
Number of shares of common stock per award (in shares)		1
Requisite service periods		30 days
Granted (in shares)		32,658
Vesting period		1 year
Settlement period		30 days
DSU awards \| 2020 Equity Incentive Plan \| Directors and Advisory Directors
Share-based Compensation
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 (as a percent)	100.00%
Market Based Performance Stock Units
Share-based Compensation
Granted (in shares)	78,233
Grant date fair value of the award	$ 2.1
Performance Based Performance Stock Units
Share-based Compensation
Granted (in shares)	78,233
Grant date fair value of the award	$ 2.0
Minimum \| RSU awards
Share-based Compensation
Requisite service periods		1 year
Minimum \| RSU awards \| 2020 Equity Incentive Plan \| Members of management, including the Vice-Chairman of the Board
Share-based Compensation
Period over which cost will be recognized	1 year
Minimum \| PSU awards
Share-based Compensation
Vesting percentage (as a percent)	0.00%
Minimum \| Market Based Performance Stock Units
Share-based Compensation
Vesting percentage (as a percent)	0.00%
Minimum \| Performance Based Performance Stock Units
Share-based Compensation
Vesting percentage (as a percent)	0.00%
Maximum \| RSU awards
Share-based Compensation
Requisite service periods		5 years
Maximum \| RSU awards \| 2020 Equity Incentive Plan \| Members of management, including the Vice-Chairman of the Board
Share-based Compensation
Period over which cost will be recognized	5 years
Maximum \| PSU awards
Share-based Compensation
Granted (in shares)	77,548
Vesting percentage (as a percent)	200.00%
Maximum \| Market Based Performance Stock Units
Share-based Compensation
Granted (in shares)	125,173
Vesting percentage (as a percent)	160.00%
Maximum \| Performance Based Performance Stock Units
Share-based Compensation
Granted (in shares)	125,173
Vesting percentage (as a percent)	160.00%

STOCK-BASED COMPENSATION - Schedule of Unamortized Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation
Total unamortized stock-based compensation	$ 13,024	$ 11,960
Weighted average period over which expense is to be recognized	2 years 6 months	2 years 10 months 24 days
RSU awards
Share-based Compensation
Total unamortized stock-based compensation	$ 8,570	$ 10,204
PSU awards
Share-based Compensation
Total unamortized stock-based compensation	4,279	1,547
DSU awards
Share-based Compensation
Total unamortized stock-based compensation	$ 175	$ 209

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

DERIVATIVE FINANCIAL INSTRUMENTS - Net Gains (Losses) Recorded in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative Financial Instruments
(Gain) loss reclassified from OCI to interest expense	$ 417	$ 763	$ 542
Cash Flow Hedging \| Interest Rate Contract
Derivative Financial Instruments
Net gain (loss) recognized in OCI, net of tax	(20,717)	736	(2,526)
(Gain) loss reclassified from OCI to interest income	395	0	0
(Gain) loss reclassified from OCI to interest expense	22	763	542
Net change in unrealized gains (losses) on cash flow hedges, net of tax	$ (20,300)	$ 1,499	$ (1,984)

STOCK-BASED COMPENSATION - Award Status (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Shares
Outstanding at beginning of year (in shares)	31,386
Exercised (in shares)	(4,840)
Expired (in shares)	(440)
Outstanding at end of year (in shares)	26,106	31,386
Exercisable at end of year (in shares)	26,106
Weighted- Average Exercise Price
Outstanding at beginning of year (in dollars per share)	$ 23.53
Exercised (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
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Weighted-average remaining contractual life, options outstanding	3 years 10 months 17 days	4 years 10 months 17 days
Weighted-average remaining contractual life, exercisable at end of year	3 years 10 months 17 days
Intrinsic value, options outstanding	$ 31	$ 113
Intrinsic value, exercisable at end of year	$ 31

PORTFOLIO LOANS - Summary of risk grades segregated by category of portfolio loans (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	$ 7,725,702	$ 7,188,998
Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	6,964,678	6,518,101
Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	563,897	463,053
Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	91,405	121,120
Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	90,655	70,778
Substandard Non-accrual
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	15,067	15,946
Commercial
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	1,974,154	1,943,886
Commercial \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	1,668,495	1,747,756
Commercial \| Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	201,758	93,582
Commercial \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	46,540	69,427
Commercial \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	51,187	26,117
Commercial \| Substandard Non-accrual
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	6,174	7,004
Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	3,261,873	3,119,807
Commercial real estate \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	2,851,709	2,682,441
Commercial real estate \| Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	326,455	343,304
Commercial real estate \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	43,526	49,695
Commercial real estate \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	34,539	38,394
Commercial real estate \| Substandard Non-accrual
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	5,644	5,973
Real estate construction
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	530,469	385,996
Real estate construction \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	502,904	369,797
Real estate construction \| Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	25,164	13,793
Real estate construction \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	1	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	0	0
Retail real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	1,657,082	1,512,976
Retail real estate \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	1,639,599	1,491,845
Retail real estate \| Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	10,520	12,374
Retail real estate \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	1,338	1,992
Retail real estate \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	2,529	3,867
Retail real estate \| Substandard Non-accrual
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	3,096	2,898
Retail other
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	302,124	226,333
Retail other \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Portfolio loans	301,971	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	$ 153	$ 71

BORROWINGS - Long-term Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Long-term debt
Total long-term debt	$ 30,000	$ 46,056
Notes payable, FHLB, original maturity of 5 years, collateralized by FHLB deposits, residential and commercial real estate loans and FHLB stock
Long-term debt
Total long-term debt	0	4,056
Term Loan
Long-term debt
Total long-term debt	$ 30,000	$ 42,000
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
Long-term debt
Interest rate		3.04%
Term of debt instrument	5 years	5 years

PORTFOLIO LOANS - Summary of TDR Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Past Due [Line Items]
Total TDRs	$ 3,569	$ 2,352
In compliance with modified terms
Financing Receivable, Past Due [Line Items]
Total TDRs	3,032	1,801
Non-performing TDRs
Financing Receivable, Past Due [Line Items]
Total TDRs	$ 537	$ 551

PORTFOLIO LOANS -Summary of portfolio loans that are past due and still accruing or on a non-accrual status (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Past Due [Line Items]
Portfolio loans	$ 7,725,702	$ 7,188,998
90 days past due and still accruing	673	906
Non-accrual Loans	15,067	15,946
30 to 59 days past due and still accruing
Financing Receivable, Past Due [Line Items]
Portfolio loans	5,249	3,964
60 to 89 days past due and still accruing
Financing Receivable, Past Due [Line Items]
Portfolio loans	1,299	2,297
Commercial
Financing Receivable, Past Due [Line Items]
Portfolio loans	1,974,154	1,943,886
90 days past due and still accruing	0	213
Non-accrual Loans	6,174	7,004
Commercial \| 30 to 59 days past due and still accruing
Financing Receivable, Past Due [Line Items]
Portfolio loans	2	363
Commercial \| 60 to 89 days past due and still accruing
Financing Receivable, Past Due [Line Items]
Portfolio loans	0	10
Commercial real estate
Financing Receivable, Past Due [Line Items]
Portfolio loans	3,261,873	3,119,807
90 days past due and still accruing	0	0
Non-accrual Loans	5,644	5,973
Commercial real estate \| 30 to 59 days past due and still accruing
Financing Receivable, Past Due [Line Items]
Portfolio loans	124	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	530,469	385,996
90 days past due and still accruing		0
Non-accrual Loans		0
Real estate construction \| 30 to 59 days past due and still accruing
Financing Receivable, Past Due [Line Items]
Portfolio loans		56
Real estate construction \| 60 to 89 days past due and still accruing
Financing Receivable, Past Due [Line Items]
Portfolio loans		0
Retail real estate
Financing Receivable, Past Due [Line Items]
Portfolio loans	1,657,082	1,512,976
90 days past due and still accruing	673	693
Non-accrual Loans	3,096	2,898
Retail real estate \| 30 to 59 days past due and still accruing
Financing Receivable, Past Due [Line Items]
Portfolio loans	4,709	3,312
Retail real estate \| 60 to 89 days past due and still accruing
Financing Receivable, Past Due [Line Items]
Portfolio loans	1,239	1,830
Retail other
Financing Receivable, Past Due [Line Items]
Portfolio loans	302,124	226,333
90 days past due and still accruing	0	0
Non-accrual Loans	153	71
Retail other \| 30 to 59 days past due and still accruing
Financing Receivable, Past Due [Line Items]
Portfolio loans	414	82
Retail other \| 60 to 89 days past due and still accruing
Financing Receivable, Past Due [Line Items]
Portfolio loans	$ 60	$ 16

ACQUISITIONS (Tables)

12 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of fair value estimates of assets acquired and liabilities assumed

Estimated 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

DERIVATIVE FINANCIAL INSTRUMENTS - Interest Rate Swaps Not Designated as Hedges (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Interest Rate Swap
Derivative Asset
Notional Amount	$ 576,911	$ 491,356
Fair Value	40,055	20,098
Derivative Liability
Notional Amount	576,911	491,356
Fair Value	40,055	20,098
Interest rate swaps - pay floating, receive fixed
Derivative Asset
Notional Amount	48,728	404,572
Fair Value	370	17,839
Derivative Liability
Notional Amount	528,183	86,784
Fair Value	39,685	2,259
Interest rate swaps - pay fixed, receive floating
Derivative Asset
Notional Amount	528,183	86,784
Fair Value	39,685	2,259
Derivative Liability
Notional Amount	48,728	404,572
Fair Value	$ 370	$ 17,839

DEBT SECURITIES - Schedule of Amortized Cost, Unrealized Gains and Losses, and Fair Values of Securities Classified as AFS and HTM (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt securities available for sale
Amortized Cost	$ 2,772,453	$ 4,013,523
Gross unrealized gains	144	22,382
Gross unrealized losses	(311,204)	(54,654)
Fair Value	2,461,393	3,981,251
Debt securities held to maturity
Amortized Cost	918,312	0
Gross unrealized gains	0
Gross unrealized losses	(133,017)
Fair Value	785,295
U.S. Treasury securities
Debt securities available for sale
Amortized Cost	117,805	166,768
Gross unrealized gains	0	41
Gross unrealized losses	(3,744)	(1,047)
Fair Value	114,061	165,762
Obligations of U.S. government corporations and agencies
Debt securities available for sale
Amortized Cost	20,097	37,579
Gross unrealized gains	3	891
Gross unrealized losses	(321)	0
Fair Value	19,779	38,470
Obligations of states and political subdivisions
Debt securities available for sale
Amortized Cost	283,481	300,602
Gross unrealized gains	106	7,760
Gross unrealized losses	(26,075)	(1,493)
Fair Value	257,512	306,869
Asset-backed securities
Debt securities available for sale
Amortized Cost	489,558	492,055
Gross unrealized gains	0	295
Gross unrealized losses	(19,683)	(164)
Fair Value	469,875	492,186
Commercial mortgage-backed securities
Debt securities available for sale
Amortized Cost	124,423	625,339
Gross unrealized gains	0	3,425
Gross unrealized losses	(16,029)	(13,766)
Fair Value	108,394	614,998
Debt securities held to maturity
Amortized Cost	474,820
Gross unrealized gains	0
Gross unrealized losses	(63,738)
Fair Value	411,082
Residential mortgage-backed securities
Debt securities available for sale
Amortized Cost	1,463,971	2,095,104
Gross unrealized gains	2	8,889
Gross unrealized losses	(220,717)	(34,680)
Fair Value	1,243,256	2,069,313
Debt securities held to maturity
Amortized Cost	443,492
Gross unrealized gains	0
Gross unrealized losses	(69,279)
Fair Value	374,213
Corporate debt securities
Debt securities available for sale
Amortized Cost	273,118	296,076
Gross unrealized gains	33	1,081
Gross unrealized losses	(24,635)	(3,504)
Fair Value	$ 248,516	$ 293,653

DEBT SECURITIES - Maturity of Debt Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Amortized Cost
Due in one year or less	$ 135,698
Due after one year through five years	395,914
Due after five years through ten years	364,065
Due after ten years	1,876,776
Amortized Cost	2,772,453	$ 4,013,523
Fair Value
Due in one year or less	133,967
Due after one year through five years	368,754
Due after five years through ten years	330,280
Due after ten years	1,628,392
Fair Value	2,461,393	3,981,251
Amortized Cost
Due after one year through five years	44,392
Due after five years through ten years	64,593
Due after ten years	809,327
Amortized Cost	918,312	$ 0
Fair Value
Due after one year through five years	41,483
Due after five years through ten years	57,955
Due after ten years	685,857
Fair Value	$ 785,295

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

12 Months Ended

Dec. 31, 2022

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

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following tables present changes in AOCI by component, net of tax, for the periods below (dollars in thousands):


	Year Ended December 31, 2022
	Before Tax		Tax Effect		Net of Tax
Unrealized/Unrecognized gains (losses) on debt securities
Balance at beginning of period	$	(32,272)	$	9,199	$	(23,073)
Unrealized holding gains (losses) on debt securities available for sale, net	(278,762)		79,460		(199,302)
Unrecognized losses on debt securities transferred to held to maturity from available for sale	(48,456)		13,812		(34,644)
Amounts reclassified from AOCI, net	(26)		7		(19)
Amortization of unrecognized losses on securities transferred to held to maturity	6,638		(1,893)		4,745
Balance at end of period	(352,878)		100,585		(252,293)

Unrealized gains (losses) on cash flow hedges
Balance at beginning of period	(958)		273		(685)
Unrealized holding gains (losses) on cash flow hedges, net	(28,975)		8,258		(20,717)
Amounts reclassified from AOCI, net	583		(166)		417
Balance at end of period	(29,350)		8,365		(20,985)

Total AOCI	$	(382,228)	$	108,950	$	(273,278)


	Year Ended December 31, 2021
		Before Tax		Tax Effect		Net of Tax
Unrealized gains (losses) on debt securities available for sale
Balance at beginning of period		$	49,644	$	(14,151)	$	35,493
Unrealized holding gains (losses) on debt securities available for sale, net		(81,977)		23,367		(58,610)

Amounts reclassified from AOCI, net		61		(17)		44

Balance at end of period		(32,272)		9,199		(23,073)

Unrealized gains (losses) on cash flow hedges
Balance at beginning of period		(3,055)		871		(2,184)
Unrealized holding gains (losses) on cash flow hedges, net		1,030		(294)		736
Amounts reclassified from AOCI, net		1,067		(304)		763
Balance at end of period		(958)		273		(685)

Total AOCI		$	(33,230)	$	9,472	$	(23,758)


	Year Ended December 31, 2020
		Before Tax		Tax Effect		Net of Tax
Unrealized gains (losses) on debt securities available for sale
Balance at beginning of period		$	21,192	$	(6,032)	$	15,160
Unrealized holding gains (losses) on debt securities available for sale, net		30,176		(8,615)		21,561

Amounts reclassified from AOCI, net		(1,724)		496		(1,228)

Balance at end of period		49,644		(14,151)		35,493

Unrealized gains (losses) on cash flow hedges
Balance at beginning of period		(280)		80		(200)
Unrealized holding gains (losses) on cash flow hedges, net		(3,533)		1,007		(2,526)
Amounts reclassified from AOCI, net		758		(216)		542
Balance at end of period		(3,055)		871		(2,184)

Total AOCI		$	46,589	$	(13,280)	$	33,309

PORTFOLIO LOANS - Distribution of portfolio loans (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Portfolio loans	$ 7,725,702	$ 7,188,998
ACL	(91,608)	(87,887)	$ (101,048)	$ (53,748)
Portfolio loans, net	7,634,094	7,101,111
Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Portfolio loans	1,974,154	1,943,886
ACL	(23,860)	(23,855)	(23,866)	(18,291)
Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Portfolio loans	3,261,873	3,119,807
ACL	(38,299)	(38,249)	(46,230)	(21,190)
Real estate construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Portfolio loans	530,469	385,996
ACL	(6,457)	(5,102)	(8,193)	(3,204)
Retail real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Portfolio loans	1,657,082	1,512,976
ACL	(18,193)	(17,589)	(21,992)	(10,495)
Retail other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Portfolio loans	302,124	226,333
ACL	$ (4,799)	$ (3,092)	$ (767)	$ (568)

OPERATING SEGMENTS AND RELATED INFORMATION (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Summary of information relating to operating segments

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 December 31,				As of December 31,
	2022		2021		2022		2021
Operating segment
Banking	$	294,773	$	294,773	$	12,199,960	$	12,746,833
FirsTech	8,992		8,992		48,715		47,481
Wealth Management	14,108		14,108		84,082		65,587
Other	—		—		3,920		(212)
Consolidated total	$	317,873	$	317,873	$	12,336,677	$	12,859,689


	Years Ended December 31,
		2022		2021		2020
Net interest income
Banking		$	340,083	$	285,678	$	294,728
FirsTech		65		79		79
Wealth Management		—		—		—
Other		(16,710)		(15,059)		(11,872)
Total net interest income		$	323,438	$	270,698	$	282,935

Noninterest income
Banking		$	54,154	$	59,393	$	61,043
FirsTech		21,720		19,629		16,548
Wealth Management		55,394		53,082		43,429
Other		(4,465)		700		(2,755)
Total noninterest income		$	126,803	$	132,804	$	118,265

Noninterest expense
Banking		$	221,997	$	205,905	$	185,445
FirsTech		20,619		17,574		13,279
Wealth Management		31,545		29,198		26,086
Other		9,720		9,103		9,387
Total noninterest expense		$	283,881	$	261,780	$	234,197

Income before income taxes
Banking		$	167,617	$	154,267	$	131,529
FirsTech		1,166		2,134		3,348
Wealth Management		23,849		23,884		17,343
Other		(30,895)		(23,462)		(24,014)
Total income before income taxes		$	161,737	$	156,823	$	128,206

Net income
Banking		$	131,596	$	117,844	$	101,226
FirsTech		847		1,527		2,372
Wealth Management		18,543		18,570		13,181
Other		(22,675)		(14,492)		(16,435)
Total net income		$	128,311	$	123,449	$	100,344

ACQUISITIONS

12 Months Ended

Dec. 31, 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 has 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 stock 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 shares on May 28, 2021, the last trading day immediately preceding the acquisition date of May 31, 2021. As additional consideration provided to CAC’s stockholders in the merger, CAC paid a special dividend to its stockholders 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 is expected to be 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.

