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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
þQuarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Quarterly Period Ended March 31, 2024
oTransition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Commission File No. 0-15950
FIRST BUSEY CORPORATION
(Exact name of registrant as specified in its charter)
Nevada37-1078406
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
100 W. University Ave.
Champaign, Illinois
61820
(Address of principal executive offices)(Zip code)
Registrant’s telephone number, including area code: (217) 365-4544
N/A
(Former name, former address, and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol (s)Name of each exchange on which registered
Common Stock, $.001 par valueBUSE
The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ  No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ  No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer þ
Accelerated filer o
Non-accelerated filer o
Smaller reporting company 
Emerging growth company 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o  No þ
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class
Outstanding at May 7, 2024
Common Stock, $.001 par value56,729,312

FIRST BUSEY CORPORATION
FORM 10-Q
March 31, 2024
Table of Contents
2

GLOSSARY
We use acronyms, abbreviations, and other terms throughout this Quarterly Report, as defined in the glossary below:
TermDefinition
2020 Equity Plan
First Busey Corporation Amended 2020 Equity Incentive Plan
2021 ESPP
First Busey Corporation 2021 Employee Stock Purchase Plan
401(k) Plan
First Busey Corporation Profit Sharing Plan and Trust
ACLAllowance for credit losses
Annual ReportAnnual report filed with the SEC on Form 10-K pursuant to Section 13 or 15(d) of the Exchange Act
AOCIAccumulated other comprehensive income (loss)
ASCAccounting Standards Codification
ASUAccounting Standards Update
Basel III2010 capital accord adopted by the international Basel Committee on Banking Supervision
Basel III Rule
Regulations promulgated by U.S. federal banking agencies – the Office of the Comptroller of the Currency, the Federal Reserve, and the FDIC – to both enforce implementation of certain aspects of the Basel III capital reforms and effect certain changes required by the Dodd-Frank Wall Street Reform and Consumer Protection Act
BHCABank Holding Company Act of 1956, as amended
bpsbasis points
C&I
Commercial and industrial loans
CACCummins-American Corp.
CECLASU 2016-13, codified as ASC Topic 326 “Financial Instruments-Credit Losses,” which established the Current Expected Credit Losses methodology for measuring credit losses on financial instruments
CFPBConsumer Financial Protection Bureau
Current ReportCurrent report filed with the SEC on Form 8-K pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
DSUDeferred stock unit
Exchange ActSecurities Exchange Act of 1934, as amended
Fair valueThe price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date, as defined in ASC Topic 820 “Fair Value Measurement”
FASBFinancial Accounting Standards Board
FDICFederal Deposit Insurance Corporation
Federal ReserveBoard of Governors of the Federal Reserve System
FHLBFederal Home Loan Bank
First BuseyFirst Busey Corporation, together with its wholly-owned consolidated subsidiaries; also, “Busey,” the “Company,” “we,” “us,” and “our”
FirsTechFirsTech, Inc.
FOMCFederal Open Market Committee
GAAPU.S. Generally Accepted Accounting Principles
LIBORLondon Interbank Offered Rate
M&M
Merchants and Manufacturers Bank Corporation
M&M Bank
Merchants and Manufacturers Bank
NasdaqNational Association of Securities Dealers Automated Quotations
3

TermDefinition
NMNot meaningful
NMTCNew Markets Tax Credit
OCIOther comprehensive income (loss)
OREOOther real estate owned
PCDPurchased credit deteriorated
PSUPerformance stock unit
Quarterly ReportQuarterly report filed with the SEC on Form 10-Q pursuant to Section 13 or 15(d) of the Exchange Act
RSURestricted stock unit
SBAU.S. Small Business Administration
SECU.S. Securities and Exchange Commission
Securities ActSecurities Act of 1933, as amended
SOFRSecured Overnight Financing Rate published by the Federal Reserve
Stock Repurchase Plan
Stock repurchase program approved by First Busey Corporation's board of directors on February 3, 2015
Term Loan$60 million term loan provided for in the Second Amended and Restated Credit Agreement, dated May 28, 2021
U.S.United States of America
U.S. TreasuryU.S. Department of the Treasury
4

