0000314489-24-000223 | 10-Q | XBRL Viewer

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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows provided by (used in) operating activities
Net income	$ 53,582	$ 66,150
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for credit losses	7,315	1,580
Amortization of intangible assets	5,038	5,398
Amortization of mortgage servicing rights	648	1,472
Amortization of NMTC	0	4,480
Depreciation and amortization of premises and equipment	4,852	4,694
Net amortization (accretion) on portfolio loans	2,605	3,653
Net amortization (accretion) of premium (discount) on investment securities	4,682	8,011
Net amortization (accretion) of premium (discount) on time deposits	50	(156)
Net amortization (accretion) of premium (discount) on FHLB advances and other borrowings	558	506
Impairment of OREO and other repossessed assets	0	113
Impairment of fixed assets held for sale	369	0
Impairment of mortgage servicing rights	1	0
Unrealized (gains) losses recognized on equity securities, net	(78)	2,501
(Gain) loss on sales of debt securities, net	6,806	174
(Gain) loss on sales of mortgage servicing rights	(7,742)	0
(Gain) loss on sales of loans, net	(723)	(394)
(Gain) loss on sales of OREO and other repossessed assets	(540)	4
(Gain) loss on sales of premises and equipment	(54)	(179)
(Gain) loss on life insurance proceeds	(781)	(759)
(Increase) decrease in cash surrender value of bank owned life insurance	(2,080)	(1,922)
Provision for deferred income taxes	1,480	(2,725)
Stock-based compensation	3,537	4,325
Proceeds from the sale of mortgage servicing rights	9,796	0
Mortgage loans originated for sale	(51,722)	(18,116)
Proceeds from sales of mortgage loans	43,629	18,208
(Increase) decrease in other assets	3,851	(6,326)
Increase (decrease) in other liabilities	(19,254)	(5,543)
Net cash provided by (used in) operating activities	65,825	85,149
Cash flows provided by (used in) investing activities
Purchases of equity securities	(622)	(14)
Purchases of debt securities available for sale	(28,149)	(7,796)
Proceeds from sales of equity securities	894	14
Proceeds from sales of debt securities available for sale	101,360	0
Proceeds from paydowns and maturities of debt securities held to maturity	22,835	25,898
Proceeds from paydowns and maturities of debt securities available for sale	182,948	192,987
Purchases of FHLB and other bank stock	(24)	(30,957)
Proceeds from the redemption of FHLB and other bank stock	0	30,659
Net (increase) decrease in loans	53,156	(84,900)
Net cash received in (paid for) acquisitions (see Note 16)	18,377	0
Cash paid for premiums on bank-owned life insurance	(70)	(76)
Proceeds from life insurance	1,799	2,292
Purchases of premises and equipment	(3,516)	(4,523)
Proceeds from disposition of premises and equipment	1,341	3,863
Proceeds from sales of OREO and other repossessed assets, including cash payments collected	601	780
Net cash provided by (used in) investing activities	350,930	128,227
Cash flows provided by (used in) financing activities
Net increase (decrease) in deposits	(707,909)	(8,369)
Net increase (decrease) in federal funds purchased and securities sold under agreements to repurchase	(48,296)	(26,853)
Net increase (decrease) in short-term borrowings	(36,000)	(135,000)
Repayment of other borrowings	(31,450)	(10,054)
Cash dividends paid	(26,875)	(26,539)
Purchase of treasury stock	0	(931)
Cash paid for withholding taxes on stock-based payments	(396)	(100)
Proceeds from stock warrants exercised	0	9
Common stock issuance costs	(141)	0
Net cash provided by (used in) financing activities	(851,067)	(207,837)
Net increase (decrease) in cash and cash equivalents	(434,312)	5,539
Cash and cash equivalents, beginning of period	719,581	227,164
Cash and cash equivalents, ending of period	285,269	232,703
Cash payments for:
Interest	108,581	55,665
Income taxes	12,388	22,060
Non-cash investing and financing activities:
OREO acquired in settlement of loans	$ 26	$ 116

STOCK-BASED COMPENSATION

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

NOTE 9. STOCK-BASED COMPENSATION

Stock Options

Busey has outstanding stock options assumed from acquisitions. A summary of the status of, and changes in, the Company's stock option awards for the six months ended June 30, 2024, follows:


Options	Shares	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life
Outstanding at December 31, 2023	21,266	$	23.53	2.88 years
Exercised	—	—
Forfeited	(3,300)	23.53
Expired	—	—
Outstanding at June 30, 2024	17,966	23.53		2.38 years

Exercisable at June 30, 2024	17,966	23.53		2.38 years

2020 Equity Plan

The 2020 Equity Plan was originally approved by stockholders at the 2020 Annual Meeting of Stockholders. A description of the 2020 Equity Plan, as originally approved, can be found in Appendix A within Busey’s Proxy Statement for the 2020 Annual Meeting of Stockholders filed on April 9, 2020. An amendment and restatement of the 2020 Equity Plan was approved by stockholders at the 2023 Annual Meeting of Stockholders. Terms of the amended and restated 2020 Equity Plan are substantially identical to those of the originally approved 2020 Equity Plan, other than a 1,350,000 increase in the number of shares authorized for issuance under the plan. More information can be found in Appendix A within Busey’s Proxy Statement for the 2023 Annual Meeting of Stockholders filed on April 14, 2023.

Busey has granted RSU, PSU, and DSU awards under the terms of the 2020 Equity Plan. Upon vesting and delivery, shares are expected, though not required, to be issued from treasury stock. There were 1,320,468 shares available for issuance under the 2020 Equity Plan as of June 30, 2024.

A description of RSU, PSU, and DSU awards granted in 2024 under the terms of the 2020 Equity Plan is provided below. Further information related to awards granted in prior years has been presented in the Annual Reports previously filed with the SEC corresponding to the year of each award grant.

RSU Awards

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

On March 20, 2024, under the terms of the 2020 Equity Plan, Busey granted 189,179 RSUs to members of management. The grant date fair value of the award was $4.4 million, which 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 Busey, after a one-year minimum requisite service period. Subsequent to the requisite service period, the awards will become 100% vested.

On May 22, 2024, under the terms of the 2020 Equity Plan, Busey granted 12,864 RSUs to members of management. The grant date fair value of the award was $0.3 million, which will be recognized as compensation expense over the requisite service period of three years. The terms of these awards included an accelerated vesting provision upon eligible retirement from Busey, 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 Busey’s RSU awards for the six months ended June 30, 2024, is as follows:


RSU Awards	Shares	Weighted- Average Grant Date Fair Value
Nonvested at December 31, 2023	1,041,444	$	22.05
Granted	202,043	23.35
Dividend equivalents earned	23,064	23.54
Vested	(7,681)	23.23
Forfeited	(12,893)	23.14
Nonvested at June 30, 2024	1,245,977	22.27

PSU Awards

Busey grants PSU awards to members of management periodically throughout the year. PSU awards are stock-based awards for which vesting is conditional upon meeting established performance criteria. Each PSU is equivalent to one share of Busey’s common stock. The number of PSUs that ultimately vest will be determined based on the extent to which market or other performance goals are achieved. Busey’s PSUs are subject to accelerated service-based vesting conditions upon eligible retirement from Busey. After performance determination, dividend equivalents are compounded based upon the updated PSU balances at each dividend date during the performance period.

On March 20, 2024, under the terms of the 2020 Equity Plan, Busey granted a target of 94,604 PSUs with a maximum award of 151,366 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 was $2.0 million, which will be recognized in compensation expense over the performance period ending December 31, 2026.

On March 20, 2024, under the terms of the 2020 Equity Plan, Busey granted a target of 94,604 PSUs with a maximum award of 151,366 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 was $2.2 million, which will be recognized in compensation expense over the performance period ending December 31, 2026. The actual amount of compensation expense recognized for these awards may vary, subject to achievement of the performance goal.

A summary of changes in Busey’s PSU awards for the six months ended June 30, 2024, is as follows:


PSU Awards	Shares1	Weighted- Average Grant Date Fair Value
Nonvested at December 31, 2023	341,700	$	22.67
Granted	189,208	22.32
Dividend equivalents earned2	4,264	22.95
Vested2	(4,264)	22.95
Forfeited	(5,526)	22.54

Nonvested at June 30, 2024	525,382	22.54

___________________________________________

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

2.PSUs granted in 2021 vested on December 31, 2023, with performance determination and settlement activity in the first quarter of 2024. Final performance was determined to be at 50% of target.

DSU Awards

Busey grants DSU awards to its directors and advisory directors. DSU awards are stock-based awards with a deferred settlement date. Each DSU is equivalent to one share of Busey’s common stock. DSUs vest over a one-year period following the grant date. Under the 2020 Equity Plan, DSUs are generally subject to the same terms as RSUs, except that following vesting of DSUs, settlement occurs within 30 days following the earlier of separation from the board or a change in control of the Company. Recipients earn quarterly dividend equivalents on their respective DSUs, which entitle the recipients to additional units. Therefore, dividends earned each quarter compound based upon the updated unit balances. After vesting and prior to delivery, DSUs will continue to earn dividend equivalents.

On March 20, 2024, under the terms of the 2020 Equity Plan, Busey granted 35,847 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 Busey’s DSU awards for the six months ended June 30, 2024, is as follows:


DSU Awards	Shares	Weighted- Average Grant Date Fair Value
Nonvested at December 31, 2023	43,026	$	20.41
Granted	35,847	23.35
Dividend equivalents earned	4,192	23.53
Vested	(45,817)	20.67
Forfeited	(1,025)	20.44
Nonvested at June 30, 2024	36,223	23.35

Vested and outstanding at June 30, 2024	181,590	22.79

Employee Stock Purchase Plan

The First Busey Corporation ESPP was approved at Busey’s 2021 Annual Meeting of Stockholders and details can be found in Appendix A within Busey’s Definitive Proxy Statement filed with the SEC on April 8, 2021. The purpose of the ESPP is to provide a means through which our employees may acquire a proprietary interest in Busey by purchasing shares of our common stock at a 15% discount through voluntary payroll deductions, to assist us in retaining the services of our employees and securing and retaining the services of new employees, and to provide incentives for our employees to exert maximum efforts toward our success.

The ESPP initially reserved for issuance and purchase an aggregate of 600,000 shares of Busey’s common stock. The first offering under the ESPP began on July 1, 2021. There were 419,809 shares available for issuance under the ESPP as of June 30, 2024.

Stock-based Compensation Expense

Busey did not record any stock option compensation expense for the three or six months ended June 30, 2024, or 2023. Busey did not have any unrecognized stock option compensation expense as of June 30, 2024.

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


		Three Months Ended June 30,				Six Months Ended June 30,
	Location	2024		2023		2024		2023
Stock-based compensation expense

RSU awards	Salaries, wages, and employee benefits	$	1,061	$	1,231	$	1,955	$	2,251
PSU awards1	Salaries, wages, and employee benefits	(149)		1,184		1,061		1,544
DSU awards	Other expense	189		211		404		407
ESPP	Salaries, wages, and employee benefits	33		30		117		123
Total stock-based compensation expense		$	1,134	$	2,656	$	3,537	$	4,325

___________________________________________

1.Expense for PSU awards with a market-based total stockholder return performance goal represents amounts based on target shares at the grant date. Expense for PSU awards with return on average tangible common equity and compounded annual revenue growth rate performance goals represents amounts based on target shares at the grant date, adjusted for performance expectations as of the date indicated.

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


	As of
	June 30, 2024		December 31, 2023
Unamortized stock-based compensation
RSU awards	$	9,341	$	6,842
PSU awards1	4,664		3,607
DSU awards	603		190
Total unamortized stock-based compensation	$	14,608	$	10,639

Weighted average period over which expense is to be recognized	2.6 years		2.4 years

___________________________________________

1.Unamortized expense for PSU awards with a market-based total stockholder return performance goal represents amounts based on target shares at grant date. Unamortized expense for PSU awards with return on average tangible common equity and compounded annual revenue growth rate performance goals represents amounts based on target shares at grant date, adjusted for performance expectations as of the date indicated.

PORTFOLIO LOANS - Schedule of the Financial Effect of Loan Modifications (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Loans identified as impaired
Weighted Average Term Extension	4 months 9 days	10 months 9 days	13 months 24 days	11 months
C&I and other commercial
Loans identified as impaired
Weighted Average Term Extension	4 months 9 days	11 months 15 days	14 months 21 days	11 months 12 days
Commercial real estate
Loans identified as impaired
Weighted Average Term Extension	4 months	6 months	1 month 24 days	8 months 6 days
Real estate construction
Loans identified as impaired
Weighted Average Term Extension		12 months		12 months

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

6 Months Ended

Jun. 30, 2024

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

Schedule of Accumulated Other Comprehensive Income (Loss)

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


	Three Months Ended June 30,
	2024						2023
	Before Tax		Tax Effect		Net of Tax		Before Tax		Tax Effect		Net of Tax
Unrealized/Unrecognized gains (losses) on debt securities
Balance at beginning of period	$	(282,422)	$	80,504	$	(201,918)	$	(320,496)	$	91,354	$	(229,142)
Unrealized holding gains (losses) on debt securities available for sale, net	1,685		(480)		1,205		(16,597)		4,731		(11,866)

Amounts reclassified from AOCI, net	4		(1)		3		178		(51)		127
Amortization of unrecognized losses on securities transferred to held to maturity	1,399		(399)		1,000		1,556		(443)		1,113
Balance at end of period	$	(279,334)	$	79,624	$	(199,710)	$	(335,359)	$	95,591	$	(239,768)

Unrealized gains (losses) on cash flow hedges
Balance at beginning of period	$	(28,353)	$	8,081	$	(20,272)	$	(23,277)	$	6,635	$	(16,642)
Unrealized holding gains (losses) on cash flow hedges, net	(2,791)		795		(1,996)		(8,442)		2,406		(6,036)
Amounts reclassified from AOCI, net	2,311		(659)		1,652		2,133		(608)		1,525
Balance at end of period	$	(28,833)	$	8,217	$	(20,616)	$	(29,586)	$	8,433	$	(21,153)

Total AOCI	$	(308,167)	$	87,841	$	(220,326)	$	(364,945)	$	104,024	$	(260,921)


	Six Months Ended June 30,
	2024						2023
	Before Tax		Tax Effect		Net of Tax		Before Tax		Tax Effect		Net of Tax
Unrealized/Unrecognized gains (losses) on debt securities
Balance at beginning of period	$	(282,688)	$	80,579	$	(202,109)	$	(352,878)	$	100,585	$	(252,293)
Unrealized holding gains (losses) on debt securities available for sale, net	(6,262)		1,786		(4,476)		14,096		(4,018)		10,078
Unrecognized losses on debt securities transferred to held to maturity from available for sale	—		—		—		—		—		—
Amounts reclassified from AOCI, net	6,806		(1,940)		4,866		174		(50)		124
Amortization of unrecognized losses on securities transferred to held to maturity	2,810		(801)		2,009		3,249		(926)		2,323
Balance at end of period	$	(279,334)	$	79,624	$	(199,710)	$	(335,359)	$	95,591	$	(239,768)

Unrealized gains (losses) on cash flow hedges
Balance at beginning of period	$	(23,348)	$	6,654	$	(16,694)	$	(29,350)	$	8,365	$	(20,985)
Unrealized holding gains (losses) on cash flow hedges, net	(10,109)		2,881		(7,228)		(4,178)		1,192		(2,986)
Amounts reclassified from AOCI, net	4,624		(1,318)		3,306		3,942		(1,124)		2,818
Balance at end of period	$	(28,833)	$	8,217	$	(20,616)	$	(29,586)	$	8,433	$	(21,153)

Total AOCI	$	(308,167)	$	87,841	$	(220,326)	$	(364,945)	$	104,024	$	(260,921)

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Cash and cash equivalents:
Cash and due from banks	$ 131,381	$ 134,680
Interest-bearing deposits	153,888	584,901
Total cash and cash equivalents	285,269	719,581
Debt securities available for sale	1,829,896	2,087,571
Debt securities held to maturity	851,261	872,628
Equity securities	9,618	9,812
Loans held for sale	11,286	2,379
Portfolio loans (net of ACL of $85,226 at June 30, 2024, and $91,740 at December 31, 2023)	7,913,686	7,559,294
Premises and equipment, net	121,647	122,594
Right of use assets	11,137	11,027
Goodwill	333,281	317,873
Other intangible assets, net	37,299	35,991
Cash surrender value of bank owned life insurance	184,107	182,975
Other assets	382,929	361,690
Total assets	11,971,416	12,283,415
Deposits:
Noninterest-bearing	2,832,776	2,834,655
Interest-bearing	7,143,359	7,456,501
Total deposits	9,976,135	10,291,156
Securities sold under agreements to repurchase	140,283	187,396
Short-term borrowings	0	12,000
Long-term debt	0	18,000
Subordinated notes, net of unamortized issuance costs	227,245	222,882
Junior subordinated debt owed to unconsolidated trusts	74,693	71,993
Lease liabilities	11,469	11,308
Other liabilities	207,781	196,699
Total liabilities	10,637,606	11,011,434
Outstanding commitments and contingent liabilities (see Notes 4 and 10)
Stockholders’ equity
Common stock, ($.001 par value; 100,000,000 shares authorized)	60	58
Additional paid-in capital	1,360,430	1,323,595
Retained earnings	261,820	237,197
AOCI	(220,326)	(218,803)
Total stockholders’ equity before treasury stock	1,401,984	1,342,047
Treasury stock at cost	(68,174)	(70,066)
Total stockholders’ equity	1,333,810	1,271,981
Total liabilities and stockholders’ equity	$ 11,971,416	$ 12,283,415
Shares
Common shares issued (in shares)	59,546,273	58,116,969
Less: Treasury shares (in shares)	(2,799,336)	(2,872,850)
Common shares outstanding (in shares)	56,746,937	55,244,119

FAIR VALUE MEASUREMENTS - Schedule of Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans evaluated individually, net of related allowance	$ 4,971	$ 3,151
Fair Value, Nonrecurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans evaluated individually, net of related allowance	2,800	1,000
Bank property held for sale with impairment	3,205	4,286
Level 1 Inputs \| Fair Value, Nonrecurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans evaluated individually, net of related allowance	0	0
Bank property held for sale with impairment	0	0
Level 2 Inputs \| Fair Value, Nonrecurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans evaluated individually, net of related allowance	0	0
Bank property held for sale with impairment	0	0
Level 3 Inputs \| Fair Value, Nonrecurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans evaluated individually, net of related allowance	2,800	1,000
Bank property held for sale with impairment	$ 3,205	$ 4,286

BORROWINGS - Schedule of Short-term Borrowings (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Short-Term Debt [Line Items]
Total short-term debt	$ 0	$ 12,000,000
Federal funds purchased	0	0
Term Loan, current portion due within 12 months
Short-Term Debt [Line Items]
Total short-term debt	$ 0	$ 12,000,000
Minimum
Short-Term Debt [Line Items]
Short-term borrowings, mature period	1 day
Maximum
Short-Term Debt [Line Items]
Short-term borrowings, mature period	90 days

OUTSTANDING COMMITMENTS AND CONTINGENT LIABILITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Credit Commitments and Contingencies
Total commitments	$ 2,509,424	$ 2,176,496
Commitments to extend credit
Credit Commitments and Contingencies
Total commitments	2,472,198	2,132,500
Standby letters of credit
Credit Commitments and Contingencies
Total commitments	$ 37,226	$ 43,996

PORTFOLIO LOANS - Schedule of Loans Evaluated Individually, Segregated by Loan Category and Class (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Financing Receivable, Troubled Debt Restructuring [Line Items]
Unpaid Principal Balance	$ 8,743	$ 10,096
Recorded investment with no allowance	1,682	1,256
Recorded investment with allowance	3,289	1,895
Total recorded investment	4,971	3,151
Related Allowance	489	895
Average Recorded Investment	7,868	9,948
Total commercial loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Unpaid Principal Balance	8,536	9,883
Recorded investment with no allowance	1,621	1,195
Recorded investment with allowance	3,270	1,870
Total recorded investment	4,891	3,065
Related Allowance	470	870
Average Recorded Investment	7,784	9,158
C&I and other commercial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Unpaid Principal Balance	5,314	7,283
Recorded investment with no allowance	1,621	585
Recorded investment with allowance	48	1,785
Total recorded investment	1,669	2,370
Related Allowance	48	785
Average Recorded Investment	5,738	5,244
Commercial real estate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Unpaid Principal Balance	3,222	2,600
Recorded investment with no allowance	0	610
Recorded investment with allowance	3,222	85
Total recorded investment	3,222	695
Related Allowance	422	85
Average Recorded Investment	2,046	3,865
Real estate construction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Unpaid Principal Balance		0
Recorded investment with no allowance		0
Recorded investment with allowance		0
Total recorded investment		0
Related Allowance		0
Average Recorded Investment		49
Total retail loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Unpaid Principal Balance	207	213
Recorded investment with no allowance	61	61
Recorded investment with allowance	19	25
Total recorded investment	80	86
Related Allowance	19	25
Average Recorded Investment	84	790
Retail real estate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Unpaid Principal Balance	207	213
Recorded investment with no allowance	61	61
Recorded investment with allowance	19	25
Total recorded investment	80	86
Related Allowance	19	25
Average Recorded Investment	$ 84	$ 790

DERIVATIVE FINANCIAL INSTRUMENTS

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE FINANCIAL INSTRUMENTS

NOTE 11. DERIVATIVE FINANCIAL INSTRUMENTS

Busey utilizes interest rate swap agreements as part of its asset liability management strategy to help manage its interest rate risk position. Additionally, Busey 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, risk participation agreements, and foreign currency exchange contracts with customers and other third parties. See “Note 12: Fair Value Measurements” for further discussion of the fair value measurement of such derivatives.

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


	As of
	June 30, 2024		December 31, 2023
Cash pledged to secure obligations under derivative contracts	$	34,210	$	34,210
Collateral held to secure obligations under derivative contracts	24,020		19,280

Derivative Instruments Designated as Hedges

Busey 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 $450.0 million as of June 30, 2024, and $350.0 million as of December 31, 2023, were designated as cash flow hedges. Busey 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 3-month CME Term SOFR benchmark interest rate on Busey’s junior subordinated debt owed to unconsolidated trusts (Debt Swap). In addition, Busey entered into one $300.0 million receive fixed pay floating interest rate swap to reduce Busey’s asset sensitivity (Prime Loan Swap). Duration was added to our loan portfolio by fixing a portion of floating prime-based loans. Interest rates had risen above their historical lows allowing Busey to lock in a portion of its 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 Busey expects its hedges to remain highly effective during the remaining terms of the swaps. Further, in 2024 Busey entered into one $100.0 million one year forward-starting SOFR-based receive-fixed pay-floating interest rate swap, with an effective date of March 5, 2025, to reduce Busey’s asset sensitivity (SOFR Loan Swap). Changes in fair value were recorded net of tax in OCI.

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


		As of
	Location	June 30, 2024			December 31, 2023
Debt Swap
Notional amount		$	50,000		$	50,000
Weighted average fixed pay rates		1.79		%	1.79		%
Weighted average variable 3-month Fallback Rate (SOFR) receive rates		5.61		%	5.61		%
Weighted average maturity		0.21 years			0.71 years

Prime Loan Swap
Notional amount		$	300,000		$	300,000
Weighted average fixed receive rates		4.81		%	4.81		%
Weighted average variable Prime pay rates		8.50		%	8.50		%
Weighted average maturity		4.60 years			5.10 years

SOFR Loan Swap
Notional amount		$	100,000		$	—
Weighted average fixed receive rates		3.72		%	—

Weighted average maturity		4.68 years			—

Gross aggregate fair value of the swaps
Gross aggregate fair value of swap assets	Other assets	$	477		$	1,293
Gross aggregate fair value of swap liabilities	Other liabilities	30,065			25,411

Balances carried in AOCI
Unrealized gains (losses) on cash flow hedges, net of tax	AOCI	$	(20,616)		$	(16,694)

Busey 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 June 30, 2024.