First Busey incurred $0.8 million and $13.6 million in pre-tax expenses related to the acquisition of CAC for the years ended December 31, 2022, and December 31, 2021, respectively. Expenses in 2022 were comprised primarily of compensation expense and data processing expense, which are reported as components of noninterest expense in the accompanying Consolidated Statements of Income.

Estimated 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.

REGULATORY CAPITAL - Capital Amounts and Ratios (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Common Equity Tier 1 Capital to Risk Weighted Assets, Amount
Actual	$ 1,081,686	$ 995,874
Minimum Capital Requirement	406,980	378,334
Minimum To Be Well Capitalized	$ 587,861	$ 546,482
Common Equity Tier 1 Capital to Risk Weighted Assets, Ratio
Actual	11.96%	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	$ 1,155,686	$ 1,069,874
Minimum Capital Requirement	542,640	504,445
Minimum To Be Well Capitalized	$ 723,521	$ 672,594
Tier 1 Capital to Risk Weighted Assets, Ratio
Actual	12.78%	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	$ 1,457,994	$ 1,320,187
Minimum Capital Requirement	723,521	672,594
Minimum To Be Well Capitalized	$ 904,401	$ 840,742
Total Capital to Risk Weighted Assets, Ratio
Actual	16.12%	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	$ 1,155,686	$ 1,069,874
Minimum Capital Requirement	$ 489,124	$ 502,336
Leverage Ratio of Tier 1 Capital to Average Assets, Ratio
Actual	9.45%	8.52%
Minimum Capital Requirement	4.00%	4.00%
Busey Bank
Common Equity Tier 1 Capital to Risk Weighted Assets, Amount
Actual	$ 1,306,716	$ 1,241,303
Minimum Capital Requirement	405,736	377,096
Minimum To Be Well Capitalized	$ 586,063	$ 544,695
Common Equity Tier 1 Capital to Risk Weighted Assets, Ratio
Actual	14.49%	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	$ 1,306,716	$ 1,241,303
Minimum Capital Requirement	540,981	502,795
Minimum To Be Well Capitalized	$ 721,308	$ 670,394
Tier 1 Capital to Risk Weighted Assets, Ratio
Actual	14.49%	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	$ 1,384,024	$ 1,306,616
Minimum Capital Requirement	721,308	670,394
Minimum To Be Well Capitalized	$ 901,635	$ 837,992
Total Capital to Risk Weighted Assets, Ratio
Actual	15.35%	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	$ 1,306,716	$ 1,241,303
Minimum Capital Requirement	487,541	501,104
Minimum To Be Well Capitalized	$ 609,426	$ 626,379
Leverage Ratio of Tier 1 Capital to Average Assets, Ratio
Actual	10.72%	9.91%
Minimum Capital Requirement	4.00%	4.00%
Minimum To Be Well Capitalized	5.00%	5.00%

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent
Net unrealized holding gains (losses) on debt securities available for sale, tax expense (benefit)	$ (79,460)	$ (23,367)	$ 8,615
Net unrealized gains (losses) on debt securities transferred to held to maturity from available for sale, tax expense (benefit)	(13,812)	0	0
Reclassification adjustment for realized (gains) losses on debt securities available for sale included in net income, tax expense (benefit)	7	(17)	496
Amortization of unrealized losses on securities transferred to held to maturity, tax expense (benefit)	(1,893)	0	0
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
Net unrealized holding gains (losses) on cash flow hedges, tax expense (benefit)	(8,258)	294	(1,007)
Reclassification adjustment for realized (gains) losses on cash flow hedges included in net income, tax expense (benefit)	$ (166)	$ (304)	$ (216)

PORTFOLIO LOANS (Tables)

12 Months Ended

Dec. 31, 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 December 31,
	2022		2021
Portfolio loans
Commercial	$	1,974,154	$	1,943,886
Commercial real estate	3,261,873		3,119,807
Real estate construction	530,469		385,996
Retail real estate	1,657,082		1,512,976
Retail other	302,124		226,333
Total portfolio loans	$	7,725,702	$	7,188,998
ACL	(91,608)		(87,887)
Portfolio loans, net	$	7,634,094	$	7,101,111

Schedule of financial instruments owned and pledged as collateral

The Company pledged loans as collateral to the FHLB and Federal Reserve Bank for liquidity as set forth in the table below (dollars in thousands):


	As of December 31,
	2022		2021
Pledged loans
FHLB	$	5,095,448	$	4,656,331
Federal Reserve Bank	804,718		808,254
Total pledged loans	$	5,900,166	$	5,464,585

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


	As of December 31,
	2022		2021
Cash pledged to secure obligations under derivative contracts	$	38,609	$	27,300
Collateral held to secure obligations under derivative contracts	29,830		—

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 December 31, 2022
	Pass		Watch		Special Mention		Substandard		Substandard Non-accrual		Total
Portfolio loans
Commercial	$	1,668,495	$	201,758	$	46,540	$	51,187	$	6,174	$	1,974,154
Commercial real estate	2,851,709		326,455		43,526		34,539		5,644		3,261,873
Real estate construction	502,904		25,164		1		2,400		—		530,469
Retail real estate	1,639,599		10,520		1,338		2,529		3,096		1,657,082
Retail other	301,971		—		—		—		153		302,124
Total portfolio loans	$	6,964,678	$	563,897	$	91,405	$	90,655	$	15,067	$	7,725,702


	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 December 31, 2022
	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans		Total
Risk Grade Ratings	2022		2021		2020		2019		2018		Prior
Commercial
Pass	$	479,893	$	266,122	$	136,445	$	52,046	$	50,764	$	135,000	$	548,225	$	1,668,495
Watch	54,195		49,382		3,288		7,201		1,258		2,160		84,274		201,758
Special Mention	1,958		937		1,642		974		1,000		17,024		23,005		46,540
Substandard	8,926		1,165		570		6,671		2,382		5,191		26,282		51,187
Substandard non-accrual	21		3,292		226		135		—		100		2,400		6,174
Total commercial	544,993		320,898		142,171		67,027		55,404		159,475		684,186		1,974,154

Commercial real estate
Pass	883,688		819,133		478,452		297,525		161,409		198,419		13,083		2,851,709
Watch	77,346		56,113		64,282		96,664		21,592		5,758		4,700		326,455
Special Mention	11,943		5,389		12,386		1,420		6,917		5,471		—		43,526
Substandard	5,340		13,528		3,454		1,907		10,248		62		—		34,539
Substandard non-accrual	—		3,959		33		—		1,647		5		—		5,644
Total commercial real estate	978,317		898,122		558,607		397,516		201,813		209,715		17,783		3,261,873

Real estate construction
Pass	219,112		191,724		68,015		1,490		1,901		1,751		18,911		502,904
Watch	8,530		12,019		3,169		48		—		1,398		—		25,164
Special Mention	—		—		—		1		—		—		—		1
Substandard	2,400		—		—		—		—		—		—		2,400

Total real estate construction	230,042		203,743		71,184		1,539		1,901		3,149		18,911		530,469

Retail real estate
Pass	396,547		456,158		175,148		77,569		56,887		267,387		209,903		1,639,599
Watch	2,928		2,991		1,846		1,444		1,063		27		221		10,520
Special Mention	945		—		—		—		—		393		—		1,338
Substandard	77		732		198		81		141		1,293		7		2,529
Substandard non-accrual	10		191		107		32		390		1,708		658		3,096
Total retail real estate	400,507		460,072		177,299		79,126		58,481		270,808		210,789		1,657,082

Retail other
Pass	134,567		43,512		13,141		13,086		5,646		991		91,028		301,971



Substandard non-accrual	14		134		3		—		—		2		—		153
Total retail other	134,581		43,646		13,144		13,086		5,646		993		91,028		302,124

Total portfolio loans	$	2,288,440	$	1,926,481	$	962,405	$	558,294	$	323,245	$	644,140	$	1,022,697	$	7,725,702


	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 non-accrual status, is as follows (dollars in thousands):


	As of December 31, 2022
	Loans past due, still accruing						Non-accrual Loans
	30-59 Days		60-89 Days		90+Days
Past due and non-accrual loans
Commercial	$	2	$	—	$	—	$	6,174
Commercial real estate	124		—		—		5,644

Retail real estate	4,709		1,239		673		3,096
Retail other	414		60		—		153
Total past due and non-accrual loans	$	5,249	$	1,299	$	673	$	15,067


	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 December 31,
	2022		2021
TDRs
In compliance with modified terms	$	3,032	$	1,801

Non-performing TDRs	537		551
Total TDRs	$	3,569	$	2,352

Loans that were designated as TDRs during the years ended as of the dates indicated are summarized as follows (dollars in thousands):


	Newly Designated TDRs
		Recorded Investment1
	Number of Contracts	Rate Modification2		Payment Modification2
December 31, 2022
Commercial	3	$	136	$	996
Retail real estate	1	—		517
Total	4	$	136	$	1,513

December 31, 2021
Commercial	1	$	364	$	—




December 31, 2020
Commercial	3	$	130	$	—
Commercial real estate	1	651		—
Real estate construction	4	—		986
Total	8	$	781	$	986

___________________________________________

1.Recorded investment for newly designated TDR’s that were still outstanding as of the dates indicated.

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

Schedule of suspended requirements under GAAP related to TDR classification

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 that suspended requirements under GAAP related to TDR classification (dollars in thousands):


	As of December 31, 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 December 31, 2022
	Unpaid Principal Balance		Recorded Investment								Average Recorded Investment
			With No Allowance		With Allowance		Total		Related Allowance
Loans evaluated individually
Commercial	$	9,589	$	656	$	5,918	$	6,574	$	2,476	$	6,761
Commercial real estate	8,039		2,334		3,903		6,237		2,000		5,219
Real estate construction	247		247		—		247		—		260
Retail real estate	2,733		2,564		25		2,589		25		2,311

Total loans evaluated individually	$	20,608	$	5,801	$	9,846	$	15,647	$	4,501	$	14,551


	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 attributable to each loan category. Allocation of a portion of the ACL to one category does not preclude its availability to absorb losses in other categories (dollars in thousands):


	Commercial		Commercial Real Estate		Real Estate Construction		Retail Real Estate		Retail Other		Total
ACL Balance, December 31, 2019	$	18,291	$	21,190	$	3,204	$	10,495	$	568	$	53,748
Adoption of ASC 326-30	715		9,306		2,954		3,292		566		16,833
Provision for credit losses	10,832		17,511		1,452		9,050		(48)		38,797
Charged-off	(6,376)		(1,972)		(18)		(2,057)		(665)		(11,088)
Recoveries	404		195		601		1,212		346		2,758
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	(2,160)		(7,651)		(3,180)		(4,456)		2,346		(15,101)
Charged-off	(2,026)		(925)		(209)		(1,145)		(478)		(4,783)
Recoveries	629		259		298		1,069		290		2,545
ACL balance, December 31, 2021	23,855		38,249		5,102		17,589		3,092		87,887
Provision for credit losses	497		892		1,142		219		1,873		4,623
Charged-off	(1,069)		(1,375)		(23)		(251)		(461)		(3,179)
Recoveries	577		533		236		636		295		2,277
ACL balance, December 31, 2022	$	23,860	$	38,299	$	6,457	$	18,193	$	4,799	$	91,608

__________________________________________

1.The Day 1 PCD is attributable to the CAC acquisition.

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 December 31, 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	$	1,967,580	$	6,574	$	1,974,154	$	21,384	$	2,476	$	23,860
Commercial real estate	3,255,636		6,237		3,261,873		36,299		2,000		38,299
Real estate construction	530,222		247		530,469		6,457		—		6,457
Retail real estate	1,654,493		2,589		1,657,082		18,168		25		18,193
Retail other	302,124		—		302,124		4,799		—		4,799
Portfolio loans and related ACL	$	7,710,055	$	15,647	$	7,725,702	$	87,107	$	4,501	$	91,608


	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

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Cash and cash equivalents:
Cash and due from banks	$ 117,513	$ 102,983
Interest-bearing deposits	109,651	733,112
Total cash and cash equivalents	227,164	836,095
Debt securities available for sale	2,461,393	3,981,251
Debt securities held to maturity	918,312	0
Equity securities	11,535	13,571
Loans held for sale (2022 at LOCOM, 2021 at fair value)	1,253	23,875
Portfolio loans (net of ACL of $91,608 at December 31, 2022; $87,887 at December 31, 2021)	7,634,094	7,101,111
Premises and equipment, net	126,524	136,147
Right of use assets	12,829	10,533
Goodwill	317,873	317,873
Other intangible assets, net	46,423	58,051
Cash surrender value of bank owned life insurance	180,485	176,940
Other assets	398,792	204,242
Total assets	12,336,677	12,859,689
Deposits:
Noninterest-bearing	3,393,666	3,670,267
Interest-bearing	6,677,614	7,098,310
Total deposits	10,071,280	10,768,577
Securities sold under agreements to repurchase	229,806	270,139
Short-term borrowings	351,054	17,678
Long-term debt	30,000	46,056
Senior notes, net of unamortized issuance costs	0	39,944
Subordinated notes, net of unamortized issuance costs	222,038	182,773
Junior subordinated debt owed to unconsolidated trusts	71,810	71,635
Lease liabilities	12,995	10,591
Other liabilities	201,717	133,184
Total liabilities	11,190,700	11,540,577
Outstanding commitments and contingent liabilities (see Notes 16 and 22)
Stockholders’ Equity
Common stock, ($0.001 par value; 100,000,000 shares authorized)	58	58
Additional paid-in capital	1,320,980	1,316,984
Retained earnings	168,769	92,463
AOCI	(273,278)	(23,758)
Total stockholders’ equity before treasury stock	1,216,529	1,385,747
Treasury stock at cost	(70,552)	(66,635)
Total stockholders’ equity	1,145,977	1,319,112
Total liabilities and stockholders’ equity	$ 12,336,677	$ 12,859,689
Shares
Common shares issued (in shares)	58,116,970	58,116,970
Less treasury shares (in shares)	(2,837,846)	(2,682,060)
Common shares outstanding (in shares)	55,279,124	55,434,910

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Summary of changes in AOCI by component (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,319,112	$ 1,270,069	$ 1,220,434
Unrealized/Unrecognized gains (losses) on debt securities
Unrealized holding gains (losses) on debt securities available for sale, net of tax	(199,302)	(58,610)	21,561
Unrealized losses on debt securities transferred to held to maturity from available for sale, net of tax	(34,644)	0	0
Amounts reclassified from AOCI, net of tax	19	(44)	1,228
Amortization of unrealized losses on securities transferred to held to maturity, net of tax	(4,745)	0	0
Unrealized gains (losses) on cash flow hedges:
Unrealized holding gains (losses) on cash flow hedges, net of tax	(20,717)	736	(2,526)
Amounts reclassified from AOCI, net of tax	(417)	(763)	(542)
Ending balance	1,145,977	1,319,112	1,270,069
AOCI
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss) beginning balance period, before tax	(33,230)	46,589
Accumulated other comprehensive income (loss) beginning balance period, tax effect	9,472	(13,280)
Beginning balance	(23,758)	33,309	14,960
Unrealized gains (losses) on cash flow hedges:
Accumulated other comprehensive income (loss) ending balance period, before tax	(382,228)	(33,230)	46,589
Accumulated other comprehensive income (loss) ending balance period, tax effect	108,950	9,472	(13,280)
Ending balance	(273,278)	(23,758)	33,309
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	(32,272)	49,644	21,192
Accumulated other comprehensive income (loss) beginning balance period, tax effect	9,199	(14,151)	(6,032)
Beginning balance	(23,073)	35,493	15,160
Unrealized/Unrecognized gains (losses) on debt securities
Unrealized holding gains (losses) on debt securities available for sale, before tax	(278,762)	(81,977)	30,176
Unrealized holding gains (losses) on debt securities available for sale, tax effect	79,460	23,367	(8,615)
Unrealized holding gains (losses) on debt securities available for sale, net of tax	(199,302)	(58,610)	21,561
Unrealized gains on debt securities transferred from held to maturity to available for sale, before tax	(48,456)
Unrealized losses on debt securities transferred to held to maturity from available for sale, tax effect	13,812	0	0
Unrealized losses on debt securities transferred to held to maturity from available for sale, net of tax	(34,644)
Amounts reclassified from AOCI, before tax	(26)	61	(1,724)
Amounts reclassified from AOCI, tax effect	7	(17)	496
Amounts reclassified from AOCI, net of tax	(19)	44	(1,228)
Amortization of unrealized losses on securities transferred to held to maturity, before tax	6,638
Amortization of unrealized losses on securities transferred to held to maturity, tax effect	(1,893)	0	0
Amortization of unrealized losses on securities transferred to held to maturity, net of tax	4,745
Unrealized gains (losses) on cash flow hedges:
Accumulated other comprehensive income (loss) ending balance period, before tax	(352,878)	(32,272)	49,644
Accumulated other comprehensive income (loss) ending balance period, tax effect	100,585	9,199	(14,151)
Ending balance	(252,293)	(23,073)	35,493
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	(958)	(3,055)	(280)
Accumulated other comprehensive income (loss) beginning balance period, tax effect	273	871	80
Beginning balance	(685)	(2,184)	(200)
Unrealized gains (losses) on cash flow hedges:
Unrealized holding gains (losses) on cash flow hedges, before tax	(28,975)	1,030	(3,533)
Unrealized holding gains (losses) on cash flow hedges, tax effect	8,258	(294)	1,007
Unrealized holding gains (losses) on cash flow hedges, net of tax	(20,717)	736	(2,526)
Amounts reclassified from AOCI, before tax	583	1,067	758
Amounts reclassified from AOCI, tax effect	(166)	(304)	(216)
Amounts reclassified from AOCI, net of tax	417	763	542
Accumulated other comprehensive income (loss) ending balance period, before tax	(29,350)	(958)	(3,055)
Accumulated other comprehensive income (loss) ending balance period, tax effect	8,365	273	871
Ending balance	$ (20,985)	$ (685)	$ (2,184)