PART I—FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
5

FIRST BUSEY CORPORATION
CONSOLIDATED BALANCE SHEETS (Unaudited)
(dollars in thousands)
As of
March 31,
2024
December 31,
2023
Assets
Cash and cash equivalents:
Cash and due from banks$93,091 $134,680 
Interest-bearing deposits497,980 584,901 
Total cash and cash equivalents591,071 719,581 
Debt securities available for sale1,898,072 2,087,571 
Debt securities held to maturity862,218 872,628 
Equity securities9,790 9,812 
Loans held for sale6,827 2,379 
Portfolio loans (net of ACL of $91,562 at March 31, 2024, and $91,740 at December 31, 2023)
7,496,515 7,559,294 
Premises and equipment, net121,506 122,594 
Right of use assets10,590 11,027 
Goodwill317,873 317,873 
Other intangible assets, net33,582 35,991 
Cash surrender value of bank owned life insurance182,105 182,975 
Other assets357,309 361,690 
Total assets$11,887,458 $12,283,415 
Liabilities and stockholders’ equity
Liabilities
Deposits:
Noninterest-bearing$2,784,338 $2,834,655 
Interest-bearing7,175,853 7,456,501 
Total deposits9,960,191 10,291,156 
Securities sold under agreements to repurchase147,175 187,396 
Short-term borrowings 12,000 
Long-term debt 18,000 
Subordinated notes, net of unamortized issuance costs223,100 222,882 
Junior subordinated debt owed to unconsolidated trusts72,040 71,993 
Lease liabilities10,896 11,308 
Other liabilities191,405 196,699 
Total liabilities10,604,807 11,011,434 
Outstanding commitments and contingent liabilities (see Notes 4 and 10)
Stockholders’ equity
Common stock, ($.001 par value; 100,000,000 shares authorized)
58 58 
Additional paid-in capital1,324,999 1,323,595 
Retained earnings248,412 237,197 
AOCI(222,190)(218,803)
Total stockholders’ equity before treasury stock1,351,279 1,342,047 
Treasury stock at cost(68,628)(70,066)
Total stockholders’ equity1,282,651 1,271,981 
Total liabilities and stockholders’ equity$11,887,458 $12,283,415 
Shares
Common shares issued58,116,969 58,116,969 
Less: Treasury shares(2,816,961)(2,872,850)
Common shares outstanding55,300,008 55,244,119 
See accompanying Notes to Consolidated Financial Statements (Unaudited).
6

FIRST BUSEY CORPORATION
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(dollars in thousands, except per share amounts)
Three Months Ended March 31,
20242023
Interest income
Interest and fees on loans$99,325 $89,775 
Interest and dividends on investment securities:
Taxable interest income19,597 19,599 
Non-taxable interest income340 743 
Other interest income6,471 988 
Total interest income125,733 111,105 
 
Interest expense
Deposits43,968 14,740 
Federal funds purchased and securities sold under agreements to repurchase1,372 1,222 
Short-term borrowings232 4,822 
Long-term debt296 454 
Subordinated notes3,109 3,097 
Junior subordinated debt owed to unconsolidated trusts989 913 
Total interest expense49,966 25,248 
 
Net interest income75,767 85,857 
Provision for credit losses5,038 953 
Net interest income after provision for credit losses70,729 84,904 
 
Noninterest income
Wealth management fees15,549 14,797 
Fees for customer services7,056 6,819 
Payment technology solutions5,709 5,315 
Mortgage revenue746 288 
Income on bank owned life insurance1,419 1,652 
Realized gain on the sale of mortgage servicing rights7,465  
Realized net gains (losses) on securities(6,802)4 
Unrealized net gains (losses) recognized on equity securities427 (620)
Other income3,431 3,593 
Total noninterest income35,000 31,848 
 