	As of June 30, 2024
Unrealized gains (losses) in OCI expected to be recognized in income
Unrealized losses expected to be reclassified from OCI to interest income	$	(922)
Unrealized gains expected to be reclassified from OCI to interest expense	499
Net unrealized gains (losses) in OCI expected to be recognized in net interest income	$	(423)

Interest income and interest expense recorded on these swap transactions is presented in the following table (dollars in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Interest on swap transactions
Increase (decrease) in interest income on swap transactions	$	(2,795)	$	(2,537)	$	(5,591)	$	(4,729)
(Increase) decrease in interest expense on swap transactions	484		404		967		787
Net increase (decrease) in net interest income on swap transactions	$	(2,311)	$	(2,133)	$	(4,624)	$	(3,942)

Net gains (losses) relating to cash flow derivative instruments that were recorded in AOCI and the Consolidated Statements of Income (Unaudited) are presented in the table below (dollars in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Unrealized gains (losses) on cash flow hedges
Net gain (loss) recognized in OCI, net of tax	$	(1,996)	$	(6,036)	$	(7,228)	$	(2,986)
(Gain) loss reclassified from OCI to interest income, net of tax	1,998		1,813		3,997		3,380
(Gain) loss reclassified from OCI to interest expense, net of tax	(346)		(288)		(691)		(562)
Net change in unrealized gains (losses) on cash flow hedges, net of tax	$	(344)	$	(4,511)	$	(3,922)	$	(168)

Derivative Instruments Not Designated as Hedges

Interest Rate Swaps Not Designated as Hedges

Busey may offer derivative contracts to its customers in connection with their risk management needs. Busey manages the risk associated with these contracts by entering into equal and offsetting derivative agreements with third-party dealers. These contracts supported variable rate, commercial loan relationships totaling $675.0 million as of June 30, 2024, and $663.1 million as of December 31, 2023. These derivatives generally worked together as an economic interest rate hedge, but Busey 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 recorded in the Consolidated Balance Sheets (Unaudited) are summarized as follows (dollars in thousands):


	As of June 30, 2024
	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	$	96,481	$	1,332	$	578,525	$	33,594
Interest rate swaps – pay fixed, receive floating	578,525		33,594		96,481		1,332
Total derivatives not designated as hedging instruments	$	675,006	$	34,926	$	675,006	$	34,926


	As of December 31, 2023
	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	$	177,883	$	2,375	$	485,253	$	26,289
Interest rate swaps – pay fixed, receive floating	485,253		26,289		177,883		2,375
Total derivatives not designated as hedging instruments	$	663,136	$	28,664	$	663,136	$	28,664

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


		Three Months Ended June 30,				Six Months Ended June 30,
	Location	2024		2023		2024		2023
Interest rate swaps
Pay floating, receive fixed	Noninterest expense	$	694	$	3,306	$	6,174	$	(4,361)
Pay fixed, receive floating	Noninterest expense	(694)		(3,306)		(6,174)		4,361
Net change in fair value of interest rate swaps		$	—	$	—	$	—	$	—

Risk Participation Agreements

To manage the credit risk exposure related to customer-facing swaps, Busey entered into risk participation agreements in conjunction with loan participation arrangements with other financial institutions. Under these risk participation agreements, Busey purchased credit risk participation, paying an up-front fee to a counterparty to accept a portion of its credit exposure, and will receive a payment from the counterparty if the swap customer defaults on its obligations.

Busey also entered into a risk participation agreement under which Busey sold credit risk participation, receiving an up-front fee from a counterparty in exchange for accepting a portion of the counterparty’s credit exposure. This agreement matured on June 30, 2024. The swap customer did not default on its obligations, and Busey was not required to make a payment to the counterparty of the risk participation agreement.

Notional amounts of the risk participation agreements reflect the participating banks’ pro-rata shares of the derivative instruments, consistent with their shares of the related participated loans. The risk participation agreements mature between August 2026 and January 2029, and are summarized as follows (dollars in thousands):


	As of
	June 30, 2024		December 31, 2023
Risk participation agreements purchased
Number of risk participation agreements	4		3
Notional amount	$	35,048	$	34,251
Fair value	8		15

Risk participation agreements sold
Number of risk participation agreements	—		1
Notional amount	—		$	20,001
Fair value	—		—

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 (Unaudited), 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

Busey 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 (Unaudited). While such forward sales commitments generally served as an economic hedge to mortgage loans held for sale and interest rate lock commitments, Busey 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 (Unaudited) are summarized as follows (dollars in thousands):


		As of June 30, 2024				As of December 31, 2023
	Location	Notional Amount		Fair Value		Notional Amount		Fair Value
Mortgage banking derivative assets
Interest rate lock commitments	Other assets	$	9,026	$	155	$	3,477	$	25
Forward sales commitments	Other assets	4,148		17		1,761		11
Mortgage banking derivative assets		$	13,174	$	172	$	5,238	$	36

Mortgage banking derivative liabilities
Interest rate lock commitments	Other liabilities	$	344	$	10	$	1,615	$	10
Forward sales commitments	Other liabilities	10,409		44		5,216		47
Mortgage banking derivative liabilities		$	10,753	$	54	$	6,831	$	57

Gains and losses relating to these derivative instruments are reported in noninterest income/expense, and are summarized as follows for the periods presented (dollars in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

Gains on interest rate lock commitments	$	195	$	—	$	462	$	—
Gains on forward sales commitments	15		86		24		32
Losses on interest rate lock commitments	(9)		(49)		(14)		(12)
Losses on forward sales commitments	(47)		—		(98)		—

STOCK-BASED COMPENSATION - Schedule of Changes in the Company's Stock Option Awards (Details) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Shares
Outstanding at beginning of year (in shares)	21,266
Exercised (in shares)	0
Forfeited (in shares)	(3,300)
Expired (in shares)	0
Outstanding at end of year (in shares)	17,966	21,266
Exercisable at end of year (in shares)	17,966
Weighted- Average Exercise Price
Outstanding at beginning of year (in dollars per share)	$ 23.53
Exercised (in dollars per share)	0
Forfeited (in dollars per share)	23.53
Expired (in dollars per share)	0
Outstanding at end of year (in dollars per share)	23.53	$ 23.53
Exercisable at end of year (in dollars per share)	$ 23.53
Weighted- Average Remaining Contractual Life
Weighted-average remaining contractual life, options outstanding	2 years 4 months 17 days	2 years 10 months 17 days
Weighted-average remaining contractual life, exercisable at end of year	2 years 4 months 17 days

LEASES - Schedule of Revenue Recorded in Connection with Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Rental income	$ 204	$ 183	$ 406	$ 374

SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
SIGNIFICANT ACCOUNTING POLICIES	Jun. 30, 2024
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	NOTE 1. SIGNIFICANT ACCOUNTING POLICIES Nature of Operations First Busey Corporation, a Nevada corporation organized in 1980, is a $12.0 billion financial holding company headquartered in Champaign, Illinois. Busey’s common stock is traded on The Nasdaq Global Select Market under the symbol “BUSE.” 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. Income Taxes During the three and six months ended June 30, 2024, Busey recorded a one-time deferred tax valuation adjustment of $1.4 million resulting from a change to our Illinois apportionment rate due to recently enacted regulations. These new regulations are expected to lower our ongoing tax obligation in future periods, but create a negative adjustment to the carrying value of our deferred tax asset in the current period. 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. 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. There were no significant events subsequent to the quarter ended June 30, 2024, through the filing date of these unaudited consolidated financial statements.

EARNINGS PER COMMON SHARE

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

EARNINGS PER COMMON SHARE

NOTE 13. EARNINGS PER COMMON SHARE

Basic 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 Busey’s outstanding stock options and warrants were exercised, stock units were vested, and ESPP shares were issued.

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net income	$	27,357	$	29,364	$	53,582	$	66,150

Weighted average number of common shares outstanding, basic	56,919,025		55,440,277		56,167,807		55,419,250
Dilutive effect of common stock equivalents:

Warrants	—		—		—		648
RSU awards	679,167		622,993		666,302		637,385
PSU awards	245,599		123,849		269,494		107,247
DSU awards	4,923		3,851		19,202		14,098
ESPP	4,517		4,831		7,060		9,192
Weighted average number of common shares outstanding, diluted	57,853,231		56,195,801		57,129,865		56,187,820

Basic earnings per common share	$	0.48	$	0.53	$	0.95	$	1.19
Diluted earnings per common share	$	0.47	$	0.52	$	0.94	$	1.18

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


	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
Anti-dilutive common stock equivalents
Options	17,966	21,926	19,176	22,366

RSU awards	12,864	157,781	6,432	78,891
PSU awards	93,266	63,220	100,969	164,339

Total anti-dilutive common stock equivalents	124,096	242,927	126,577	265,596

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Mortgage Banking Derivatives (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Mortgage banking derivative assets
Derivative asset, statement of financial position [Extensible Enumeration]	Other assets	Other assets
Mortgage banking derivative liabilities
Derivative liability, statement of financial position [Extensible Enumeration]	Other liabilities	Other liabilities
Interest rate lock commitments
Mortgage banking derivative assets
Notional Amount	$ 9,026	$ 3,477
Fair value recorded in other assets	155	25
Mortgage banking derivative liabilities
Notional Amount	344	1,615
Fair value recorded in other liabilities	10	10
Forward sales commitments
Mortgage banking derivative assets
Notional Amount	4,148	1,761
Fair value recorded in other assets	17	11
Mortgage banking derivative liabilities
Notional Amount	10,409	5,216
Fair value recorded in other liabilities	44	47
Mortgage banking derivative assets \| Designated as Hedging Instrument
Mortgage banking derivative assets
Notional Amount	13,174	5,238
Fair value recorded in other assets	172	36
Mortgage banking derivative liabilities
Notional Amount	10,753	6,831
Fair value recorded in other liabilities	$ 54	$ 57

LEASES - Schedule of Future Undiscounted Lease Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Rent commitments
Remainder of 2024	$ 1,134
2025	1,938
2026	1,678
2027	1,465
2028	1,410
2029	1,436
Thereafter	4,281
Total undiscounted cash flows	13,342
Less: Amounts representing interest	1,873
Present value of net future minimum lease payments	$ 11,469	$ 11,308

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,282,651	$ 1,198,558	$ 1,271,981	$ 1,145,977
Unrealized/Unrecognized gains (losses) on debt securities
Unrealized holding gains (losses) on debt securities available for sale, net, net of tax	1,205	(11,866)	(4,476)	10,078
Amounts reclassified from AOCI, net, net of tax	3	127	4,866	124
Amortization of unrealized losses on securities transferred to held to maturity, net of tax	1,000	1,113	2,009	2,323
Unrealized gains (losses) on cash flow hedges
Unrealized holding gains (losses) on cash flow hedges, net, net of tax	(1,996)	(6,036)	(7,228)	(2,986)
Amounts reclassified from AOCI, net, net of tax	1,652	1,525	3,306	2,818
Ending balance	1,333,810	1,201,948	1,333,810	1,201,948
Total stockholders’ equity	1,333,810	1,201,948	1,333,810	1,201,948
AOCI
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(222,190)	(245,784)	(218,803)	(273,278)
Unrealized gains (losses) on cash flow hedges
Accumulated other comprehensive income (loss) ending balance period, before tax	(308,167)	(364,945)	(308,167)	(364,945)
Accumulated other comprehensive income (loss) ending balance period, tax effect	87,841	104,024	87,841	104,024
Ending balance	(220,326)	(260,921)	(220,326)	(260,921)
Total stockholders’ equity	(220,326)	(260,921)	(220,326)	(260,921)
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	(282,422)	(320,496)	(282,688)	(352,878)
Accumulated other comprehensive income (loss) beginning balance period, tax effect	80,504	91,354	80,579	100,585
Beginning balance	(201,918)	(229,142)	(202,109)	(252,293)
Unrealized/Unrecognized gains (losses) on debt securities
Unrealized holding gains (losses) on debt securities available for sale, net, before tax	1,685	(16,597)	(6,262)	14,096
Unrealized holding gains (losses) on debt securities available for sale, net, tax effect	(480)	4,731	1,786	(4,018)
Unrealized holding gains (losses) on debt securities available for sale, net, net of tax	1,205	(11,866)	(4,476)	10,078
Unrecognized losses on debt securities transferred to held to maturity from available for sale, before tax			0	0
Unrecognized losses on debt securities transferred to held to maturity from available for sale, tax effect			0	0
Unrecognized losses on debt securities transferred to held to maturity from available for sale, net of tax			0	0
Amounts reclassified from AOCI, net, before tax	4	178	6,806	174
Amounts reclassified from AOCI, net, tax effect	(1)	(51)	(1,940)	(50)
Amounts reclassified from AOCI, net, net of tax	3	127	4,866	124
Amortization of unrealized losses on securities transferred to held to maturity, before tax	1,399	1,556	2,810	3,249
Amortization of unrealized losses on securities transferred to held to maturity, tax effect	(399)	(443)	(801)	(926)
Amortization of unrealized losses on securities transferred to held to maturity, net of tax	1,000	1,113	2,009	2,323
Unrealized gains (losses) on cash flow hedges
Accumulated other comprehensive income (loss) ending balance period, before tax	(279,334)	(335,359)	(279,334)	(335,359)
Accumulated other comprehensive income (loss) ending balance period, tax effect	79,624	95,591	79,624	95,591
Ending balance	(199,710)	(239,768)	(199,710)	(239,768)
Total stockholders’ equity	(199,710)	(239,768)	(199,710)	(239,768)
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	(28,353)	(23,277)	(23,348)	(29,350)
Accumulated other comprehensive income (loss) beginning balance period, tax effect	8,081	6,635	6,654	8,365
Beginning balance	(20,272)	(16,642)	(16,694)	(20,985)
Unrealized gains (losses) on cash flow hedges
Unrealized holding gains (losses) on cash flow hedges, net, before tax	(2,791)	(8,442)	(10,109)	(4,178)
Unrealized holding gains (losses) on cash flow hedges, net, tax effect	795	2,406	2,881	1,192
Unrealized holding gains (losses) on cash flow hedges, net, net of tax	(1,996)	(6,036)	(7,228)	(2,986)
(Gain) loss reclassified from OCI to interest expense, net of tax	2,311	2,133	4,624	3,942
Amounts reclassified from AOCI, net, tax effect	(659)	(608)	(1,318)	(1,124)
Amounts reclassified from AOCI, net, net of tax	1,652	1,525	3,306	2,818
Accumulated other comprehensive income (loss) ending balance period, before tax	(28,833)	(29,586)	(28,833)	(29,586)
Accumulated other comprehensive income (loss) ending balance period, tax effect	8,217	8,433	8,217	8,433
Ending balance	(20,616)	(21,153)	(20,616)	(21,153)
Total stockholders’ equity	$ (20,616)	$ (21,153)	$ (20,616)	$ (21,153)

OPERATING SEGMENTS AND RELATED INFORMATION - Schedule of Information Relating to Operating Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Goodwill	$ 333,281		$ 333,281		$ 317,873
Total Assets	11,971,416		11,971,416		12,283,415
Net interest income	82,434	$ 78,670	158,201	$ 164,527
Noninterest income	33,801	28,012	68,801	59,860
Noninterest expense	75,537	69,205	146,306	139,608
Income before income taxes	38,421	36,850	73,381	83,199
Net income	27,357	29,364	53,582	66,150
Operating segment \| Banking
Segment Reporting Information [Line Items]
Goodwill	310,181		310,181		294,773
Total Assets	11,796,353		11,796,353		12,125,298
Net interest income	86,242	82,710	165,775	172,600
Noninterest income	12,434	10,312	25,906	22,733
Noninterest expense	58,597	53,491	110,984	108,142
Income before income taxes	37,802	38,904	73,382	85,611
Net income	26,697	30,665	53,189	67,500
Operating segment \| Wealth Management
Segment Reporting Information [Line Items]
Goodwill	14,108		14,108		14,108
Total Assets	113,516		113,516		103,147
Noninterest income	16,108	14,717	31,820	29,643
Noninterest expense	8,791	8,228	17,927	16,762
Income before income taxes	7,317	6,489	13,893	12,881
Net income	5,561	4,932	10,559	9,790
Operating segment \| FirsTech
Segment Reporting Information [Line Items]
Goodwill	8,992		8,992		8,992
Total Assets	50,172		50,172		51,600
Net interest income	12	14	25	27
Noninterest income	6,178	5,615	12,149	11,289
Noninterest expense	6,152	5,319	12,018	11,058
Income before income taxes	38	310	156	258
Net income	28	226	114	188
Intersegment Eliminations
Segment Reporting Information [Line Items]
Goodwill	0		0		0
Total Assets	11,375		11,375		$ 3,370
Net interest income	(3,820)	(4,054)	(7,599)	(8,100)
Noninterest income	(919)	(2,632)	(1,074)	(3,805)
Noninterest expense	1,997	2,167	5,377	3,646
Income before income taxes	(6,736)	(8,853)	(14,050)	(15,551)
Net income	$ (4,929)	$ (6,459)	$ (10,280)	$ (11,328)

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	AOCI	Treasury Stock
Beginning balance (in shares) at Dec. 31, 2022		55,279,124
Beginning balance at Dec. 31, 2022	$ 1,145,977	$ 58	$ 1,320,980	$ 168,769	$ (273,278)	$ (70,552)
Increase (decrease) in shareholders' equity
Net income	66,150			66,150
OCI, net of tax	12,357				12,357
Repurchase of stock (in shares)		(45,000)
Repurchase of stock	(931)					(931)
Issuance of treasury stock for ESPP (in shares)		40,594
Issuance of treasury stock for ESPP	700		(345)			1,045
Net issuance of treasury stock for RSU/PSU/DSU vesting and related tax (in shares)		15,135
Net issuance of treasury stock for RSU/PSU/DSU vesting and related tax	(100)		(490)			390
Net issuance of treasury stock for warrants exercised (in shares)		994
Net issuance of treasury stock for warrants exercised	9		(17)			26
Cash dividends on common stock	(26,539)			(26,539)
Stock dividend equivalents on RSUs/PSUs/DSUs	0		720	(720)
Stock-based compensation	4,325		4,325
Ending balance (in shares) at Jun. 30, 2023		55,290,847
Ending balance at Jun. 30, 2023	1,201,948	$ 58	1,325,173	207,660	(260,921)	(70,022)
Beginning balance (in shares) at Mar. 31, 2023		55,294,455
Beginning balance at Mar. 31, 2023	1,198,558	$ 58	1,322,407	191,924	(245,784)	(70,047)
Increase (decrease) in shareholders' equity
Net income	29,364			29,364
OCI, net of tax	(15,137)				(15,137)
Repurchase of stock (in shares)		(20,000)
Repurchase of stock	(397)					(397)
Issuance of treasury stock for ESPP (in shares)		10,234
Issuance of treasury stock for ESPP	175		(88)			263
Net issuance of treasury stock for RSU/PSU/DSU vesting and related tax (in shares)		6,158
Net issuance of treasury stock for RSU/PSU/DSU vesting and related tax	0		(159)			159
Cash dividends on common stock	(13,271)			(13,271)
Stock dividend equivalents on RSUs/PSUs/DSUs	0		357	(357)
Stock-based compensation	2,656		2,656
Ending balance (in shares) at Jun. 30, 2023		55,290,847
Ending balance at Jun. 30, 2023	1,201,948	$ 58	1,325,173	207,660	(260,921)	(70,022)
Beginning balance (in shares) at Dec. 31, 2023		55,244,119
Beginning balance at Dec. 31, 2023	1,271,981	$ 58	1,323,595	237,197	(218,803)	(70,066)
Beginning balance (Accounting Standards Update 2023-02) at Dec. 31, 2023	(1,391)			(1,391)
Increase (decrease) in shareholders' equity
Net income	53,582			53,582
OCI, net of tax	(1,523)				(1,523)
Stock issued in acquisition, net of stock issuance costs (in shares)		1,429,304
Stock issued in acquisition, net of stock issuance costs	34,234	$ 2	34,232
Issuance of treasury stock for ESPP (in shares)		32,570
Issuance of treasury stock for ESPP	661		(177)			838
Net issuance of treasury stock for RSU/PSU/DSU vesting and related tax (in shares)		40,944
Net issuance of treasury stock for RSU/PSU/DSU vesting and related tax	(396)		(1,450)			1,054
Cash dividends on common stock	(26,875)			(26,875)
Stock dividend equivalents on RSUs/PSUs/DSUs	0		693	(693)
Stock-based compensation	3,537		3,537
Ending balance (in shares) at Jun. 30, 2024		56,746,937
Ending balance at Jun. 30, 2024	1,333,810	$ 60	1,360,430	261,820	(220,326)	(68,174)
Beginning balance (in shares) at Mar. 31, 2024		55,300,008
Beginning balance at Mar. 31, 2024	1,282,651	$ 58	1,324,999	248,412	(222,190)	(68,628)
Increase (decrease) in shareholders' equity
Net income	27,357			27,357
OCI, net of tax	1,864				1,864
Stock issued in acquisition, net of stock issuance costs (in shares)		1,429,304
Stock issued in acquisition, net of stock issuance costs	34,234	$ 2	34,232
Issuance of treasury stock for ESPP (in shares)		9,265
Issuance of treasury stock for ESPP	186		(53)			239
Net issuance of treasury stock for RSU/PSU/DSU vesting and related tax (in shares)		8,360
Net issuance of treasury stock for RSU/PSU/DSU vesting and related tax	0		(215)			215
Cash dividends on common stock	(13,616)			(13,616)
Stock dividend equivalents on RSUs/PSUs/DSUs	0		333	(333)
Stock-based compensation	1,134		1,134
Ending balance (in shares) at Jun. 30, 2024		56,746,937
Ending balance at Jun. 30, 2024	$ 1,333,810	$ 60	$ 1,360,430	$ 261,820	$ (220,326)	$ (68,174)

ACQUISITION - Schedule of Reconciliation Between the Purchase Price and the Fair Value (Details) - Merchants and Manufacturers Bank Corporation - Financial Asset Acquired with Credit Deterioration $ in Thousands	Apr. 01, 2024 USD ($)
PCD Financial Assets
Gross contractual receivable for PCD financial assets	$ 29,290
ACL recorded for estimated uncollectible contractual cash flows specific to PCD financial assets	(1,243)
Interest premium (discount) specific to PCD financial assets	(1,773)
Fair value of PCD financial assets	$ 26,274

PORTFOLIO LOANS

6 Months Ended

Jun. 30, 2024

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

PORTFOLIO LOANS

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
	June 30, 2024		December 31, 2023
Commercial loans
C&I and other commercial	$	1,942,974	$	1,835,994
Commercial real estate	3,445,514		3,337,337
Real estate construction	410,726		461,717
Total commercial loans	5,799,214		5,635,048
Retail loans
Retail real estate	1,727,281		1,720,455
Retail other	472,417		295,531
Total retail loans	2,199,698		2,015,986

Total portfolio loans	7,998,912		7,651,034
ACL	(85,226)		(91,740)
Portfolio loans, net	$	7,913,686	$	7,559,294

Net deferred loan origination costs included in the balances above were $12.7 million as of June 30, 2024, compared to $13.5 million as of December 31, 2023. Net accretable purchase accounting adjustments included in the balances above reduced loans by $10.9 million as of June 30, 2024, and $4.5 million as of December 31, 2023.

Busey elected to purchase $6.9 million of retail real estate loans during the three and six months ended June 30, 2024, and did not purchase any retail real estate loans during the same periods in 2023.