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of other intangible asset disclosures (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Goodwill and other intangibles assets
Intangible assets, gross	$ 132,203	$ 132,203
Accumulated amortization	85,780	74,152
Total estimated amortization expense	46,423	58,051
Core deposit intangible
Goodwill and other intangibles assets
Intangible assets, gross	99,065	99,065
Accumulated amortization	63,476	55,161
Total estimated amortization expense	35,589	43,904
Customer relationship intangible
Goodwill and other intangibles assets
Intangible assets, gross	33,138	33,138
Accumulated amortization	22,304	18,991
Total estimated amortization expense	$ 10,834	$ 14,147

REGULATORY CAPITAL - Narrative (Details) - USD ($) $ in Millions		12 Months Ended
	Jun. 02, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	May 25, 2017
Regulatory Capital
Busey Bank paid dividends to the Company, amount received		$ 95.0	$ 60.0	$ 122.0
Subordinated Debt \| 4.75% notes maturing May 25, 2027
Regulatory Capital
Principal balance					$ 60.0
Subordinated Debt \| 5.000% notes maturing June 15, 2032
Regulatory Capital
Principal balance	$ 100.0
Fixed to floating interest rate	5.00%

INCOME TAXES

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

INCOME TAXES

The components of income taxes consist of (dollars in thousands):


	Years Ended December 31,
	2022		2021		2020
Income tax expense
Current expense:
Federal	$	20,815	$	20,261	$	21,027
State	13,883		8,448		12,144
Deferred expense:
Federal	(700)		3,644		(3,657)
State	(572)		1,021		(1,652)
Total income tax expense	$	33,426	$	33,374	$	27,862

A reconciliation of federal and state income taxes at statutory rates to the income taxes included in the accompanying Consolidated Statements of Income is as follows:


	Years Ended December 31,
	2022		2021		2020
Percent of pretax income
Income tax at federal statutory rate	21.0	%	21.0	%	21.0	%
Effect of:
Tax-exempt interest, net	(1.1)	%	(1.1)	%	(1.6)	%
Stock incentive	0.1	%	—	%	0.2	%
State income taxes, net	6.5	%	4.5	%	6.5	%
Income on bank owned life insurance	(0.5)	%	(0.7)	%	(0.9)	%
Tax credit investments	(5.6)	%	(3.6)	%	(3.2)	%
Other, net	0.3	%	1.2	%	(0.3)	%
Effective income tax rate	20.7	%	21.3	%	21.7	%

Net deferred taxes, reported in other assets or other liabilities in the accompanying Consolidated Balance Sheets, include the following amounts of deferred tax assets and liabilities (dollars in thousands):


	As of December 31,
	2022		2021
Deferred taxes
Deferred tax assets:
ACL	$	26,979	$	25,884
Unrealized loss on cash flow hedge	8,365		273
Unrealized losses on securities available for sale	88,666		9,199
Unrealized losses on securities held to maturity	11,919		—
Stock-based compensation	5,504		4,204
Deferred compensation	53		55
Purchase accounting adjustments	656		1,213
Accrued vacation	411		398
Lease liabilities	3,564		2,893
Employee costs	3,298		2,847
Other	376		390
Total deferred tax assets	149,791		47,356

Deferred tax liabilities:

Basis in premises and equipment	(1,541)		(1,347)
Affordable housing partnerships and other investments	(6,669)		(3,696)
Purchase accounting adjustments	(1,207)		(1,362)
Mortgage servicing assets	(2,132)		(2,853)
Basis in core deposit, customer intangible assets, and asset purchase goodwill	(6,956)		(9,485)
Deferred loan origination costs	(3,845)		(2,454)
Right of use assets	(3,518)		(2,877)
Unrealized gain on equity securities	(512)		(1,099)
Other	(586)		(560)
Total deferred tax liabilities	(26,966)		(25,733)

Net deferred tax asset	$	122,825	$	21,623

Management believes that it is more likely than not that the other deferred tax assets included in the accompanying Consolidated Balance Sheets will be fully realized. The Company has determined that no valuation allowance is required for any deferred tax assets as of December 31, 2022, or 2021.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: 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(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

DEPOSITS (Tables)

12 Months Ended

Dec. 31, 2022

Deposits [Abstract]

Schedule of composition of deposits

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


	As of December 31,
	2022		2021
Deposits
Noninterest-bearing demand deposits	$	3,393,666	$	3,670,267
Interest-bearing transaction deposits	2,857,818		2,720,417
Saving deposits and money market deposits	2,964,421		3,442,244
Time deposits	855,375		935,649
Total deposits	$	10,071,280	$	10,768,577

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


	As of December 31,
	2022		2021
Brokered savings deposits and money market deposits	$	1,303	$	2,248
Brokered time deposits	275		266
Total time deposits with a minimum denomination of $100,000	416,445		454,649
Total time deposits with a minimum denomination that meets or exceeds the FDIC insurance limit of $250,000	120,377		137,449

Schedule of maturities of time deposits

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


	As of December 31, 2022
Time deposits by schedule of maturities

2023	$	560,147
2024	229,263
2025	34,307
2026	16,637
2027	14,301
Thereafter	720
Time deposits	$	855,375

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Cash dividends, common stock (in dollars per share)	$ 0.92	$ 0.92	$ 0.88
Stock dividends, restricted stock units (in dollars per share)	$ 0.92	$ 0.92	$ 0.88
Issuance of treasury stock for stock options exercised, net of shares redeemed and related tax	$ 0		$ 101

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

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

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


	As of December 31, 2022
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Debt securities available for sale:
U.S. Treasury securities	$	—	$	114,061	$	—	$	114,061
Obligations of U.S. government corporations and agencies	—		19,779		—		19,779
Obligations of states and political subdivisions	—		257,512		—		257,512
Asset-backed securities	—		469,875		—		469,875
Commercial mortgage-backed securities	—		108,394		—		108,394
Residential mortgage-backed securities	—		1,243,256		—		1,243,256
Corporate debt securities	—		248,516		—		248,516
Equity securities	—		11,535		—		11,535
Derivative assets	—		42,607		5		42,612
Derivative liabilities	—		72,462		—		72,462


	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

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 December 31, 2022
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Loans evaluated individually, net of related allowance	$	—	$	—	$	5,345	$	5,345

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

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 December 31, 2022

Fair Value

Valuation
Techniques

Unobservable
Input

Range
(Weighted Average)

Loans evaluated individually, net of related allowance

5,345

Appraisal of collateral

Appraisal adjustments

-22.7% to -100.0%

(-45.7)%

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

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 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 December 31, 2022				As of December 31, 2021
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets
Level 1 inputs:
Cash and cash equivalents	$	227,164	$	227,164	$	836,095	$	836,095
Level 2 inputs:
Debt securities held to maturity	918,312		785,295		—		—
Loans held for sale1	1,253		1,276		—		—
Accrued interest receivable	43,372		43,372		31,064		31,064
Level 3 inputs:
Portfolio loans, net	7,634,094		7,320,422		7,101,111		7,161,466
Mortgage servicing rights	5,861		18,284		8,608		12,133
Other servicing rights	1,914		2,331		1,830		2,268

Financial liabilities
Level 2 inputs:
Time deposits	$	855,375	$	830,596	$	935,649	$	935,778
Securities sold under agreements to repurchase	229,806		229,806		270,139		270,139
Short-term borrowings	351,054		351,085		17,678		17,673
Long-term debt	30,000		30,052		46,056		46,164
Junior subordinated debt owed to unconsolidated trusts	71,810		59,111		71,635		63,586
Accrued interest payable	3,978		3,978		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	222,038		208,562		182,773		195,600

___________________________________________

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

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2022	Feb. 23, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
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 ($0.001 par value)
Trading Symbol	BUSE
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 1.2
Entity Common Stock, Shares Outstanding		55,288,101
Documents Incorporated by Reference	Portions of the definitive Proxy Statement for the 2023 Annual Meeting of Stockholders of First Busey Corporation to be held May 24, 2023, are incorporated by reference in this Form 10-K in response to Part III.
Entity Central Index Key	0000314489
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false

PARENT COMPANY ONLY FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Balance Sheets

Condensed financial data for First Busey Corporation is presented below.

CONDENSED BALANCE SHEETS

(dollars in thousands)


	As of December 31,
	2022		2021
Assets
Cash and cash equivalents	$	91,812	$	78,217
Equity securities	11,535		13,571
Investments in subsidiaries:
Bank	1,369,261		1,565,226
Non-bank	2,181		2,812
Premises and equipment, net	18		30
Other assets	22,316		22,444
Total assets	$	1,497,123	$	1,682,300

Liabilities and Stockholders' Equity
Liabilities:
Short-term borrowings	$	12,000	$	12,000
Long-term debt	30,000		42,000
Senior notes, net of unamortized issuance costs	—		39,944
Subordinated notes, net of unamortized issuance costs	222,038		182,773
Junior subordinated debentures owed to unconsolidated trusts	71,810		71,635
Other liabilities	15,298		14,836
Total liabilities	351,146		363,188

Total stockholders' equity	1,145,977		1,319,112
Total liabilities and stockholders' equity	$	1,497,123	$	1,682,300

Statements of Income


	Years Ended December 31,
	2022		2021		2020
Operating income:
Dividends from subsidiaries:
Bank	$	95,000	$	60,000	$	122,000
Non-bank	1,630		1,745		—
Interest income	1,094		79		154
Gains (losses) recognized on equity securities, net	(2,159)		3,041		(393)
Other income	15,195		12,109		10,083
Total operating income	110,760		76,974		131,844

Expense:
Salaries, wages, and employee benefits	20,964		17,914		16,205
Interest expense	17,854		15,163		12,056
Operating expense	7,294		7,429		7,685
Total expense	46,112		40,506		35,946

Income (loss) before income tax benefit and equity in undistributed (in excess of) net income of subsidiaries	64,648		36,468		95,898
Income tax benefit	8,286		8,974		7,727
Income (loss) before equity in undistributed (in excess of) net income of subsidiaries	72,934		45,442		103,625

Equity in undistributed (in excess of) net income of subsidiaries:
Bank	55,986		77,941		(5,221)
Non-bank	(609)		66		1,940
Net income	$	128,311	$	123,449	$	100,344

Statements of Cash Flows


	Years Ended December 31,
	2022		2021		2020
Cash Flows Provided by (Used in) Operating Activities
Net income	$	128,311	$	123,449	$	100,344
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	1,423		882		648
Distributions more (less) than net income of subsidiaries	(55,377)		(78,007)		3,281
(Gains) losses recognized on equity securities, net	2,159		(3,041)		393
Stock-based compensation	8,968		7,864		7,135
Changes in assets and liabilities:
(Increase) decrease in other assets	(17,754)		(1,186)		405
Increase (decrease) in other liabilities	21,233		(3,302)		(5,772)
Net cash provided by (used in) operating activities	88,963		46,659		106,434

Cash Flows Provided by (Used in) Investing Activities
Sales (purchases) of equity securities, net	598		(5,000)		—
Net cash paid for acquisitions	—		(61,656)		—
Purchases of premises and equipment	(9)		(15)		(19)
Net cash provided by (used in) investing activities	589		(66,671)		(19)

Cash Flows Provided by (Used in) Financing Activities
Cash paid for withholding taxes on stock-based payments	(1,276)		(997)		(635)
Cash dividends paid	(50,863)		(50,764)		(48,012)
Repayments of borrowings	(112,000)		(18,500)		(74,000)
Proceeds from issuance of debt	98,094		72,500		142,634
Proceeds from stock options exercised	—		—		101

Purchase of treasury stock	(9,912)		(33,043)		(12,272)
Common stock issuance costs	—		(150)		—
Net cash provided (used in) by financing activities	(75,957)		(30,954)		7,816

Net increase (decrease) in cash and cash equivalents	13,595		(50,966)		114,231
Cash and cash equivalents, beginning of period	78,217		129,183		14,952

Cash and cash equivalents, ending of period	$	91,812	$	78,217	$	129,183

STOCK-BASED COMPENSATION - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation
Total stock-based compensation expense	$ 8,968	$ 7,864	$ 7,135
RSU awards
Share-based Compensation
Total stock-based compensation expense	4,648	5,809	6,493
PSU awards
Share-based Compensation
Total stock-based compensation expense	3,240	979	77
DSU awards
Share-based Compensation
Total stock-based compensation expense	876	962	565
2021 ESPP
Share-based Compensation
Total stock-based compensation expense	$ 204	$ 114	$ 0

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of amortization expense relating to intangible assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill and other intangibles assets
Amortization of intangible assets	$ 11,628	$ 11,274	$ 10,008
Core deposit intangible
Goodwill and other intangibles assets
Amortization of intangible assets	8,315	8,253	7,753
Customer relationship intangible
Goodwill and other intangibles assets
Amortization of intangible assets	$ 3,313	$ 3,021	$ 2,255

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Interest income
Interest and fees on loans	$ 287,477	$ 252,097	$ 284,959
Interest and dividends on investment securities:
Taxable interest income	66,140	41,787	35,364
Non-taxable interest income	3,272	3,765	4,552
Other interest income	3,097	1,151	1,723
Total interest income	359,986	298,800	326,598
Interest expense
Deposits	16,112	12,583	30,691
Federal funds purchased and securities sold under agreements to repurchase	1,475	227	660
Short-term borrowings	1,647	279	234
Long-term debt	1,310	657	525
Senior notes	637	1,598	1,598
Subordinated notes	12,338	9,918	6,995
Junior subordinated debt owed to unconsolidated trusts	3,029	2,840	2,960
Total interest expense	36,548	28,102	43,663
Net interest income	323,438	270,698	282,935
Provision for credit losses	4,623	(15,101)	38,797
Net interest income after provision for credit losses	318,815	285,799	244,138
Noninterest income
Mortgage revenue	1,895	7,239	13,038
Income on bank owned life insurance	3,663	5,166	5,380
Realized net gains (losses) on securities	50	29	1,724
Unrealized net gains (losses) recognized on equity securities	(2,183)	3,041	(393)
Other income	14,822	10,292	8,356
Total noninterest income	126,803	132,804	118,265
Noninterest expense
Salaries, wages, and employee benefits	159,016	145,312	126,719
Data processing	21,648	21,862	16,426
Net occupancy expense of premises	19,130	18,346	17,607
Furniture and equipment expenses	7,645	8,301	9,550
Professional fees	6,125	7,549	8,396
Amortization of intangible assets	11,628	11,274	10,008
Interchange expense	6,298	5,792	4,810
Other expense	52,391	43,344	40,681
Total noninterest expense	283,881	261,780	234,197
Income before income taxes	161,737	156,823	128,206
Income taxes	33,426	33,374	27,862
Net income	$ 128,311	$ 123,449	$ 100,344
Basic earnings per common share (in dollars per share)	$ 2.32	$ 2.23	$ 1.84
Diluted earnings per common share (in dollars per share)	2.29	2.20	1.83
Dividends declared per share of common stock (in dollars per share)	$ 0.92	$ 0.92	$ 0.88
Wealth management fees
Noninterest income
Non-interest income	$ 55,378	$ 53,086	$ 42,928
Fees for customer services
Noninterest income
Non-interest income	33,111	35,604	31,604
Payment technology solutions
Noninterest income
Non-interest income	$ 20,067	$ 18,347	$ 15,628

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of the components of income taxes

The components of income taxes consist of (dollars in thousands):


	Years Ended December 31,
	2022		2021		2020
Income tax expense
Current expense:
Federal	$	20,815	$	20,261	$	21,027
State	13,883		8,448		12,144
Deferred expense:
Federal	(700)		3,644		(3,657)
State	(572)		1,021		(1,652)
Total income tax expense	$	33,426	$	33,374	$	27,862

Schedule of the reconciliation of federal and state income taxes at statutory rates to the income taxes included in the statements of income


	Years Ended December 31,
	2022		2021		2020
Percent of pretax income
Income tax at federal statutory rate	21.0	%	21.0	%	21.0	%
Effect of:
Tax-exempt interest, net	(1.1)	%	(1.1)	%	(1.6)	%
Stock incentive	0.1	%	—	%	0.2	%
State income taxes, net	6.5	%	4.5	%	6.5	%
Income on bank owned life insurance	(0.5)	%	(0.7)	%	(0.9)	%
Tax credit investments	(5.6)	%	(3.6)	%	(3.2)	%
Other, net	0.3	%	1.2	%	(0.3)	%
Effective income tax rate	20.7	%	21.3	%	21.7	%

Schedule of the deferred tax assets and liabilities


	As of December 31,
	2022		2021
Deferred taxes
Deferred tax assets:
ACL	$	26,979	$	25,884
Unrealized loss on cash flow hedge	8,365		273
Unrealized losses on securities available for sale	88,666		9,199
Unrealized losses on securities held to maturity	11,919		—
Stock-based compensation	5,504		4,204
Deferred compensation	53		55
Purchase accounting adjustments	656		1,213
Accrued vacation	411		398
Lease liabilities	3,564		2,893
Employee costs	3,298		2,847
Other	376		390
Total deferred tax assets	149,791		47,356

Deferred tax liabilities:

Basis in premises and equipment	(1,541)		(1,347)
Affordable housing partnerships and other investments	(6,669)		(3,696)
Purchase accounting adjustments	(1,207)		(1,362)
Mortgage servicing assets	(2,132)		(2,853)
Basis in core deposit, customer intangible assets, and asset purchase goodwill	(6,956)		(9,485)
Deferred loan origination costs	(3,845)		(2,454)
Right of use assets	(3,518)		(2,877)
Unrealized gain on equity securities	(512)		(1,099)
Other	(586)		(560)
Total deferred tax liabilities	(26,966)		(25,733)

Net deferred tax asset	$	122,825	$	21,623

STOCK-BASED COMPENSATION

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

Stock Options

The Company has outstanding stock options that were issued under the First Community 2016 Equity Incentive Plan and assumed from acquisitions. A summary of the status of, and changes in, the Company's stock option awards follows (dollars in thousands, except weighted-average exercise price):


	Shares	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life	Intrinsic Value
Options outstanding at December 31, 2021	31,386	$	23.53	4.88	$	113
Exercised	(4,840)	23.53

Expired	(440)	23.53
Options outstanding at December 31, 2022	26,106	$	23.53	3.88	$	31

Options exercisable at December 31, 2022	26,106	$	23.53	3.88	$	31

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.