Noninterest expense
Salaries, wages, and employee benefits42,090 40,331 
Data processing6,550 5,640 
Net occupancy expense of premises4,720 4,762 
Furniture and equipment expenses1,813 1,746 
Professional fees2,253 2,058 
Amortization of intangible assets2,409 2,729 
Interchange expense1,611 1,853 
FDIC insurance1,400 1,502 
Other expense7,923 9,782 
Total noninterest expense70,769 70,403 
 
Income before income taxes34,960 46,349 
Income taxes8,735 9,563 
Net income$26,225 $36,786 
 
Basic earnings per common share$0.47 $0.66 
Diluted earnings per common share$0.46 $0.65 
Dividends declared per share of common stock$0.24 $0.24 
See accompanying Notes to Consolidated Financial Statements (Unaudited).
7

FIRST BUSEY CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited)
(dollars in thousands)
Three Months Ended March 31,
20242023
Net income$26,225 $36,786 
OCI:
Unrealized/Unrecognized gains (losses) on debt securities:
Net unrealized holding gains (losses) on debt securities available for sale, net of taxes of $2,266, and $(8,749), respectively
(5,681)21,944 
Reclassification adjustment for realized (gains) losses on debt securities available for sale included in net income, net of taxes of $(1,939), and $1, respectively
4,863 (3)
Amortization of unrecognized losses on securities transferred to held to maturity, net of taxes of $(402), and $(483), respectively
1,009 1,210 
Net change in unrealized/unrecognized gains (losses) on debt securities191 23,151 
Unrealized gains (losses) on cash flow hedges:
Net unrealized holding gains (losses) on cash flow hedges, net of taxes of $2,086, and $(1,214), respectively
(5,232)3,050 
Reclassification adjustment for realized (gains) losses on cash flow hedges included in net income, net of taxes of $(659), and ($516), respectively
1,654 1,293 
Net change in unrealized gains (losses) on cash flow hedges(3,578)4,343 
Net change in AOCI(3,387)27,494 
Total comprehensive income (loss)$22,838 $64,280 
See accompanying Notes to Consolidated Financial Statements (Unaudited).
8

FIRST BUSEY CORPORATION
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited)
(dollars in thousands, except per share amounts)
Three Months Ended March 31, 2024
SharesCommon
Stock
Additional
Paid-in
Capital
Retained
Earnings
AOCITreasury
Stock
Total
Stockholders'
Equity
Balance, December 31, 202355,244,119 $58 $1,323,595 $237,197 $(218,803)$(70,066)$1,271,981 
Cumulative effect of change in accounting principal (ASU 2023-02)(1,391)(1,391)
Net income— 26,22526,225
OCI, net of tax— (3,387)(3,387)
Issuance of treasury stock for ESPP23,305 (124)599475
Net issuance of treasury stock for RSU/PSU/DSU vesting and related tax32,584 (1,235)839(396)
Cash dividends on common stock at $0.24 per share
— (13,259)(13,259)
Stock dividend equivalents on RSUs/PSUs/DSUs— 360(360)
Stock-based compensation— 2,4032,403
Balance, March 31, 202455,300,008 $58 $1,324,999 $248,412 $(222,190)$(68,628)$1,282,651 
Three Months Ended March 31, 2023
SharesCommon
Stock
Additional
Paid-in
Capital
Retained
Earnings
AOCITreasury
Stock
Total
Stockholders'
Equity
Balance, December 31, 202255,279,124$58 $1,320,980 $168,769 $(273,278)$(70,552)$1,145,977 
Net income36,78636,786
OCI, net of tax27,49427,494
Repurchase of stock(25,000)(534)(534)
Issuance of treasury stock for ESPP30,360(257)782525
Net issuance of treasury stock for RSU/DSU vesting and related tax8,977(331)231(100)
Net issuance of treasury stock for warrants exercised994(17)269
Cash dividends on common stock at $0.24 per share
(13,268)(13,268)
Stock dividend equivalents on RSUs/PSUs/DSUs363(363)
Stock-based compensation1,6691,669
Balance, March 31, 202355,294,455$58 $1,322,407 $191,924 $(245,784)$(70,047)$1,198,558 
See accompanying Notes to Consolidated Financial Statements (Unaudited).
9