Pledged Loans

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


	As of
	June 30, 2024		December 31, 2023
Pledged loans
FHLB	$	4,820,332	$	4,865,481
Federal Reserve Bank	750,474		722,914
Total pledged loans	$	5,570,806	$	5,588,395

Risk Grading

Busey 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 Busey’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 Busey 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 and class of portfolio loans (dollars in thousands):


	As of June 30, 2024
	Pass		Watch		Special Mention		Substandard		Substandard Non-accrual		Total
Commercial loans
C&I and other commercial	$	1,601,884	$	246,652	$	46,758	$	45,809	$	1,871	$	1,942,974
Commercial real estate	2,879,762		463,765		65,702		33,000		3,285		3,445,514
Real estate construction	374,851		22,393		8,206		5,276		—		410,726
Total commercial loans	4,856,497		732,810		120,666		84,085		5,156		5,799,214
Retail loans
Retail real estate	1,710,016		10,769		910		2,494		3,092		1,727,281
Retail other	472,272		—		—		—		145		472,417
Total retail loans	2,182,288		10,769		910		2,494		3,237		2,199,698
Total portfolio loans	$	7,038,785	$	743,579	$	121,576	$	86,579	$	8,393	$	7,998,912


	As of December 31, 2023
	Pass		Watch		Special Mention		Substandard		Substandard Non-accrual		Total
Commercial loans
C&I and other commercial	$	1,462,755	$	296,416	$	46,488	$	27,733	$	2,602	$	1,835,994
Commercial real estate	2,827,030		431,427		48,545		29,492		843		3,337,337
Real estate construction	448,011		8,135		—		5,327		244		461,717
Total commercial loans	4,737,796		735,978		95,033		62,552		3,689		5,635,048
Retail loans
Retail real estate	1,702,897		11,144		1,024		1,795		3,595		1,720,455
Retail other	295,374		—		—		—		157		295,531
Total retail loans	1,998,271		11,144		1,024		1,795		3,752		2,015,986
Total portfolio loans	$	6,736,067	$	747,122	$	96,057	$	64,347	$	7,441	$	7,651,034

Risk grades of portfolio loans and gross charge-offs are presented in the tables below by loan class, further sorted by origination year (dollars in thousands):


	As of and For The Six Months Ended June 30, 2024
	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans		Total
Risk Grade Ratings	2024		2023		2022		2021		2020		Prior
C&I and other commercial
Pass	$	158,137	$	237,806	$	205,421	$	142,433	$	82,415	$	138,626	$	637,046	$	1,601,884
Watch	20,444		47,563		49,890		19,704		2,340		32,548		74,163		246,652
Special Mention	1,711		228		6,400		2,755		598		2,662		32,404		46,758
Substandard	7,996		7,638		1,121		764		545		2,771		24,974		45,809
Substandard non-accrual	—		72		—		95		48		956		700		1,871
Total commercial	188,288		293,307		262,832		165,751		85,946		177,563		769,287		1,942,974
Gross charge-offs	$	—	$	14,980	$	—	$	22	$	—	$	229	$	—	$	15,231

Commercial real estate
Pass	154,209		399,685		860,454		667,533		379,415		402,137		16,329		2,879,762
Watch	96,212		140,529		36,174		99,854		32,268		57,858		870		463,765
Special Mention	7,998		2,896		7,877		12,041		9,061		25,829		—		65,702
Substandard	1,779		2,422		4,704		18,548		458		5,039		50		33,000
Substandard non-accrual	—		3,265		—		—		20		—		—		3,285
Total commercial real estate	260,198		548,797		909,209		797,976		421,222		490,863		17,249		3,445,514
Gross charge-offs	—		—		—		—		—		100		—		100

Real estate construction
Pass	115,573		117,742		46,075		75,441		2,398		1,753		15,869		374,851
Watch	17,933		2,637		1,121		384		318		—		—		22,393
Special Mention	—		8,145		—		61		—		—		—		8,206
Substandard	—		5,276		—		—		—		—		—		5,276

Total real estate construction	133,506		133,800		47,196		75,886		2,716		1,753		15,869		410,726
Gross charge-offs	—		—		—		—		—		—		—		—

Retail real estate
Pass	47,828		245,613		379,433		373,384		154,426		299,617		209,715		1,710,016
Watch	1,156		657		2,827		4,148		911		348		722		10,769
Special Mention	—		186		350		—		—		374		—		910
Substandard	—		128		1,038		514		—		810		4		2,494
Substandard non-accrual	—		—		153		66		246		1,652		975		3,092
Total retail real estate	48,984		246,584		383,801		378,112		155,583		302,801		211,416		1,727,281
Gross charge-offs	—		—		—		—		—		127		—		127

Retail other
Pass	2,326		73,090		74,979		17,631		4,684		2,196		297,366		472,272



Substandard non-accrual	—		—		84		49		—		12		—		145
Total retail other	2,326		73,090		75,063		17,680		4,684		2,208		297,366		472,417
Gross charge-offs	—		30		37		23		—		188		—		278

Total portfolio loans	$	633,302	$	1,295,578	$	1,678,101	$	1,435,405	$	670,151	$	975,188	$	1,311,187	$	7,998,912
Total gross charge-offs	$	—	$	15,010	$	37	$	45	$	—	$	644	$	—	$	15,736


	As of and For The Year Ended December 31, 2023
	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans		Total
Risk Grade Ratings	2023		2022		2021		2020		2019		Prior
C&I and other commercial
Pass	$	306,578	$	220,847	$	159,130	$	71,025	$	35,927	$	143,078	$	526,170	$	1,462,755
Watch	78,603		65,703		21,421		23,919		7,035		21,293		78,442		296,416
Special Mention	792		8,224		2,917		1,076		686		3,274		29,519		46,488
Substandard	8,715		765		942		426		3,734		1,859		11,292		27,733
Substandard non-accrual	166		—		117		84		128		407		1,700		2,602
Total commercial	394,854		295,539		184,527		96,530		47,510		169,911		647,123		1,835,994
Gross charge-offs	$	284	$	—	$	420	$	—	$	316	$	1,409	$	—	$	2,429

Commercial real estate
Pass	395,644		824,506		720,052		399,195		271,078		199,662		16,893		2,827,030
Watch	166,795		47,070		92,848		34,010		68,196		19,396		3,112		431,427
Special Mention	14,313		10,507		12,446		4,968		3,297		3,014		—		48,545
Substandard	1,796		188		18,862		2,938		1,802		3,856		50		29,492
Substandard non-accrual	47		79		85		23		—		609		—		843
Total commercial real estate	578,595		882,350		844,293		441,134		344,373		226,537		20,055		3,337,337
Gross charge-offs	—		—		—		—		—		953		—		953

Real estate construction
Pass	204,952		128,462		85,086		2,616		1,323		2,934		22,638		448,011
Watch	2,859		4,406		507		322		41		—		—		8,135

Substandard	5,327		—		—		—		—		—		—		5,327
Substandard non-accrual	—		—		—		—		—		244		—		244
Total real estate construction	213,138		132,868		85,593		2,938		1,364		3,178		22,638		461,717
Gross charge-offs	—		—		—		—		—		—		—		—

Retail real estate
Pass	243,400		376,922		411,723		156,762		70,099		256,571		187,420		1,702,897
Watch	1,096		4,137		2,442		954		536		234		1,745		11,144
Special Mention	286		358		—		—		—		380		—		1,024
Substandard	69		72		292		49		80		997		236		1,795
Substandard non-accrual	—		528		121		267		100		1,960		619		3,595
Total retail real estate	244,851		382,017		414,578		158,032		70,815		260,142		190,020		1,720,455
Gross charge-offs	—		5		—		29		72		301		—		407

Retail other
Pass	88,885		92,931		23,019		6,701		4,597		854		78,387		295,374



Substandard non-accrual	—		93		62		—		—		2		—		157
Total retail other	88,885		93,024		23,081		6,701		4,597		856		78,387		295,531
Gross charge-offs	5		71		172		5		3		373		—		629

Total portfolio loans	$	1,520,323	$	1,785,798	$	1,552,072	$	705,335	$	468,659	$	660,624	$	958,223	$	7,651,034
Total gross charge-offs	$	289	$	76	$	592	$	34	$	391	$	3,036	$	—	$	4,418

Past Due and Non-accrual Loans

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


	As of June 30, 2024
	Loans past due, still accruing						Non-accrual Loans
	30-59 Days		60-89 Days		90+Days
Commercial loans
C&I and other commercial	$	299	$	238	$	330	$	1,871
Commercial real estate	18,782		508		—		3,285

Past due and non-accrual commercial loans	19,081		746		330		5,156
Retail loans
Retail real estate	2,364		504		382		3,092
Retail other	751		17		—		145
Past due and non-accrual retail loans	3,115		521		382		3,237
Total past due and non-accrual loans	$	22,196	$	1,267	$	712	$	8,393


	As of December 31, 2023
	Loans past due, still accruing						Non-accrual Loans
	30-59 Days		60-89 Days		90+Days
Commercial loans
C&I and other commercial	$	—	$	214	$	—	$	2,602
Commercial real estate	752		—		—		843
Real estate construction	24		—		—		244
Past due and non-accrual commercial loans	776		214		—		3,689
Retail loans
Retail real estate	2,781		927		366		3,595
Retail other	886		195		9		157
Past due and non-accrual retail loans	3,667		1,122		375		3,752
Total past due and non-accrual loans	$	4,443	$	1,336	$	375	$	7,441

Gross interest income recorded on 90+ days past due loans, and that would have been recorded on non-accrual loans if they had been accruing interest in accordance with their original terms, was $0.2 million and $0.5 million for the three and six months ended June 30, 2024, respectively, and was $0.3 million and $0.7 million for the three and six months ended June 30, 2023, respectively. The amount of interest collected on those loans and recognized on a cash basis that was included in interest income was immaterial for the three and six months ended June 30, 2024 and 2023.

Loan Modifications for Borrowers Experiencing Financial Difficulty

The following tables present the amortized cost basis of loans that were modified—specifically in the form of (1) principal forgiveness, (2) an interest rate reduction, (3) an other-than-insignificant payment deferral, and/or (4) a term extension—for borrowers experiencing financial difficulty during the periods indicated, disaggregated by class of financing receivable and type of concession granted (dollars in thousands):


	Three Months Ended June 30, 2024
	Term Extension1		% of Total Class of Financing Receivable2
Modified Loans
C&I and other commercial	$	8,545	0.4	%
Commercial real estate	466		—	%



Total of loans modified during the period3	$	9,011	0.1	%

___________________________________________

1.Modifications to extend loan terms also included, in some cases, interest rate increases during the extension period.

2.Modified loans represent an insignificant portion of commercial real estate loans, rounding to zero percent.

3.All modifications were for loans classified as substandard.


	Three Months Ended June 30, 2023
	Payment Deferral1		% of Total Class of Financing Receivable2		Term Extension3		% of Total Class of Financing Receivable
Modified Loans
C&I and other commercial	$	—	—	%	$	2,717	0.1	%
Commercial real estate	225		—	%	3,031		0.1	%
Real estate construction	—		—	%	5,379		1.0	%


Total of loans modified during the period4	$	225	—	%	$	11,127	0.1	%

___________________________________________

1.A loan with payment deferral was modified to defer all principal payments until the end of the loan term, which was shortened.

2.Loans with payment deferrals represent an insignificant portion of commercial real estate loans and total loans, rounding to zero percent.

3.Modifications to extend loan terms also included, in some cases, interest rate increases during the extension period.

4.Modifications include two loans on non-accrual status, one on special mention status, and the remaining loans were classified as substandard.


	Six Months Ended June 30, 2024
	Term Extension1		% of Total Class of Financing Receivable
Modified Loans
C&I and other commercial	$	24,067	1.2	%
Commercial real estate	1,814		0.1	%



Total of loans modified during the period2	$	25,881	0.3	%

___________________________________________

1.Modifications to extend loan terms also included, in some cases, interest rate increases during the extension period.

2.All modifications were for loans classified as substandard.


	Six Months Ended June 30, 2023
	Payment Deferral1		% of Total Class of Financing Receivable2		Term Extension3		% of Total Class of Financing Receivable
Modified Loans
C&I and other commercial	$	—	—	%	$	16,594	0.9	%
Commercial real estate	225		—	%	4,586		0.1	%
Real estate construction	—		—	%	5,379		1.0	%


Total of loans modified during the period4	$	225	—	%	$	26,559	0.3	%

___________________________________________

1.A loan with payment deferral was modified to defer all principal payments until the end of the loan term, which was shortened.

2.Loans with payment deferrals represent an insignificant portion of of commercial real estate loans and total loans, rounding to zero percent.

3.Modifications to extend loan terms also included, in some cases, interest rate increases during the extension period.

4.Modifications include two loans on non-accrual status, one on special mention status, and the remaining loans were classified as substandard.

The following table summarizes loan modifications made during the periods indicated for borrowers experiencing financial difficulty:

Three Months Ended June 30,

2024

2023

Weighted Average Term Extension

Loan Modifications

C&I and other commercial

4.3 months

11.5 months

Commercial real estate

4.0 months

6.0 months

Real estate construction

—

12.0 months

Weighted average modifications

4.3 months

10.3 months

Six Months Ended June 30,

2024

2023

Weighted Average Term Extension

Loan Modifications

C&I and other commercial

14.7 months

11.4 months

Commercial real estate

1.8 months

8.2 months

Real estate construction

—

12.0 months

Weighted average modifications

13.8 months

11.0 months

Performance of Modified Loans

Busey closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table depicts the payment performance of loans modified during the last twelve months (dollars in thousands):


	As of June 30, 2024
	Current		30-89 Days		90+ Days		Non-accrual
Modified Loans
C&I and other commercial	$	25,818	$	—	$	—	$	—
Commercial real estate	2,124		—		—		—



Amortized cost of modified loans	$	27,942	$	—	$	—	$	—

No loans had a payment default during the three or six months ended June 30, 2024, after having been modified during the 12 months before that default for borrowers experiencing financial difficulty. The following tables provide the amortized cost basis of loans that had a payment default during the three and six months ended June 30, 2023, after having been modified during the 12 months before default for borrowers experiencing financial difficulty (dollars in thousands). A default occurs when a loan is 90 days or more past due or transferred to non-accrual status.


	Three and Six Months Ended June 30, 2023

	Payment Deferral		Term Extension
Loans with Subsequent Defaults
C&I and other commercial	$	—	$	958
Commercial real estate	225		—



Amortized cost of modified loans with subsequent defaults	$	225	$	958

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 operation or sale of 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 the underlying collateral, less estimated costs to sell. Busey had $6.1 million of collateral dependent loans secured by real estate or business assets as of both June 30, 2024, and December 31, 2023.

Foreclosures

As of June 30, 2024, Busey had $0.5 million of residential real estate loans in the process of foreclosure. Busey follows Federal Housing Finance Agency guidelines on single-family foreclosures and real estate owned evictions on portfolio loans.

Loans Evaluated Individually

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


	As of June 30, 2024
	Unpaid Principal Balance		Recorded Investment								Average Recorded Investment
			With No Allowance		With Allowance		Total		Related Allowance

Commercial loans
C&I and other commercial	$	5,314	$	1,621	$	48	$	1,669	$	48	$	5,738
Commercial real estate	3,222		—		3,222		3,222		422		2,046

Commercial loans evaluated individually	8,536		1,621		3,270		4,891		470		7,784
Retail loans
Retail real estate	207		61		19		80		19		84

Retail loans evaluated individually	207		61		19		80		19		84
Total loans evaluated individually	$	8,743	$	1,682	$	3,289	$	4,971	$	489	$	7,868


	As of December 31, 2023
	Unpaid Principal Balance		Recorded Investment								Average Recorded Investment
			With No Allowance		With Allowance		Total		Related Allowance

Commercial loans
C&I and other commercial	$	7,283	$	585	$	1,785	$	2,370	$	785	$	5,244
Commercial real estate	2,600		610		85		695		85		3,865
Real estate construction	—		—		—		—		—		49
Commercial loans evaluated individually	9,883		1,195		1,870		3,065		870		9,158
Retail loans
Retail real estate	213		61		25		86		25		790

Retail loans evaluated individually	213		61		25		86		25		790
Total loans evaluated individually	$	10,096	$	1,256	$	1,895	$	3,151	$	895	$	9,948

Allowance for Credit Losses

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. The ACL is established through the provision for credit loss charged to income. Portfolio loans are charged off against the ACL when management believes the uncollectibility of a loan balance is confirmed. Recoveries are recognized up to the aggregate amount of previously charged-off balances.

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 Busey’s historical loss experience beginning in 2010. Due to the continued economic uncertainty in the markets in which the Company operates, Busey 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.

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


	Three Months Ended June 30, 2024
	C&I and Other Commercial		Commercial Real Estate		Real Estate Construction		Retail Real Estate		Retail Other		Total
ACL balance, March 31, 2024	$	26,207	$	33,505	$	4,713	$	24,281	$	2,856	$	91,562
Day 1 PCD1	824		322		—		96		1		1,243
Provision for credit losses	3,118		1,140		(997)		(651)		(333)		2,277
Charged-off	(10,013)		(4)		—		(75)		(184)		(10,276)
Recoveries	150		141		6		78		45		420
ACL balance, June 30, 2024	$	20,286	$	35,104	$	3,722	$	23,729	$	2,385	$	85,226

___________________________________________

1.The Day 1 PCD is attributable to the M&M acquisition (see “Note 16. Acquisition.”)


	Six Months Ended June 30, 2024
	C&I and Other Commercial		Commercial Real Estate		Real Estate Construction		Retail Real Estate		Retail Other		Total
ACL balance, December 31, 2023	$	21,256	$	35,465	$	5,163	$	26,298	$	3,558	$	91,740
Day 1 PCD1	824		322		—		96		1		1,243
Provision for credit losses	13,243		(724)		(1,488)		(2,744)		(972)		7,315
Charged-off	(15,231)		(100)		—		(127)		(278)		(15,736)
Recoveries	194		141		47		206		76		664
ACL balance, June 30, 2024	$	20,286	$	35,104	$	3,722	$	23,729	$	2,385	$	85,226

___________________________________________

1.The Day 1 PCD is attributable to the M&M acquisition (see “Not e 16. Acquisi tion.”)


	Three Months Ended June 30, 2023
	C&I and Other Commercial		Commercial Real Estate		Real Estate Construction		Retail Real Estate		Retail Other		Total
ACL balance, March 31, 2023	$	24,276	$	34,421	$	5,159	$	24,255	$	3,616	$	91,727

Provision for credit losses	690		(392)		(179)		353		155		627
Charged-off	(575)		(534)		—		(103)		(135)		(1,347)
Recoveries	119		161		91		170		91		632
ACL balance, June 30, 2023	$	24,510	$	33,656	$	5,071	$	24,675	$	3,727	$	91,639


	Six Months Ended June 30, 2023
	C&I and Other Commercial		Commercial Real Estate		Real Estate Construction		Retail Real Estate		Retail Other		Total
ACL balance, December 31, 2022	$	23,860	$	38,299	$	6,457	$	18,193	$	4,799	$	91,608

Provision for credit losses	1,385		(3,751)		(1,508)		6,301		(847)		1,580
Charged-off	(975)		(1,073)		—		(108)		(372)		(2,528)
Recoveries	240		181		122		289		147		979
ACL balance, June 30, 2023	$	24,510	$	33,656	$	5,071	$	24,675	$	3,727	$	91,639

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


	As of June 30, 2024
	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

Commercial loans
C&I and other commercial	$	1,941,305	$	1,669	$	1,942,974	$	20,238	$	48	$	20,286
Commercial real estate	3,442,292		3,222		3,445,514		34,682		422		35,104
Real estate construction	410,726		—		410,726		3,722		—		3,722
Commercial loans and related ACL	5,794,323		4,891		5,799,214		58,642		470		59,112
Retail loans
Retail real estate	1,727,201		80		1,727,281		23,710		19		23,729
Retail other	472,417		—		472,417		2,385		—		2,385
Retail loans and related ACL	2,199,618		80		2,199,698		26,095		19		26,114
Portfolio loans and related ACL	$	7,993,941	$	4,971	$	7,998,912	$	84,737	$	489	$	85,226


	As of December 31, 2023
	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

Commercial loans
C&I and other commercial	$	1,833,624	$	2,370	$	1,835,994	$	20,471	$	785	$	21,256
Commercial real estate	3,336,642		695		3,337,337		35,380		85		35,465
Real estate construction	461,717		—		461,717		5,163		—		5,163
Commercial loans and related ACL	5,631,983		3,065		5,635,048		61,014		870		61,884
Retail loans
Retail real estate	1,720,369		86		1,720,455		26,273		25		26,298
Retail other	295,531		—		295,531		3,558		—		3,558
Retail loans and related ACL	2,015,900		86		2,015,986		29,831		25		29,856
Portfolio loans and related ACL	$	7,647,883	$	3,151	$	7,651,034	$	90,845	$	895	$	91,740

FAIR VALUE MEASUREMENTS - Schedule of Quantitative Information About Level 3 Fair Value Measurements (Details) $ in Thousands	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value
Loans evaluated individually, net of related allowance	$ 4,971	$ 3,151
Fair Value, Nonrecurring
Fair Value
Loans evaluated individually, net of related allowance	2,800	1,000
Bank property held for sale with impairment	3,205	4,286
Fair Value, Nonrecurring \| Level 3 Inputs
Fair Value
Loans evaluated individually, net of related allowance	2,800	1,000
Bank property held for sale with impairment	3,205	4,286
Fair Value, Nonrecurring \| Level 3 Inputs \| Appraisal of collateral
Fair Value
Loans evaluated individually, net of related allowance	2,800	1,000
Fair Value, Nonrecurring \| Level 3 Inputs \| Appraisal of collateral or real estate listing price
Fair Value
Bank property held for sale with impairment	$ 3,205	$ 4,286
Measurement Input, Comparability Adjustment \| Fair Value, Nonrecurring \| Level 3 Inputs \| Appraisal of collateral \| Minimum
Range (Weighted Average)
Loans evaluated individually, net of related allowance	(0.131)	(0.412)
Measurement Input, Comparability Adjustment \| Fair Value, Nonrecurring \| Level 3 Inputs \| Appraisal of collateral \| Maximum
Range (Weighted Average)
Loans evaluated individually, net of related allowance	(1.000)	(1.000)
Measurement Input, Comparability Adjustment \| Fair Value, Nonrecurring \| Level 3 Inputs \| Appraisal of collateral \| Weighted Average
Range (Weighted Average)
Loans evaluated individually, net of related allowance	(0.149)	(0.472)
Measurement Input, Comparability Adjustment \| Fair Value, Nonrecurring \| Level 3 Inputs \| Appraisal of collateral or real estate listing price \| Minimum
Range (Weighted Average)
Bank property held for sale with impairment	(0.090)	(0.062)
Measurement Input, Comparability Adjustment \| Fair Value, Nonrecurring \| Level 3 Inputs \| Appraisal of collateral or real estate listing price \| Maximum
Range (Weighted Average)
Bank property held for sale with impairment	(0.767)	(0.649)
Measurement Input, Comparability Adjustment \| Fair Value, Nonrecurring \| Level 3 Inputs \| Appraisal of collateral or real estate listing price \| Weighted Average
Range (Weighted Average)
Bank property held for sale with impairment	(0.506)	(0.384)

BORROWINGS - Schedule of Unamortized Debt Issuance Cost (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total unamortized debt issuance costs	$ 1,679	$ 2,118
Subordinated notes issued in 2020 \| Subordinated Debt
Debt Instrument [Line Items]
Total unamortized debt issuance costs	483	735
Subordinated notes issued in 2022 \| Subordinated Debt
Debt Instrument [Line Items]
Total unamortized debt issuance costs	$ 1,196	$ 1,383

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

PORTFOLIO LOANS - Schedule of Loans with Subsequent Defaults (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Payment Deferral
Loans identified as impaired
Amortized cost of modified loans with subsequent defaults	$ 225	$ 225
Payment Deferral \| C&I and other commercial
Loans identified as impaired
Amortized cost of modified loans with subsequent defaults	0	0
Payment Deferral \| Commercial real estate
Loans identified as impaired
Amortized cost of modified loans with subsequent defaults	225	225
Term Extension
Loans identified as impaired
Amortized cost of modified loans with subsequent defaults	958	958
Term Extension \| C&I and other commercial
Loans identified as impaired
Amortized cost of modified loans with subsequent defaults	958	958
Term Extension \| Commercial real estate
Loans identified as impaired
Amortized cost of modified loans with subsequent defaults	$ 0	$ 0

DEBT SECURITIES - Schedule of Debt Securities in an Unrealized or Unrecognized Loss Position (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value
Less than 12 months	$ 175,459	$ 13,033
12 months or more	1,547,816	2,049,784
Total	1,723,275	2,062,817
Unrealized Losses
Less than 12 months	(206)	(65)
12 months or more	(246,591)	(247,180)
Total	(246,797)	(247,245)
Fair Value
12 months or more	697,455	730,397
Total	697,455	730,397
Unrecognized Losses
12 months or more	(153,806)	(142,231)
Total	(153,806)	(142,231)
U.S. Treasury securities
Fair Value
Less than 12 months	0	0
12 months or more	497	15,946
Total	497	15,946
Unrealized Losses
Less than 12 months	0	0
12 months or more	(3)	(85)
Total	(3)	(85)
Obligations of U.S. government corporations and agencies
Fair Value
Less than 12 months	0	0
12 months or more	3,686	5,709
Total	3,686	5,709
Unrealized Losses
Less than 12 months	0	0
12 months or more	(11)	(58)
Total	(11)	(58)
Obligations of states and political subdivisions
Fair Value
Less than 12 months	5,465	11,442
12 months or more	135,744	146,797
Total	141,209	158,239
Unrealized Losses
Less than 12 months	(64)	(54)
12 months or more	(18,200)	(17,972)
Total	(18,264)	(18,026)
Asset-backed securities
Fair Value
Less than 12 months	159,674	0
12 months or more	184,078	468,223
Total	343,752	468,223
Unrealized Losses
Less than 12 months	(86)	0
12 months or more	(383)	(1,823)
Total	(469)	(1,823)
Commercial mortgage-backed securities
Fair Value
Less than 12 months	0	0
12 months or more	88,867	103,509
Total	88,867	103,509
Unrealized Losses
Less than 12 months	0	0
12 months or more	(15,741)	(15,535)
Total	(15,741)	(15,535)
Fair Value
12 months or more	345,067	357,526
Total	345,067	357,526
Unrecognized Losses
12 months or more	(77,024)	(71,000)
Total	(77,024)	(71,000)
Residential mortgage-backed securities
Fair Value
Less than 12 months	5,905	141
12 months or more	987,618	1,110,906
Total	993,523	1,111,047
Unrealized Losses
Less than 12 months	(37)	(1)
12 months or more	(201,211)	(195,546)
Total	(201,248)	(195,547)
Fair Value
12 months or more	352,388	372,871
Total	352,388	372,871
Unrecognized Losses
12 months or more	(76,782)	(71,231)
Total	(76,782)	(71,231)
Corporate debt securities
Fair Value
Less than 12 months	4,415	1,450
12 months or more	147,326	198,694
Total	151,741	200,144
Unrealized Losses
Less than 12 months	(19)	(10)
12 months or more	(11,042)	(16,161)
Total	$ (11,061)	$ (16,171)

ACQUISITION - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended	6 Months Ended
	Apr. 01, 2024	Jun. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Business Acquisition, Contingent Consideration [Line Items]
Goodwill		$ 333,281	$ 333,281	$ 317,873
Merchants and Manufacturers Bank Corporation
Business Acquisition, Contingent Consideration [Line Items]
Per share cash consideration entitled, Cash Election (in dollars per share)	$ 117.74
Shares received in business combination, Cash Election (in shares)	5.7294
Consideration transferred per share in cash, Mixed Election	$ 34.55
Consideration transferred per share in shares, Mixed Election	4.0481
Business combination consideration, number of shares (in shares)	1,429,304
Cash	$ 12,200
Consideration transferred per share in cash, Share Election	$ 5.3966
Consideration transferred per share in shares, Share Election	5.4668
Cash consideration received (in usd per share)	$ 117.74
Fractional shares, payment rate (in usd per share)	$ 23.32
Additional consideration transferred	$ 3,000
Number of shares redeemed	300
Goodwill	$ 15,408
Pre-tax acquisition expenses		$ 2,100	$ 2,400

OPERATING SEGMENTS AND RELATED INFORMATION - Narrative (Details)	6 Months Ended
	Jun. 30, 2024 segment center
Segment Reporting [Abstract]
Number of reportable segments	3
Number of operating segments	3
Number of banking centers consolidated \| center	62