A description of RSU, PSU and DSU awards granted in 2022 under the terms of the 2020 Equity Plan is provided below. A description of RSU, PSU and DSU awards granted in 2021 and 2020 under the terms of the 2020 Equity Plan and 2010 Equity Plan can be found in the Company’s Annual Reports for the years ended December 31, 2021, and 2020, respectively.

The Company issued 175,225 treasury shares in conjunction with the vesting of RSUs and settlement of DSUs in 2022. The difference between the number of shares issued and the number of vested units is due to shares issued under a net share settlement option. There were 657,570 shares available for issuance under the 2020 Equity Plan as of December 31, 2022.

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.

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.

A summary of changes in the Company’s RSU awards for the year ended December 31, 2022, is as follows:


	RSU Awards
	Shares	Weighted- Average Grant Date Fair Value
Nonvested at December 31, 2021	1,147,927	$	23.97
Granted	156,483	25.79
Dividend equivalents earned	43,916	24.83
Vested	(203,230)	27.66
Forfeited	(48,165)	23.46

Nonvested at December 31, 2022	1,096,931	23.61

PSU Awards

The Company grants PSUs, which are restricted stock units that are subject to certain performance criteria, 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.

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 stockholder 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 an adjusted 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.

A summary of changes in the Company’s PSU awards for the year ended December 31, 2022, is as follows:


	PSU Awards
	Shares1	Weighted- Average Grant Date Fair Value
Nonvested at December 31, 2021	113,915	$	22.86
Granted	195,240	26.14
Dividend equivalents earned2	832	22.63
Vested2	(8,694)	16.86
Forfeited2	(8,080)	25.21
Adjustment for performance conditions2,3	(7,862)	16.25
Nonvested at December 31, 2022	285,351	25.40

Vested and outstanding at December 31, 2022	8,694	16.86

___________________________________________

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

2.PSUs granted in 2020 vested on December 31, 2022. In January 2023, it was determined that performance criteria had been met at 50% of target.

3.Adjustments for performance conditions represent the difference between the number of target shares at grant date and the number of actual shares earned for the performance period completed.

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.

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.

A summary of changes in the Company’s DSU awards for the year ended December 31, 2022, is as follows:


	DSU Awards
		Shares	Weighted- Average Grant Date Fair Value
Nonvested at December 31, 2021		34,135	$	24.59
Granted		32,658	25.79
Dividend equivalents earned		5,473	24.47
Vested		(41,181)	24.67


Nonvested at December 31, 2022		31,085	25.75

Vested and outstanding at December 31, 2022		112,434	23.10

2021 Employee Stock Purchase Plan

The First Busey Corporation 2021 ESPP was approved at the Company’s 2021 Annual Meeting of Stockholders. 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. Under the terms of the 2021 ESPP, all participating employees have equal rights and privileges. Substantially all of our employees are eligible to participate in the 2021 ESPP. Further details can be found within First Busey’s Definitive Proxy Statement filed with the SEC on April 8, 2021.

The 2021 ESPP initially reserved for issuance and purchase an aggregate of 600,000 shares of the Company’s common stock. The first offering under the 2021 ESPP began on July 1, 2021. There were 512,225 shares available for issuance under the 2021 ESPP as of December 31, 2022.

Stock-Based Compensation Expense

The Company did not record any stock option compensation expense for the years ended December 31, 2022, 2021, or 2020. As of December 31, 2022, the Company did not have any unrecognized stock option compensation expense.

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


	Years Ended December 31,
		2022		2021		2020
Stock-based compensation expense

RSU awards		$	4,648	$	5,809	$	6,493
PSU awards1		3,240		979		77
DSU awards		876		962		565
2021 ESPP		204		114		—
Total stock-based compensation expense		$	8,968	$	7,864	$	7,135

___________________________________________

Unamortized stock-based compensation expense is presented in the table below (dollars in thousands):


	As of December 31,
	2022		2021
Unamortized stock-based compensation
RSU awards	$	8,570	$	10,204
PSU awards1	4,279		1,547
DSU awards	175		209
Total unamortized stock-based compensation	$	13,024	$	11,960

Weighted average period over which expense is to be recognized	2.5 yrs		2.9 yrs

___________________________________________

LEASES (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Summary of lease-related balances


	As of December 31,
	2022			2021
Lease balances
Right of use assets	$	12,829		$	10,533
Lease liabilities	12,995			10,591

Supplemental information
Year through which lease terms extend	2037			2031
Weighted average remaining lease term (in years)	8.90			6.47
Weighted average discount rate	3.45		%	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):


	Years Ended December 31,
	2022		2021		2020
Lease costs
Operating lease costs	$	2,495	$	2,464	$	2,524
Variable lease costs	365		540		416
Short-term lease costs	22		49		35
Total lease cost1	$	2,882	$	3,053	$	2,975

Cash flows related to leases
Cash paid for amounts included in the measurement of lease liabilities:
Operating lease cash flows – Fixed payments	$	3,080	$	2,417	$	2,526
Operating lease cash flows – Liability reduction	2,285		2,217		2,289
Right of use assets obtained during the period in exchange for operating lease liabilities2	6,206		5,818		743

___________________________________________

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

2.The year ended December 31, 2021, includes $0.4 million related to a lease obtained in the acquisition of CAC.

Schedule of future undiscounted lease payments

Future undiscounted lease payments with initial terms of one year or more, are as follows (dollars in thousands):


	As of December 31, 2022
Rent commitments

2023	$	2,254
2024	1,942
2025	1,719
2026	1,442
2027	1,277
Thereafter	6,699
Total undiscounted cash flows	15,333
Less: Amounts representing interest	2,338
Present value of net future minimum lease payments	$	12,995

Summary of revenue recorded in connection with leases

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


	Years Ended December 31,
		2022		2021		2020
Rental income		$	707	$	566	$	228

SIGNIFICANT ACCOUNTING POLICIES - Off Balance Sheet Arrangements (Details) - Standby letters of credit - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Obligation with Joint and Several Liability Arrangement [Line Items]
Term of debt instrument	2 years
Liabilities for potential obligations	$ 6.6	$ 6.5

GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)	May 31, 2021 USD ($)
Goodwill and other intangibles assets
Number of operating segments \| segment	3
Goodwill, change in period	$ 0
Total goodwill	317,873,000	$ 317,873,000
CAC
Goodwill and other intangibles assets
Total goodwill			$ 6,337,000
Other intangible assets			$ 17,340,000
Banking
Goodwill and other intangibles assets
Total goodwill	294,773,000	294,773,000
Banking \| CAC
Goodwill and other intangibles assets
Total goodwill		6,300,000
Other intangible assets		8,800,000
Wealth Management
Goodwill and other intangibles assets
Total goodwill	$ 14,108,000	14,108,000
Wealth Management \| CAC
Goodwill and other intangibles assets
Other intangible assets		$ 8,500,000

- Definition

+ References + Details

SIGNIFICANT ACCOUNTING POLICIES - Loan Servicing (Details) $ in Billions	Dec. 31, 2022 USD ($)
Accounting Policies [Abstract]
Unpaid principal balances of loans serviced	$ 1.7

OTHER REAL ESTATE OWNED AND OTHER REPOSSESSED ASSETS - Summary of OREO and other repossessed assets balances (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
OREO
Other real estate owned (OREO)	$ 70	$ 3,074
Other repossessed assets	780	1,342
OREO and other repossessed assets	850	4,416	$ 4,571	$ 3,057
Commercial real estate
OREO
Other real estate owned (OREO)	0	2,839
Residential
OREO
Other real estate owned (OREO)	$ 70	$ 235

PORTFOLIO LOANS - Schedule of financial instruments owned and pledged as collateral (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Financial Instruments Owned and Pledged as Collateral [Line Items]
Portfolio loans, net	$ 7,634,094	$ 7,101,111
Asset Pledged as Collateral
Financial Instruments Owned and Pledged as Collateral [Line Items]
Portfolio loans, net	5,900,166	5,464,585
FHLB
Financial Instruments Owned and Pledged as Collateral [Line Items]
Portfolio loans, net	5,095,448	4,656,331
Federal Reserve Bank
Financial Instruments Owned and Pledged as Collateral [Line Items]
Portfolio loans, net	$ 804,718	$ 808,254

SIGNIFICANT ACCOUNTING POLICIES - Goodwill and Other Intangibles (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Goodwill impairment	$ 0.0	$ 0.0

SIGNIFICANT ACCOUNTING POLICIES - Securities (Details) $ in Millions	Dec. 31, 2022 USD ($)
Accounting Policies [Abstract]
Accrued interest receivable for debt securities available for sale debt	$ 14.7

REGULATORY CAPITAL (Tables)

12 Months Ended

Dec. 31, 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 December 31, 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	$	1,081,686	11.96	%	$	406,980	4.50	%	$	587,861	6.50	%
Busey Bank	1,306,716		14.49	%	405,736		4.50	%	586,063		6.50	%

Tier 1 Capital to Risk Weighted Assets
Consolidated	$	1,155,686	12.78	%	$	542,640	6.00	%	$	723,521	8.00	%
Busey Bank	1,306,716		14.49	%	540,981		6.00	%	721,308		8.00	%

Total Capital to Risk Weighted Assets
Consolidated	$	1,457,994	16.12	%	$	723,521	8.00	%	$	904,401	10.00	%
Busey Bank	1,384,024		15.35	%	721,308		8.00	%	901,635		10.00	%

Leverage Ratio of Tier 1 Capital to Average Assets
Consolidated	$	1,155,686	9.45	%	$	489,124	4.00	%	N/A		N/A
Busey Bank	1,306,716		10.72	%	487,541		4.00	%	$	609,426	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	%

SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Schedule of estimated useful lives for premises and equipment


Asset Description						Estimated Useful Life
Buildings and improvements						3 — 40 years
Furniture and equipment						3 — 10 years

Impact of the Company's other asset investments

The following table summarizes the impact of the Company’s other asset investments on our Consolidated Balance Sheets for the periods indicated (dollars in thousands):


		As of December 31,
	Location	2022		2021
Other asset investments
Funded investments	Other assets	$	58,912	$	37,417
Unfunded investments	Other assets	67,437		52,765
Other asset investments		$	126,349	$	90,182

Unfunded investment obligations	Other liabilities	$	(67,437)	$	(52,765)

PORTFOLIO LOANS

12 Months Ended

Dec. 31, 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 December 31,
	2022		2021
Portfolio loans
Commercial	$	1,974,154	$	1,943,886
Commercial real estate	3,261,873		3,119,807
Real estate construction	530,469		385,996
Retail real estate	1,657,082		1,512,976
Retail other	302,124		226,333
Total portfolio loans	$	7,725,702	$	7,188,998
ACL	(91,608)		(87,887)
Portfolio loans, net	$	7,634,094	$	7,101,111

Net deferred loan origination costs included in the balances above were $14.0 million as of December 31, 2022, compared to $9.0 million as of December 31, 2021. Net accretable purchase accounting adjustments included in the balances above reduced loans by $5.9 million as of December 31, 2022, and by $8.8 million as of December 31, 2021. Commercial balances include loans originated under the PPP with an amortized cost of $0.8 million as of December 31, 2022, compared to $75.0 million as of December 31, 2021.

The Company did not purchase any retail real estate loans during the year ended December 31, 2022, compared to $32.2 million of retail real estate loan purchases during the year ended December 31, 2021.

Pledged Loans

The Company pledged loans as collateral to the FHLB and Federal Reserve Bank for liquidity as set forth in the table below (dollars in thousands):


	As of December 31,
	2022		2021
Pledged loans
FHLB	$	5,095,448	$	4,656,331
Federal Reserve Bank	804,718		808,254
Total pledged loans	$	5,900,166	$	5,464,585

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 December 31, 2022
	Pass		Watch		Special Mention		Substandard		Substandard Non-accrual		Total
Portfolio loans
Commercial	$	1,668,495	$	201,758	$	46,540	$	51,187	$	6,174	$	1,974,154
Commercial real estate	2,851,709		326,455		43,526		34,539		5,644		3,261,873
Real estate construction	502,904		25,164		1		2,400		—		530,469
Retail real estate	1,639,599		10,520		1,338		2,529		3,096		1,657,082
Retail other	301,971		—		—		—		153		302,124
Total portfolio loans	$	6,964,678	$	563,897	$	91,405	$	90,655	$	15,067	$	7,725,702


	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 December 31, 2022
	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans		Total
Risk Grade Ratings	2022		2021		2020		2019		2018		Prior
Commercial
Pass	$	479,893	$	266,122	$	136,445	$	52,046	$	50,764	$	135,000	$	548,225	$	1,668,495
Watch	54,195		49,382		3,288		7,201		1,258		2,160		84,274		201,758
Special Mention	1,958		937		1,642		974		1,000		17,024		23,005		46,540
Substandard	8,926		1,165		570		6,671		2,382		5,191		26,282		51,187
Substandard non-accrual	21		3,292		226		135		—		100		2,400		6,174
Total commercial	544,993		320,898		142,171		67,027		55,404		159,475		684,186		1,974,154

Commercial real estate
Pass	883,688		819,133		478,452		297,525		161,409		198,419		13,083		2,851,709
Watch	77,346		56,113		64,282		96,664		21,592		5,758		4,700		326,455
Special Mention	11,943		5,389		12,386		1,420		6,917		5,471		—		43,526
Substandard	5,340		13,528		3,454		1,907		10,248		62		—		34,539
Substandard non-accrual	—		3,959		33		—		1,647		5		—		5,644
Total commercial real estate	978,317		898,122		558,607		397,516		201,813		209,715		17,783		3,261,873

Real estate construction
Pass	219,112		191,724		68,015		1,490		1,901		1,751		18,911		502,904
Watch	8,530		12,019		3,169		48		—		1,398		—		25,164
Special Mention	—		—		—		1		—		—		—		1
Substandard	2,400		—		—		—		—		—		—		2,400

Total real estate construction	230,042		203,743		71,184		1,539		1,901		3,149		18,911		530,469

Retail real estate
Pass	396,547		456,158		175,148		77,569		56,887		267,387		209,903		1,639,599
Watch	2,928		2,991		1,846		1,444		1,063		27		221		10,520
Special Mention	945		—		—		—		—		393		—		1,338
Substandard	77		732		198		81		141		1,293		7		2,529
Substandard non-accrual	10		191		107		32		390		1,708		658		3,096
Total retail real estate	400,507		460,072		177,299		79,126		58,481		270,808		210,789		1,657,082

Retail other
Pass	134,567		43,512		13,141		13,086		5,646		991		91,028		301,971



Substandard non-accrual	14		134		3		—		—		2		—		153
Total retail other	134,581		43,646		13,144		13,086		5,646		993		91,028		302,124

Total portfolio loans	$	2,288,440	$	1,926,481	$	962,405	$	558,294	$	323,245	$	644,140	$	1,022,697	$	7,725,702


	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 non-accrual status, is as follows (dollars in thousands):


	As of December 31, 2022
	Loans past due, still accruing						Non-accrual Loans
	30-59 Days		60-89 Days		90+Days
Past due and non-accrual loans
Commercial	$	2	$	—	$	—	$	6,174
Commercial real estate	124		—		—		5,644

Retail real estate	4,709		1,239		673		3,096
Retail other	414		60		—		153
Total past due and non-accrual loans	$	5,249	$	1,299	$	673	$	15,067


	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 $1.2 million, $1.6 million, and $1.8 million for the years ended December 31, 2022, 2021, and 2020, respectively. Interest collected on those loans and recognized on a cash basis that was included in interest income was $0.4 million for each of the years ended December 31, 2022, and 2021, and was insignificant for the year ended December 31, 2020.

Troubled Debt Restructurings

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


	As of December 31,
	2022		2021
TDRs
In compliance with modified terms	$	3,032	$	1,801

Non-performing TDRs	537		551
Total TDRs	$	3,569	$	2,352

Loans that were designated as TDRs during the years ended as of the dates indicated are summarized as follows (dollars in thousands):


	Newly Designated TDRs
		Recorded Investment1
	Number of Contracts	Rate Modification2		Payment Modification2
December 31, 2022
Commercial	3	$	136	$	996
Retail real estate	1	—		517
Total	4	$	136	$	1,513

December 31, 2021
Commercial	1	$	364	$	—




December 31, 2020
Commercial	3	$	130	$	—
Commercial real estate	1	651		—
Real estate construction	4	—		986
Total	8	$	781	$	986

___________________________________________

1.Recorded investment for newly designated TDR’s that were still outstanding as of the dates indicated.

2.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 December 31, 2022, 2021, or 2020, that had subsequent defaults. 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 during the years ended December 31, 2022, 2021, and 2020, 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 $14.0 million and $7.9 million of collateral dependent loans secured by real estate or business assets as of December 31, 2022, and December 31, 2021, respectively.