FIRST BUSEY CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(dollars in thousands)
Three Months Ended March 31,
20242023
Cash flows provided by (used in) operating activities
Net income$26,225 $36,786 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for credit losses5,038 953 
Amortization of intangible assets2,409 2,729 
Amortization of mortgage servicing rights468 749 
Amortization of NMTC 2,221 
Depreciation and amortization of premises and equipment2,378 2,371 
Net amortization (accretion) on portfolio loans1,629 1,803 
Net amortization (accretion) of premium (discount) on investment securities2,535 4,231 
Net amortization (accretion) of premium (discount) on time deposits(20)(80)
Net amortization (accretion) of premium (discount) on FHLB advances and other borrowings265 252 
Impairment of OREO and other repossessed assets 113 
Impairment of fixed assets held for sale48  
Impairment of mortgage servicing rights1 1 
Unrealized (gains) losses recognized on equity securities, net(427)620 
(Gain) loss on sales of debt securities, net6,802 (4)
(Gain) loss on sales of mortgage servicing rights(7,465) 
(Gain) loss on sales of loans, net(269)(159)
(Gain) loss on sales of OREO and other repossessed assets(540) 
(Gain) loss on sales of premises and equipment(10)(266)
(Gain) loss on life insurance proceeds(394)(707)
(Increase) decrease in cash surrender value of bank owned life insurance(1,025)(945)
Provision for deferred income taxes (1,617)
Stock-based compensation2,403 1,669 
Proceeds from the sale of mortgage servicing rights9,796  
Mortgage loans originated for sale(19,296)(9,524)
Proceeds from sales of mortgage loans15,241 8,219 
(Increase) decrease in other assets1,613 (2,119)
Increase (decrease) in other liabilities(10,055)(2,000)
Net cash provided by (used in) operating activities37,350 45,296 
Cash flows provided by (used in) investing activities
Purchases of equity securities(177)(14)
Purchases of debt securities available for sale(780)(2,449)
Proceeds from sales of equity securities626 14 
Proceeds from sales of debt securities available for sale101,360  
Proceeds from paydowns and maturities of debt securities held to maturity11,154 11,708 
Proceeds from paydowns and maturities of debt securities available for sale79,104 107,492 
Purchases of FHLB and other bank stock (17,891)
Proceeds from the redemption of FHLB and other bank stock 6,086 
Net (increase) decrease in loans56,113 (60,807)
Cash paid for premiums on bank-owned life insurance(70)(76)
Proceeds from life insurance2,359 2,026 
Purchases of premises and equipment(1,365)(2,380)
Proceeds from disposition of premises and equipment37 284 
Proceeds from sales of OREO and other repossessed assets, including cash payments collected600 42 
Net cash provided by (used in) investing activities248,961 44,035 
(continued)
10

FIRST BUSEY CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Continued)
(dollars in thousands)
Three Months Ended March 31,
20242023
Cash flows provided by (used in) financing activities
Net increase (decrease) in deposits$(330,945)$(270,031)
Net increase (decrease) in federal funds purchased and securities sold under agreements to repurchase(40,221)(18,829)
Net increase (decrease) in short-term borrowings 265,000 
Repayment of other borrowings(30,000)(3,173)
Cash dividends paid(13,259)(13,268)
Purchase of treasury stock (534)
Cash paid for withholding taxes on stock-based payments(396)(100)
Proceeds from stock warrants exercised 9 
Net cash provided by (used in) financing activities(414,821)(40,926)
Net increase (decrease) in cash and cash equivalents$(128,510)$48,405 
Cash and cash equivalents, beginning of period719,581 227,164 
Cash and cash equivalents, ending of period$591,071 $275,569 
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash payments for:
Interest$51,676 $19,961 
Non-cash investing and financing activities:
OREO acquired in settlement of loans 64 
See accompanying Notes to Consolidated Financial Statements (Unaudited).
11

FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)


NOTE 1. SIGNIFICANT ACCOUNTING POLICIES
Nature of Operations
First Busey Corporation, a Nevada corporation organized in 1980, is a $11.9 billion financial holding company headquartered in Champaign, Illinois. Busey’s common stock is traded on The Nasdaq Global Select Market under the symbol “BUSE.”
First Busey operates and reports its business in three segments: Banking, Wealth Management, and FirsTech.
The Banking operating segment provides a full range of banking services to individual and corporate customers through its banking center network in Illinois; the St. Louis, Missouri metropolitan area; southwest Florida; and Indianapolis, Indiana.
The Wealth Management operating segment provides a full range of asset management, investment, brokerage, fiduciary, philanthropic advisory, tax preparation, and farm management services to individuals, businesses, and foundations.
The 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.
For additional information about First Busey's operating segments, see Note 15. Operating Segments and Related Information.”
Basis of Financial Statement Presentation
These unaudited consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements included in Busey's 2023 Annual Report. These interim unaudited consolidated financial statements serve to update our 2023 Annual Report and may not include all information and notes necessary to constitute a complete set of financial statements.
We prepared these unaudited consolidated financial statements in conformity with GAAP. We have eliminated intercompany accounts and transactions. We have also reclassified certain prior year amounts to conform to the current period presentation. These reclassifications did not have a material impact on our consolidated financial condition or results of operations.
In our opinion, the unaudited consolidated financial statements reflect all normal, recurring adjustments needed to present fairly our results for the interim periods. The results of operations for interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period.
Use of Estimates
In preparing the accompanying unaudited consolidated financial statements in conformity with GAAP, Busey’s management is required to make estimates and assumptions that affect the amounts reported in the financial statements and the disclosures provided. Actual results could differ from those estimates. Material estimates which are particularly susceptible to significant change in the near term relate to the fair value of debt securities available for sale, fair value of assets acquired and liabilities assumed in business combinations, goodwill, income taxes, and the determination of the ACL.
12

FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Impact of Recently Adopted Accounting Standards
In March 2023, the FASB issued ASU 2023‑02 “Investments—Equity Method and Joint Ventures (Topic 323),” permitting an election to use the proportional amortization method to account for equity investments made primarily for the purpose of receiving income tax credits and other income tax benefits, regardless of the tax credit program from which the income tax credits are received, provided that certain conditions are met. The proportional amortization method results in the cost of the investment being amortized in proportion to the income tax credits and other income tax benefits received, with the amortization of the investment and the income tax credits being presented net in the income statement as a component of income tax expense. Busey adopted this standard on a modified retrospective basis on January 1, 2024. Upon adoption, Busey recorded an after-tax decrease to retained earnings of $1.4 million for the cumulative effect of adopting ASU 2023‑02. This transition adjustment included a $2.4 million decrease in other assets, a $0.5 million decrease in other liabilities, and a $0.5 million increase in deferred tax assets.
In March 2023, the FASB issued ASU 2023‑01 “Leases (Topic 842): Common Control Arrangements,” which requires amortization over the useful life of leasehold improvements (not the lease term) when the lease is between entities under common control, and any value of such leasehold improvements remaining at the end of the lease term is to be accounted for as a transfer between entities under common control. Busey adopted this standard on a prospective basis on January 1, 2024. Adoption of this standard did not have a material impact on Busey’s financial position or results of operations.
In June 2022, the FASB issued ASU 2022-03 “Fair Value Measurements (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions,” which 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. Busey adopted this standard on a prospective basis on January 1, 2024. Adoption of this standard did not have a material impact on Busey’s financial position or results of operations.
Recently Issued Accounting Standards Not Yet Adopted
In March 2024, the FASB issued ASU 2024-01 “Compensation-Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards” to clarify that certain “profits interests” are within the scope of Topic 718 by amending the language and providing illustrative examples on how the scope guidance in paragraph 718-10-15-3 should be applied. This update is intended to improve clarity of the accounting standards codification, not to change the guidance. This update may be applied on a retrospective or prospective basis and will be effective for Busey for annual and interim periods beginning January 1, 2025. Early adoption is permitted. Busey is currently evaluating the potential effects of adoption of this ASU on its financial position and results of operations.
In December 2023, the FASB issued ASU 2023‑09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires more detailed disclosures of income taxes paid net of refunds received, income from continuing operations before income tax expense or benefit, and income tax expense from continuing operations. This standard is to be applied on a prospective basis, with retrospective application permitted, and will be effective for Busey for annual reporting periods beginning with the fiscal year ending December 31, 2025. Busey does not expect adoption of this standard to have a material impact on its financial position or results of operations.
13

FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

In November 2023, the FASB issued ASU 2023‑07 “Segment Reporting Topic 820): Improvements to Reportable Segment Disclosures” requiring enhanced disclosures related to significant segment expenses. This standard is to be applied on a retrospective basis and is effective for Busey for annual reporting periods beginning with the fiscal year ending December 31, 2024, and for interim reporting periods within fiscal years starting January 1, 2025. Busey does not expect adoption of this standard to have a material impact on the Company’s financial position or results of operations.
In October 2023, the FASB issued ASU 2023‑06 “Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative” which aligns certain GAAP disclosure requirements with the SEC’s disclosure requirements, in order to better facilitate comparisons between entities that are subject to the SEC’s existing disclosures with entities that were not previously subject to the SEC’s requirements. Amendments in this update should be applied prospectively, and the effective date for Busey for each amendment in this ASU will be the date on which the SEC removes the related disclosure from Regulation S‑X or Regulation S‑K. Early adoption is prohibited. Busey does not expect adoption of this standard to have a material impact on its financial position or results of operations.
Subsequent Events
Busey has evaluated subsequent events for potential recognition and/or disclosure through the date the unaudited consolidated financial statements included in this Quarterly Report were issued. Busey issued a Form 8‑K on April 1, 2024, announcing completion of its acquisition of M&M on that date. Merger consideration paid to M&M common stockholders was comprised of an aggregate of 1,429,304 shares of Busey common stock and an aggregate of $12.2 million in cash. For additional information about Busey’s acquisition of M&M, see Note. 16 Acquisition.” There were no other significant events subsequent to the quarter ended March 31, 2024, through the filing date of these unaudited consolidated financial statements.
14

FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

NOTE 2. DEBT SECURITIES
Busey's portfolio of debt securities includes both available for sale and held to maturity securities. The tables below provide the amortized cost, unrealized gains and losses, and fair values of debt securities summarized by major category (dollars in thousands):
As of March 31, 2024
Amortized
Cost
UnrealizedFair
Value
Gross GainsGross Losses
Debt securities available for sale
U.S. Treasury securities$749 $ $(7)$742 
Obligations of U.S. government corporations and agencies5,777 1 (35)5,743 
Obligations of states and political subdivisions1
168,997 20 (18,091)150,926 
Asset-backed securities1,2
462,082  (384)461,698 
Commercial mortgage-backed securities108,006  (15,443)92,563 
Residential mortgage-backed securities1,223,453 2 (201,722)1,021,733 
Corporate debt securities177,212 85 (12,630)164,667 
Total debt securities available for sale$2,146,276 $108 $(248,312)$1,898,072 
Amortized
Cost
UnrecognizedFair
Value
Gross GainsGross Losses
Debt securities held to maturity
Commercial mortgage-backed securities$424,946 $ $(74,590)$350,356 
Residential mortgage-backed securities437,272  (74,597)362,675 
Total debt securities held to maturity$862,218 $ $(149,187)$713,031 
___________________________________________
1.Includes securities marked at par, with no gain or loss to report.
2.Gross gains were insignificant, rounding to zero thousand.