PORTFOLIO LOANS - Schedule of Activity on the Allowance for Loan Losses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Activity in the allowance for loan losses
ACL beginning balance	$ 91,562	$ 91,727	$ 91,740	$ 91,608
Day 1 PCD	1,243		1,243
Provision for credit losses	2,277	627	7,315	1,580
Charged-off	(10,276)	(1,347)	(15,736)	(2,528)
Recoveries	420	632	664	979
ACL ending balance	85,226	91,639	85,226	91,639
C&I and other commercial
Activity in the allowance for loan losses
ACL beginning balance	26,207	24,276	21,256	23,860
Day 1 PCD	824		824
Provision for credit losses	3,118	690	13,243	1,385
Charged-off	(10,013)	(575)	(15,231)	(975)
Recoveries	150	119	194	240
ACL ending balance	20,286	24,510	20,286	24,510
Commercial real estate
Activity in the allowance for loan losses
ACL beginning balance	33,505	34,421	35,465	38,299
Day 1 PCD	322		322
Provision for credit losses	1,140	(392)	(724)	(3,751)
Charged-off	(4)	(534)	(100)	(1,073)
Recoveries	141	161	141	181
ACL ending balance	35,104	33,656	35,104	33,656
Real estate construction
Activity in the allowance for loan losses
ACL beginning balance	4,713	5,159	5,163	6,457
Day 1 PCD	0		0
Provision for credit losses	(997)	(179)	(1,488)	(1,508)
Charged-off	0	0	0	0
Recoveries	6	91	47	122
ACL ending balance	3,722	5,071	3,722	5,071
Retail real estate
Activity in the allowance for loan losses
ACL beginning balance	24,281	24,255	26,298	18,193
Day 1 PCD	96		96
Provision for credit losses	(651)	353	(2,744)	6,301
Charged-off	(75)	(103)	(127)	(108)
Recoveries	78	170	206	289
ACL ending balance	23,729	24,675	23,729	24,675
Retail other
Activity in the allowance for loan losses
ACL beginning balance	2,856	3,616	3,558	4,799
Day 1 PCD	1		1
Provision for credit losses	(333)	155	(972)	(847)
Charged-off	(184)	(135)	(278)	(372)
Recoveries	45	91	76	147
ACL ending balance	$ 2,385	$ 3,727	$ 2,385	$ 3,727

DEPOSITS

6 Months Ended

Jun. 30, 2024

Deposits [Abstract]

DEPOSITS

NOTE 5. DEPOSITS

The composition of Busey’s deposits is presented in the table below (dollars in thousands):


	As of
	June 30, 2024		December 31, 2023
Deposits
Noninterest-bearing demand deposits	$	2,832,776	$	2,834,655
Interest-bearing transaction deposits	2,388,748		2,717,139
Saving deposits and money market deposits	3,230,722		2,920,088
Time deposits	1,523,889		1,819,274
Total deposits	$	9,976,135	$	10,291,156

Additional information about Busey’s deposits follows (dollars in thousands):


	As of
	June 30, 2024		December 31, 2023
Brokered savings deposits and money market deposits	$	6,001	$	6,001
Brokered time deposits	37,539		285
Aggregate amount of time deposits with a minimum denomination of $100,000	845,570		1,072,189
Aggregate amount of time deposits with a minimum denomination that meets or exceeds the FDIC insurance limit of $250,000	314,461		386,286

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


	As of June 30, 2024
Time deposits by schedule of maturities
Remainder of 2024	$	1,024,010
2025	447,064
2026	25,134
2027	13,836
2028	9,117
2029	4,280
Thereafter	448
Time deposits	$	1,523,889

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2024	Aug. 06, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	0-15950
Entity Registrant Name	FIRST BUSEY CORPORATION
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	37-1078406
Entity Address, Address Line One	100 W. University Ave.
Entity Address, City or Town	Champaign
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	61820
City Area Code	217
Local Phone Number	365-4544
Title of 12(b) Security	Common Stock, $.001 par value
Trading Symbol	BUSE
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		56,854,732
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000314489
Amendment Flag	false

DEBT SECURITIES - Schedule of Maturity of Debt Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Amortized Cost
Due in one year or less	$ 80,143
Due after one year through five years	140,060
Due after five years through ten years	508,143
Due after ten years	1,348,065
Amortized Cost	2,076,411	$ 2,334,630
Fair Value
Due in one year or less	78,203
Due after one year through five years	132,010
Due after five years through ten years	481,333
Due after ten years	1,138,350
Fair Value	1,829,896	2,087,571
Amortized Cost
Due after one year through five years	72,525
Due after five years through ten years	26,751
Due after ten years	751,985
Amortized Cost	851,261	872,628
Fair Value
Due after one year through five years	67,892
Due after five years through ten years	23,992
Due after ten years	605,571
Fair Value	$ 697,455	$ 730,397

PORTFOLIO LOANS - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
PORTFOLIO LOANS - Narrative (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net deferred loan origination costs	$ 12,700,000		$ 12,700,000		$ 13,500,000
Net accretable purchase accounting adjustments			(10,900,000)		(4,500,000)
Gross interest income that would have been recorded if impaired loans had been current	200,000	$ 300,000	500,000	$ 700,000
Amount of interest collected and recognized on a cash basis	0	0	0	0
Collateral dependent loans secured by real estate or business assets	6,100,000		6,100,000		$ 6,100,000
Loans in the process of foreclosure	500,000		500,000
Retail real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans purchased	$ 6,900,000	$ 0	6,900,000	$ 0
Commercial real estate \| Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Limit where loans are processed through an expedited underwriting process			1,000,000
Total commercial loans \| Watch
Accounts, Notes, Loans and Financing Receivable [Line Items]
Limit above which loans are annually reviewed			1,000,000
Total commercial loans \| Special Mention
Accounts, Notes, Loans and Financing Receivable [Line Items]
Limit above which loans are annually reviewed			$ 350,000

DEPOSITS - Schedule of Composition of Deposits (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Deposits [Abstract]
Noninterest-bearing demand deposits	$ 2,832,776	$ 2,834,655
Interest-bearing transaction deposits	2,388,748	2,717,139
Saving deposits and money market deposits	3,230,722	2,920,088
Time deposits	1,523,889	1,819,274
Total deposits	9,976,135	10,291,156
Brokered savings deposits and money market deposits	6,001	6,001
Brokered time deposits	37,539	285
Aggregate amount of time deposits with a minimum denomination of $100,000	845,570	1,072,189
Aggregate amount of time deposits with a minimum denomination that meets or exceeds the FDIC insurance limit of $250,000	$ 314,461	$ 386,286

FAIR VALUE MEASUREMENTS - Schedule of Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	$ 1,829,896	$ 2,087,571
Equity securities	9,618	9,812
U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	497	15,946
Obligations of U.S. government corporations and agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	3,786	5,832
Obligations of states and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	149,573	172,845
Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	427,404	468,223
Commercial mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	93,690	103,509
Residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	995,568	1,111,312
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	159,378	209,904
Fair Value, Recurring \| Derivative assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	35,583	30,008
Fair Value, Recurring \| Derivative liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	65,045	54,132
Fair Value, Recurring \| U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	497	15,946
Fair Value, Recurring \| Obligations of U.S. government corporations and agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	3,786	5,832
Fair Value, Recurring \| Obligations of states and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	149,573	172,845
Fair Value, Recurring \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	427,404	468,223
Fair Value, Recurring \| Commercial mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	93,690	103,509
Fair Value, Recurring \| Residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	995,568	1,111,312
Fair Value, Recurring \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	159,378	209,904
Fair Value, Recurring \| Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	9,618	9,812
Fair Value, Recurring \| Level 1 Inputs \| Derivative assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Fair Value, Recurring \| Level 1 Inputs \| Derivative liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	0	0
Fair Value, Recurring \| Level 1 Inputs \| U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	0	0
Fair Value, Recurring \| Level 1 Inputs \| Obligations of U.S. government corporations and agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	0	0
Fair Value, Recurring \| Level 1 Inputs \| Obligations of states and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	0	0
Fair Value, Recurring \| Level 1 Inputs \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	0	0
Fair Value, Recurring \| Level 1 Inputs \| Commercial mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	0	0
Fair Value, Recurring \| Level 1 Inputs \| Residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	0	0
Fair Value, Recurring \| Level 1 Inputs \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	0	0
Fair Value, Recurring \| Level 1 Inputs \| Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	177	448
Fair Value, Recurring \| Level 2 Inputs \| Derivative assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	35,575	29,993
Fair Value, Recurring \| Level 2 Inputs \| Derivative liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	65,045	54,132
Fair Value, Recurring \| Level 2 Inputs \| U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	497	15,946
Fair Value, Recurring \| Level 2 Inputs \| Obligations of U.S. government corporations and agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	3,786	5,832
Fair Value, Recurring \| Level 2 Inputs \| Obligations of states and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	149,573	172,845
Fair Value, Recurring \| Level 2 Inputs \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	427,404	468,223
Fair Value, Recurring \| Level 2 Inputs \| Commercial mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	93,690	103,509
Fair Value, Recurring \| Level 2 Inputs \| Residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	995,568	1,111,312
Fair Value, Recurring \| Level 2 Inputs \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	159,378	209,904
Fair Value, Recurring \| Level 2 Inputs \| Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	9,441	9,364
Fair Value, Recurring \| Level 3 Inputs \| Derivative assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	8	15
Fair Value, Recurring \| Level 3 Inputs \| Derivative liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	0	0
Fair Value, Recurring \| Level 3 Inputs \| U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	0	0
Fair Value, Recurring \| Level 3 Inputs \| Obligations of U.S. government corporations and agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	0	0
Fair Value, Recurring \| Level 3 Inputs \| Obligations of states and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	0	0
Fair Value, Recurring \| Level 3 Inputs \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	0	0
Fair Value, Recurring \| Level 3 Inputs \| Commercial mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	0	0
Fair Value, Recurring \| Level 3 Inputs \| Residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	0	0
Fair Value, Recurring \| Level 3 Inputs \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	0	0
Fair Value, Recurring \| Level 3 Inputs \| Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	$ 0	$ 0

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 27,357	$ 29,364	$ 53,582	$ 66,150
Unrealized/Unrecognized gains (losses) on debt securities:
Net unrealized holding gains (losses) on debt securities available for sale, net of taxes of $(480), $4,731, $1,786, and $(4,018), respectively	1,205	(11,866)	(4,476)	10,078
Reclassification adjustment for realized (gains) losses on debt securities available for sale included in net income, net of taxes of $(1), $(51), $(1,940), and $(50), respectively	3	127	4,866	124
Amortization of unrecognized losses on securities transferred to held to maturity, net of taxes of $(399), $(443), $(801), and $(926), respectively	1,000	1,113	2,009	2,323
Net change in unrealized/unrecognized gains (losses) on debt securities	2,208	(10,626)	2,399	12,525
Unrealized gains (losses) on cash flow hedges:
Net unrealized holding gains (losses) on cash flow hedges, net of taxes of $795, $2,406, $2,881, and $1,192, respectively	(1,996)	(6,036)	(7,228)	(2,986)
Reclassification adjustment for realized (gains) losses on cash flow hedges included in net income, net of taxes of $(659), ($608), $(1,318), and ($1,124), respectively	1,652	1,525	3,306	2,818
Net change in unrealized gains (losses) on cash flow hedges	(344)	(4,511)	(3,922)	(168)
OCI	1,864	(15,137)	(1,523)	12,357
Total comprehensive income	$ 29,221	$ 14,227	$ 52,059	$ 78,507

LEASES - Schedule of Lease Costs and Other Lease Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Lease costs
Operating lease costs	$ 559	$ 593	$ 1,094	$ 1,221
Variable lease costs	14	13	28	18
Short-term lease costs	45	16	58	22
Total lease cost	618	622	1,180	1,261
Cash flows related to leases
Operating lease cash flows – Fixed payments	530	564	1,037	1,134
Operating lease cash flows – Liability reduction	433	461	844	940
Right of use assets obtained during the period in exchange for operating lease liabilities1	1,009	$ 5	1,009	$ 9
Merchants and Manufacturers Bank Corporation
Cash flows related to leases
Right of use assets obtained during the period in exchange for operating lease liabilities1	300		300
Additional right of use assets obtained during the period in exchange for operating lease liabilities	$ 700		$ 700

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Interest Rate Swaps Recorded in Noninterest Expense (Details) - Interest Rate Swap - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative [Line Items]
Net change in fair value of interest rate swaps	$ 0	$ 0	$ 0	$ 0
Noninterest expense
Derivative [Line Items]
Gain (loss), pay floating, receive fixed	694	3,306	6,174	(4,361)
Gain (loss), pay fixed, receive floating	$ (694)	$ (3,306)	$ (6,174)	$ 4,361

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income	$ 27,357	$ 29,364	$ 53,582	$ 66,150

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/exampleRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

OUTSTANDING COMMITMENTS AND CONTINGENT LIABILITIES

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

OUTSTANDING COMMITMENTS AND CONTINGENT LIABILITIES

NOTE 10. OUTSTANDING COMMITMENTS AND CONTINGENT LIABILITIES

Legal Matters

Busey is a party to legal actions which arise in the normal course of its business activities. Legal and administrative proceedings are subject to inherent uncertainties, and while unfavorable outcomes could occur, Busey does not believe at this time that any potential liabilities relating to pending or potential legal matters are likely to have a material impact on Busey's results of operations or financial position.

Credit Commitments and Contingencies

A summary of the contractual amount of Busey’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
	June 30, 2024		December 31, 2023
Financial instruments whose contract amounts represent credit risk
Commitments to extend credit	$	2,472,198	$	2,132,500
Standby letters of credit	37,226		43,996
Total commitments	$	2,509,424	$	2,176,496

Franchise Tax Matter

In 2021, Busey received an inquiry from the Illinois Secretary of State (“ISOS”), pursuant to which the ISOS asked for additional information regarding certain of our franchise tax filings and the calculation of amounts due thereunder. The franchise tax is established by the Illinois Business Corporation Act (“BCA”) 805 ILCS 5/1 et seq., and is a tax imposed on foreign and domestic corporations for the privilege of conducting business in Illinois. Busey has been cooperating with the inquiry and has agreed to prepare additional BCA forms requested by the ISOS, with a full reservation of rights by Busey, including seeking judicial relief, if necessary, with respect to any potential dispute regarding Busey’s preparation of the BCA forms and the calculation of the franchise taxes due. Where a loss is believed to be reasonably possible, but not probable, or the loss cannot be reasonably estimated, as is the case with this matter, no accrual is required. It is reasonably possible that this matter could require us to pay additional taxes, including potential penalties and interest, or make other expenditures or accrue liabilities in amounts that could not be reasonably estimated as of June 30, 2024. If the likelihood of potential liabilities elevates, requiring an accrual, the potential future liabilities could be material in the period(s) in which they are recorded.

PORTFOLIO LOANS (Tables)

6 Months Ended

Jun. 30, 2024

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

Schedule of Distribution of Portfolio Loans

Distributions of the loan portfolio by loan category and class is presented in the following table (dollars in thousands):


	As of
	June 30, 2024		December 31, 2023
Commercial loans
C&I and other commercial	$	1,942,974	$	1,835,994
Commercial real estate	3,445,514		3,337,337
Real estate construction	410,726		461,717
Total commercial loans	5,799,214		5,635,048
Retail loans
Retail real estate	1,727,281		1,720,455
Retail other	472,417		295,531
Total retail loans	2,199,698		2,015,986

Total portfolio loans	7,998,912		7,651,034
ACL	(85,226)		(91,740)
Portfolio loans, net	$	7,913,686	$	7,559,294

Schedule of Financial Instruments Owned and Pledged as Collateral

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


	As of
	June 30, 2024		December 31, 2023
Pledged loans
FHLB	$	4,820,332	$	4,865,481
Federal Reserve Bank	750,474		722,914
Total pledged loans	$	5,570,806	$	5,588,395

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


	As of
	June 30, 2024		December 31, 2023
Cash pledged to secure obligations under derivative contracts	$	34,210	$	34,210
Collateral held to secure obligations under derivative contracts	24,020		19,280

Schedule of Risk Grades Segregated by Category and Class of Portfolio Loans

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


	As of June 30, 2024
	Pass		Watch		Special Mention		Substandard		Substandard Non-accrual		Total
Commercial loans
C&I and other commercial	$	1,601,884	$	246,652	$	46,758	$	45,809	$	1,871	$	1,942,974
Commercial real estate	2,879,762		463,765		65,702		33,000		3,285		3,445,514
Real estate construction	374,851		22,393		8,206		5,276		—		410,726
Total commercial loans	4,856,497		732,810		120,666		84,085		5,156		5,799,214
Retail loans
Retail real estate	1,710,016		10,769		910		2,494		3,092		1,727,281
Retail other	472,272		—		—		—		145		472,417
Total retail loans	2,182,288		10,769		910		2,494		3,237		2,199,698
Total portfolio loans	$	7,038,785	$	743,579	$	121,576	$	86,579	$	8,393	$	7,998,912


	As of December 31, 2023
	Pass		Watch		Special Mention		Substandard		Substandard Non-accrual		Total
Commercial loans
C&I and other commercial	$	1,462,755	$	296,416	$	46,488	$	27,733	$	2,602	$	1,835,994
Commercial real estate	2,827,030		431,427		48,545		29,492		843		3,337,337
Real estate construction	448,011		8,135		—		5,327		244		461,717
Total commercial loans	4,737,796		735,978		95,033		62,552		3,689		5,635,048
Retail loans
Retail real estate	1,702,897		11,144		1,024		1,795		3,595		1,720,455
Retail other	295,374		—		—		—		157		295,531
Total retail loans	1,998,271		11,144		1,024		1,795		3,752		2,015,986
Total portfolio loans	$	6,736,067	$	747,122	$	96,057	$	64,347	$	7,441	$	7,651,034

Schedule of Risk Grades of Portfolio Loans, Further Sorted by Origination

Risk grades of portfolio loans and gross charge-offs are presented in the tables below by loan class, further sorted by origination year (dollars in thousands):


	As of and For The Six Months Ended June 30, 2024
	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans		Total
Risk Grade Ratings	2024		2023		2022		2021		2020		Prior
C&I and other commercial
Pass	$	158,137	$	237,806	$	205,421	$	142,433	$	82,415	$	138,626	$	637,046	$	1,601,884
Watch	20,444		47,563		49,890		19,704		2,340		32,548		74,163		246,652
Special Mention	1,711		228		6,400		2,755		598		2,662		32,404		46,758
Substandard	7,996		7,638		1,121		764		545		2,771		24,974		45,809
Substandard non-accrual	—		72		—		95		48		956		700		1,871
Total commercial	188,288		293,307		262,832		165,751		85,946		177,563		769,287		1,942,974
Gross charge-offs	$	—	$	14,980	$	—	$	22	$	—	$	229	$	—	$	15,231

Commercial real estate
Pass	154,209		399,685		860,454		667,533		379,415		402,137		16,329		2,879,762
Watch	96,212		140,529		36,174		99,854		32,268		57,858		870		463,765
Special Mention	7,998		2,896		7,877		12,041		9,061		25,829		—		65,702
Substandard	1,779		2,422		4,704		18,548		458		5,039		50		33,000
Substandard non-accrual	—		3,265		—		—		20		—		—		3,285
Total commercial real estate	260,198		548,797		909,209		797,976		421,222		490,863		17,249		3,445,514
Gross charge-offs	—		—		—		—		—		100		—		100

Real estate construction
Pass	115,573		117,742		46,075		75,441		2,398		1,753		15,869		374,851
Watch	17,933		2,637		1,121		384		318		—		—		22,393
Special Mention	—		8,145		—		61		—		—		—		8,206
Substandard	—		5,276		—		—		—		—		—		5,276

Total real estate construction	133,506		133,800		47,196		75,886		2,716		1,753		15,869		410,726
Gross charge-offs	—		—		—		—		—		—		—		—

Retail real estate
Pass	47,828		245,613		379,433		373,384		154,426		299,617		209,715		1,710,016
Watch	1,156		657		2,827		4,148		911		348		722		10,769
Special Mention	—		186		350		—		—		374		—		910
Substandard	—		128		1,038		514		—		810		4		2,494
Substandard non-accrual	—		—		153		66		246		1,652		975		3,092
Total retail real estate	48,984		246,584		383,801		378,112		155,583		302,801		211,416		1,727,281
Gross charge-offs	—		—		—		—		—		127		—		127

Retail other
Pass	2,326		73,090		74,979		17,631		4,684		2,196		297,366		472,272



Substandard non-accrual	—		—		84		49		—		12		—		145
Total retail other	2,326		73,090		75,063		17,680		4,684		2,208		297,366		472,417
Gross charge-offs	—		30		37		23		—		188		—		278

Total portfolio loans	$	633,302	$	1,295,578	$	1,678,101	$	1,435,405	$	670,151	$	975,188	$	1,311,187	$	7,998,912
Total gross charge-offs	$	—	$	15,010	$	37	$	45	$	—	$	644	$	—	$	15,736


	As of and For The Year Ended December 31, 2023
	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans		Total
Risk Grade Ratings	2023		2022		2021		2020		2019		Prior
C&I and other commercial
Pass	$	306,578	$	220,847	$	159,130	$	71,025	$	35,927	$	143,078	$	526,170	$	1,462,755
Watch	78,603		65,703		21,421		23,919		7,035		21,293		78,442		296,416
Special Mention	792		8,224		2,917		1,076		686		3,274		29,519		46,488
Substandard	8,715		765		942		426		3,734		1,859		11,292		27,733
Substandard non-accrual	166		—		117		84		128		407		1,700		2,602
Total commercial	394,854		295,539		184,527		96,530		47,510		169,911		647,123		1,835,994
Gross charge-offs	$	284	$	—	$	420	$	—	$	316	$	1,409	$	—	$	2,429

Commercial real estate
Pass	395,644		824,506		720,052		399,195		271,078		199,662		16,893		2,827,030
Watch	166,795		47,070		92,848		34,010		68,196		19,396		3,112		431,427
Special Mention	14,313		10,507		12,446		4,968		3,297		3,014		—		48,545
Substandard	1,796		188		18,862		2,938		1,802		3,856		50		29,492
Substandard non-accrual	47		79		85		23		—		609		—		843
Total commercial real estate	578,595		882,350		844,293		441,134		344,373		226,537		20,055		3,337,337
Gross charge-offs	—		—		—		—		—		953		—		953

Real estate construction
Pass	204,952		128,462		85,086		2,616		1,323		2,934		22,638		448,011
Watch	2,859		4,406		507		322		41		—		—		8,135

Substandard	5,327		—		—		—		—		—		—		5,327
Substandard non-accrual	—		—		—		—		—		244		—		244
Total real estate construction	213,138		132,868		85,593		2,938		1,364		3,178		22,638		461,717
Gross charge-offs	—		—		—		—		—		—		—		—

Retail real estate
Pass	243,400		376,922		411,723		156,762		70,099		256,571		187,420		1,702,897
Watch	1,096		4,137		2,442		954		536		234		1,745		11,144
Special Mention	286		358		—		—		—		380		—		1,024
Substandard	69		72		292		49		80		997		236		1,795
Substandard non-accrual	—		528		121		267		100		1,960		619		3,595
Total retail real estate	244,851		382,017		414,578		158,032		70,815		260,142		190,020		1,720,455
Gross charge-offs	—		5		—		29		72		301		—		407

Retail other
Pass	88,885		92,931		23,019		6,701		4,597		854		78,387		295,374



Substandard non-accrual	—		93		62		—		—		2		—		157
Total retail other	88,885		93,024		23,081		6,701		4,597		856		78,387		295,531
Gross charge-offs	5		71		172		5		3		373		—		629

Total portfolio loans	$	1,520,323	$	1,785,798	$	1,552,072	$	705,335	$	468,659	$	660,624	$	958,223	$	7,651,034
Total gross charge-offs	$	289	$	76	$	592	$	34	$	391	$	3,036	$	—	$	4,418

Schedule of Past Due and Non-accrual Loans

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


	As of June 30, 2024
	Loans past due, still accruing						Non-accrual Loans
	30-59 Days		60-89 Days		90+Days
Commercial loans
C&I and other commercial	$	299	$	238	$	330	$	1,871
Commercial real estate	18,782		508		—		3,285

Past due and non-accrual commercial loans	19,081		746		330		5,156
Retail loans
Retail real estate	2,364		504		382		3,092
Retail other	751		17		—		145
Past due and non-accrual retail loans	3,115		521		382		3,237
Total past due and non-accrual loans	$	22,196	$	1,267	$	712	$	8,393


	As of December 31, 2023
	Loans past due, still accruing						Non-accrual Loans
	30-59 Days		60-89 Days		90+Days
Commercial loans
C&I and other commercial	$	—	$	214	$	—	$	2,602
Commercial real estate	752		—		—		843
Real estate construction	24		—		—		244
Past due and non-accrual commercial loans	776		214		—		3,689
Retail loans
Retail real estate	2,781		927		366		3,595
Retail other	886		195		9		157
Past due and non-accrual retail loans	3,667		1,122		375		3,752
Total past due and non-accrual loans	$	4,443	$	1,336	$	375	$	7,441

Schedule of Loan Modifications for Borrowers Experiencing Financial Difficulty


	Three Months Ended June 30, 2024
	Term Extension1		% of Total Class of Financing Receivable2
Modified Loans
C&I and other commercial	$	8,545	0.4	%
Commercial real estate	466		—	%



Total of loans modified during the period3	$	9,011	0.1	%

___________________________________________

1.Modifications to extend loan terms also included, in some cases, interest rate increases during the extension period.