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 to allow 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 that suspended requirements under GAAP related to TDR classification (dollars in thousands):


	As of December 31, 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 the customer outstanding contractual principal balance 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 December 31, 2022
	Unpaid Principal Balance		Recorded Investment								Average Recorded Investment
			With No Allowance		With Allowance		Total		Related Allowance
Loans evaluated individually
Commercial	$	9,589	$	656	$	5,918	$	6,574	$	2,476	$	6,761
Commercial real estate	8,039		2,334		3,903		6,237		2,000		5,219
Real estate construction	247		247		—		247		—		260
Retail real estate	2,733		2,564		25		2,589		25		2,311

Total loans evaluated individually	$	20,608	$	5,801	$	9,846	$	15,647	$	4,501	$	14,551


	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.


	Commercial		Commercial Real Estate		Real Estate Construction		Retail Real Estate		Retail Other		Total
ACL Balance, December 31, 2019	$	18,291	$	21,190	$	3,204	$	10,495	$	568	$	53,748
Adoption of ASC 326-30	715		9,306		2,954		3,292		566		16,833
Provision for credit losses	10,832		17,511		1,452		9,050		(48)		38,797
Charged-off	(6,376)		(1,972)		(18)		(2,057)		(665)		(11,088)
Recoveries	404		195		601		1,212		346		2,758
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	(2,160)		(7,651)		(3,180)		(4,456)		2,346		(15,101)
Charged-off	(2,026)		(925)		(209)		(1,145)		(478)		(4,783)
Recoveries	629		259		298		1,069		290		2,545
ACL balance, December 31, 2021	23,855		38,249		5,102		17,589		3,092		87,887
Provision for credit losses	497		892		1,142		219		1,873		4,623
Charged-off	(1,069)		(1,375)		(23)		(251)		(461)		(3,179)
Recoveries	577		533		236		636		295		2,277
ACL balance, December 31, 2022	$	23,860	$	38,299	$	6,457	$	18,193	$	4,799	$	91,608

__________________________________________

1.The Day 1 PCD is attributable to the CAC acquisition.

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


	As of December 31, 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	$	1,967,580	$	6,574	$	1,974,154	$	21,384	$	2,476	$	23,860
Commercial real estate	3,255,636		6,237		3,261,873		36,299		2,000		38,299
Real estate construction	530,222		247		530,469		6,457		—		6,457
Retail real estate	1,654,493		2,589		1,657,082		18,168		25		18,193
Retail other	302,124		—		302,124		4,799		—		4,799
Portfolio loans and related ACL	$	7,710,055	$	15,647	$	7,725,702	$	87,107	$	4,501	$	91,608


	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

SIGNIFICANT ACCOUNTING POLICIES - Premises and Equipment (Details)	12 Months Ended
	Dec. 31, 2022
Minimum \| Buildings and improvements
Premises and equipment
Estimated Useful Life	3 years
Minimum \| Furniture and equipment
Premises and equipment
Estimated Useful Life	3 years
Maximum \| Buildings and improvements
Premises and equipment
Estimated Useful Life	40 years
Maximum \| Furniture and equipment
Premises and equipment
Estimated Useful Life	10 years

DERIVATIVE FINANCIAL INSTRUMENTS - Reclassification of unrealized gains and losses from OCI (Details) - Interest Rate Swap - Cash Flow Hedging $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Derivative Financial Instruments
Net unrealized gains (losses) in OCI expected to be recognized in net interest income	$ (276)
Interest Income
Derivative Financial Instruments
Net unrealized gains (losses) in OCI expected to be recognized in net interest income	372
Interest Expense
Derivative Financial Instruments
Net unrealized gains (losses) in OCI expected to be recognized in net interest income	$ (648)

PORTFOLIO LOANS - Risk grades of portfolio loans, further sorted by origination year (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]
2022/2021	$ 2,288,440	$ 2,393,701
2021 / 2020	1,926,481	1,296,955
2020 / 2019	962,405	845,248
2019 / 2018	558,294	503,186
2018 / 2017	323,245	434,084
Prior	644,140	671,510
Revolving Loans	1,022,697	1,044,314
Total	7,725,702	7,188,998
Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total	6,964,678	6,518,101
Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Total	563,897	463,053
Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total	91,405	121,120
Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total	90,655	70,778
Substandard Non-accrual
Financing Receivable, Credit Quality Indicator [Line Items]
Total	15,067	15,946
Commercial
Financing Receivable, Credit Quality Indicator [Line Items]
2022/2021	544,993	541,359
2021 / 2020	320,898	239,348
2020 / 2019	142,171	131,390
2019 / 2018	67,027	95,813
2018 / 2017	55,404	83,947
Prior	159,475	142,640
Revolving Loans	684,186	709,389
Total	1,974,154	1,943,886
Commercial \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2022/2021	479,893	512,729
2021 / 2020	266,122	228,811
2020 / 2019	136,445	107,877
2019 / 2018	52,046	84,873
2018 / 2017	50,764	74,351
Prior	135,000	122,418
Revolving Loans	548,225	616,697
Total	1,668,495	1,747,756
Commercial \| Watch
Financing Receivable, Credit Quality Indicator [Line Items]
2022/2021	54,195	13,847
2021 / 2020	49,382	5,913
2020 / 2019	3,288	14,274
2019 / 2018	7,201	5,060
2018 / 2017	1,258	1,361
Prior	2,160	2,866
Revolving Loans	84,274	50,261
Total	201,758	93,582
Commercial \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2022/2021	1,958	7,062
2021 / 2020	937	898
2020 / 2019	1,642	5,961
2019 / 2018	974	4,025
2018 / 2017	1,000	6,790
Prior	17,024	11,845
Revolving Loans	23,005	32,846
Total	46,540	69,427
Commercial \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2022/2021	8,926	3,595
2021 / 2020	1,165	3,362
2020 / 2019	570	3,136
2019 / 2018	6,671	1,855
2018 / 2017	2,382	1,125
Prior	5,191	5,459
Revolving Loans	26,282	7,585
Total	51,187	26,117
Commercial \| Substandard Non-accrual
Financing Receivable, Credit Quality Indicator [Line Items]
2022/2021	21	4,126
2021 / 2020	3,292	364
2020 / 2019	226	142
2019 / 2018	135	0
2018 / 2017	0	320
Prior	100	52
Revolving Loans	2,400	2,000
Total	6,174	7,004
Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
2022/2021	978,317	1,051,764
2021 / 2020	898,122	687,392
2020 / 2019	558,607	557,336
2019 / 2018	397,516	307,458
2018 / 2017	201,813	257,419
Prior	209,715	240,922
Revolving Loans	17,783	17,516
Total	3,261,873	3,119,807
Commercial real estate \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2022/2021	883,688	969,548
2021 / 2020	819,133	637,550
2020 / 2019	478,452	425,850
2019 / 2018	297,525	235,928
2018 / 2017	161,409	200,373
Prior	198,419	198,002
Revolving Loans	13,083	15,190
Total	2,851,709	2,682,441
Commercial real estate \| Watch
Financing Receivable, Credit Quality Indicator [Line Items]
2022/2021	77,346	51,560
2021 / 2020	56,113	38,820
2020 / 2019	64,282	123,324
2019 / 2018	96,664	48,088
2018 / 2017	21,592	46,761
Prior	5,758	32,608
Revolving Loans	4,700	2,143
Total	326,455	343,304
Commercial real estate \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2022/2021	11,943	9,542
2021 / 2020	5,389	7,060
2020 / 2019	12,386	6,585
2019 / 2018	1,420	10,098
2018 / 2017	6,917	6,357
Prior	5,471	9,870
Revolving Loans	0	183
Total	43,526	49,695
Commercial real estate \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2022/2021	5,340	21,002
2021 / 2020	13,528	3,781
2020 / 2019	3,454	1,218
2019 / 2018	1,907	11,451
2018 / 2017	10,248	521
Prior	62	421
Revolving Loans	0	0
Total	34,539	38,394
Commercial real estate \| Substandard Non-accrual
Financing Receivable, Credit Quality Indicator [Line Items]
2022/2021	0	112
2021 / 2020	3,959	181
2020 / 2019	33	359
2019 / 2018	0	1,893
2018 / 2017	1,647	3,407
Prior	5	21
Revolving Loans	0	0
Total	5,644	5,973
Real estate construction
Financing Receivable, Credit Quality Indicator [Line Items]
2022/2021	230,042	209,968
2021 / 2020	203,743	130,050
2020 / 2019	71,184	31,987
2019 / 2018	1,539	3,155
2018 / 2017	1,901	2,312
Prior	3,149	1,343
Revolving Loans	18,911	7,181
Total	530,469	385,996
Real estate construction \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2022/2021	219,112	202,082
2021 / 2020	191,724	123,491
2020 / 2019	68,015	31,927
2019 / 2018	1,490	3,155
2018 / 2017	1,901	738
Prior	1,751	1,223
Revolving Loans	18,911	7,181
Total	502,904	369,797
Real estate construction \| Watch
Financing Receivable, Credit Quality Indicator [Line Items]
2022/2021	8,530	7,886
2021 / 2020	12,019	4,159
2020 / 2019	3,169	54
2019 / 2018	48	0
2018 / 2017	0	1,574
Prior	1,398	120
Revolving Loans	0	0
Total	25,164	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	1	0
2018 / 2017	0	0
Prior	0	0
Revolving Loans	0	0
Total	1	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]
Total	0	0
Retail real estate
Financing Receivable, Credit Quality Indicator [Line Items]
2022/2021	400,507	531,210
2021 / 2020	460,072	217,850
2020 / 2019	177,299	98,409
2019 / 2018	79,126	80,557
2018 / 2017	58,481	83,213
Prior	270,808	285,279
Revolving Loans	210,789	216,458
Total	1,657,082	1,512,976
Retail real estate \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2022/2021	396,547	523,541
2021 / 2020	456,158	215,068
2020 / 2019	175,148	96,617
2019 / 2018	77,569	79,158
2018 / 2017	56,887	82,478
Prior	267,387	281,737
Revolving Loans	209,903	213,246
Total	1,639,599	1,491,845
Retail real estate \| Watch
Financing Receivable, Credit Quality Indicator [Line Items]
2022/2021	2,928	4,100
2021 / 2020	2,991	2,460
2020 / 2019	1,846	1,780
2019 / 2018	1,444	1,312
2018 / 2017	1,063	343
Prior	27	150
Revolving Loans	221	2,229
Total	10,520	12,374
Retail real estate \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2022/2021	945	1,965
2021 / 2020	0	27
2020 / 2019	0	0
2019 / 2018	0	0
2018 / 2017	0	0
Prior	393	0
Revolving Loans	0	0
Total	1,338	1,992
Retail real estate \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2022/2021	77	1,369
2021 / 2020	732	232
2020 / 2019	198	12
2019 / 2018	81	71
2018 / 2017	141	165
Prior	1,293	1,687
Revolving Loans	7	331
Total	2,529	3,867
Retail real estate \| Substandard Non-accrual
Financing Receivable, Credit Quality Indicator [Line Items]
2022/2021	10	235
2021 / 2020	191	63
2020 / 2019	107	0
2019 / 2018	32	16
2018 / 2017	390	227
Prior	1,708	1,705
Revolving Loans	658	652
Total	3,096	2,898
Retail other
Financing Receivable, Credit Quality Indicator [Line Items]
2022/2021	134,581	59,400
2021 / 2020	43,646	22,315
2020 / 2019	13,144	26,126
2019 / 2018	13,086	16,203
2018 / 2017	5,646	7,193
Prior	993	1,326
Revolving Loans	91,028	93,770
Total	302,124	226,333
Retail other \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2022/2021	134,567	59,366
2021 / 2020	43,512	22,305
2020 / 2019	13,141	26,126
2019 / 2018	13,086	16,189
2018 / 2017	5,646	7,180
Prior	991	1,326
Revolving Loans	91,028	93,770
Total	301,971	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	134	10
2020 / 2019	3	0
2019 / 2018	0	14
2018 / 2017	0	13
Prior	2	0
Revolving Loans	0	0
Total	$ 153	$ 71

FAIR VALUE MEASUREMENTS - Schedule of estimated fair values of financial instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Financial assets
Debt securities held to maturity	$ 785,295
Portfolio loans, net	7,634,094	$ 7,101,111
Mortgage servicing rights	1,700,000
Financial liabilities
Short-term borrowings	351,054	17,678
Junior subordinated debt owed to unconsolidated trusts	71,810	71,635
Level 1 Inputs \| Carrying Amount
Financial assets
Cash and cash equivalents	227,164	836,095
Level 1 Inputs \| Fair Value
Financial assets
Cash and cash equivalents	227,164	836,095
Level 2 Inputs \| Carrying Amount
Financial assets
Debt securities held to maturity	918,312	0
Loans held for sale	1,253	0
Accrued interest receivable	43,372	31,064
Financial liabilities
Time deposits	855,375	935,649
Securities sold under agreements to repurchase	229,806	270,139
Short-term borrowings	351,054	17,678
Long-term debt	30,000	46,056
Junior subordinated debt owed to unconsolidated trusts	71,810	71,635
Accrued interest payable	3,978	2,728
Level 2 Inputs \| Fair Value
Financial assets
Debt securities held to maturity	785,295	0
Loans held for sale	1,276	0
Accrued interest receivable	43,372	31,064
Financial liabilities
Time deposits	830,596	935,778
Securities sold under agreements to repurchase	229,806	270,139
Short-term borrowings	351,085	17,673
Long-term debt	30,052	46,164
Junior subordinated debt owed to unconsolidated trusts	59,111	63,586
Accrued interest payable	3,978	2,728
Level 3 Inputs \| Carrying Amount
Financial assets
Portfolio loans, net	7,634,094	7,101,111
Mortgage servicing rights	5,861	8,608
Other servicing rights	1,914	1,830
Level 3 Inputs \| Fair Value
Financial assets
Portfolio loans, net	7,320,422	7,161,466
Mortgage servicing rights	18,284	12,133
Other servicing rights	2,331	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	222,038	182,773
Level 3 Inputs \| Subordinated Debt \| Fair Value
Financial liabilities
Long-term debt	$ 208,562	$ 195,600

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-13 [Member]

- Definition

Indicates amendment to accounting standards.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL126732908-238011

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126983955&loc=SL121967933-165497

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 65
-Paragraph 3
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=128092918&loc=SL128093175-196984

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126983955&loc=SL121967933-165497

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 65
-Paragraph 3
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=128092918&loc=SL128093175-196984

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (f)(2)
-URI https://asc.fasb.org/extlink&oid=128097895&loc=SL121327923-165333

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(2)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (f)(1)
-URI https://asc.fasb.org/extlink&oid=128097895&loc=SL121327923-165333

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=128097895&loc=SL121327923-165333

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 832
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=128342835&loc=SL128342857-244232

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (h)(2)
-URI https://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
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-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

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+ Details

PREMISES AND EQUIPMENT - Summary of premises and equipment, net (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Premises and equipment
Premises and equipment, gross	$ 225,853	$ 232,079
Accumulated depreciation	99,329	95,932
Premises and equipment, net	126,524	136,147
Land and improvements
Premises and equipment
Premises and equipment, gross	44,193	45,595
Buildings and improvements
Premises and equipment
Premises and equipment, gross	128,669	132,011
Furniture and equipment
Premises and equipment
Premises and equipment, gross	$ 52,991	$ 54,473

BORROWINGS - Short-term borrowings (Details)	12 Months Ended
BORROWINGS - Short-term borrowings (Details)	Dec. 31, 2022 USD ($) note	Dec. 31, 2021 USD ($) note
Short-term borrowings
Total short-term debt	$ 351,054,000	$ 17,678,000
FHLB, weighted average interest rate	1.91%	0.08%
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 borrowings
Total short-term debt	339,054,000	5,678,000
Term Loan, current portion due within 12 months
Short-term borrowings
Total short-term debt	$ 12,000,000	$ 12,000,000
Federal Home Loan Bank Certificates and Obligations (FHLB)
Short-term borrowings
Number of FHLB notes \| note	4	2
FHLB, weighted average interest rate	4.28%	0.36%
Minimum
Short-term borrowings
Short-term borrowings, mature period	1 day
Maximum
Short-term borrowings
Short-term borrowings, mature period	90 days

Acquisitions - Schedule of fair value estimates of assets acquired and liabilities assumed (Details) - USD ($) $ in Thousands	May 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Consideration paid:
Goodwill		$ 317,873	$ 317,873
CAC
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

BORROWINGS - Securities sold under agreements to repurchase (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Securities sold under agreements to repurchase	$ 229,806	$ 270,139
Weighted average rate for securities sold under agreements to repurchase	1.91%	0.08%

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of financial instruments owned and pledged as collateral (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Interest Rate Swap
Derivative Financial Instruments
Cash pledged to secure obligations	$ 38,609	$ 27,300
Interest Rate Contract
Derivative Financial Instruments
Cash pledged to secure obligations	$ 29,830	$ 0

EARNINGS PER SHARE - Schedule of average shares excluded from computation of diluted earnings per common share (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Anti-dilutive securities excluded from the calculation of common stock equivalents
Total anti-dilutive common stock equivalents (in shares)	235,704	165,826	206,355
Options
Anti-dilutive securities excluded from the calculation of common stock equivalents
Total anti-dilutive common stock equivalents (in shares)	7,792	0	39,085
RSU awards
Anti-dilutive securities excluded from the calculation of common stock equivalents
Total anti-dilutive common stock equivalents (in shares)	38,912	65,058	159,408
PSU awards
Anti-dilutive securities excluded from the calculation of common stock equivalents
Total anti-dilutive common stock equivalents (in shares)	189,000	93,026	7,862
DSU awards
Anti-dilutive securities excluded from the calculation of common stock equivalents
Total anti-dilutive common stock equivalents (in shares)	0	7,742	0