15

FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

As of December 31, 2023
Amortized
Cost
UnrealizedFair
Value
Gross GainsGross Losses
Debt securities available for sale
U.S. Treasury securities$16,031 $ $(85)$15,946 
Obligations of U.S. government corporations and agencies5,889 1 (58)5,832 
Obligations of states and political subdivisions1
190,819 52 (18,026)172,845 
Asset-backed securities470,046  (1,823)468,223 
Commercial mortgage-backed securities119,044  (15,535)103,509 
Residential mortgage-backed securities1
1,306,854 5 (195,547)1,111,312 
Corporate debt securities225,947 128 (16,171)209,904 
Total debt securities available for sale$2,334,630 $186 $(247,245)$2,087,571 
Amortized
Cost
UnrecognizedFair
Value
Gross GainsGross Losses
Debt securities held to maturity
Commercial mortgage-backed securities$428,526 $ $(71,000)$357,526 
Residential mortgage-backed securities444,102  (71,231)372,871 
Total debt securities held to maturity$872,628 $ $(142,231)$730,397 
___________________________________________
1.Includes securities marked at par, with no gain or loss to report.
Maturities of Debt Securities
Amortized cost and fair value of debt securities, by contractual maturity or pre-refunded date, are shown below. Mortgages underlying mortgage-backed securities and asset-backed securities may be called or prepaid; therefore, actual maturities could differ from the contractual maturities. All mortgage-backed securities were issued by U.S. government corporations and agencies (dollars in thousands):
As of March 31, 2024
Amortized
Cost
Fair
Value
Debt securities available for sale
Due in one year or less$262,012 $222,566 
Due after one year through five years752,610 666,718 
Due after five years through ten years529,926 469,029 
Due after ten years601,728 539,759 
Debt securities available for sale$2,146,276 $1,898,072 
Debt securities held to maturity
Due in one year or less$104,797 $88,589 
Due after one year through five years263,376 216,744 
Due after five years through ten years241,243 198,562 
Due after ten years252,802 209,136 
Debt securities held to maturity$862,218 $713,031 
16

FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Gains and Losses on Debt Securities Available for Sale
Realized gains and losses related to sales and calls of debt securities available for sale are summarized as follows (dollars in thousands):
Three Months Ended March 31,
20242023
Realized gains and losses on debt securities
Gross gains on debt securities$1 $10 
Gross (losses) on debt securities1
(6,803)(6)
Realized net gains (losses) on debt securities$(6,802)$4 
___________________________________________
1.During the first quarter of 2024, Busey sold available-for-sale debt securities with a book value of approximately $108.2 million for a pre-tax loss of $6.8 million, as part of a balance sheet repositioning strategy. The loss on the sale of securities was offset by a pre-tax gain of $7.5 million realized on the sale of mortgage servicing rights on approximately $923.5 million of one- to four-family mortgage loans.
Debt securities with carrying amounts of $787.5 million on March 31, 2024, and $837.4 million on December 31, 2023, were pledged as collateral for public deposits, securities sold under agreements to repurchase, and for other purposes as required.
17

FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Debt Securities in an Unrealized or Unrecognized Loss Position
The following information pertains to debt securities with gross unrealized or 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 March 31, 2024
Less than 12 months12 months or moreTotal
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Debt securities available for sale
U.S. Treasury securities$ $ $742 $(7)$742 $(7)
Obligations of U.S. government corporations and agencies  5,629 (35)5,629 (35)
Obligations of states and political subdivisions8,524 (68)134,945 (18,023)143,469 (18,091)
Asset-backed securities  253,231 (384)253,231 (384)
Commercial mortgage-backed securities  92,563 (15,443)92,563 (15,443)
Residential mortgage-backed securities165 (1)1,021,383 (201,721)1,021,548 (201,722)
Corporate debt securities4,313 (102)152,739 (12,528)157,052 (12,630)
Debt securities available for sale with gross unrealized losses$13,002 $(171)$1,661,232 $(248,141)$1,674,234 $(248,312)
12 months or moreTotal
Fair
Value
Unrecognized
Losses
Fair
Value
Unrecognized
Losses
Debt securities held to maturity
Commercial mortgage-backed securities$350,356 $(74,590)$350,356 $(74,590)
Residential mortgage-backed securities362,675 (74,597)362,675 (74,597)
Debt securities held to maturity with gross unrecognized losses$713,031 $(149,187)$713,031 $(149,187)
18

FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

As of December 31, 2023
Less than 12 months12 months or moreTotal
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Debt securities available for sale
U.S. Treasury securities$ $ $15,946 $(85)$15,946 $(85)
Obligations of U.S. government corporations and agencies  5,709 (58)5,709 (58)
Obligations of states and political subdivisions11,442 (54)146,797 (17,972)158,239 (18,026)
Asset-backed securities  468,223 (1,823)468,223 (1,823)
Commercial mortgage-backed securities  103,509 (15,535)103,509 (15,535)
Residential mortgage-backed securities141 (1)1,110,906 (195,546)1,111,047 (195,547)
Corporate debt securities1,450 (10)198,694 (16,161)200,144 (16,171)
Debt securities available for sale with gross unrealized losses$13,033 $(65)$2,049,784 $(247,180)$2,062,817 $(247,245)
12 months or moreTotal
Fair
Value
Unrecognized
Losses
Fair
Value
Unrecognized
Losses
Debt securities held to maturity
Commercial mortgage-backed securities$357,526 $(71,000)$357,526 $(71,000)
Residential mortgage-backed securities372,871 (71,231)372,871 (71,231)
Debt securities held to maturity with gross unrecognized losses$730,397 $(142,231)$730,397 $(142,231)

19

FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Additional information about debt securities in an unrealized or unrecognized loss position is presented in the tables below (dollars in thousands):
As of March 31, 2024
Available for Sale Held to Maturity Total
Debt securities with gross unrealized or unrecognized losses, fair value$1,674,234 $713,031 $2,387,265 
Gross unrealized or unrecognized losses on debt securities248,312 149,187 397,499 
Ratio of gross unrealized or unrecognized losses to debt securities with gross unrealized or unrecognized losses14.8 %20.9 %16.7 %
Count of debt securities708 55 763 
Count of debt securities in an unrealized or unrecognized loss position654 55 709 
As of December 31, 2023
Available for Sale Held to MaturityTotal
Debt securities with gross unrealized or unrecognized losses, fair value$2,062,817 $730,397 $2,793,214 
Gross unrealized or unrecognized losses on debt securities247,245 142,231 389,476 
Ratio of gross unrealized or unrecognized losses to debt securities with gross unrealized or unrecognized losses12.0 %19.5 %13.9 %
Count of debt securities835 55 890 
Count of debt securities in an unrealized or unrecognized loss position779 55 834 
Unrealized and unrecognized losses were related to changes in market interest rates and market conditions that do not represent credit-related impairments. Unless part of a corporate strategy or restructuring plan, Busey 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 on debt securities available for sale is recognized in AOCI, net of applicable taxes. As of March 31, 2024, Busey did not hold general obligation bonds of any single issuer, the aggregate of which exceeded 10% of Busey’s stockholders’ equity.
20

FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

NOTE 3. PORTFOLIO LOANS
Loan Categories
Busey’s lending can be summarized in two primary categories: commercial and retail. Lending is further classified into five primary areas of loans: C&I and other 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 and class is presented in the following table (dollars in thousands):
As of
March 31,
2024
December 31,
2023
Commercial loans
C&I and other commercial$1,828,711 $1,835,994 
Commercial real estate3,331,670 3,337,337 
Real estate construction445,860 461,717 
Total commercial loans5,606,241 5,635,048 
Retail loans
Retail real estate1,708,663 1,720,455 
Retail other273,173 295,531 
Total retail loans1,981,836 2,015,986