2.Modified loans represent an insignificant portion of commercial real estate loans, rounding to zero percent.

3.All modifications were for loans classified as substandard.


	Three Months Ended June 30, 2023
	Payment Deferral1		% of Total Class of Financing Receivable2		Term Extension3		% of Total Class of Financing Receivable
Modified Loans
C&I and other commercial	$	—	—	%	$	2,717	0.1	%
Commercial real estate	225		—	%	3,031		0.1	%
Real estate construction	—		—	%	5,379		1.0	%


Total of loans modified during the period4	$	225	—	%	$	11,127	0.1	%

___________________________________________

1.A loan with payment deferral was modified to defer all principal payments until the end of the loan term, which was shortened.

2.Loans with payment deferrals represent an insignificant portion of commercial real estate loans and total loans, rounding to zero percent.

3.Modifications to extend loan terms also included, in some cases, interest rate increases during the extension period.

4.Modifications include two loans on non-accrual status, one on special mention status, and the remaining loans were classified as substandard.


	Six Months Ended June 30, 2024
	Term Extension1		% of Total Class of Financing Receivable
Modified Loans
C&I and other commercial	$	24,067	1.2	%
Commercial real estate	1,814		0.1	%



Total of loans modified during the period2	$	25,881	0.3	%

___________________________________________

1.Modifications to extend loan terms also included, in some cases, interest rate increases during the extension period.

2.All modifications were for loans classified as substandard.


	Six Months Ended June 30, 2023
	Payment Deferral1		% of Total Class of Financing Receivable2		Term Extension3		% of Total Class of Financing Receivable
Modified Loans
C&I and other commercial	$	—	—	%	$	16,594	0.9	%
Commercial real estate	225		—	%	4,586		0.1	%
Real estate construction	—		—	%	5,379		1.0	%


Total of loans modified during the period4	$	225	—	%	$	26,559	0.3	%

___________________________________________

1.A loan with payment deferral was modified to defer all principal payments until the end of the loan term, which was shortened.

2.Loans with payment deferrals represent an insignificant portion of of commercial real estate loans and total loans, rounding to zero percent.

3.Modifications to extend loan terms also included, in some cases, interest rate increases during the extension period.

4.Modifications include two loans on non-accrual status, one on special mention status, and the remaining loans were classified as substandard.

The following table summarizes loan modifications made during the periods indicated for borrowers experiencing financial difficulty:

Three Months Ended June 30,

2024

2023

Weighted Average Term Extension

Loan Modifications

C&I and other commercial

4.3 months

11.5 months

Commercial real estate

4.0 months

6.0 months

Real estate construction

—

12.0 months

Weighted average modifications

4.3 months

10.3 months

Six Months Ended June 30,

2024

2023

Weighted Average Term Extension

Loan Modifications

C&I and other commercial

14.7 months

11.4 months

Commercial real estate

1.8 months

8.2 months

Real estate construction

—

12.0 months

Weighted average modifications

13.8 months

11.0 months

Performance of Modified Loans


	As of June 30, 2024
	Current		30-89 Days		90+ Days		Non-accrual
Modified Loans
C&I and other commercial	$	25,818	$	—	$	—	$	—
Commercial real estate	2,124		—		—		—



Amortized cost of modified loans	$	27,942	$	—	$	—	$	—

The following tables provide the amortized cost basis of loans that had a payment default during the three and six months ended June 30, 2023, after having been modified during the 12 months before default for borrowers experiencing financial difficulty (dollars in thousands). A default occurs when a loan is 90 days or more past due or transferred to non-accrual status.


	Three and Six Months Ended June 30, 2023

	Payment Deferral		Term Extension
Loans with Subsequent Defaults
C&I and other commercial	$	—	$	958
Commercial real estate	225		—



Amortized cost of modified loans with subsequent defaults	$	225	$	958

Schedule of Loans Evaluated Individually, Segregated by Loan Category and Class

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


	As of June 30, 2024
	Unpaid Principal Balance		Recorded Investment								Average Recorded Investment
			With No Allowance		With Allowance		Total		Related Allowance

Commercial loans
C&I and other commercial	$	5,314	$	1,621	$	48	$	1,669	$	48	$	5,738
Commercial real estate	3,222		—		3,222		3,222		422		2,046

Commercial loans evaluated individually	8,536		1,621		3,270		4,891		470		7,784
Retail loans
Retail real estate	207		61		19		80		19		84

Retail loans evaluated individually	207		61		19		80		19		84
Total loans evaluated individually	$	8,743	$	1,682	$	3,289	$	4,971	$	489	$	7,868


	As of December 31, 2023
	Unpaid Principal Balance		Recorded Investment								Average Recorded Investment
			With No Allowance		With Allowance		Total		Related Allowance

Commercial loans
C&I and other commercial	$	7,283	$	585	$	1,785	$	2,370	$	785	$	5,244
Commercial real estate	2,600		610		85		695		85		3,865
Real estate construction	—		—		—		—		—		49
Commercial loans evaluated individually	9,883		1,195		1,870		3,065		870		9,158
Retail loans
Retail real estate	213		61		25		86		25		790

Retail loans evaluated individually	213		61		25		86		25		790
Total loans evaluated individually	$	10,096	$	1,256	$	1,895	$	3,151	$	895	$	9,948

Schedule of Activity on the Allowance for Loan Losses


	Three Months Ended June 30, 2024
	C&I and Other Commercial		Commercial Real Estate		Real Estate Construction		Retail Real Estate		Retail Other		Total
ACL balance, March 31, 2024	$	26,207	$	33,505	$	4,713	$	24,281	$	2,856	$	91,562
Day 1 PCD1	824		322		—		96		1		1,243
Provision for credit losses	3,118		1,140		(997)		(651)		(333)		2,277
Charged-off	(10,013)		(4)		—		(75)		(184)		(10,276)
Recoveries	150		141		6		78		45		420
ACL balance, June 30, 2024	$	20,286	$	35,104	$	3,722	$	23,729	$	2,385	$	85,226

___________________________________________

1.The Day 1 PCD is attributable to the M&M acquisition (see “Note 16. Acquisition.”)


	Six Months Ended June 30, 2024
	C&I and Other Commercial		Commercial Real Estate		Real Estate Construction		Retail Real Estate		Retail Other		Total
ACL balance, December 31, 2023	$	21,256	$	35,465	$	5,163	$	26,298	$	3,558	$	91,740
Day 1 PCD1	824		322		—		96		1		1,243
Provision for credit losses	13,243		(724)		(1,488)		(2,744)		(972)		7,315
Charged-off	(15,231)		(100)		—		(127)		(278)		(15,736)
Recoveries	194		141		47		206		76		664
ACL balance, June 30, 2024	$	20,286	$	35,104	$	3,722	$	23,729	$	2,385	$	85,226

___________________________________________

1.The Day 1 PCD is attributable to the M&M acquisition (see “Not e 16. Acquisi tion.”)


	Three Months Ended June 30, 2023
	C&I and Other Commercial		Commercial Real Estate		Real Estate Construction		Retail Real Estate		Retail Other		Total
ACL balance, March 31, 2023	$	24,276	$	34,421	$	5,159	$	24,255	$	3,616	$	91,727

Provision for credit losses	690		(392)		(179)		353		155		627
Charged-off	(575)		(534)		—		(103)		(135)		(1,347)
Recoveries	119		161		91		170		91		632
ACL balance, June 30, 2023	$	24,510	$	33,656	$	5,071	$	24,675	$	3,727	$	91,639


	Six Months Ended June 30, 2023
	C&I and Other Commercial		Commercial Real Estate		Real Estate Construction		Retail Real Estate		Retail Other		Total
ACL balance, December 31, 2022	$	23,860	$	38,299	$	6,457	$	18,193	$	4,799	$	91,608

Provision for credit losses	1,385		(3,751)		(1,508)		6,301		(847)		1,580
Charged-off	(975)		(1,073)		—		(108)		(372)		(2,528)
Recoveries	240		181		122		289		147		979
ACL balance, June 30, 2023	$	24,510	$	33,656	$	5,071	$	24,675	$	3,727	$	91,639

Schedule of ACL and Amortized Cost of Portfolio Loans by Loan Category

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


	As of June 30, 2024
	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

Commercial loans
C&I and other commercial	$	1,941,305	$	1,669	$	1,942,974	$	20,238	$	48	$	20,286
Commercial real estate	3,442,292		3,222		3,445,514		34,682		422		35,104
Real estate construction	410,726		—		410,726		3,722		—		3,722
Commercial loans and related ACL	5,794,323		4,891		5,799,214		58,642		470		59,112
Retail loans
Retail real estate	1,727,201		80		1,727,281		23,710		19		23,729
Retail other	472,417		—		472,417		2,385		—		2,385
Retail loans and related ACL	2,199,618		80		2,199,698		26,095		19		26,114
Portfolio loans and related ACL	$	7,993,941	$	4,971	$	7,998,912	$	84,737	$	489	$	85,226


	As of December 31, 2023
	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

Commercial loans
C&I and other commercial	$	1,833,624	$	2,370	$	1,835,994	$	20,471	$	785	$	21,256
Commercial real estate	3,336,642		695		3,337,337		35,380		85		35,465
Real estate construction	461,717		—		461,717		5,163		—		5,163
Commercial loans and related ACL	5,631,983		3,065		5,635,048		61,014		870		61,884
Retail loans
Retail real estate	1,720,369		86		1,720,455		26,273		25		26,298
Retail other	295,531		—		295,531		3,558		—		3,558
Retail loans and related ACL	2,015,900		86		2,015,986		29,831		25		29,856
Portfolio loans and related ACL	$	7,647,883	$	3,151	$	7,651,034	$	90,845	$	895	$	91,740

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Financial Instruments Owned and Pledged as Collateral (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Interest Rate Swap
Derivative [Line Items]
Cash pledged to secure obligations	$ 34,210	$ 34,210
Interest Rate Contract
Derivative [Line Items]
Cash pledged to secure obligations	$ 24,020	$ 19,280

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Risk Participation Agreement (Details) $ in Thousands	Jun. 30, 2024 USD ($) agreement	Dec. 31, 2023 USD ($) agreement
Risk participation agreements purchased
Derivative [Line Items]
Number of risk participation agreements \| agreement	4	3
Notional amount	$ 35,048	$ 34,251
Fair value	$ 8	$ 15
Risk participation agreements sold
Derivative [Line Items]
Number of risk participation agreements \| agreement	0	1
Notional amount	$ 0	$ 20,001
Fair value	$ 0	$ 0

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Net Gains (Losses) Recorded in AOCI (Details) - Cash Flow Hedging - Interest Rate Contract - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative [Line Items]
Net gain (loss) recognized in OCI, net of tax	$ (1,996)	$ (6,036)	$ (7,228)	$ (2,986)
(Gain) loss reclassified from OCI to interest income, net of tax	1,998	1,813	3,997	3,380
(Gain) loss reclassified from OCI to interest expense, net of tax	(346)	(288)	(691)	(562)
Net change in unrealized gains (losses) on cash flow hedges, net of tax	$ (344)	$ (4,511)	$ (3,922)	$ (168)

LEASES - Schedule of Future Minimum Lease Payments (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Rents to be received
Remainder of 2024	$ 413
2025	623
2026	463
2027	301
2028	185
Total lease payments from operating leases	$ 1,985

Insider Trading Arrangements	3 Months Ended	6 Months Ended
Insider Trading Arrangements	Jun. 30, 2024	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false
Michael D. Cassens [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On May 15, 2024, a Rule 10b5-1 trading plan that was initially adopted on May 25, 2022, by Michael D. Cassens, a member of Busey’s board of directors, expired.
Name	Michael D. Cassens
Title	member of Busey’s board of directors
Rule 10b5-1 Arrangement Terminated	true
Termination Date	May 15, 2024

DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Interest Rate Swap \| Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	$ 300,000
Interest Rate Swap \| Designated as Hedging Instrument \| SOFR
Derivative [Line Items]
Notional amount	100,000
Interest Rate Swap \| Not Designated as Hedging Instrument
Derivative [Line Items]
Variable rate, commercial loans that are supported by the interest rate swap contracts	675,000	$ 663,100
Interest Rate Swap \| Cash Flow Hedging \| Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	450,000	350,000
Debt Swap \| Cash Flow Hedging
Derivative [Line Items]
Notional amount	50,000	$ 50,000
Debt Swap \| Cash Flow Hedging \| Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	$ 50,000

OUTSTANDING COMMITMENTS AND CONTINGENT LIABILITIES (Tables)

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Contractual Amount of Exposure to Off-Balance-Sheet Risk


	As of
	June 30, 2024		December 31, 2023
Financial instruments whose contract amounts represent credit risk
Commitments to extend credit	$	2,472,198	$	2,132,500
Standby letters of credit	37,226		43,996
Total commitments	$	2,509,424	$	2,176,496

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of the Interest-Rate Swaps Designated as Cash Flow Hedges (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Interest Rate Swap
Balances carried in AOCI
Unrealized gains (losses) on cash flow hedges, net of tax	$ 0	$ 0	$ 0	$ 0
Cash Flow Hedging \| Interest Rate Swap
Balances carried in AOCI
Unrealized gains (losses) on cash flow hedges, net of tax			(20,616)		$ (16,694)
Cash Flow Hedging \| Interest Rate Swap \| Other assets
Gross aggregate fair value of the swaps
Gross aggregate fair value of swap assets	477		477		1,293
Cash Flow Hedging \| Interest Rate Swap \| Other liabilities
Gross aggregate fair value of the swaps
Gross aggregate fair value of swap liabilities	30,065		30,065		25,411
Cash Flow Hedging \| Debt Swap
Derivative [Line Items]
Notional amount	$ 50,000		$ 50,000		$ 50,000
Weighted average fixed pay/receive rates	1.79%		1.79%		1.79%
Weighted average variable interest rates	5.61%		5.61%		5.61%
Weighted average maturity			2 months 15 days		8 months 15 days
Cash Flow Hedging \| Prime Loan Swap
Derivative [Line Items]
Notional amount	$ 300,000		$ 300,000		$ 300,000
Weighted average fixed pay/receive rates	4.81%		4.81%		4.81%
Weighted average variable interest rates	8.50%		8.50%		8.50%
Weighted average maturity			4 years 7 months 6 days		5 years 1 month 6 days
Cash Flow Hedging \| SOFR Loan Swap
Derivative [Line Items]
Notional amount	$ 100,000		$ 100,000		$ 0
Weighted average fixed pay/receive rates	3.72%		3.72%		0.00%
Weighted average maturity			4 years 8 months 4 days

FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2024

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 estimated fair value on a recurring basis (dollars in thousands):


	As of June 30, 2024
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Debt securities available for sale:
U.S. Treasury securities	$	—	$	497	$	—	$	497
Obligations of U.S. government corporations and agencies	—		3,786		—		3,786
Obligations of states and political subdivisions	—		149,573		—		149,573
Asset-backed securities	—		427,404		—		427,404
Commercial mortgage-backed securities	—		93,690		—		93,690
Residential mortgage-backed securities	—		995,568		—		995,568
Corporate debt securities	—		159,378		—		159,378
Equity securities	177		9,441		—		9,618
Derivative assets	—		35,575		8		35,583
Derivative liabilities	—		65,045		—		65,045


	As of December 31, 2023
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Debt securities available for sale:
U.S. Treasury securities	$	—	$	15,946	$	—	$	15,946
Obligations of U.S. government corporations and agencies	—		5,832		—		5,832
Obligations of states and political subdivisions	—		172,845		—		172,845
Asset-backed securities	—		468,223		—		468,223
Commercial mortgage-backed securities	—		103,509		—		103,509
Residential mortgage-backed securities	—		1,111,312		—		1,111,312
Corporate debt securities	—		209,904		—		209,904
Equity securities	448		9,364		—		9,812
Derivative assets	—		29,993		15		30,008
Derivative liabilities	—		54,132		—		54,132

Activity for risk participation agreements, which are financial assets measured at estimated fair value on a recurring basis using Level 3, is summarized in the tables below (dollars in thousands):


		Three Months Ended June 30,				Six Months Ended June 30,
	Location	2024		2023		2024		2023
Beginning Balance		$	9	$	24	$	15	$	5
Changes in fair value	Other expense	(1)		(9)		(10)		(60)

Purchases		—		—		3		70





Ending Balance		$	8	$	15	$	8	$	15

Schedule of Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis

The following tables summarize financial assets and financial liabilities measured at estimated fair value on a non-recurring basis (dollars in thousands):


	As of June 30, 2024
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Loans evaluated individually, net of related allowance	$	—	$	—	$	2,800	$	2,800

Bank property held for sale with impairment	—		—		3,205		3,205


	As of December 31, 2023
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Loans evaluated individually, net of related allowance	$	—	$	—	$	1,000	$	1,000

Bank property held for sale with impairment	—		—		4,286		4,286

Schedule of Quantitative Information About Level 3 Fair Value Measurements

The following table presents additional quantitative information about assets measured at estimated fair value on a non-recurring basis using Level 3 inputs (dollars in thousands):

As of June 30, 2024

Fair Value

Valuation
Techniques

Unobservable
Input

Range
(Weighted Average)

Loans evaluated individually, net of related allowance

2,800

Appraisal of collateral

Appraisal adjustments

-13.1% to -100.0%

(-14.9)%

Bank property held for sale with impairment

3,205

Appraisal of collateral or real estate listing price

Appraisal adjustments

-9.0% to -76.7%

(-50.6)%

As of December 31, 2023

Fair Value

Valuation
Techniques

Unobservable
Input

Range
(Weighted Average)

Loans evaluated individually, net of related allowance

1,000

Appraisal of collateral

Appraisal adjustments

-41.2% to -100.0%

(-47.2)%

Bank property held for sale with impairment

4,286

Appraisal of collateral or real estate listing price

Appraisal adjustments

-6.2% to -64.9%

(-38.4)%

Schedule of Estimated Fair Values of Financial Instruments

Fair values of financial instruments that are not carried at fair value in Busey’s Consolidated Balance Sheets (Unaudited) were estimated as follows (dollars in thousands):


	As of June 30, 2024				As of December 31, 2023
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets
Level 1 inputs:
Cash and cash equivalents	$	285,269	$	285,269	$	719,581	$	719,581
Level 2 inputs:
Debt securities held to maturity	851,261		697,455		872,628		730,397
Loans held for sale	11,286		11,411		2,379		2,401
Accrued interest receivable	50,109		50,109		45,288		45,288
Level 3 inputs:
Portfolio loans, net	7,913,686		7,637,422		7,559,294		7,276,905
Mortgage servicing rights	1,074		5,556		3,289		18,079
Other servicing rights	1,533		1,491		1,597		2,062

Financial liabilities
Level 2 inputs:
Time deposits	$	1,523,889	$	1,506,797	$	1,819,274	$	1,804,905
Securities sold under agreements to repurchase	140,283		140,283		187,396		187,396
Short-term borrowings	—		—		12,000		12,034
Long-term debt	—		—		18,000		18,020
Junior subordinated debt owed to unconsolidated trusts	74,693		61,226		71,993		57,153
Accrued interest payable	19,209		19,209		28,418		28,418
Level 3 inputs:

Subordinated notes, net of unamortized issuance costs	227,245		210,915		222,882		200,000

DEPOSITS (Tables)

6 Months Ended

Jun. 30, 2024

Deposits [Abstract]

Schedule of Composition of Deposits

The composition of Busey’s deposits is presented in the table below (dollars in thousands):


	As of
	June 30, 2024		December 31, 2023
Deposits
Noninterest-bearing demand deposits	$	2,832,776	$	2,834,655
Interest-bearing transaction deposits	2,388,748		2,717,139
Saving deposits and money market deposits	3,230,722		2,920,088
Time deposits	1,523,889		1,819,274
Total deposits	$	9,976,135	$	10,291,156

Additional information about Busey’s deposits follows (dollars in thousands):


	As of
	June 30, 2024		December 31, 2023
Brokered savings deposits and money market deposits	$	6,001	$	6,001
Brokered time deposits	37,539		285
Aggregate amount of time deposits with a minimum denomination of $100,000	845,570		1,072,189
Aggregate amount of time deposits with a minimum denomination that meets or exceeds the FDIC insurance limit of $250,000	314,461		386,286

Schedule of Maturities of Time Deposits

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


	As of June 30, 2024
Time deposits by schedule of maturities
Remainder of 2024	$	1,024,010
2025	447,064
2026	25,134
2027	13,836
2028	9,117
2029	4,280
Thereafter	448
Time deposits	$	1,523,889

DEPOSITS - Schedule of Maturities of Time Deposits (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Time deposits by schedule of maturities
Remainder of 2024	$ 1,024,010
2025	447,064
2026	25,134
2027	13,836
2028	9,117
2029	4,280
Thereafter	448
Time deposits	$ 1,523,889	$ 1,819,274

REGULATORY CAPITAL

6 Months Ended

Jun. 30, 2024

Banking and Thrift, Other Disclosure [Abstract]

REGULATORY CAPITAL

NOTE 7. REGULATORY CAPITAL

First Busey and Busey 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 First Busey'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 June 30, 2024, and December 31, 2023, all capital ratios of First Busey and Busey Bank exceeded well capitalized levels under the applicable regulatory capital adequacy guidelines. Management believes that no events or changes have occurred subsequent to June 30, 2024, 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 First Busey 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, was 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.

Capital Amounts and Ratios

The following tables summarize regulatory capital requirements applicable to First Busey and Busey Bank (dollars in thousands):


	As of June 30, 2024
	Actual				Minimum Capital Requirement				Minimum To Be Well Capitalized
	Amount		Ratio		Amount		Ratio		Amount		Ratio
Common equity Tier 1 capital to risk weighted assets
First Busey	$	1,198,039	13.20	%	$	408,526	4.50	%	$	590,093	6.50	%
Busey Bank	$	1,410,287	15.59	%	$	406,982	4.50	%	$	587,863	6.50	%

Tier 1 capital to risk weighted assets
First Busey	$	1,275,039	14.04	%	$	544,702	6.00	%	$	726,269	8.00	%
Busey Bank	$	1,410,287	15.59	%	$	542,642	6.00	%	$	723,523	8.00	%

Total capital to risk weighted assets
First Busey	$	1,588,551	17.50	%	$	726,269	8.00	%	$	907,836	10.00	%
Busey Bank	$	1,496,048	16.54	%	$	723,523	8.00	%	$	904,404	10.00	%

Leverage ratio of Tier 1 capital to average assets
First Busey	$	1,275,039	10.69	%	$	476,875	4.00	%	N/A		N/A
Busey Bank	$	1,410,287	11.83	%	$	477,039	4.00	%	$	596,299	5.00	%


	As of December 31, 2023
	Actual				Minimum Capital Requirement				Minimum To Be Well Capitalized
	Amount		Ratio		Amount		Ratio		Amount		Ratio
Common equity Tier 1 capital to risk weighted assets
First Busey	$	1,155,973	13.09	%	$	397,331	4.50	%	$	573,923	6.50	%
Busey Bank	$	1,362,962	15.48	%	$	396,128	4.50	%	$	572,185	6.50	%

Tier 1 capital to risk weighted assets
First Busey	$	1,229,973	13.93	%	$	529,775	6.00	%	$	706,367	8.00	%
Busey Bank	$	1,362,962	15.48	%	$	528,171	6.00	%	$	704,228	8.00	%

Total capital to risk weighted assets
First Busey	$	1,540,318	17.44	%	$	706,367	8.00	%	$	882,958	10.00	%
Busey Bank	$	1,448,307	16.45	%	$	704,228	8.00	%	$	880,285	10.00	%

Leverage ratio of Tier 1 capital to average assets
First Busey	$	1,229,973	10.08	%	$	488,315	4.00	%	N/A		N/A
Busey Bank	$	1,362,962	11.19	%	$	487,103	4.00	%	$	608,879	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 (1) common equity Tier 1 capital to risk-weighted assets of at least 7.0%, which First Busey exceeded by 620 basis points, (2) Tier 1 capital to risk-weighted assets of at least 8.5%, which First Busey exceeded by 554 basis points, and (3) total capital to risk-weighted assets of at least 10.5%, which First Busey exceeded by 700 basis points.