PORTFOLIO LOANS - Schedule of loans modified under the CARES Act or Interagency Statement (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) contract	Dec. 31, 2021 USD ($) contract	Dec. 31, 2020 contract
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts	4		8
Total COVID-19 loans modifications
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts	9	34
Recorded Investment1 \| $	$ 20,655	$ 128,867
Commercial loans: Interest-only deferrals
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts	3	1	3
Commercial loans: Interest-only deferrals \| Interest-only deferrals
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts	8	32
Recorded Investment1 \| $	$ 20,556	$ 128,730
Retail loans: Mortgage and personal loan deferrals \| Mortgage and personal loan deferrals
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts	1	2
Recorded Investment1 \| $	$ 99	$ 137

EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

EARNINGS PER SHARE

EARNINGS PER 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):


	Years Ended December 31,
		2022		2021		2020
Net income		$	128,311	$	123,449	$	100,344

Weighted average number of common shares outstanding, basic		55,387,073		55,369,476		54,567,429
Dilutive effect of common stock equivalents:
Options		1,632		1,639		900
Warrants		1,753		1,753		1,469
RSU awards		665,998		615,759		252,153
PSU awards		58,206		5,429		—
DSU awards		15,532		10,641		4,988
ESPP		6,970		4,108		—
Weighted average number of common shares outstanding, diluted		56,137,164		56,008,805		54,826,939

Basic earnings per common share		$	2.32	$	2.23	$	1.84
Diluted earnings per common share		2.29		2.20		1.83

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:


	Years Ended December 31,
		2022	2021	2020
Anti-dilutive common stock equivalents
Options		7,792	—	39,085

RSU awards		38,912	65,058	159,408
PSU awards		189,000	93,026	7,862
DSU awards		—	7,742	—
Total anti-dilutive common stock equivalents		235,704	165,826	206,355

PREMISES AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Summary of premises and equipment, net

Premises and equipment are summarized as follows (dollars in thousands):


	As of December 31,
	2022		2021
Premises and equipment
Land and improvements	$	44,193	$	45,595
Buildings and improvements	128,669		132,011
Furniture and equipment	52,991		54,473
Premises and equipment, gross	225,853		232,079
Accumulated depreciation	99,329		95,932
Premises and equipment, net	$	126,524	$	136,147

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

12 Months Ended

Dec. 31, 2022

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

Summary of changes in AOCI by component

The following tables present changes in AOCI by component, net of tax, for the periods below (dollars in thousands):


	Year Ended December 31, 2022
	Before Tax		Tax Effect		Net of Tax
Unrealized/Unrecognized gains (losses) on debt securities
Balance at beginning of period	$	(32,272)	$	9,199	$	(23,073)
Unrealized holding gains (losses) on debt securities available for sale, net	(278,762)		79,460		(199,302)
Unrecognized losses on debt securities transferred to held to maturity from available for sale	(48,456)		13,812		(34,644)
Amounts reclassified from AOCI, net	(26)		7		(19)
Amortization of unrecognized losses on securities transferred to held to maturity	6,638		(1,893)		4,745
Balance at end of period	(352,878)		100,585		(252,293)

Unrealized gains (losses) on cash flow hedges
Balance at beginning of period	(958)		273		(685)
Unrealized holding gains (losses) on cash flow hedges, net	(28,975)		8,258		(20,717)
Amounts reclassified from AOCI, net	583		(166)		417
Balance at end of period	(29,350)		8,365		(20,985)

Total AOCI	$	(382,228)	$	108,950	$	(273,278)


	Year Ended December 31, 2021
		Before Tax		Tax Effect		Net of Tax
Unrealized gains (losses) on debt securities available for sale
Balance at beginning of period		$	49,644	$	(14,151)	$	35,493
Unrealized holding gains (losses) on debt securities available for sale, net		(81,977)		23,367		(58,610)

Amounts reclassified from AOCI, net		61		(17)		44

Balance at end of period		(32,272)		9,199		(23,073)

Unrealized gains (losses) on cash flow hedges
Balance at beginning of period		(3,055)		871		(2,184)
Unrealized holding gains (losses) on cash flow hedges, net		1,030		(294)		736
Amounts reclassified from AOCI, net		1,067		(304)		763
Balance at end of period		(958)		273		(685)

Total AOCI		$	(33,230)	$	9,472	$	(23,758)


	Year Ended December 31, 2020
		Before Tax		Tax Effect		Net of Tax
Unrealized gains (losses) on debt securities available for sale
Balance at beginning of period		$	21,192	$	(6,032)	$	15,160
Unrealized holding gains (losses) on debt securities available for sale, net		30,176		(8,615)		21,561

Amounts reclassified from AOCI, net		(1,724)		496		(1,228)

Balance at end of period		49,644		(14,151)		35,493

Unrealized gains (losses) on cash flow hedges
Balance at beginning of period		(280)		80		(200)
Unrealized holding gains (losses) on cash flow hedges, net		(3,533)		1,007		(2,526)
Amounts reclassified from AOCI, net		758		(216)		542
Balance at end of period		(3,055)		871		(2,184)

Total AOCI		$	46,589	$	(13,280)	$	33,309

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Cumulative effect of change in accounting principle (ASU 2016-13)	Common Stock	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Retained Earnings (Accumulated Deficit) Cumulative effect of change in accounting principle (ASU 2016-13)	AOCI	Treasury Stock
Beginning balance (in shares) at Dec. 31, 2019			54,788,772
Beginning balance at Dec. 31, 2019	$ 1,220,434	$ (15,922)	$ 56	$ 1,248,216	$ (14,813)	$ (15,922)	$ 14,960	$ (27,985)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	100,344				100,344
OCI, net of tax	18,349						18,349
Repurchase of stock (in shares)			(531,114)
Repurchase of stock	(12,272)							(12,272)
Issuance of treasury stock for ESPP (in shares)			32,063
Issuance of treasury stock for ESPP	547			(59)				606
Net issuance of treasury stock for restricted/deferred stock unit vesting and related tax (in shares)			106,589
Net issuance of treasury stock for RSU/DSU vesting and related tax	(635)			(2,648)				2,013
Issuance of treasury stock for stock options exercised, net of shares redeemed and related tax (in shares)			8,069
Issuance of treasury stock for stock options exercised, net of shares redeemed and related tax	101			(51)				152
Cash dividends common stock	(48,012)				(48,012)
Stock dividend equivalents RSUs	0			767	(767)
Stock-based compensation	7,135			7,135
Ending balance (in shares) at Dec. 31, 2020			54,404,379
Ending balance at Dec. 31, 2020	1,270,069		$ 56	1,253,360	20,830		33,309	(37,486)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	123,449				123,449
OCI, net of tax	(57,067)						(57,067)
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)			(1,323,000)
Repurchase of stock	(33,043)							(33,043)
Issuance of treasury stock for ESPP (in shares)			30,390
Issuance of treasury stock for ESPP	646			(136)				782
Net issuance of treasury stock for restricted/deferred stock unit vesting and related tax (in shares)			116,904
Net issuance of treasury stock for RSU/DSU vesting and related tax	(997)			(4,109)				3,112
Cash dividends common stock	(50,764)				(50,764)
Stock dividend equivalents RSUs	0			1,052	(1,052)
Stock-based compensation	7,864			7,864
Ending balance (in shares) at Dec. 31, 2021			55,434,910
Ending balance at Dec. 31, 2021	1,319,112		$ 58	1,316,984	92,463		(23,758)	(66,635)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	128,311				128,311
OCI, net of tax	(249,520)						(249,520)
Repurchase of stock (in shares)			(388,614)
Repurchase of stock	(9,912)							(9,912)
Issuance of treasury stock for ESPP (in shares)			57,385
Issuance of treasury stock for ESPP	1,157			(320)				1,477
Net issuance of treasury stock for restricted/deferred stock unit vesting and related tax (in shares)			175,225
Net issuance of treasury stock for RSU/DSU vesting and related tax	(1,276)			(5,789)				4,513
Issuance of treasury stock for stock options exercised, net of shares redeemed and related tax (in shares)			218
Issuance of treasury stock for stock options exercised, net of shares redeemed and related tax	0			(5)				5
Cash dividends common stock	(50,863)				(50,863)
Stock dividend equivalents RSUs	0			1,142	(1,142)
Stock-based compensation	8,968			8,968
Ending balance (in shares) at Dec. 31, 2022			55,279,124
Ending balance at Dec. 31, 2022	$ 1,145,977		$ 58	$ 1,320,980	$ 168,769		$ (273,278)	$ (70,552)

PORTFOLIO LOANS - Schedule of activity on the allowance for loan losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Activity in the allowance for loan losses
ACL beginning balance	$ 87,887	$ 101,048	$ 53,748
Provision for credit losses	4,623	(15,101)	38,797
Charged-off	(3,179)	(4,783)	(11,088)
Recoveries	2,277	2,545	2,758
ACL ending balance	91,608	87,887	101,048
Adoption of ASC 326-30
Activity in the allowance for loan losses
ACL beginning balance		16,833
ACL ending balance			16,833
Financial Asset Acquired with Credit Deterioration
Activity in the allowance for loan losses
ACL beginning balance	4,178
ACL ending balance		4,178
Commercial
Activity in the allowance for loan losses
ACL beginning balance	23,855	23,866	18,291
Provision for credit losses	497	(2,160)	10,832
Charged-off	(1,069)	(2,026)	(6,376)
Recoveries	577	629	404
ACL ending balance	23,860	23,855	23,866
Commercial \| Adoption of ASC 326-30
Activity in the allowance for loan losses
ACL beginning balance		715
ACL ending balance			715
Commercial \| Financial Asset Acquired with Credit Deterioration
Activity in the allowance for loan losses
ACL beginning balance	3,546
ACL ending balance		3,546
Commercial real estate
Activity in the allowance for loan losses
ACL beginning balance	38,249	46,230	21,190
Provision for credit losses	892	(7,651)	17,511
Charged-off	(1,375)	(925)	(1,972)
Recoveries	533	259	195
ACL ending balance	38,299	38,249	46,230
Commercial real estate \| Adoption of ASC 326-30
Activity in the allowance for loan losses
ACL beginning balance		9,306
ACL ending balance			9,306
Commercial real estate \| Financial Asset Acquired with Credit Deterioration
Activity in the allowance for loan losses
ACL beginning balance	336
ACL ending balance		336
Real estate construction
Activity in the allowance for loan losses
ACL beginning balance	5,102	8,193	3,204
Provision for credit losses	1,142	(3,180)	1,452
Charged-off	(23)	(209)	(18)
Recoveries	236	298	601
ACL ending balance	6,457	5,102	8,193
Real estate construction \| Adoption of ASC 326-30
Activity in the allowance for loan losses
ACL beginning balance		2,954
ACL ending balance			2,954
Real estate construction \| Financial Asset Acquired with Credit Deterioration
Activity in the allowance for loan losses
ACL beginning balance	0
ACL ending balance		0
Retail real estate
Activity in the allowance for loan losses
ACL beginning balance	17,589	21,992	10,495
Provision for credit losses	219	(4,456)	9,050
Charged-off	(251)	(1,145)	(2,057)
Recoveries	636	1,069	1,212
ACL ending balance	18,193	17,589	21,992
Retail real estate \| Adoption of ASC 326-30
Activity in the allowance for loan losses
ACL beginning balance		3,292
ACL ending balance			3,292
Retail real estate \| Financial Asset Acquired with Credit Deterioration
Activity in the allowance for loan losses
ACL beginning balance	129
ACL ending balance		129
Retail other
Activity in the allowance for loan losses
ACL beginning balance	3,092	767	568
Provision for credit losses	1,873	2,346	(48)
Charged-off	(461)	(478)	(665)
Recoveries	295	290	346
ACL ending balance	4,799	3,092	767
Retail other \| Adoption of ASC 326-30
Activity in the allowance for loan losses
ACL beginning balance		566
ACL ending balance			$ 566
Retail other \| Financial Asset Acquired with Credit Deterioration
Activity in the allowance for loan losses
ACL beginning balance	$ 167
ACL ending balance		$ 167

PREMISES AND EQUIPMENT - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Depreciation and amortization of premises and equipment	$ 10,482	$ 11,610	$ 12,273

ACQUISITIONS - Cummins-American Corp. (Details) $ / shares in Units, $ in Thousands			12 Months Ended
	May 31, 2021 USD ($) $ / shares	May 28, 2021 USD ($) $ / shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Business Acquisition, Contingent Consideration [Line Items]
Goodwill			$ 317,873	$ 317,873
CAC
Business Acquisition, Contingent Consideration [Line Items]
Share consideration conversion ratio	444.4783
Per share cash consideration entitled (in dollars per share) \| $ / shares	$ 14,173.96
Special cash dividend		$ 60,000
Business acquisition share price (in dollars per share) \| $ / shares		$ 12,087.58
Goodwill	$ 6,337
Pre-tax acquisition expenses			$ 800	$ 13,600
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

DEPOSITS - Schedule of maturities of time deposits (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deposits [Abstract]
2023	$ 560,147
2024	229,263
2025	34,307
2026	16,637
2027	14,301
Thereafter	720
Time deposits	$ 855,375	$ 935,649

EMPLOYEE BENEFIT PLANS - Narrative (Details)	12 Months Ended
EMPLOYEE BENEFIT PLANS - Narrative (Details)	Dec. 31, 2022
Employee Benefit Plans
Employer matching contribution, percent of match	100.00%
Employer matching contribution, percent of employees' gross pay	3.00%
Employer matching contribution, percent of next match	50.00%
Employer next matching contribution, percent of employees' gross pay	2.00%
Vesting period	5 years

GOODWILL AND OTHER INTANGIBLE ASSETS - Estimated Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Goodwill and other intangibles assets
2023	$ 10,432
2024	9,220
2025	7,843
2026	6,706
2027	5,581
Thereafter	6,641
Total estimated amortization expense	46,423	$ 58,051
Core deposit intangible
Goodwill and other intangibles assets
2023	7,616
2024	6,902
2025	5,956
2026	5,227
2027	4,490
Thereafter	5,398
Total estimated amortization expense	35,589	43,904
Customer relationship intangible
Goodwill and other intangibles assets
2023	2,816
2024	2,318
2025	1,887
2026	1,479
2027	1,091
Thereafter	1,243
Total estimated amortization expense	$ 10,834	$ 14,147

DERIVATIVE FINANCIAL INSTRUMENTS - Net Gains (Losses) Relating to Derivative Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative Financial Instruments
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Mortgage revenue	Mortgage revenue	Mortgage revenue
Interest rate lock commitments \| Designated as Hedging Instrument
Derivative Financial Instruments
Net change in fair value of interest rate swaps	$ 15	$ 1,702	$ 9,667
Forward sales commitments \| Designated as Hedging Instrument
Derivative Financial Instruments
Net change in fair value of interest rate swaps	(38)	(4,045)	(18,329)
Net gains (losses) \| Designated as Hedging Instrument
Derivative Financial Instruments
Net change in fair value of interest rate swaps	$ (23)	$ (2,343)	$ (8,662)

LEASES - Lease-related balances (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Right of use assets	$ 12,829	$ 10,533
Lease liabilities	$ 12,995	$ 10,591
Weighted average remaining lease term (in years)	8 years 10 months 24 days	6 years 5 months 19 days
Weighted average discount rate	3.45%	2.16%

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 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 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 inputs. 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 inputs. Fair value measurements of mutual funds, when held, are determined using unadjusted quoted prices in active markets for identical assets 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

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

Derivative Assets and Derivative Liabilities

The majority of our derivative assets and derivative liabilities are reported at fair value utilizing Level 2 or Level 3 inputs. Derivative balances are included in other assets or other liabilities on the Consolidated Balance Sheets, and consist of interest rate swaps and risk participation agreements where there is no significant deterioration in the counterparties (loan customers) credit risk since origination of the interest rate swap or risk participation agreement, as well as mortgage banking derivatives, including interest rate lock commitments and forward sales commitments.

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, with the exception of our risk participation agreements, are classified as Level 2. For purposes of potential valuation adjustments to our derivative positions, the Company evaluates the credit risk of its counterparties as well as its own credit risk. Accordingly, the Company has considered factors such as the likelihood of default, expected loss given default, net exposures, and remaining contractual life, among other things, in determining if any estimated fair value adjustments related to credit risk are required. The Company reviews counterparty exposure quarterly, and when necessary, appropriate adjustments are made to reflect the exposure. No changes in counterparty credit were identified.

Due to the significance of unobservable inputs, derivative assets related to our risk participation agreements are classified as Level 3.


	As of December 31, 2022
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Debt securities available for sale:
U.S. Treasury securities	$	—	$	114,061	$	—	$	114,061
Obligations of U.S. government corporations and agencies	—		19,779		—		19,779
Obligations of states and political subdivisions	—		257,512		—		257,512
Asset-backed securities	—		469,875		—		469,875
Commercial mortgage-backed securities	—		108,394		—		108,394
Residential mortgage-backed securities	—		1,243,256		—		1,243,256
Corporate debt securities	—		248,516		—		248,516
Equity securities	—		11,535		—		11,535
Derivative assets	—		42,607		5		42,612
Derivative liabilities	—		72,462		—		72,462


	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, and is included in premises and equipment, net on the Consolidated Balance Sheets. 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.


	As of December 31, 2022
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Loans evaluated individually, net of related allowance	$	—	$	—	$	5,345	$	5,345

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

As of December 31, 2022

Fair Value

Valuation
Techniques

Unobservable
Input

Range
(Weighted Average)

Loans evaluated individually, net of related allowance

5,345

Appraisal of collateral

Appraisal adjustments

-22.7% to -100.0%

(-45.7)%

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


	As of December 31, 2022				As of December 31, 2021
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets
Level 1 inputs:
Cash and cash equivalents	$	227,164	$	227,164	$	836,095	$	836,095
Level 2 inputs:
Debt securities held to maturity	918,312		785,295		—		—
Loans held for sale1	1,253		1,276		—		—
Accrued interest receivable	43,372		43,372		31,064		31,064
Level 3 inputs:
Portfolio loans, net	7,634,094		7,320,422		7,101,111		7,161,466
Mortgage servicing rights	5,861		18,284		8,608		12,133
Other servicing rights	1,914		2,331		1,830		2,268

Financial liabilities
Level 2 inputs:
Time deposits	$	855,375	$	830,596	$	935,649	$	935,778
Securities sold under agreements to repurchase	229,806		229,806		270,139		270,139
Short-term borrowings	351,054		351,085		17,678		17,673
Long-term debt	30,000		30,052		46,056		46,164
Junior subordinated debt owed to unconsolidated trusts	71,810		59,111		71,635		63,586
Accrued interest payable	3,978		3,978		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	222,038		208,562		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

DEBT SECURITIES - Additional Information (Details) $ in Thousands	Dec. 31, 2022 USD ($) security	Dec. 31, 2021 USD ($) security
Available for Sale
Debt securities with gross unrealized or unrecognized losses, fair value \| $	$ 2,439,533	$ 2,783,177
Gross unrealized or unrecognized losses on debt securities \| $	$ 311,204	$ 54,654
Ratio of gross unrealized or unrecognized losses to debt securities with gross unrealized or unrecognized losses	12.80%	2.00%
Count of debt securities \| security	1,091	1,252
Count of debt securities in an unrealized or unrecognized loss position \| security	1,032	373
Held to Maturity
Debt securities with gross unrealized or unrecognized losses, fair value \| $	$ 785,295	$ 0
Gross unrealized or unrecognized losses on debt securities \| $	$ 133,017	$ 0
Ratio of gross unrealized or unrecognized losses to debt securities with gross unrealized or unrecognized losses	16.90%	0.00%
Count of debt securities \| security	55	0
Count of debt securities in an unrealized or unrecognized loss position \| security	55	0
Total
Debt securities with gross unrealized or unrecognized losses, fair value \| $	$ 3,224,828	$ 2,783,177
Gross unrealized or unrecognized losses on debt securities \| $	$ 444,221	$ 54,654
Ratio of gross unrealized or unrecognized losses to debt securities with gross unrealized or unrecognized losses	13.80%	2.00%
Count of debt securities \| security	1,146	1,252
Count of debt securities in an unrealized or unrecognized loss position \| security	1,087	373

OUTSTANDING COMMITMENTS AND CONTINGENT LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

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


	As of December 31,
	2022		2021
Financial instruments whose contract amounts represent credit risk
Commitments to extend credit	$	1,991,769	$	1,983,655
Standby letters of credit	33,008		32,552
Total commitments	$	2,024,777	$	2,016,207

DERIVATIVE FINANCIAL INSTRUMENTS - Risk Participation Agreement (Details) - Risk participation agreements - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Derivative Financial Instruments
Notional amount	$ 18,899	$ 3,990
Fair value	$ 5	$ 0

LEASES

12 Months Ended

Dec. 31, 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 Consolidated Balance Sheets for the periods presented (dollars in thousands):


	As of December 31,
	2022			2021
Lease balances
Right of use assets	$	12,829		$	10,533
Lease liabilities	12,995			10,591

Supplemental information
Year through which lease terms extend	2037			2031
Weighted average remaining lease term (in years)	8.90			6.47
Weighted average discount rate	3.45		%	2.16		%

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


	Years Ended December 31,
	2022		2021		2020
Lease costs
Operating lease costs	$	2,495	$	2,464	$	2,524
Variable lease costs	365		540		416
Short-term lease costs	22		49		35
Total lease cost1	$	2,882	$	3,053	$	2,975

Cash flows related to leases
Cash paid for amounts included in the measurement of lease liabilities:
Operating lease cash flows – Fixed payments	$	3,080	$	2,417	$	2,526
Operating lease cash flows – Liability reduction	2,285		2,217		2,289
Right of use assets obtained during the period in exchange for operating lease liabilities2	6,206		5,818		743

___________________________________________

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

2.The year ended December 31, 2021, includes $0.4 million related to a lease obtained in the acquisition of CAC.

At December 31, 2022, the Company was obligated under noncancelable operating leases for office space and other commitments. Future undiscounted lease payments with initial terms of one year or more, are as follows (dollars in thousands):


	As of December 31, 2022
Rent commitments

2023	$	2,254
2024	1,942
2025	1,719
2026	1,442
2027	1,277
Thereafter	6,699
Total undiscounted cash flows	15,333
Less: Amounts representing interest	2,338
Present value of net future minimum lease payments	$	12,995

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 and Northbrook, Illinois, 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 Consolidated Statements of Income are summarized as follows (dollars in thousands):


	Years Ended December 31,
		2022		2021		2020
Rental income		$	707	$	566	$	228

SIGNIFICANT ACCOUNTING POLICIES - Stock-Based Employee Compensation (Details)	12 Months Ended
	Dec. 31, 2022 shares
RSU awards
Share-based Compensation
Number of shares of common stock per award (in shares)	1
RSU awards \| Minimum
Share-based Compensation
Requisite service periods	1 year
RSU awards \| Maximum
Share-based Compensation
Requisite service periods	5 years
DSU awards
Share-based Compensation
Number of shares of common stock per award (in shares)	1
Requisite service periods	30 days
Vesting period	1 year
PSU awards
Share-based Compensation
Number of shares of common stock per award (in shares)	1
Employee Stock
Share-based Compensation
Percentage of fair market value	85.00%
Percentage of discount to market price	15.00%

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of interest income (expense) recorded on swap transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Interest Rate Swap \| Cash Flow Hedging
Derivative Financial Instruments
Interest income (expense) on swap transactions	$ (583)	$ (1,067)	$ (758)

BORROWINGS

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

BORROWINGS

Securities Sold Under Agreements to Repurchase

Securities sold under agreements to repurchase, which are classified as secured borrowings, 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 December 31,
	2022			2021
Securities sold under agreements to repurchase	$	229,806		$	270,139
Weighted average rate for securities sold under agreements to repurchase	1.91		%	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 an initial 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 December 31, 2022, there was no balance outstanding on the revolving credit facility and a total of $42.0 million outstanding on the term loan, of which $12.0 million was short-term and $30.0 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

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


	As of December 31,
	2022		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	$	339,054	$	5,678

Term Loan, current portion due within 12 months	12,000		12,000
Total short-term debt	$	351,054	$	17,678

Funds borrowed from the FHLB, listed above, consisted of four notes with a weighted average interest rate of 4.28% as of December 31, 2022, and two notes with a weighted average interest rate of 0.36% as of December 31, 2021.

Federal funds purchased are short-term borrowings that generally mature between one and 90 days. The Company had no federal funds purchased as of December 31, 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 December 31,
	2022		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	30,000		42,000
Total long-term debt	$	30,000	$	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%. During the second quarter of 2022, this note became due within 12 months 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 December 31,
	2022		2021
Unamortized debt issuance costs
Senior notes issued in 2017	$	—	$	56
Subordinated notes issued in 2017	—		549
Subordinated notes issued in 2020	1,220		1,678
Subordinated notes issued in 2022	1,742		—
Total unamortized debt issuance costs	$	2,962	$	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
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-Name Accounting Standards Codification
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+ Details

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Audit Information [Abstract]
Auditor Firm ID	49
Auditor Name	RSM US LLP
Auditor Location	Champaign, Illinois

OUTSTANDING COMMITMENTS AND CONTINGENT LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Credit Commitments and Contingencies
Total commitments	$ 2,024,777	$ 2,016,207
Commitments to extend credit
Credit Commitments and Contingencies
Total commitments	1,991,769	1,983,655
Standby letters of credit
Credit Commitments and Contingencies
Total commitments	$ 33,008	$ 32,552

SIGNIFICANT ACCOUNTING POLICIES - Other Asset Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Other asset investments	$ 126,349	$ 90,182
Funded investments \| Other assets
Schedule of Equity Method Investments [Line Items]
Other asset investments	58,912	37,417
Unfunded investments \| Other assets
Schedule of Equity Method Investments [Line Items]
Other asset investments	67,437	52,765
Unfunded investments \| Other liabilities
Schedule of Equity Method Investments [Line Items]
Unfunded investment obligations	$ (67,437)	$ (52,765)

DEBT SECURITIES - Gains and losses on debt securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Realized gains and losses on debt securities
Gross gains on debt securities	$ 115	$ 543	$ 1,732
Gross (losses) on debt securities	(89)	(514)	(8)
Realized net gains (losses) on debt securities	$ 26	$ 29	$ 1,724

OPERATING SEGMENTS AND RELATED INFORMATION

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

OPERATING SEGMENTS AND RELATED INFORMATION

The Company has three reportable operating segments: Banking, FirsTech, and Wealth Management. The Company’s 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

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. Banking services offered to individual customers include customary types of demand and savings deposits, money transfers, safe deposit services, individual retirement accounts and other fiduciary services, automated teller machines, and technology-based networks, as well as a variety of loan products including residential real estate, home equity lines of credit, and consumer loans. Banking services offered to corporate customers include commercial, commercial real estate, real estate construction, and agricultural loans, as well as commercial depository services such as cash management.

The FirsTech Operating Segment

The FirsTech operating segment provides comprehensive and innovative payment technology solutions including online, mobile, and voice-recognition bill payments; money management and credit card networks; direct debit services; lockbox remittance processing for payments made by mail; and walk-in payments. FirsTech also provides additional tools to help clients with billing, reconciliation, bill reminders, and treasury services.

FirsTech's client base represents a diverse set of industries, with a higher concentration in highly regulated industries, such as financial institutions, utility, insurance, and telecommunications industries.

The Wealth Management Operating Segment

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.

Wealth management services tailored to individuals include trust and estate advisory services and financial planning. Business services include business succession planning and employee retirement plan services. Services for foundations include investment strategy consulting and fiduciary services.

Segment Financial Information

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.” The Company accounts for intersegment revenue and transfers at current market prices.


	Goodwill				Total Assets
	As of December 31,				As of December 31,
	2022		2021		2022		2021
Operating segment
Banking	$	294,773	$	294,773	$	12,199,960	$	12,746,833
FirsTech	8,992		8,992		48,715		47,481
Wealth Management	14,108		14,108		84,082		65,587
Other	—		—		3,920		(212)
Consolidated total	$	317,873	$	317,873	$	12,336,677	$	12,859,689


	Years Ended December 31,
		2022		2021		2020
Net interest income
Banking		$	340,083	$	285,678	$	294,728
FirsTech		65		79		79
Wealth Management		—		—		—
Other		(16,710)		(15,059)		(11,872)
Total net interest income		$	323,438	$	270,698	$	282,935

Noninterest income
Banking		$	54,154	$	59,393	$	61,043
FirsTech		21,720		19,629		16,548
Wealth Management		55,394		53,082		43,429
Other		(4,465)		700		(2,755)
Total noninterest income		$	126,803	$	132,804	$	118,265

Noninterest expense
Banking		$	221,997	$	205,905	$	185,445
FirsTech		20,619		17,574		13,279
Wealth Management		31,545		29,198		26,086
Other		9,720		9,103		9,387
Total noninterest expense		$	283,881	$	261,780	$	234,197

Income before income taxes
Banking		$	167,617	$	154,267	$	131,529
FirsTech		1,166		2,134		3,348
Wealth Management		23,849		23,884		17,343
Other		(30,895)		(23,462)		(24,014)
Total income before income taxes		$	161,737	$	156,823	$	128,206

Net income
Banking		$	131,596	$	117,844	$	101,226
FirsTech		847		1,527		2,372
Wealth Management		18,543		18,570		13,181
Other		(22,675)		(14,492)		(16,435)
Total net income		$	128,311	$	123,449	$	100,344

- 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.

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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

SIGNIFICANT ACCOUNTING POLICIES - Cash Surrender Value of Bank Owned Life Insurance (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Accrued liability	$ 5.6	$ 5.5

EMPLOYEE BENEFIT PLANS - Schedule of expenses related to the employee benefit plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
401(k) Plan expenses
Total 401(k) Plan expenses	$ 7,054	$ 6,531	$ 5,982
Profit-sharing expenses
401(k) Plan expenses
Total 401(k) Plan expenses	2,960	2,823	2,551
Safe Harbor match expenses
401(k) Plan expenses
Total 401(k) Plan expenses	$ 4,094	$ 3,708	$ 3,431

TRANSACTIONS WITH RELATED PARTIES (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of the analysis of the changes in loans to related parties

The following is an analysis of the changes in loans to related parties, as a group (dollars in thousands):


	As of and for the Year Ended December 31, 2022
Balance of loans to related parties, December 31, 2021	$	42,557
Change in relationship	(11,254)
New loans/advances	39,545
Repayments	(15,507)
Balance of loans to related parties, December 31, 2022	$	55,341

Unused commitments to directors and executive officers	$	12,722

DERIVATIVE FINANCIAL INSTRUMENTS - Interest Rate Swaps Recorded in Noninterest Expense (Details) - Interest Rate Swap - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative Financial Instruments
Net change in fair value of interest rate swaps	$ 0	$ 0	$ 0
Non-interest expense
Derivative Financial Instruments
Gain (loss) pay, floating receive fixed	19,308	(12,587)	20,331
Gain (loss) pay fixed receive floating	$ (19,308)	$ 12,587	$ (20,331)

JUNIOR SUBORDINATED DEBT OWED TO UNCOLSOLIDATED TRUSTS	12 Months Ended
JUNIOR SUBORDINATED DEBT OWED TO UNCOLSOLIDATED TRUSTS	Dec. 31, 2022
Junior Subordinated Debt Owed to Unconsolidated Trusts
JUNIOR SUBORDINATED DEBT OWED TO UNCOLSOLIDATED TRUSTS	JUNIOR SUBORDINATED DEBT OWED TO UNCONSOLIDATED TRUSTSFirst Busey maintains statutory trusts for the sole purpose of issuing and servicing trust preferred securities and related trust common securities. Proceeds from such issuances were used by the trusts to purchase junior subordinated notes of the Company, which are the sole assets of each trust. Concurrent with the issuance of the trust preferred securities, the Company issued guarantees for the benefit of the holders of the trust preferred securities. The trust preferred securities are instruments that qualify, and are treated by the Company, as Tier 1 regulatory capital. The Company owns all of the common securities of each trust. The trust preferred securities issued by each trust rank equally with the common securities in right of payment, except that if an event of default under the indenture governing the notes has occurred and is continuing, the preferred securities will rank senior to the common securities in right of payment. In connection with the Pulaski acquisition in 2016, the Company acquired similar statutory trusts previously maintained by Pulaski and the fair value adjustment is being accreted over their weighted average remaining life, with a balance of $2.8 million remaining to be accreted. The Company had $71.8 million and $71.6 million of junior subordinated debt owed to unconsolidated trusts at December 31, 2022, and 2021, respectively, maturing in 2034 through 2036. The trust preferred securities are subject to mandatory redemption, in whole or in part, upon repayment of the junior subordinated notes at par value at the stated maturity date or upon redemption. Each trust’s ability to pay amounts due on the trust preferred securities is solely dependent upon the Company making payment on the related junior subordinated notes. The Company’s obligations under the junior subordinated notes and other relevant trust agreements, in aggregate, constitute a full and unconditional guarantee by the Company of each trust’s obligations under the trust preferred securities issued by each trust. The Company has the right to defer payment of interest on the notes, in which case the distributions on the trust preferred securities will also be deferred, for up to five years, but not beyond the stated maturity date. For regulatory capital purposes, current banking regulations allow for the inclusion in Tier 1 Capital qualifying trust preferred securities issued prior to May 19, 2010, by bank holding companies with less than $15.0 billion of assets, but do not allow for additional Tier 1 Capital to be raised through the future issuance of trust preferred securities. As of December 31, 2022, 100% of the trust preferred securities qualified as Tier 1 Capital; however, once the Company reaches $15.0 billion in assets, its trust preferred securities will no longer quality as Tier 1 Capital.