- 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

PORTFOLIO LOANS - Schedule of Risk Grades of Portfolio Loans, Further Sorted by Origination (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	$ 633,302	$ 1,520,323
2024 / 2023, charge-off	0	289
2023 / 2022	1,295,578	1,785,798
2023 /2022, charge-off	15,010	76
2022 / 2021	1,678,101	1,552,072
2022 / 2021, charge-off	37	592
2021 / 2020	1,435,405	705,335
2021 / 2020, charge-off	45	34
2020 / 2019	670,151	468,659
2020 / 2019, charge-off	0	391
Prior	975,188	660,624
Prior, charge-off	644	3,036
Revolving Loans	1,311,187	958,223
Revolving Loans, charge-off	0	0
Total	7,998,912	7,651,034
Total, gross write-offs	15,736	4,418
Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total	7,038,785	6,736,067
Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Total	743,579	747,122
Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total	121,576	96,057
Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total	86,579	64,347
Substandard Non-accrual
Financing Receivable, Credit Quality Indicator [Line Items]
Total	8,393	7,441
C&I and other commercial
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	188,288	394,854
2024 / 2023, charge-off	0	284
2023 / 2022	293,307	295,539
2023 /2022, charge-off	14,980	0
2022 / 2021	262,832	184,527
2022 / 2021, charge-off	0	420
2021 / 2020	165,751	96,530
2021 / 2020, charge-off	22	0
2020 / 2019	85,946	47,510
2020 / 2019, charge-off	0	316
Prior	177,563	169,911
Prior, charge-off	229	1,409
Revolving Loans	769,287	647,123
Revolving Loans, charge-off	0	0
Total	1,942,974	1,835,994
Total, gross write-offs	15,231	2,429
C&I and other commercial \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	158,137	306,578
2023 / 2022	237,806	220,847
2022 / 2021	205,421	159,130
2021 / 2020	142,433	71,025
2020 / 2019	82,415	35,927
Prior	138,626	143,078
Revolving Loans	637,046	526,170
Total	1,601,884	1,462,755
C&I and other commercial \| Watch
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	20,444	78,603
2023 / 2022	47,563	65,703
2022 / 2021	49,890	21,421
2021 / 2020	19,704	23,919
2020 / 2019	2,340	7,035
Prior	32,548	21,293
Revolving Loans	74,163	78,442
Total	246,652	296,416
C&I and other commercial \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	1,711	792
2023 / 2022	228	8,224
2022 / 2021	6,400	2,917
2021 / 2020	2,755	1,076
2020 / 2019	598	686
Prior	2,662	3,274
Revolving Loans	32,404	29,519
Total	46,758	46,488
C&I and other commercial \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	7,996	8,715
2023 / 2022	7,638	765
2022 / 2021	1,121	942
2021 / 2020	764	426
2020 / 2019	545	3,734
Prior	2,771	1,859
Revolving Loans	24,974	11,292
Total	45,809	27,733
C&I and other commercial \| Substandard Non-accrual
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	0	166
2023 / 2022	72	0
2022 / 2021	0	117
2021 / 2020	95	84
2020 / 2019	48	128
Prior	956	407
Revolving Loans	700	1,700
Total	1,871	2,602
Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	260,198	578,595
2024 / 2023, charge-off	0	0
2023 / 2022	548,797	882,350
2023 /2022, charge-off	0	0
2022 / 2021	909,209	844,293
2022 / 2021, charge-off	0	0
2021 / 2020	797,976	441,134
2021 / 2020, charge-off	0	0
2020 / 2019	421,222	344,373
2020 / 2019, charge-off	0	0
Prior	490,863	226,537
Prior, charge-off	100	953
Revolving Loans	17,249	20,055
Revolving Loans, charge-off	0	0
Total	3,445,514	3,337,337
Total, gross write-offs	100	953
Commercial real estate \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	154,209	395,644
2023 / 2022	399,685	824,506
2022 / 2021	860,454	720,052
2021 / 2020	667,533	399,195
2020 / 2019	379,415	271,078
Prior	402,137	199,662
Revolving Loans	16,329	16,893
Total	2,879,762	2,827,030
Commercial real estate \| Watch
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	96,212	166,795
2023 / 2022	140,529	47,070
2022 / 2021	36,174	92,848
2021 / 2020	99,854	34,010
2020 / 2019	32,268	68,196
Prior	57,858	19,396
Revolving Loans	870	3,112
Total	463,765	431,427
Commercial real estate \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	7,998	14,313
2023 / 2022	2,896	10,507
2022 / 2021	7,877	12,446
2021 / 2020	12,041	4,968
2020 / 2019	9,061	3,297
Prior	25,829	3,014
Revolving Loans	0	0
Total	65,702	48,545
Commercial real estate \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	1,779	1,796
2023 / 2022	2,422	188
2022 / 2021	4,704	18,862
2021 / 2020	18,548	2,938
2020 / 2019	458	1,802
Prior	5,039	3,856
Revolving Loans	50	50
Total	33,000	29,492
Commercial real estate \| Substandard Non-accrual
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	0	47
2023 / 2022	3,265	79
2022 / 2021	0	85
2021 / 2020	0	23
2020 / 2019	20	0
Prior	0	609
Revolving Loans	0	0
Total	3,285	843
Real estate construction
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	133,506	213,138
2024 / 2023, charge-off	0	0
2023 / 2022	133,800	132,868
2023 /2022, charge-off	0	0
2022 / 2021	47,196	85,593
2022 / 2021, charge-off	0	0
2021 / 2020	75,886	2,938
2021 / 2020, charge-off	0	0
2020 / 2019	2,716	1,364
2020 / 2019, charge-off	0	0
Prior	1,753	3,178
Prior, charge-off	0	0
Revolving Loans	15,869	22,638
Revolving Loans, charge-off	0	0
Total	410,726	461,717
Total, gross write-offs	0	0
Real estate construction \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	115,573	204,952
2023 / 2022	117,742	128,462
2022 / 2021	46,075	85,086
2021 / 2020	75,441	2,616
2020 / 2019	2,398	1,323
Prior	1,753	2,934
Revolving Loans	15,869	22,638
Total	374,851	448,011
Real estate construction \| Watch
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	17,933	2,859
2023 / 2022	2,637	4,406
2022 / 2021	1,121	507
2021 / 2020	384	322
2020 / 2019	318	41
Prior	0	0
Revolving Loans	0	0
Total	22,393	8,135
Real estate construction \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	0
2023 / 2022	8,145
2022 / 2021	0
2021 / 2020	61
2020 / 2019	0
Prior	0
Revolving Loans	0
Total	8,206	0
Real estate construction \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	0	5,327
2023 / 2022	5,276	0
2022 / 2021	0	0
2021 / 2020	0	0
2020 / 2019	0	0
Prior	0	0
Revolving Loans	0	0
Total	5,276	5,327
Real estate construction \| Substandard Non-accrual
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023		0
2023 / 2022		0
2022 / 2021		0
2021 / 2020		0
2020 / 2019		0
Prior		244
Revolving Loans		0
Total	0	244
Retail real estate
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	48,984	244,851
2024 / 2023, charge-off	0	0
2023 / 2022	246,584	382,017
2023 /2022, charge-off	0	5
2022 / 2021	383,801	414,578
2022 / 2021, charge-off	0	0
2021 / 2020	378,112	158,032
2021 / 2020, charge-off	0	29
2020 / 2019	155,583	70,815
2020 / 2019, charge-off	0	72
Prior	302,801	260,142
Prior, charge-off	127	301
Revolving Loans	211,416	190,020
Revolving Loans, charge-off	0	0
Total	1,727,281	1,720,455
Total, gross write-offs	127	407
Retail real estate \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	47,828	243,400
2023 / 2022	245,613	376,922
2022 / 2021	379,433	411,723
2021 / 2020	373,384	156,762
2020 / 2019	154,426	70,099
Prior	299,617	256,571
Revolving Loans	209,715	187,420
Total	1,710,016	1,702,897
Retail real estate \| Watch
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	1,156	1,096
2023 / 2022	657	4,137
2022 / 2021	2,827	2,442
2021 / 2020	4,148	954
2020 / 2019	911	536
Prior	348	234
Revolving Loans	722	1,745
Total	10,769	11,144
Retail real estate \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	0	286
2023 / 2022	186	358
2022 / 2021	350	0
2021 / 2020	0	0
2020 / 2019	0	0
Prior	374	380
Revolving Loans	0	0
Total	910	1,024
Retail real estate \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	0	69
2023 / 2022	128	72
2022 / 2021	1,038	292
2021 / 2020	514	49
2020 / 2019	0	80
Prior	810	997
Revolving Loans	4	236
Total	2,494	1,795
Retail real estate \| Substandard Non-accrual
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	0	0
2023 / 2022	0	528
2022 / 2021	153	121
2021 / 2020	66	267
2020 / 2019	246	100
Prior	1,652	1,960
Revolving Loans	975	619
Total	3,092	3,595
Retail other
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	2,326	88,885
2024 / 2023, charge-off	0	5
2023 / 2022	73,090	93,024
2023 /2022, charge-off	30	71
2022 / 2021	75,063	23,081
2022 / 2021, charge-off	37	172
2021 / 2020	17,680	6,701
2021 / 2020, charge-off	23	5
2020 / 2019	4,684	4,597
2020 / 2019, charge-off	0	3
Prior	2,208	856
Prior, charge-off	188	373
Revolving Loans	297,366	78,387
Revolving Loans, charge-off	0	0
Total	472,417	295,531
Total, gross write-offs	278	629
Retail other \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	2,326	88,885
2023 / 2022	73,090	92,931
2022 / 2021	74,979	23,019
2021 / 2020	17,631	6,701
2020 / 2019	4,684	4,597
Prior	2,196	854
Revolving Loans	297,366	78,387
Total	472,272	295,374
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]
2024 / 2023	0	0
2023 / 2022	0	93
2022 / 2021	84	62
2021 / 2020	49	0
2020 / 2019	0	0
Prior	12	2
Revolving Loans	0	0
Total	$ 145	$ 157

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

6 Months Ended

Jun. 30, 2024

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

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

NOTE 14. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

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


	Three Months Ended June 30,
	2024						2023
	Before Tax		Tax Effect		Net of Tax		Before Tax		Tax Effect		Net of Tax
Unrealized/Unrecognized gains (losses) on debt securities
Balance at beginning of period	$	(282,422)	$	80,504	$	(201,918)	$	(320,496)	$	91,354	$	(229,142)
Unrealized holding gains (losses) on debt securities available for sale, net	1,685		(480)		1,205		(16,597)		4,731		(11,866)

Amounts reclassified from AOCI, net	4		(1)		3		178		(51)		127
Amortization of unrecognized losses on securities transferred to held to maturity	1,399		(399)		1,000		1,556		(443)		1,113
Balance at end of period	$	(279,334)	$	79,624	$	(199,710)	$	(335,359)	$	95,591	$	(239,768)

Unrealized gains (losses) on cash flow hedges
Balance at beginning of period	$	(28,353)	$	8,081	$	(20,272)	$	(23,277)	$	6,635	$	(16,642)
Unrealized holding gains (losses) on cash flow hedges, net	(2,791)		795		(1,996)		(8,442)		2,406		(6,036)
Amounts reclassified from AOCI, net	2,311		(659)		1,652		2,133		(608)		1,525
Balance at end of period	$	(28,833)	$	8,217	$	(20,616)	$	(29,586)	$	8,433	$	(21,153)

Total AOCI	$	(308,167)	$	87,841	$	(220,326)	$	(364,945)	$	104,024	$	(260,921)


	Six Months Ended June 30,
	2024						2023
	Before Tax		Tax Effect		Net of Tax		Before Tax		Tax Effect		Net of Tax
Unrealized/Unrecognized gains (losses) on debt securities
Balance at beginning of period	$	(282,688)	$	80,579	$	(202,109)	$	(352,878)	$	100,585	$	(252,293)
Unrealized holding gains (losses) on debt securities available for sale, net	(6,262)		1,786		(4,476)		14,096		(4,018)		10,078
Unrecognized losses on debt securities transferred to held to maturity from available for sale	—		—		—		—		—		—
Amounts reclassified from AOCI, net	6,806		(1,940)		4,866		174		(50)		124
Amortization of unrecognized losses on securities transferred to held to maturity	2,810		(801)		2,009		3,249		(926)		2,323
Balance at end of period	$	(279,334)	$	79,624	$	(199,710)	$	(335,359)	$	95,591	$	(239,768)

Unrealized gains (losses) on cash flow hedges
Balance at beginning of period	$	(23,348)	$	6,654	$	(16,694)	$	(29,350)	$	8,365	$	(20,985)
Unrealized holding gains (losses) on cash flow hedges, net	(10,109)		2,881		(7,228)		(4,178)		1,192		(2,986)
Amounts reclassified from AOCI, net	4,624		(1,318)		3,306		3,942		(1,124)		2,818
Balance at end of period	$	(28,833)	$	8,217	$	(20,616)	$	(29,586)	$	8,433	$	(21,153)

Total AOCI	$	(308,167)	$	87,841	$	(220,326)	$	(364,945)	$	104,024	$	(260,921)

STOCK-BASED COMPENSATION - RSU, PSU, and DSU Narrative (Details) - USD ($) $ in Millions			6 Months Ended	12 Months Ended
	May 22, 2024	Mar. 20, 2024	Jun. 30, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Period over which cost will be recognized			2 years 7 months 6 days	2 years 4 months 24 days
RSU Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares of common stock per award (in shares)			1
Granted (in shares)			202,043
RSU Awards \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Requisite service periods			1 year
RSU Awards \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Requisite service periods			5 years
PSU Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares of common stock per award (in shares)			1
Granted (in shares)			189,208
DSU Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares of common stock per award (in shares)			1
Granted (in shares)			35,847
Vesting period			1 year
Settlement period			30 days
Market Based Performance Stock Units \| 2020 Equity Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)		94,604
Grant date fair value of the award		$ 2.0
Market Based Performance Stock Units \| 2020 Equity Plan \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage		0.00%
Market Based Performance Stock Units \| 2020 Equity Plan \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)		151,366
Vesting percentage		160.00%
Performance Based Performance Stock Units \| 2020 Equity Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)		94,604
Grant date fair value of the award		$ 2.2
Performance Based Performance Stock Units \| 2020 Equity Plan \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage		0.00%
Performance Based Performance Stock Units \| 2020 Equity Plan \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)		151,366
Vesting percentage		160.00%
Members of Management, Including the Vice-Chairman of the Board \| RSU Awards \| 2020 Equity Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)	12,864	189,179
Grant date fair value of the award	$ 0.3	$ 4.4
Period over which cost will be recognized	3 years
Vesting percentage	100.00%	100.00%
Members of Management, Including the Vice-Chairman of the Board \| RSU Awards \| 2020 Equity Plan \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Period over which cost will be recognized		1 year
Members of Management, Including the Vice-Chairman of the Board \| RSU Awards \| 2020 Equity Plan \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Period over which cost will be recognized		5 years
Directors and Advisory Directors \| DSU Awards \| 2020 Equity Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)		35,847
Grant date fair value of the award		$ 0.8
Period over which cost will be recognized	1 year	1 year
Vesting percentage		100.00%

EARNINGS PER COMMON SHARE - Schedule of Computation of Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net income per share calculations for basic and diluted methods
Net income	$ 27,357	$ 29,364	$ 53,582	$ 66,150
Weighted Average Shares Outstanding
Weighted average number of common shares outstanding, basic (in shares)	56,919,025	55,440,277	56,167,807	55,419,250
Weighted average number of common shares outstanding, diluted (in shares)	57,853,231	56,195,801	57,129,865	56,187,820
Basic earnings per common share (in dollars per share)	$ 0.48	$ 0.53	$ 0.95	$ 1.19
Diluted earnings per common share (in dollars per share)	$ 0.47	$ 0.52	$ 0.94	$ 1.18
Warrants
Weighted Average Shares Outstanding
Dilutive effect of common stock equivalents (in shares)	0	0	0	648
RSU Awards
Weighted Average Shares Outstanding
Dilutive effect of common stock equivalents (in shares)	679,167	622,993	666,302	637,385
PSU Awards
Weighted Average Shares Outstanding
Dilutive effect of common stock equivalents (in shares)	245,599	123,849	269,494	107,247
DSU Awards
Weighted Average Shares Outstanding
Dilutive effect of common stock equivalents (in shares)	4,923	3,851	19,202	14,098
ESPP
Weighted Average Shares Outstanding
Dilutive effect of common stock equivalents (in shares)	4,517	4,831	7,060	9,192

SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands		3 Months Ended	6 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands	Jan. 01, 2024 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($) segment	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total assets		$ 11,971,416	$ 11,971,416		$ 12,283,415
Number of operating segments \| segment			3
Number of reportable segments \| segment			3
Deferred tax valuation adjustment		(1,400)	$ 1,400
Retained earnings decrease		$ (261,820)	(261,820)		$ (237,197)
Decrease in other assets			3,851	$ (6,326)
Decrease in other liabilities			19,254	5,543
Increase in deferred tax assets			$ (1,480)	$ 2,725
Accounting Standards Update 2023-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings decrease	$ 1,400
Decrease in other assets	2,400
Decrease in other liabilities	500
Increase in deferred tax assets	$ 500

BORROWINGS - Term Loan and Revolving Line of Credit (Details) - USD ($)			6 Months Ended
	Apr. 30, 2022	May 28, 2021	Jun. 30, 2024
Revolving Credit Facility
Short-Term Debt [Line Items]
Issuance of debt		$ 40,000,000
Balance outstanding			$ 0
Term Loan
Short-Term Debt [Line Items]
Issuance of debt		$ 60,000,000
Repayment of term loan			$ 30,000,000
Term loan carried interest rate (as a percent)			7.13%
One-month LIBOR rate \| Term Loan
Short-Term Debt [Line Items]
Floating interest rate margin (as a percent)		1.75%
Secured Overnight Financing Rate (SOFR) \| Term Loan
Short-Term Debt [Line Items]
Floating interest rate margin (as a percent)	1.80%

OPERATING SEGMENTS AND RELATED INFORMATION

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

OPERATING SEGMENTS AND RELATED INFORMATION

NOTE 15. OPERATING SEGMENTS AND RELATED INFORMATION

Busey has three reportable operating segments: Banking, Wealth Management, and FirsTech. Busey’s three operating segments are strategic business units that are separately managed, as they offer different products and services and have different marketing strategies.

The Banking Operating Segment

The Banking operating segment provides a full range of banking services to individual and corporate customers through First Busey Corporation’s wholly-owned bank subsidiary, Busey Bank, with 62 banking centers 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 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. Services are provided through Busey Capital Management, Inc., a wholly-owned subsidiary of Busey Bank, and Busey Wealth Management, a division of Busey Bank.

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.

The FirsTech Operating Segment

The FirsTech operating segment provides comprehensive and innovative payment technology solutions through Busey Bank’s wholly-owned subsidiary, FirsTech. FirsTech's multi-channel payment platform allows businesses to collect payments from their customers in a variety of ways to enable fast, frictionless payments. Payment method vehicles include, but are not limited to, text-based mobile bill pay; interactive voice response; electronic payment concentration delivered to Automated Clearing House networks, money management, and credit card networks; walk-in payment processing for customers at retail pay agents; customer service payments made over a telephone; direct debit services; merchant services referral solutions serving partner Financial Institutions and their business customers; and lockbox remittance processing for customers to make payments by mail. FirsTech also provides additional tools to help clients with billing, reconciliation, bill reminders, and treasury services.

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.

Segment Financial Information

The segment financial information provided below has been derived from information used by management to monitor and manage Busey’s financial performance. 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” of Busey’s 2023 Annual Report. Busey accounts for intersegment revenue and transfers at current market value.

Following is a summary of selected financial information for Busey’s operating segments. The “other” category included in the tables below consists of the parent company, First Busey Risk Management, Inc. until its dissolution on December 18, 2023, and the elimination of intercompany transactions (dollars in thousands):


	Goodwill				Total Assets
	As of				As of
	June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023
Operating segment
Banking	$	310,181	$	294,773	$	11,796,353	$	12,125,298
Wealth Management	14,108		14,108		113,516		103,147
FirsTech	8,992		8,992		50,172		51,600
Other	—		—		11,375		3,370
Consolidated total	$	333,281	$	317,873	$	11,971,416	$	12,283,415


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net interest income
Banking	$	86,242	$	82,710	$	165,775	$	172,600

FirsTech	12		14		25		27
Other	(3,820)		(4,054)		(7,599)		(8,100)
Total net interest income	$	82,434	$	78,670	$	158,201	$	164,527

Noninterest income
Banking	$	12,434	$	10,312	$	25,906	$	22,733
Wealth Management	16,108		14,717		31,820		29,643
FirsTech	6,178		5,615		12,149		11,289
Other	(919)		(2,632)		(1,074)		(3,805)
Total noninterest income	$	33,801	$	28,012	$	68,801	$	59,860

Noninterest expense
Banking	$	58,597	$	53,491	$	110,984	$	108,142
Wealth Management	8,791		8,228		17,927		16,762
FirsTech	6,152		5,319		12,018		11,058
Other	1,997		2,167		5,377		3,646
Total noninterest expense	$	75,537	$	69,205	$	146,306	$	139,608

Income before income taxes
Banking	$	37,802	$	38,904	$	73,382	$	85,611
Wealth Management	7,317		6,489		13,893		12,881
FirsTech	38		310		156		258
Other	(6,736)		(8,853)		(14,050)		(15,551)
Total income before income taxes	$	38,421	$	36,850	$	73,381	$	83,199

Net income
Banking	$	26,697	$	30,665	$	53,189	$	67,500
Wealth Management	5,561		4,932		10,559		9,790
FirsTech	28		226		114		188
Other	(4,929)		(6,459)		(10,280)		(11,328)
Total net income	$	27,357	$	29,364	$	53,582	$	66,150

- 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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+ Details

PORTFOLIO LOANS - Schedule of Past Due and Non-accrual Loans (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Financing Receivable, Past Due [Line Items]
Commercial loans	$ 7,998,912	$ 7,651,034
90+ days past due and still accruing	712	375
Non-accrual Loans	8,393	7,441
30 to 59 days past due and still accruing
Financing Receivable, Past Due [Line Items]
Commercial loans	22,196	4,443
60 to 89 days past due and still accruing
Financing Receivable, Past Due [Line Items]
Commercial loans	1,267	1,336
Past due and non-accrual commercial loans
Financing Receivable, Past Due [Line Items]
Commercial loans	5,799,214	5,635,048
90+ days past due and still accruing	330	0
Non-accrual Loans	5,156	3,689
Past due and non-accrual commercial loans \| 30 to 59 days past due and still accruing
Financing Receivable, Past Due [Line Items]
Commercial loans	19,081	776
Past due and non-accrual commercial loans \| 60 to 89 days past due and still accruing
Financing Receivable, Past Due [Line Items]
Commercial loans	746	214
C&I and other commercial
Financing Receivable, Past Due [Line Items]
Commercial loans	1,942,974	1,835,994
90+ days past due and still accruing	330	0
Non-accrual Loans	1,871	2,602
C&I and other commercial \| 30 to 59 days past due and still accruing
Financing Receivable, Past Due [Line Items]
Commercial loans	299	0
C&I and other commercial \| 60 to 89 days past due and still accruing
Financing Receivable, Past Due [Line Items]
Commercial loans	238	214
Commercial real estate
Financing Receivable, Past Due [Line Items]
Commercial loans	3,445,514	3,337,337
90+ days past due and still accruing	0	0
Non-accrual Loans	3,285	843
Commercial real estate \| 30 to 59 days past due and still accruing
Financing Receivable, Past Due [Line Items]
Commercial loans	18,782	752
Commercial real estate \| 60 to 89 days past due and still accruing
Financing Receivable, Past Due [Line Items]
Commercial loans	508	0
Real estate construction
Financing Receivable, Past Due [Line Items]
Commercial loans	410,726	461,717
90+ days past due and still accruing		0
Non-accrual Loans		244
Real estate construction \| 30 to 59 days past due and still accruing
Financing Receivable, Past Due [Line Items]
Commercial loans		24
Real estate construction \| 60 to 89 days past due and still accruing
Financing Receivable, Past Due [Line Items]
Commercial loans		0
Past due and non-accrual retail loans
Financing Receivable, Past Due [Line Items]
Commercial loans	2,199,698	2,015,986
90+ days past due and still accruing	382	375
Non-accrual Loans	3,237	3,752
Past due and non-accrual retail loans \| 30 to 59 days past due and still accruing
Financing Receivable, Past Due [Line Items]
Commercial loans	3,115	3,667
Past due and non-accrual retail loans \| 60 to 89 days past due and still accruing
Financing Receivable, Past Due [Line Items]
Commercial loans	521	1,122
Retail real estate
Financing Receivable, Past Due [Line Items]
Commercial loans	1,727,281	1,720,455
90+ days past due and still accruing	382	366
Non-accrual Loans	3,092	3,595
Retail real estate \| 30 to 59 days past due and still accruing
Financing Receivable, Past Due [Line Items]
Commercial loans	2,364	2,781
Retail real estate \| 60 to 89 days past due and still accruing
Financing Receivable, Past Due [Line Items]
Commercial loans	504	927
Retail other
Financing Receivable, Past Due [Line Items]
Commercial loans	472,417	295,531
90+ days past due and still accruing	0	9
Non-accrual Loans	145	157
Retail other \| 30 to 59 days past due and still accruing
Financing Receivable, Past Due [Line Items]
Commercial loans	751	886
Retail other \| 60 to 89 days past due and still accruing
Financing Receivable, Past Due [Line Items]
Commercial loans	$ 17	$ 195