FAIR VALUE MEASUREMENTS - Schedule of quantitative information about Level 3 fair value measurements (Details) $ in Thousands	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Fair Value
Loans evaluated individually, net of related allowance	$ 15,647	$ 15,380
OREO with subsequent impairment	70	3,074
Fair Value, Nonrecurring \| Loans evaluated individually, net of related allowance
Fair Value
Loans evaluated individually, net of related allowance	5,345	2,926
Fair Value, Nonrecurring \| OREO with subsequent impairment
Fair Value
OREO with subsequent impairment		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	5,345	2,926
Fair Value, Nonrecurring \| Level 3 Inputs \| OREO with subsequent impairment
Fair Value
OREO with subsequent impairment		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	5,345	2,926
Fair Value, Nonrecurring \| Level 3 Inputs \| Appraisal of collateral \| OREO with subsequent impairment
Fair Value
OREO with subsequent impairment		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
Fair Value, Nonrecurring \| Level 3 Inputs \| Measurement Input, Comparability Adjustment \| Appraisal of collateral \| Loans evaluated individually, net of related allowance \| Minimum
Range (Weighted Average)
Loans evaluated individually, net of related allowance	(0.227)	(0.500)
Fair Value, Nonrecurring \| Level 3 Inputs \| Measurement Input, Comparability Adjustment \| 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)
Fair Value, Nonrecurring \| Level 3 Inputs \| Measurement Input, Comparability Adjustment \| Appraisal of collateral \| Loans evaluated individually, net of related allowance \| Weighted Average
Range (Weighted Average)
Loans evaluated individually, net of related allowance	(0.457)	(0.551)
Fair Value, Nonrecurring \| Level 3 Inputs \| Measurement Input, Comparability Adjustment \| Appraisal of collateral \| OREO with subsequent impairment \| Minimum
Range (Weighted Average)
OREO with subsequent impairment		(0.330)
Fair Value, Nonrecurring \| Level 3 Inputs \| Measurement Input, Comparability Adjustment \| Appraisal of collateral \| OREO with subsequent impairment \| Maximum
Range (Weighted Average)
OREO with subsequent impairment		(1.000)
Fair Value, Nonrecurring \| Level 3 Inputs \| Measurement Input, Comparability Adjustment \| Appraisal of collateral \| OREO with subsequent impairment \| Weighted Average
Range (Weighted Average)
OREO with subsequent impairment		(0.679)
Fair Value, Nonrecurring \| Level 3 Inputs \| Measurement Input, Comparability Adjustment \| 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)
Fair Value, Nonrecurring \| Level 3 Inputs \| Measurement Input, Comparability Adjustment \| 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)
Fair Value, Nonrecurring \| Level 3 Inputs \| Measurement Input, Comparability Adjustment \| 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)

INCOME TAXES - Narrative (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Valuation allowance, deferred tax assets	$ 0	$ 0

BORROWINGS (Tables)

12 Months Ended

Dec. 31, 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 December 31,
	2022			2021
Securities sold under agreements to repurchase	$	229,806		$	270,139
Weighted average rate for securities sold under agreements to repurchase	1.91		%	0.08		%

Schedule of short-term debt

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


	As of December 31,
	2022		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	$	339,054	$	5,678

Term Loan, current portion due within 12 months	12,000		12,000
Total short-term debt	$	351,054	$	17,678

Summary of long-term debt

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


	As of December 31,
	2022		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	30,000		42,000
Total long-term debt	$	30,000	$	46,056

Schedule of unamortized debt issuance cost


	As of December 31,
	2022		2021
Unamortized debt issuance costs
Senior notes issued in 2017	$	—	$	56
Subordinated notes issued in 2017	—		549
Subordinated notes issued in 2020	1,220		1,678
Subordinated notes issued in 2022	1,742		—
Total unamortized debt issuance costs	$	2,962	$	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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+ Details

PORTFOLIO LOANS - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net deferred loan origination costs	$ 14,000	$ 9,000
Net accretable purchase accounting adjustments	(5,900)	(8,800)
Gross interest income that would have been recorded if impaired loans had been current	1,200	1,600	$ 1,800
Amount of interest collected and recognized on a cash basis	400	400
TDRs, subsequent default	0
Collateral dependent loans secured by real estate or business assets	14,000	7,900
Retail real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans purchased	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	$ 800	$ 75,000

DERIVATIVE FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE FINANCIAL INSTRUMENTS

DERIVATIVE FINANCIAL INSTRUMENTSThe 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 18. 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 December 31,
	2022		2021
Cash pledged to secure obligations under derivative contracts	$	38,609	$	27,300
Collateral held to secure obligations under derivative contracts	29,830		—

Derivative Instruments Designated as 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 December 31, 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 for 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 2022, the Company entered into one $300.0 million receive fixed pay floating interest rate swap to reduce the Company's 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 December 31,
	Location	2022			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		4.77		%	0.20		%
Weighted average maturity, in years		1.71 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		7.32		%	N/A
Weighted average maturity, in years		6.10 yrs			N/A

Gross aggregate fair value of the swaps
Gross aggregate fair value of swap assets	Other assets	$	2,535		$	—
Gross aggregate fair value of swap liabilities	Other liabilities	$	32,367		$	958

Balances carried in AOCI
Unrealized gains (losses) on cash flow hedges, net of tax	AOCI	$	(20,985)		$	(685)

The Company expects to reclassify unrealized gains and losses from OCI to interest income and interest expense as shown in the following table, during the next 12 months (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 December 31, 2022.


	As of December 31, 2022
Unrealized gains (losses) in OCI expected to be recognized in income
Unrealized gains expected to be reclassified from OCI to interest income	$	372
Unrealized losses expected to be reclassified from OCI to interest expense	(648)
Net unrealized gains (losses) in OCI expected to be recognized in net interest income	$	(276)

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


	Years Ended December 31,
		2022		2021		2020
Interest income (expense) on swap transactions		$	(583)	$	(1,067)	$	(758)

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


	Years Ended December 31,
		2022		2021		2020
Unrealized gains (losses) on cash flow hedges
Net gain (loss) recognized in OCI, net of tax		$	(20,717)	$	736	$	(2,526)
(Gain) loss reclassified from OCI to interest income		395		—		—
(Gain) loss reclassified from OCI to interest expense		22		763		542
Net change in unrealized gains (losses) on cash flow hedges, net of tax		$	(20,300)	$	1,499	$	(1,984)

Derivative Instruments Not Designated as Hedges

Interest Rate Swaps

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 $576.9 million and $491.4 million at December 31, 2022, and 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.

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


	As of December 31, 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	$	48,728	$	370	$	528,183	$	39,685
Interest rate swaps – pay fixed, receive floating	528,183		39,685		48,728		370
Total derivatives not designated as hedging instruments	$	576,911	$	40,055	$	576,911	$	40,055


	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

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


		Years Ended December 31,
	Location		2022		2021		2020
Interest rate swaps
Pay floating, receive fixed	Noninterest expense		$	19,308	$	(12,587)	$	20,331
Pay fixed, receive floating	Noninterest expense		(19,308)		12,587		(20,331)
Net change in fair value of interest rate swaps			$	—	$	—	$	—

Risk Participation Agreements

To manage 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 December 31,
	2022		2021
Risk participation agreements
Notional amount	$	18,899	$	3,990
Fair value	5		—

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 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 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 Consolidated Balance Sheets are summarized as follows (dollars in thousands):


		As of December 31, 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	$	1,517	$	16	$	19,384	$	206
Forward sales commitments	Other assets	83		1		1,884		10
Mortgage banking derivatives recorded in other assets		$	1,600	$	17	$	21,268	$	216

Derivatives with negative fair value
Interest rate lock commitments	Other liabilities	$	83	$	1	$	499	$	6
Forward sales commitments	Other liabilities	2,757		39		41,002		439
Mortgage banking derivatives recorded in other liabilities		$	2,840	$	40	$	41,501	$	445

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


		Years Ended December 31,
	Location		2022		2021		2020
Net gains (losses)
Interest rate lock commitments	Mortgage revenue		$	15	$	1,702	$	9,667
Forward sales commitments	Mortgage revenue		(38)		(4,045)		(18,329)
Net gains (losses)			$	(23)	$	(2,343)	$	(8,662)

In 2020 and 2021, the impact of the net gains or losses recognized in earnings on interest rate lock commitments and forward sales commitments was almost entirely offset by the recognition of a corresponding change in the fair value of loans held for sale. In 2022, the Company began carrying loans held for sale at LOCOM, so while the Company will continue to recognize gains or losses on these mortgage banking derivative instruments in earnings, any corresponding increase in the fair value of loans held for sale will not be recognized in earnings until the loans are sold, at which time the increase is factored into the calculated gain on sale. Decreases in the market value of loans held for sale will continue to be recognized in earnings at each measurement period.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Portfolio Loans, allowance for credit losses	$ 91,608	$ 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

SIGNIFICANT ACCOUNTING POLICIES - Income Taxes (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
DTA, valuation allowance	$ 0.0	$ 0.0
Accruals for payments of interest and penalties	$ 0.0	$ 0.0

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of financial instruments owned and pledged as collateral

The Company pledged loans as collateral to the FHLB and Federal Reserve Bank for liquidity as set forth in the table below (dollars in thousands):


	As of December 31,
	2022		2021
Pledged loans
FHLB	$	5,095,448	$	4,656,331
Federal Reserve Bank	804,718		808,254
Total pledged loans	$	5,900,166	$	5,464,585

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


	As of December 31,
	2022		2021
Cash pledged to secure obligations under derivative contracts	$	38,609	$	27,300
Collateral held to secure obligations under derivative contracts	29,830		—

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 December 31,
	Location	2022			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		4.77		%	0.20		%
Weighted average maturity, in years		1.71 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		7.32		%	N/A
Weighted average maturity, in years		6.10 yrs			N/A

Gross aggregate fair value of the swaps
Gross aggregate fair value of swap assets	Other assets	$	2,535		$	—
Gross aggregate fair value of swap liabilities	Other liabilities	$	32,367		$	958

Balances carried in AOCI
Unrealized gains (losses) on cash flow hedges, net of tax	AOCI	$	(20,985)		$	(685)

Reclassification of unrealized gains and losses from OCI


	As of December 31, 2022
Unrealized gains (losses) in OCI expected to be recognized in income
Unrealized gains expected to be reclassified from OCI to interest income	$	372
Unrealized losses expected to be reclassified from OCI to interest expense	(648)
Net unrealized gains (losses) in OCI expected to be recognized in net interest income	$	(276)

Schedule of interest income (expense) recorded on swap transactions

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


	Years Ended December 31,
		2022		2021		2020
Interest income (expense) on swap transactions		$	(583)	$	(1,067)	$	(758)

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


	Years Ended December 31,
		2022		2021		2020
Unrealized gains (losses) on cash flow hedges
Net gain (loss) recognized in OCI, net of tax		$	(20,717)	$	736	$	(2,526)
(Gain) loss reclassified from OCI to interest income		395		—		—
(Gain) loss reclassified from OCI to interest expense		22		763		542
Net change in unrealized gains (losses) on cash flow hedges, net of tax		$	(20,300)	$	1,499	$	(1,984)

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


		Years Ended December 31,
	Location		2022		2021		2020
Interest rate swaps
Pay floating, receive fixed	Noninterest expense		$	19,308	$	(12,587)	$	20,331
Pay fixed, receive floating	Noninterest expense		(19,308)		12,587		(20,331)
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):


		Years Ended December 31,
	Location		2022		2021		2020
Net gains (losses)
Interest rate lock commitments	Mortgage revenue		$	15	$	1,702	$	9,667
Forward sales commitments	Mortgage revenue		(38)		(4,045)		(18,329)
Net gains (losses)			$	(23)	$	(2,343)	$	(8,662)

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


	As of December 31, 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	$	48,728	$	370	$	528,183	$	39,685
Interest rate swaps – pay fixed, receive floating	528,183		39,685		48,728		370
Total derivatives not designated as hedging instruments	$	576,911	$	40,055	$	576,911	$	40,055


	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 Consolidated Balance Sheets are summarized as follows (dollars in thousands):


		As of December 31, 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	$	1,517	$	16	$	19,384	$	206
Forward sales commitments	Other assets	83		1		1,884		10
Mortgage banking derivatives recorded in other assets		$	1,600	$	17	$	21,268	$	216

Derivatives with negative fair value
Interest rate lock commitments	Other liabilities	$	83	$	1	$	499	$	6
Forward sales commitments	Other liabilities	2,757		39		41,002		439
Mortgage banking derivatives recorded in other liabilities		$	2,840	$	40	$	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 December 31,
	2022		2021
Risk participation agreements
Notional amount	$	18,899	$	3,990
Fair value	5		—

- 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.

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+ Details

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of carrying amount of goodwill by operating segment

The carrying amount of goodwill by operating segment is as follows (dollars in thousands):


	As of December 31,
	2022		2021
Goodwill
Banking	$	294,773	$	294,773
FirsTech	8,992		8,992
Wealth Management	14,108		14,108
Total goodwill	$	317,873	$	317,873

Schedule of other intangible asset disclosures


	As of December 31,
	2022						2021
	Core deposit intangible		Customer relationship intangible		Total		Core deposit intangible		Customer relationship intangible		Total
Intangible Assets
Intangible assets, gross	$	99,065	$	33,138	$	132,203	$	99,065	$	33,138	$	132,203
Accumulated amortization	63,476		22,304		85,780		55,161		18,991		74,152
Intangible assets, net	$	35,589	$	10,834	$	46,423	$	43,904	$	14,147	$	58,051

Schedule of amortization expense relating to intangible assets

Amortization expense related to intangible assets, as reflected in the Company's Consolidated Statements of Income, is presented in the table below (dollars in thousands):


	Years Ended December 31,
	2022		2021		2020
Amortization Expense
Core deposit intangible	$	8,315	$	8,253	$	7,753
Customer relationship intangible	3,313		3,021		2,255
Amortization of intangible assets	$	11,628	$	11,274	$	10,008

Schedule of carrying amount of amortized intangible assets

Future expense for the amortization of intangible assets, as estimated, is summarized in the table below (dollars in thousands):


	As of December 31, 2022
	Core deposit intangible		Customer relationship intangible		Total
Estimated amortization expense
2023	$	7,616	$	2,816	$	10,432
2024	6,902		2,318		9,220
2025	5,956		1,887		7,843
2026	5,227		1,479		6,706
2027	4,490		1,091		5,581
Thereafter	5,398		1,243		6,641
Total estimated amortization expense	$	35,589	$	10,834	$	46,423

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 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):


	Years Ended December 31,
		2022		2021		2020
Net income		$	128,311	$	123,449	$	100,344

Weighted average number of common shares outstanding, basic		55,387,073		55,369,476		54,567,429
Dilutive effect of common stock equivalents:
Options		1,632		1,639		900
Warrants		1,753		1,753		1,469
RSU awards		665,998		615,759		252,153
PSU awards		58,206		5,429		—
DSU awards		15,532		10,641		4,988
ESPP		6,970		4,108		—
Weighted average number of common shares outstanding, diluted		56,137,164		56,008,805		54,826,939

Basic earnings per common share		$	2.32	$	2.23	$	1.84
Diluted earnings per common share		2.29		2.20		1.83

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


	Years Ended December 31,
		2022	2021	2020
Anti-dilutive common stock equivalents
Options		7,792	—	39,085

RSU awards		38,912	65,058	159,408
PSU awards		189,000	93,026	7,862
DSU awards		—	7,742	—
Total anti-dilutive common stock equivalents		235,704	165,826	206,355

DERIVATIVE FINANCIAL INSTRUMENTS - Summary of the interest-rate swaps designated as cash flow hedges (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Interest Rate Swap
Balances carried in AOCI
Unrealized gains (losses) on cash flow hedges, net of tax	$ 0	$ 0	$ 0
Cash Flow Hedging \| Interest Rate Swap
Derivative Financial Instruments
Notional amount	350,000	50,000
Balances carried in AOCI
Unrealized gains (losses) on cash flow hedges, net of tax	(20,985)	(685)
Cash Flow Hedging \| Interest Rate Swap \| Other assets
Gross aggregate fair value of the swaps
Gross aggregate fair value of swap assets	2,535	0
Cash Flow Hedging \| Interest Rate Swap \| Other liabilities
Gross aggregate fair value of the swaps
Gross aggregate fair value of swap liabilities	32,367	958
Cash Flow Hedging \| Debt Swap
Derivative Financial Instruments
Notional amount	$ 50,000	$ 50,000
Weighted average fixed pay/receive rates	1.79%	1.79%
Weighted average variable interest rates	4.77%	0.20%
Weighted average maturity, in years	1 year 8 months 15 days	2 years 8 months 15 days
Cash Flow Hedging \| Loan Swap
Derivative Financial Instruments
Notional amount	$ 300,000
Weighted average fixed pay/receive rates	4.81%
Weighted average variable interest rates	7.32%
Weighted average maturity, in years	6 years 1 month 6 days

PARENT COMPANY ONLY FINANCIAL INFORMATION - Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash Flows Provided by (Used in) Operating Activities
Net income	$ 128,311	$ 123,449	$ 100,344
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	10,482	11,610	12,273
Unrealized (gains) losses recognized on equity securities, net	2,183	(3,041)	393
Stock-based compensation	8,968	7,864	7,135
Changes in assets and liabilities:
(Increase) decrease in other assets	(56,284)	7,203	(8,210)
Increase (decrease) in other liabilities	2,633	(28,096)	(6,551)
Net cash provided by (used in) operating activities	165,787	162,012	163,174
Cash Flows Provided by (Used in) Investing Activities
Purchases of premises and equipment	(4,989)	(5,042)	(4,198)
Net cash provided by (used in) investing activities	(290,856)	(829,190)	(729,539)
Cash Flows Provided by (Used in) Financing Activities
Cash paid for withholding taxes on stock-based payments	(1,276)	(997)	(635)
Cash dividends paid	(50,863)	(50,764)	(48,012)
Proceeds from stock options exercised	0	0	101
Purchase of treasury stock	(9,912)	(33,043)	(12,272)
Common stock issuance costs	0	(150)	0
Net cash provided by (used in) financing activities	(483,862)	814,736	725,614
Net increase (decrease) in cash and cash equivalents	(608,931)	147,558	159,249
Cash and cash equivalents, beginning of period	836,095	688,537	529,288
Cash and cash equivalents, ending of period	227,164	836,095	688,537
Parent Company
Cash Flows Provided by (Used in) Operating Activities
Net income	128,311	123,449	100,344
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	1,423	882	648
Distributions more (less) than net income of subsidiaries	(55,377)	(78,007)	3,281
Unrealized (gains) losses recognized on equity securities, net	2,159	(3,041)	393
Stock-based compensation	8,968	7,864	7,135
Changes in assets and liabilities:
(Increase) decrease in other assets	(17,754)	(1,186)	405
Increase (decrease) in other liabilities	21,233	(3,302)	(5,772)
Net cash provided by (used in) operating activities	88,963	46,659	106,434
Cash Flows Provided by (Used in) Investing Activities
Sales (purchases) of equity securities, net	598	(5,000)	0
Net cash paid for acquisitions	0	(61,656)	0
Purchases of premises and equipment	(9)	(15)	(19)
Net cash provided by (used in) investing activities	589	(66,671)	(19)
Cash Flows Provided by (Used in) Financing Activities
Cash paid for withholding taxes on stock-based payments	(1,276)	(997)	(635)
Cash dividends paid	(50,863)	(50,764)	(48,012)
Repayments of borrowings	(112,000)	(18,500)	(74,000)
Proceeds from issuance of debt	98,094	72,500	142,634
Proceeds from stock options exercised	0	0	101
Purchase of treasury stock	(9,912)	(33,043)	(12,272)
Common stock issuance costs	0	(150)	0
Net cash provided by (used in) financing activities	(75,957)	(30,954)	7,816
Net increase (decrease) in cash and cash equivalents	13,595	(50,966)	114,231
Cash and cash equivalents, beginning of period	78,217	129,183	14,952
Cash and cash equivalents, ending of period	$ 91,812	$ 78,217	$ 129,183