STOCK-BASED COMPENSATION - Schedule of Changes in the Company's RSU, PSU, and DSU Awards (Details)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
RSU Awards
Shares
Non-vested at beginning of period (in shares) \| shares	1,041,444
Granted (in shares) \| shares	202,043
Dividend equivalents earned (in shares) \| shares	23,064
Vested (in shares) \| shares	(7,681)
Forfeited (in shares) \| shares	(12,893)
Non-vested at end of period (in shares) \| shares	1,245,977
Weighted- Average Grant Date Fair Value
Non-vested at beginning of period (in dollars per share) \| $ / shares	$ 22.05
Granted (in dollars per share) \| $ / shares	23.35
Dividend equivalents earned (in dollars per share) \| $ / shares	23.54
Vested (in dollars per share) \| $ / shares	23.23
Forfeited (in dollars per share) \| $ / shares	23.14
Non-vested at end of period (in dollars per share) \| $ / shares	$ 22.27
PSU Awards
Shares
Non-vested at beginning of period (in shares) \| shares	341,700
Granted (in shares) \| shares	189,208
Dividend equivalents earned (in shares) \| shares	4,264
Vested (in shares) \| shares	(4,264)
Forfeited (in shares) \| shares	(5,526)
Non-vested at end of period (in shares) \| shares	525,382
Weighted- Average Grant Date Fair Value
Non-vested at beginning of period (in dollars per share) \| $ / shares	$ 22.67
Granted (in dollars per share) \| $ / shares	22.32
Dividend equivalents earned (in dollars per share) \| $ / shares	22.95
Vested (in dollars per share) \| $ / shares	22.95
Forfeited (in dollars per share) \| $ / shares	22.54
Non-vested at end of period (in dollars per share) \| $ / shares	$ 22.54
DSU Awards
Shares
Non-vested at beginning of period (in shares) \| shares	43,026
Granted (in shares) \| shares	35,847
Dividend equivalents earned (in shares) \| shares	4,192
Vested (in shares) \| shares	(45,817)
Forfeited (in shares) \| shares	(1,025)
Non-vested at end of period (in shares) \| shares	36,223
Vested and outstanding at end of period (in shares) \| shares	181,590
Weighted- Average Grant Date Fair Value
Non-vested at beginning of period (in dollars per share) \| $ / shares	$ 20.41
Granted (in dollars per share) \| $ / shares	23.35
Dividend equivalents earned (in dollars per share) \| $ / shares	23.53
Vested (in dollars per share) \| $ / shares	20.67
Forfeited (in dollars per share) \| $ / shares	20.44
Non-vested at end of period (in dollars per share) \| $ / shares	23.35
Vested and outstanding at end of period (in dollars per share) \| $ / shares	$ 22.79

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Financial Instruments Owned and Pledged as Collateral

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


	As of
	June 30, 2024		December 31, 2023
Pledged loans
FHLB	$	4,820,332	$	4,865,481
Federal Reserve Bank	750,474		722,914
Total pledged loans	$	5,570,806	$	5,588,395

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


	As of
	June 30, 2024		December 31, 2023
Cash pledged to secure obligations under derivative contracts	$	34,210	$	34,210
Collateral held to secure obligations under derivative contracts	24,020		19,280

Schedule of the Interest-Rate Swaps Designated as Cash Flow Hedges

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


		As of
	Location	June 30, 2024			December 31, 2023
Debt Swap
Notional amount		$	50,000		$	50,000
Weighted average fixed pay rates		1.79		%	1.79		%
Weighted average variable 3-month Fallback Rate (SOFR) receive rates		5.61		%	5.61		%
Weighted average maturity		0.21 years			0.71 years

Prime Loan Swap
Notional amount		$	300,000		$	300,000
Weighted average fixed receive rates		4.81		%	4.81		%
Weighted average variable Prime pay rates		8.50		%	8.50		%
Weighted average maturity		4.60 years			5.10 years

SOFR Loan Swap
Notional amount		$	100,000		$	—
Weighted average fixed receive rates		3.72		%	—

Weighted average maturity		4.68 years			—

Gross aggregate fair value of the swaps
Gross aggregate fair value of swap assets	Other assets	$	477		$	1,293
Gross aggregate fair value of swap liabilities	Other liabilities	30,065			25,411

Balances carried in AOCI
Unrealized gains (losses) on cash flow hedges, net of tax	AOCI	$	(20,616)		$	(16,694)

Schedule of Reclassification of Unrealized Gains and Losses from OCI


	As of June 30, 2024
Unrealized gains (losses) in OCI expected to be recognized in income
Unrealized losses expected to be reclassified from OCI to interest income	$	(922)
Unrealized gains expected to be reclassified from OCI to interest expense	499
Net unrealized gains (losses) in OCI expected to be recognized in net interest income	$	(423)

Schedule of Interest Income (Expense) Recorded on Swap Transactions

Interest income and interest expense recorded on these swap transactions is presented in the following table (dollars in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Interest on swap transactions
Increase (decrease) in interest income on swap transactions	$	(2,795)	$	(2,537)	$	(5,591)	$	(4,729)
(Increase) decrease in interest expense on swap transactions	484		404		967		787
Net increase (decrease) in net interest income on swap transactions	$	(2,311)	$	(2,133)	$	(4,624)	$	(3,942)

Schedule of Net Gains (Losses) Relating to these Derivative Instruments


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Unrealized gains (losses) on cash flow hedges
Net gain (loss) recognized in OCI, net of tax	$	(1,996)	$	(6,036)	$	(7,228)	$	(2,986)
(Gain) loss reclassified from OCI to interest income, net of tax	1,998		1,813		3,997		3,380
(Gain) loss reclassified from OCI to interest expense, net of tax	(346)		(288)		(691)		(562)
Net change in unrealized gains (losses) on cash flow hedges, net of tax	$	(344)	$	(4,511)	$	(3,922)	$	(168)


		Three Months Ended June 30,				Six Months Ended June 30,
	Location	2024		2023		2024		2023
Interest rate swaps
Pay floating, receive fixed	Noninterest expense	$	694	$	3,306	$	6,174	$	(4,361)
Pay fixed, receive floating	Noninterest expense	(694)		(3,306)		(6,174)		4,361
Net change in fair value of interest rate swaps		$	—	$	—	$	—	$	—

Gains and losses relating to these derivative instruments are reported in noninterest income/expense, and are summarized as follows for the periods presented (dollars in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

Gains on interest rate lock commitments	$	195	$	—	$	462	$	—
Gains on forward sales commitments	15		86		24		32
Losses on interest rate lock commitments	(9)		(49)		(14)		(12)
Losses on forward sales commitments	(47)		—		(98)		—

Schedule of Fair Values of Derivative Assets and Liabilities Recorded in Consolidated Balance Sheet


	As of June 30, 2024
	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	$	96,481	$	1,332	$	578,525	$	33,594
Interest rate swaps – pay fixed, receive floating	578,525		33,594		96,481		1,332
Total derivatives not designated as hedging instruments	$	675,006	$	34,926	$	675,006	$	34,926


	As of December 31, 2023
	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	$	177,883	$	2,375	$	485,253	$	26,289
Interest rate swaps – pay fixed, receive floating	485,253		26,289		177,883		2,375
Total derivatives not designated as hedging instruments	$	663,136	$	28,664	$	663,136	$	28,664

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


		As of June 30, 2024				As of December 31, 2023
	Location	Notional Amount		Fair Value		Notional Amount		Fair Value
Mortgage banking derivative assets
Interest rate lock commitments	Other assets	$	9,026	$	155	$	3,477	$	25
Forward sales commitments	Other assets	4,148		17		1,761		11
Mortgage banking derivative assets		$	13,174	$	172	$	5,238	$	36

Mortgage banking derivative liabilities
Interest rate lock commitments	Other liabilities	$	344	$	10	$	1,615	$	10
Forward sales commitments	Other liabilities	10,409		44		5,216		47
Mortgage banking derivative liabilities		$	10,753	$	54	$	6,831	$	57

Schedule of Notional Amount and Fair Value of Risk Participation Agreement

The risk participation agreements mature between August 2026 and January 2029, and are summarized as follows (dollars in thousands):


	As of
	June 30, 2024		December 31, 2023
Risk participation agreements purchased
Number of risk participation agreements	4		3
Notional amount	$	35,048	$	34,251
Fair value	8		15

Risk participation agreements sold
Number of risk participation agreements	—		1
Notional amount	—		$	20,001
Fair value	—		—

- Definition

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

+ References + Details

LEASES

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

LEASES

NOTE 4. LEASES

Busey as the Lessee

Busey 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 balances Busey reported in its Consolidated Balance Sheets (Unaudited) (dollars in thousands) and lease terms:


	As of
	June 30, 2024			December 31, 2023
Lease balances
Right of use assets	$	11,137		$	11,027
Lease liabilities	11,469			11,308

Lease terms
Year through which lease terms extend	2037			2037
Weighted average remaining lease term	7.87 years			8.39 years
Weighted average discount rate	3.71		%	3.59		%

The following table presents lease costs, which are included in net occupancy and equipment expense in the Consolidated Statements of Income (Unaudited), and lease-related cash flows (dollars in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Lease costs
Operating lease costs	$	559	$	593	$	1,094	$	1,221
Variable lease costs	14		13		28		18
Short-term lease costs	45		16		58		22
Total lease cost	$	618	$	622	$	1,180	$	1,261

Cash flows related to leases
Cash paid for amounts included in the measurement of lease liabilities:
Operating lease cash flows – Fixed payments	$	530	$	564	$	1,037	$	1,134
Operating lease cash flows – Liability reduction	433		461		844		940
Right of use assets obtained during the period in exchange for operating lease liabilities1	1,009		5		1,009		9

___________________________________________

1.The three and six months ended June 30, 2024, include $0.3 million right of use assets recognized in connection with the acquisition of M&M (see “Not e 16 . Acquisition”), and an additional $0.7 million recognized in connection with a lease amendment that was executed subsequent to the acquisition for a lease that was obtained in the acquisition.

Busey 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 June 30, 2024
Rent commitments
Remainder of 2024	$	1,134
2025	1,938
2026	1,678
2027	1,465
2028	1,410
2029	1,436
Thereafter	4,281
Total undiscounted cash flows	13,342
Less: Amounts representing interest	1,873
Present value of net future minimum lease payments	$	11,469

Busey as the Lessor

Busey leases parking lots and office space to outside parties. Revenues recorded in connection with these leases, reported in other income on our Consolidated Statements of Income (Unaudited), are summarized as follows (dollars in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Rental income	$	204	$	183	$	406	$	374

Noncancellable terms for these leases, all of which are operating leases, extend through 2028. Under the terms of these lease agreements, Busey is entitled to receive aggregate future minimum lease payments as shown in the table below (dollars in thousands):


	As of June 30, 2024
Rents to be received
Remainder of 2024	$	413
2025	623
2026	463
2027	301
2028	185


Total lease payments from operating leases	$	1,985

LEASES

NOTE 4. LEASES

Busey as the Lessee


	As of
	June 30, 2024			December 31, 2023
Lease balances
Right of use assets	$	11,137		$	11,027
Lease liabilities	11,469			11,308

Lease terms
Year through which lease terms extend	2037			2037
Weighted average remaining lease term	7.87 years			8.39 years
Weighted average discount rate	3.71		%	3.59		%


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Lease costs
Operating lease costs	$	559	$	593	$	1,094	$	1,221
Variable lease costs	14		13		28		18
Short-term lease costs	45		16		58		22
Total lease cost	$	618	$	622	$	1,180	$	1,261

Cash flows related to leases
Cash paid for amounts included in the measurement of lease liabilities:
Operating lease cash flows – Fixed payments	$	530	$	564	$	1,037	$	1,134
Operating lease cash flows – Liability reduction	433		461		844		940
Right of use assets obtained during the period in exchange for operating lease liabilities1	1,009		5		1,009		9

___________________________________________


	As of June 30, 2024
Rent commitments
Remainder of 2024	$	1,134
2025	1,938
2026	1,678
2027	1,465
2028	1,410
2029	1,436
Thereafter	4,281
Total undiscounted cash flows	13,342
Less: Amounts representing interest	1,873
Present value of net future minimum lease payments	$	11,469

Busey as the Lessor


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Rental income	$	204	$	183	$	406	$	374


	As of June 30, 2024
Rents to be received
Remainder of 2024	$	413
2025	623
2026	463
2027	301
2028	185


Total lease payments from operating leases	$	1,985

STOCK-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Changes in the Company's Stock Option Awards

Busey has outstanding stock options assumed from acquisitions. A summary of the status of, and changes in, the Company's stock option awards for the six months ended June 30, 2024, follows:


Options	Shares	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life
Outstanding at December 31, 2023	21,266	$	23.53	2.88 years
Exercised	—	—
Forfeited	(3,300)	23.53
Expired	—	—
Outstanding at June 30, 2024	17,966	23.53		2.38 years

Exercisable at June 30, 2024	17,966	23.53		2.38 years

Schedule of Changes in the Company's RSU, PSU, and DSU Awards

A summary of changes in Busey’s RSU awards for the six months ended June 30, 2024, is as follows:


RSU Awards	Shares	Weighted- Average Grant Date Fair Value
Nonvested at December 31, 2023	1,041,444	$	22.05
Granted	202,043	23.35
Dividend equivalents earned	23,064	23.54
Vested	(7,681)	23.23
Forfeited	(12,893)	23.14
Nonvested at June 30, 2024	1,245,977	22.27

A summary of changes in Busey’s PSU awards for the six months ended June 30, 2024, is as follows:


PSU Awards	Shares1	Weighted- Average Grant Date Fair Value
Nonvested at December 31, 2023	341,700	$	22.67
Granted	189,208	22.32
Dividend equivalents earned2	4,264	22.95
Vested2	(4,264)	22.95
Forfeited	(5,526)	22.54

Nonvested at June 30, 2024	525,382	22.54

___________________________________________

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

2.PSUs granted in 2021 vested on December 31, 2023, with performance determination and settlement activity in the first quarter of 2024. Final performance was determined to be at 50% of target.

A summary of changes in Busey’s DSU awards for the six months ended June 30, 2024, is as follows:


DSU Awards	Shares	Weighted- Average Grant Date Fair Value
Nonvested at December 31, 2023	43,026	$	20.41
Granted	35,847	23.35
Dividend equivalents earned	4,192	23.53
Vested	(45,817)	20.67
Forfeited	(1,025)	20.44
Nonvested at June 30, 2024	36,223	23.35

Vested and outstanding at June 30, 2024	181,590	22.79

Schedule of Stock-Based Compensation Expense

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


		Three Months Ended June 30,				Six Months Ended June 30,
	Location	2024		2023		2024		2023
Stock-based compensation expense

RSU awards	Salaries, wages, and employee benefits	$	1,061	$	1,231	$	1,955	$	2,251
PSU awards1	Salaries, wages, and employee benefits	(149)		1,184		1,061		1,544
DSU awards	Other expense	189		211		404		407
ESPP	Salaries, wages, and employee benefits	33		30		117		123
Total stock-based compensation expense		$	1,134	$	2,656	$	3,537	$	4,325

___________________________________________

Schedule of Unamortized Stock-Based Compensation Expense

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


	As of
	June 30, 2024		December 31, 2023
Unamortized stock-based compensation
RSU awards	$	9,341	$	6,842
PSU awards1	4,664		3,607
DSU awards	603		190
Total unamortized stock-based compensation	$	14,608	$	10,639

Weighted average period over which expense is to be recognized	2.6 years		2.4 years

___________________________________________

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Reclassification of Unrealized Gains and Losses from OCI (Details) - Interest Rate Swap - Cash Flow Hedging $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Derivative [Line Items]
Net unrealized gains (losses) in OCI expected to be recognized in net interest income	$ (423)
Interest Income
Derivative [Line Items]
Net unrealized gains (losses) in OCI expected to be recognized in net interest income	(922)
Interest Expense
Derivative [Line Items]
Net unrealized gains (losses) in OCI expected to be recognized in net interest income	$ 499

BORROWINGS - Schedule of Securities Sold Under Agreements to Repurchase (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Securities sold under agreements to repurchase	$ 140,283	$ 187,396
Weighted average rate for securities sold under agreements to repurchase	2.88%	3.26%

- Definition

Amount, after the effects of master netting arrangements, of funds outstanding borrowed in the form of a security repurchase agreement between the entity and another party for the sale and repurchase of identical or substantially the same securities at a date certain for a specified price. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(13)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.12-12A(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483466/210-20-50-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(m)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(m)(1)(ii)(A)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483444/210-20-55-10

+ Details

TAX CREDIT AND OTHER INVESTMENTS IN UNCONSOLIDATED ENTITIES (Tables)

6 Months Ended

Jun. 30, 2024

Investments, All Other Investments [Abstract]

Schedule of Investments

Busey’s investments in these unconsolidated entities and related unfunded investment obligations are reflected in other assets and other liabilities on the Consolidated Balance Sheets (Unaudited), and are summarized in the table below for the periods indicated (dollars in thousands):


		As of
	Location	June 30, 2024		December 31, 2023
Investments in unconsolidated entities
Funded investments	Other assets	$	65,595	$	68,516
Unfunded investments	Other assets	71,785		58,552
Investments in unconsolidated entities		$	137,380	$	127,068

Unfunded investment obligations	Other liabilities	$	71,785	$	58,552

Upon adoption of ASU 2023-02 on January 1, 2024, Busey elected to apply the proportional amortization method in accounting for investments in tax-advantaged projects. Estimated income tax credits and other tax benefits related to these investments, net of investment amortization, are included as a component of our estimated annual effective tax rate used for the calculation of income taxes presented in the Consolidated Statements of Income (Unaudited). Actual amounts of income tax credits and other benefits, along with the investment amortization, are presented in the table below (dollars in thousands):


	Three Months Ended June 30, 2024		Six Months Ended June 30, 2024

Income tax credits and other tax benefits	$	3,765		$	7,866
Amortization of investments in tax-advantaged projects	3,339			6,986

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Interest Rate Swaps Not Designated as Hedges (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Interest Rate Swap
Derivative Asset
Notional Amount	$ 675,006	$ 663,136
Fair Value	34,926	28,664
Derivative Liability
Notional Amount	675,006	663,136
Fair Value	34,926	28,664
Interest rate swaps – pay floating, receive fixed
Derivative Asset
Notional Amount	96,481	177,883
Fair Value	1,332	2,375
Derivative Liability
Notional Amount	578,525	485,253
Fair Value	33,594	26,289
Interest rate swaps – pay fixed, receive floating
Derivative Asset
Notional Amount	578,525	485,253
Fair Value	33,594	26,289
Derivative Liability
Notional Amount	96,481	177,883
Fair Value	$ 1,332	$ 2,375

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Interest Income (Expense) Recorded on Swap Transactions (Details) - Interest Rate Swap - Cash Flow Hedging - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative [Line Items]
Increase (decrease) in interest income on swap transactions	$ (2,795)	$ (2,537)	$ (5,591)	$ (4,729)
(Increase) decrease in interest expense on swap transactions	484	404	967	787
Net increase (decrease) in net interest income on swap transactions	$ (2,311)	$ (2,133)	$ (4,624)	$ (3,942)

DEBT SECURITIES - Schedule of Realized Gains and Losses on Debt Securities (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Realized gains and losses on debt securities
Gross gains on debt securities	$ 0		$ 0	$ 1	$ 10
Gross (losses) on debt securities	(4)		(178)	(6,807)	(184)
Realized net gains (losses) on debt securities	$ (4)		$ (178)	$ (6,806)	$ (174)
Debt securities available for sale		$ 108,200
Pre-tax loss on debt securities		6,800
Gain on sale of mortgage servicing rights, before tax		7,500
Mortgage servicing rights sold		$ 923,500

STOCK-BASED COMPENSATION - 2020 Equity Plan (Details) - shares	Apr. 14, 2023	Jun. 30, 2024
Amended 2020 Equity Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Increase in the number of shares authorized for issuance (in shares)	1,350,000
2020 Equity Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Remaining shares available for issuance (in shares)		1,320,468

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-Name Accounting Standards Codification
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-Paragraph 2
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Portfolio loans, allowance for credit losses	$ 85,226	$ 91,740
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	100,000,000	100,000,000

STOCK-BASED COMPENSATION - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	$ 1,134	$ 2,656	$ 3,537	$ 4,325
RSU Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	1,061	1,231	1,955	2,251
PSU Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	(149)	1,184	1,061	1,544
DSU Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	189	211	404	407
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	$ 33	$ 30	$ 117	$ 123

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent
Net unrealized holding gains (losses) on debt securities available for sale, net, tax expense (benefit)	$ 480	$ (4,731)	$ (1,786)	$ 4,018
Net unrealized gains (losses) on debt securities transferred to held to maturity from available for sale, tax expense (benefit)			0	0
Reclassification adjustment for realized (gains) losses on debt securities available for sale included in net income, tax expense (benefit)	(1)	(51)	(1,940)	(50)
Amortization of unrealized losses on securities transferred to held to maturity, tax expense (benefit)	(399)	(443)	(801)	(926)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
Net unrealized holding gains (losses) on cash flow hedges, tax expense (benefit)	(795)	(2,406)	(2,881)	(1,192)
Reclassification adjustment for realized (gains) losses on cash flow hedges included in net income, tax expense (benefit)	$ (659)	$ (608)	$ (1,318)	$ (1,124)

ACQUISITION - Schedule of Estimated Acquisition-date Fair Values of the Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Apr. 01, 2024	Jun. 30, 2024	Dec. 31, 2023
Consideration paid
Goodwill		$ 333,281	$ 317,873
Merchants and Manufacturers Bank Corporation
Assets acquired
Cash and cash equivalents	$ 33,577
Securities	8,086
Portfolio loans, net of ACL	417,493
Right of use assets	253
Premises and equipment	2,045
Other intangible assets	6,346
Accrued interest receivable	4,992
Prepaid assets	185
Deferred tax assets	535
Accounts receivable	42
Mortgage servicing rights	55
Other assets	4,632
Total assets acquired	478,241
Liabilities assumed
Deposits	392,838
Borrowings	43,887
Lease liabilities	253
Other liabilities	7,096
Total liabilities assumed	444,074
Net assets acquired	34,167
Consideration paid
Cash	15,200
Common stock	34,375
Total consideration paid	49,575
Goodwill	$ 15,408

DEBT SECURITIES

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

DEBT SECURITIES

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 or unrecognized gains and losses, and fair values of debt securities summarized by major category (dollars in thousands):


	As of June 30, 2024
	Amortized Cost		Unrealized				Fair Value
			Gross Gains		Gross Losses
Debt securities available for sale
U.S. Treasury securities	$	500	$	—	$	(3)	$	497
Obligations of U.S. government corporations and agencies	3,796		1		(11)		3,786
Obligations of states and political subdivisions	167,814		23		(18,264)		149,573
Asset-backed securities1	427,722		151		(469)		427,404
Commercial mortgage-backed securities	109,386		45		(15,741)		93,690
Residential mortgage-backed securities	1,196,802		14		(201,248)		995,568
Corporate debt securities	170,391		48		(11,061)		159,378
Total debt securities available for sale	$	2,076,411	$	282	$	(246,797)	$	1,829,896



	Amortized Cost		Unrecognized				Fair Value
			Gross Gains		Gross Losses
Debt securities held to maturity
Commercial mortgage-backed securities	$	422,091	$	—	$	(77,024)	$	345,067
Residential mortgage-backed securities	429,170		—		(76,782)		352,388
Total debt securities held to maturity	$	851,261	$	—	$	(153,806)	$	697,455

___________________________________________

1.Includes securities marked at par, with no gain or loss to report.


	As of December 31, 2023
	Amortized Cost		Unrealized				Fair Value
			Gross Gains		Gross Losses
Debt securities available for sale
U.S. Treasury securities	$	16,031	$	—	$	(85)	$	15,946
Obligations of U.S. government corporations and agencies	5,889		1		(58)		5,832
Obligations of states and political subdivisions1	190,819		52		(18,026)		172,845
Asset-backed securities	470,046		—		(1,823)		468,223
Commercial mortgage-backed securities	119,044		—		(15,535)		103,509
Residential mortgage-backed securities	1,306,854		5		(195,547)		1,111,312
Corporate debt securities	225,947		128		(16,171)		209,904
Total debt securities available for sale	$	2,334,630	$	186	$	(247,245)	$	2,087,571



	Amortized Cost		Unrecognized				Fair Value
			Gross Gains		Gross Losses
Debt securities held to maturity
Commercial mortgage-backed securities	$	428,526	$	—	$	(71,000)	$	357,526
Residential mortgage-backed securities	444,102		—		(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 June 30, 2024
	Amortized Cost		Fair Value
Debt securities available for sale
Due in one year or less	$	80,143	$	78,203
Due after one year through five years	140,060		132,010
Due after five years through ten years	508,143		481,333
Due after ten years	1,348,065		1,138,350
Debt securities available for sale	$	2,076,411	$	1,829,896




Debt securities held to maturity

Due after one year through five years	$	72,525	$	67,892
Due after five years through ten years	26,751		23,992
Due after ten years	751,985		605,571
Debt securities held to maturity	$	851,261	$	697,455

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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Realized gains and losses on debt securities
Gross gains on debt securities	$	—	$	—	$	1	$	10
Gross (losses) on debt securities1	(4)		(178)		(6,807)		(184)
Realized net gains (losses) on debt securities	$	(4)	$	(178)	$	(6,806)	$	(174)

___________________________________________

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 $779.9 million on June 30, 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.

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 June 30, 2024
	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	$	—	$	—	$	497	$	(3)	$	497	$	(3)
Obligations of U.S. government corporations and agencies	—		—		3,686		(11)		3,686		(11)
Obligations of states and political subdivisions	5,465		(64)		135,744		(18,200)		141,209		(18,264)
Asset-backed securities	159,674		(86)		184,078		(383)		343,752		(469)
Commercial mortgage-backed securities	—		—		88,867		(15,741)		88,867		(15,741)
Residential mortgage-backed securities	5,905		(37)		987,618		(201,211)		993,523		(201,248)
Corporate debt securities	4,415		(19)		147,326		(11,042)		151,741		(11,061)
Debt securities available for sale with gross unrealized losses	$	175,459	$	(206)	$	1,547,816	$	(246,591)	$	1,723,275	$	(246,797)



	12 months or more			Total
		Fair Value		Unrecognized Losses		Fair Value		Unrecognized Losses
Debt securities held to maturity
Commercial mortgage-backed securities		$	345,067	$	(77,024)	$	345,067	$	(77,024)
Residential mortgage-backed securities		352,388		(76,782)		352,388		(76,782)
Debt securities held to maturity with gross unrecognized losses		$	697,455	$	(153,806)	$	697,455	$	(153,806)


	As of December 31, 2023
	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	$	—	$	—	$	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 subdivisions	11,442		(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 securities	141		(1)		1,110,906		(195,546)		1,111,047		(195,547)
Corporate debt securities	1,450		(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 more			Total
		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 securities		372,871		(71,231)		372,871		(71,231)
Debt securities held to maturity with gross unrecognized losses		$	730,397	$	(142,231)	$	730,397	$	(142,231)

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


	As of June 30, 2024
	Available for Sale			Held to Maturity			Total
Debt securities with gross unrealized or unrecognized losses, fair value	$	1,723,275		$	697,455		$	2,420,730
Gross unrealized or unrecognized losses on debt securities	246,797			153,806			400,603
Ratio of gross unrealized or unrecognized losses to debt securities with gross unrealized or unrecognized losses	14.3		%	22.1		%	16.5		%

Count of debt securities	717			55			772
Count of debt securities in an unrealized or unrecognized loss position	667			55			722


	As of December 31, 2023
	Available for Sale			Held to Maturity			Total
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 securities	247,245			142,231			389,476
Ratio of gross unrealized or unrecognized losses to debt securities with gross unrealized or unrecognized losses	12.0		%	19.5		%	13.9		%

Count of debt securities	835			55			890
Count of debt securities in an unrealized or unrecognized loss position	779			55			834

Unrealized and unrecognized losses are 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 Busey 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 has been 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 June 30, 2024, Busey did not hold general obligation bonds of any single issuer, the aggregate of which exceeded 10% of Busey’s stockholders’ equity.

ACQUISITION

6 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

ACQUISITION

NOTE 16. ACQUISITION

Merchants and Manufacturers Bank Corporation

Effective April 1, 2024, Busey completed its previously announced acquisition of M&M, pursuant to which Busey acquired M&M and its wholly-owned subsidiary, M&M Bank, through a merger transaction. This partnership adds M&M’s Life Equity Loan® products to Busey’s existing suite of services and expands Busey’s presence in the suburban Chicago market. M&M’s results of operations were included in Busey’s results of operation beginning April 1, 2024.

Merger of M&M Bank into Busey Bank

Busey operated M&M Bank as a separate banking subsidiary of Busey until it was merged with Busey Bank on June 21, 2024. At the time of the bank merger, M&M Bank’s banking centers became banking centers of Busey Bank, except for M&M’s banking center located at 990 Essington Rd., Joliet, Illinois, which was closed in connection with the bank merger.

Merger Consideration

At the effective time of the Merger, each share of M&M common stock converted to the right to receive, at the election of each stockholder and subject to proration and adjustment as provided in the Merger Agreement, either (1) $117.74 in cash (“Cash Election”), (2) 5.7294 shares of Busey common stock (“Share Election”), or (3) mixed consideration of $34.55 in cash and 4.0481 shares of Busey common stock (“Mixed Election”).

Most of the M&M common stockholders who submitted an election form by the election deadline made the Share Election to receive their Merger consideration solely in the form of shares of Busey common stock. As a result of the elections of M&M common stockholders, and in accordance with the proration and adjustment provisions of the Merger Agreement, the 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, allocated as follows for each share of M&M stock: (1) $117.74 in cash for the Cash Election, (2) $5.3966 in cash and 5.4668 shares of Busey common stock for the Share Election, and (3) $34.55 in cash and 4.0481 shares of Busey common stock for the Mixed Election. Pursuant to the terms of the Merger Agreement, M&M common stockholders that did not make an election or submit a properly completed election form by the election deadline of March 29, 2024, received cash consideration of $117.74 for each share of M&M common stock held. No fractional shares of Busey common stock were issued in the Merger. Fractional shares were paid in cash at the rate of $23.32 per share.

Additional Merger consideration of $3.0 million was paid to redeem 300 shares of M&M preferred stock.

Acquisition Accounting

This transaction was accounted for using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed, and consideration exchanged were recorded at estimated fair values on April 1, 2024, the date of acquisition. Fair values, including initial accounting for deferred taxes, are subject to refinement for up to one year after the closing date as additional information regarding the closing date fair values becomes available.

As the total consideration paid for M&M exceeded the estimated fair value of net assets acquired, goodwill of $15.4 million was recorded as a result of the acquisition. Goodwill recorded for this transaction reflects synergies expected from the acquisition and expansion within the Chicago metropolitan market, and was assigned to the Banking operating segment. None of the goodwill recognized in the M&M acquisition is expected to be tax deductible.

Acquisition Date Fair Values

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


	April 1, 2024
Assets acquired
Cash and cash equivalents	$	33,577
Securities	8,086
Portfolio loans, net of ACL	417,493
Right of use assets	253
Premises and equipment	2,045
Other intangible assets	6,346
Accrued interest receivable	4,992
Prepaid assets	185
Deferred tax assets	535
Accounts receivable	42
Mortgage servicing rights	55
Other assets	4,632
Total assets acquired	478,241

Liabilities assumed
Deposits	392,838
Borrowings	43,887
Lease liabilities	253
Other liabilities	7,096
Total liabilities assumed	444,074

Net assets acquired	$	34,167

Consideration paid
Cash	$	15,200
Common stock	34,375
Total consideration paid	$	49,575

Goodwill	$	15,408

Loans Purchased with Credit Deterioration

A small portion of the acquired loans were PCD. The following table provides a reconciliation between the purchase price and the fair value of these loans (dollars in thousands):


	As of April 1, 2024
PCD Financial Assets
Gross contractual receivable for PCD financial assets	$	29,290
ACL recorded for estimated uncollectible contractual cash flows specific to PCD financial assets	(1,243)
Interest premium (discount) specific to PCD financial assets	(1,773)
Fair value of PCD financial assets	$	26,274

Other Acquisition Costs

In connection with the M&M acquisition, Busey incurred $2.1 million and $2.4 million in pre-tax acquisition expenses during the three and six months ended June 30, 2024, respectively, comprised primarily of salaries, wages and employee benefits; data processing; and professional fees, which are reported as components of noninterest expense in the accompanying Consolidated Statements of Income (Unaudited).

BORROWINGS (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Securities Sold Under Agreements to Repurchase

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


	As of
	June 30, 2024			December 31, 2023
Securities sold under agreements to repurchase	$	140,283		$	187,396
Weighted average rate for securities sold under agreements to repurchase	2.88		%	3.26		%

Schedule of Short-term Borrowings

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


	As of
	June 30, 2024		December 31, 2023
Short-term borrowings



Term Loan, current portion due within 12 months	$	—	$	12,000
Total short-term debt	$	—	$	12,000

Schedule of Long-term Debt

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


	As of
	June 30, 2024		December 31, 2023
Long-term debt

Term Loan	$	—	$	18,000
Total long-term debt	$	—	$	18,000

Schedule of Unamortized Debt Issuance Cost

Unamortized debt issuance costs related to Busey’s subordinated notes are presented in the following table (dollars in thousands):


	As of
	June 30, 2024		December 31, 2023
Unamortized debt issuance costs
Subordinated notes issued in 2020	$	483	$	735
Subordinated notes issued in 2022	1,196		1,383
Total unamortized debt issuance costs	$	1,679	$	2,118

- 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.

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+ Details

OPERATING SEGMENTS AND RELATED INFORMATION (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of Information Relating to Operating Segments


	Goodwill				Total Assets
	As of				As of
	June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023
Operating segment
Banking	$	310,181	$	294,773	$	11,796,353	$	12,125,298
Wealth Management	14,108		14,108		113,516		103,147
FirsTech	8,992		8,992		50,172		51,600
Other	—		—		11,375		3,370
Consolidated total	$	333,281	$	317,873	$	11,971,416	$	12,283,415


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net interest income
Banking	$	86,242	$	82,710	$	165,775	$	172,600

FirsTech	12		14		25		27
Other	(3,820)		(4,054)		(7,599)		(8,100)
Total net interest income	$	82,434	$	78,670	$	158,201	$	164,527

Noninterest income
Banking	$	12,434	$	10,312	$	25,906	$	22,733
Wealth Management	16,108		14,717		31,820		29,643
FirsTech	6,178		5,615		12,149		11,289
Other	(919)		(2,632)		(1,074)		(3,805)
Total noninterest income	$	33,801	$	28,012	$	68,801	$	59,860

Noninterest expense
Banking	$	58,597	$	53,491	$	110,984	$	108,142
Wealth Management	8,791		8,228		17,927		16,762
FirsTech	6,152		5,319		12,018		11,058
Other	1,997		2,167		5,377		3,646
Total noninterest expense	$	75,537	$	69,205	$	146,306	$	139,608

Income before income taxes
Banking	$	37,802	$	38,904	$	73,382	$	85,611
Wealth Management	7,317		6,489		13,893		12,881
FirsTech	38		310		156		258
Other	(6,736)		(8,853)		(14,050)		(15,551)
Total income before income taxes	$	38,421	$	36,850	$	73,381	$	83,199

Net income
Banking	$	26,697	$	30,665	$	53,189	$	67,500
Wealth Management	5,561		4,932		10,559		9,790
FirsTech	28		226		114		188
Other	(4,929)		(6,459)		(10,280)		(11,328)
Total net income	$	27,357	$	29,364	$	53,582	$	66,150

BORROWINGS

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

BORROWINGS

NOTE 6. BORROWINGS

Securities Sold Under Agreements to Repurchase

Securities sold under agreements to repurchase, which are classified as secured borrowings, generally mature daily. Securities sold under agreements to repurchase are reflected at the amount of cash received in connection with the transaction. The underlying securities are held by Busey’s safekeeping agent. Busey 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
	June 30, 2024			December 31, 2023
Securities sold under agreements to repurchase	$	140,283		$	187,396
Weighted average rate for securities sold under agreements to repurchase	2.88		%	3.26		%

Term Loan and Revolving Line of Credit

On May 28, 2021, Busey entered into a Second Amended and Restated Credit Agreement, pursuant to which Busey has access to (1) a $40.0 million revolving line of credit with an initial termination date of April 30, 2022, and (2) 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 annual interest rate for the loans was established at 1.80% plus the one-month forward-looking term rate based on SOFR. The agreement has subsequently been amended twice to extend the termination date for the revolving line of credit, which is currently April 30, 2025. During the first quarter of 2024, Busey paid the full $30.0 million balance remaining on the Term Loan, at which time the Term Loan carried interest at a rate of 7.13%.

As of June 30, 2024, there was no balance outstanding on the revolving credit facility. The revolving credit facility incurs a non-usage fee based on any undrawn amounts.

Short-term Borrowings

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


	As of
	June 30, 2024		December 31, 2023
Short-term borrowings



Term Loan, current portion due within 12 months	$	—	$	12,000
Total short-term debt	$	—	$	12,000

Federal funds purchased are short-term borrowings that generally mature between one day and 90 days. During the first quarter of 2024, Busey purchased federal funds to test operational availability to access funds if needed. Busey had no federal funds purchased as of June 30, 2024, or December 31, 2023.

Long-term Debt

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
	June 30, 2024		December 31, 2023
Long-term debt

Term Loan	$	—	$	18,000
Total long-term debt	$	—	$	18,000

Subordinated Notes

On June 1, 2020, Busey 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 regulatory purposes, 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. Interest on the subordinated notes is 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, Busey 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 accrues 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.

Associated with the M&M acquisition completed on April 1, 2024 (see “Note 16. Ac quisition”), Busey acquired $4.0 million of 5.25% fixed-to-floating rate subordinated notes maturing December 4, 2030, which qualify as Tier 2 capital for regulatory purposes. Interest on the subordinated notes accrues at a rate equal to (i) 5.25% per annum from the original issue date to December 4, 2025, 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 497 basis points from December 4, 2025. The subordinated notes have an optional redemption, in whole or in part, on or after December 4, 2025. At June 30, 2024, there was $0.1 million of fair value discount outstanding, to be accreted through the earliest optional redemption date.

Unamortized debt issuance costs related to Busey’s subordinated notes are presented in the following table (dollars in thousands):


	As of
	June 30, 2024		December 31, 2023
Unamortized debt issuance costs
Subordinated notes issued in 2020	$	483	$	735
Subordinated notes issued in 2022	1,196		1,383
Total unamortized debt issuance costs	$	1,679	$	2,118

- 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.

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+ Details

STOCK-BASED COMPENSATION - Employee Stock Purchase Plan and Stock-based Compensation Expense (Details) - USD ($)		3 Months Ended		6 Months Ended
	Jul. 01, 2021	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock option compensation expense		$ 1,134,000	$ 2,656,000	$ 3,537,000	$ 4,325,000
Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock option compensation expense		$ 0	$ 0	0	$ 0
Unrecognized stock option compensation expense				$ 0
Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Discount through voluntary payroll deductions	15.00%
Remaining shares available for issuance (in shares)	600,000	419,809		419,809

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

PORTFOLIO LOANS - Schedule of Loan Modifications for Borrowers Experiencing Financial Difficulty (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Payment Deferral
Loans identified as impaired
Amortized cost basis		$ 225		$ 225
% of total class of financing receivable		0.00%		0.00%
Payment Deferral \| C&I and other commercial
Loans identified as impaired
Amortized cost basis		$ 0		$ 0
% of total class of financing receivable		0.00%		0.00%
Payment Deferral \| Commercial real estate
Loans identified as impaired
Amortized cost basis		$ 225		$ 225
% of total class of financing receivable		0.00%		0.00%
Payment Deferral \| Real estate construction
Loans identified as impaired
Amortized cost basis		$ 0		$ 0
% of total class of financing receivable		0.00%		0.00%
Term Extension
Loans identified as impaired
Amortized cost basis	$ 9,011	$ 11,127	$ 25,881	$ 26,559
% of total class of financing receivable	0.10%	0.10%	0.30%	0.30%
Term Extension \| C&I and other commercial
Loans identified as impaired
Amortized cost basis	$ 8,545	$ 2,717	$ 24,067	$ 16,594
% of total class of financing receivable	0.40%	0.10%	1.20%	0.90%
Term Extension \| Commercial real estate
Loans identified as impaired
Amortized cost basis	$ 466	$ 3,031	$ 1,814	$ 4,586
% of total class of financing receivable	0.00%	0.10%	0.10%	0.10%
Term Extension \| Real estate construction
Loans identified as impaired
Amortized cost basis		$ 5,379		$ 5,379
% of total class of financing receivable		1.00%		1.00%

FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

NOTE 12. 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, volatility, 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 estimating 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 Busey’s assets and liabilities that are carried at fair value.

In general, fair value estimates are based upon quoted market prices, when available. If such quoted market prices are not available, fair values are estimated utilizing independent valuation techniques that consider 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 their estimated fair values. 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 Busey's valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to estimate the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.

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

Debt Securities Available for Sale

Debt securities classified as available for sale are reported at fair value, which is estimated using Level 2 inputs. Busey 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 to prepare evaluations, with a focus on observable market data such as benchmark curves, benchmarking of like securities, sector groupings, and matrix pricing.

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, which is estimated using Level 1 or Level 2 inputs. Fair value measurements of mutual funds, when held, are estimated using unadjusted quoted prices in active markets for identical assets at the measurement date and are classified as Level 1. Fair value measurements of stock use quoted prices for identical or similar assets in markets that are not active and are classified as Level 2.

Derivative Assets and Derivative Liabilities

Busey’s derivative assets and derivative liabilities are reported at fair value, which is measured using Level 2 or Level 3 inputs. Fair values of derivative assets and liabilities are estimated 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. Due to the significance of unobservable inputs, derivative assets related to our risk participation agreements are classified as Level 3.

The following tables summarize financial assets and financial liabilities measured at estimated fair value on a recurring basis (dollars in thousands):


	As of June 30, 2024
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Debt securities available for sale:
U.S. Treasury securities	$	—	$	497	$	—	$	497
Obligations of U.S. government corporations and agencies	—		3,786		—		3,786
Obligations of states and political subdivisions	—		149,573		—		149,573
Asset-backed securities	—		427,404		—		427,404
Commercial mortgage-backed securities	—		93,690		—		93,690
Residential mortgage-backed securities	—		995,568		—		995,568
Corporate debt securities	—		159,378		—		159,378
Equity securities	177		9,441		—		9,618
Derivative assets	—		35,575		8		35,583
Derivative liabilities	—		65,045		—		65,045


	As of December 31, 2023
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Debt securities available for sale:
U.S. Treasury securities	$	—	$	15,946	$	—	$	15,946
Obligations of U.S. government corporations and agencies	—		5,832		—		5,832
Obligations of states and political subdivisions	—		172,845		—		172,845
Asset-backed securities	—		468,223		—		468,223
Commercial mortgage-backed securities	—		103,509		—		103,509
Residential mortgage-backed securities	—		1,111,312		—		1,111,312
Corporate debt securities	—		209,904		—		209,904
Equity securities	448		9,364		—		9,812
Derivative assets	—		29,993		15		30,008
Derivative liabilities	—		54,132		—		54,132

Activity for risk participation agreements, which are financial assets measured at estimated fair value on a recurring basis using Level 3, is summarized in the tables below (dollars in thousands):


		Three Months Ended June 30,				Six Months Ended June 30,
	Location	2024		2023		2024		2023
Beginning Balance		$	9	$	24	$	15	$	5
Changes in fair value	Other expense	(1)		(9)		(10)		(60)

Purchases		—		—		3		70





Ending Balance		$	8	$	15	$	8	$	15

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Certain financial assets and financial liabilities are measured at estimated fair value on a non-recurring basis; that is, the instruments are not measured at estimated 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

Busey does not record portfolio loans at estimated fair value on a recurring basis. However, periodically, a loan is evaluated individually and is reported at the estimated fair value of the underlying collateral, less estimated costs to sell, if repayment is expected solely from the collateral. If the estimated 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.

Bank Property Held for Sale

Bank property held for sale represents certain banking center office buildings which Busey has closed and consolidated with other existing banking centers. Bank property held for sale is measured at the lower of amortized cost or estimated fair value less estimated costs to sell. Fair value estimates were based upon discounted appraisals or real estate listing prices. Due to the significance of unobservable inputs, estimated fair values of all bank property held for sale have been classified as Level 3. Bank property held for sale is included in premises and equipment, net on Busey’s Consolidated Balance Sheets (Unaudited).

The following tables summarize financial assets and financial liabilities measured at estimated fair value on a non-recurring basis (dollars in thousands):


	As of June 30, 2024
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Loans evaluated individually, net of related allowance	$	—	$	—	$	2,800	$	2,800

Bank property held for sale with impairment	—		—		3,205		3,205


	As of December 31, 2023
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Loans evaluated individually, net of related allowance	$	—	$	—	$	1,000	$	1,000

Bank property held for sale with impairment	—		—		4,286		4,286

The following table presents additional quantitative information about assets measured at estimated fair value on a non-recurring basis using Level 3 inputs (dollars in thousands):

As of June 30, 2024

Fair Value

Valuation
Techniques

Unobservable
Input

Range
(Weighted Average)

Loans evaluated individually, net of related allowance

2,800

Appraisal of collateral

Appraisal adjustments

-13.1% to -100.0%

(-14.9)%

Bank property held for sale with impairment

3,205

Appraisal of collateral or real estate listing price

Appraisal adjustments

-9.0% to -76.7%

(-50.6)%

As of December 31, 2023

Fair Value

Valuation
Techniques

Unobservable
Input

Range
(Weighted Average)

Loans evaluated individually, net of related allowance

1,000

Appraisal of collateral

Appraisal adjustments

-41.2% to -100.0%

(-47.2)%

Bank property held for sale with impairment

4,286

Appraisal of collateral or real estate listing price

Appraisal adjustments

-6.2% to -64.9%

(-38.4)%

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

Fair values of financial instruments that are not carried at fair value in Busey’s Consolidated Balance Sheets (Unaudited) were estimated as follows (dollars in thousands):


	As of June 30, 2024				As of December 31, 2023
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets
Level 1 inputs:
Cash and cash equivalents	$	285,269	$	285,269	$	719,581	$	719,581
Level 2 inputs:
Debt securities held to maturity	851,261		697,455		872,628		730,397
Loans held for sale	11,286		11,411		2,379		2,401
Accrued interest receivable	50,109		50,109		45,288		45,288
Level 3 inputs:
Portfolio loans, net	7,913,686		7,637,422		7,559,294		7,276,905
Mortgage servicing rights	1,074		5,556		3,289		18,079
Other servicing rights	1,533		1,491		1,597		2,062

Financial liabilities
Level 2 inputs:
Time deposits	$	1,523,889	$	1,506,797	$	1,819,274	$	1,804,905
Securities sold under agreements to repurchase	140,283		140,283		187,396		187,396
Short-term borrowings	—		—		12,000		12,034
Long-term debt	—		—		18,000		18,020
Junior subordinated debt owed to unconsolidated trusts	74,693		61,226		71,993		57,153
Accrued interest payable	19,209		19,209		28,418		28,418
Level 3 inputs:

Subordinated notes, net of unamortized issuance costs	227,245		210,915		222,882		200,000

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

PORTFOLIO LOANS - Schedule of Distribution of Portfolio Loans (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial loans	$ 7,998,912		$ 7,651,034
ACL	(85,226)	$ (91,562)	(91,740)	$ (91,639)	$ (91,727)	$ (91,608)
Portfolio loans, net	7,913,686		7,559,294
Total commercial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial loans	5,799,214		5,635,048
ACL	(59,112)		(61,884)
C&I and other commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial loans	1,942,974		1,835,994
ACL	(20,286)	(26,207)	(21,256)	(24,510)	(24,276)	(23,860)
Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial loans	3,445,514		3,337,337
ACL	(35,104)	(33,505)	(35,465)	(33,656)	(34,421)	(38,299)
Real estate construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial loans	410,726		461,717
ACL	(3,722)	(4,713)	(5,163)	(5,071)	(5,159)	(6,457)
Total retail loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial loans	2,199,698		2,015,986
ACL	(26,114)		(29,856)
Retail real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial loans	1,727,281		1,720,455
ACL	(23,729)	(24,281)	(26,298)	(24,675)	(24,255)	(18,193)
Retail other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial loans	472,417		295,531
ACL	$ (2,385)	$ (2,856)	$ (3,558)	$ (3,727)	$ (3,616)	$ (4,799)

BORROWINGS - Subordinated Notes (Details) - Subordinated Debt - USD ($) $ in Millions	Apr. 01, 2024	Jun. 02, 2022	Jun. 01, 2020	Jun. 30, 2024
5.25% Notes Maturing June 1, 2030
Debt Instrument [Line Items]
Issuance of debt			$ 125.0
Interest rate			5.25%
Duration of fixed interest rate			5 years
Floating interest rate margin (as a percent)			5.11%
5.000% Notes Maturing June 15, 2032
Debt Instrument [Line Items]
Issuance of debt		$ 100.0
Floating interest rate margin (as a percent)		2.52%
Fixed to floating interest rate (as a percent)		5.00%
Percentage of principal amount of notes		100.00%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR)
5.25% Notes Maturing December 4, 2030 \| Merchants and Manufacturers Bank Corporation
Debt Instrument [Line Items]
Issuance of debt	$ 4.0
Floating interest rate margin (as a percent)	4.97%
Fixed to floating interest rate (as a percent)	5.25%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR)
Fair value discount outstanding				$ 0.1

LEASES (Tables)

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Schedule of Lease-Related Balances

The following table summarizes lease-related balances Busey reported in its Consolidated Balance Sheets (Unaudited) (dollars in thousands) and lease terms:


	As of
	June 30, 2024			December 31, 2023
Lease balances
Right of use assets	$	11,137		$	11,027
Lease liabilities	11,469			11,308

Lease terms
Year through which lease terms extend	2037			2037
Weighted average remaining lease term	7.87 years			8.39 years
Weighted average discount rate	3.71		%	3.59		%

Schedule of Lease Costs and Other Lease Information


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Lease costs
Operating lease costs	$	559	$	593	$	1,094	$	1,221
Variable lease costs	14		13		28		18
Short-term lease costs	45		16		58		22
Total lease cost	$	618	$	622	$	1,180	$	1,261

Cash flows related to leases
Cash paid for amounts included in the measurement of lease liabilities:
Operating lease cash flows – Fixed payments	$	530	$	564	$	1,037	$	1,134
Operating lease cash flows – Liability reduction	433		461		844		940
Right of use assets obtained during the period in exchange for operating lease liabilities1	1,009		5		1,009		9

___________________________________________

Schedule of Future Undiscounted Lease Payments


	As of June 30, 2024
Rent commitments
Remainder of 2024	$	1,134
2025	1,938
2026	1,678
2027	1,465
2028	1,410
2029	1,436
Thereafter	4,281
Total undiscounted cash flows	13,342
Less: Amounts representing interest	1,873
Present value of net future minimum lease payments	$	11,469

Schedule of Revenue Recorded in Connection with Leases

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Rental income	$	204	$	183	$	406	$	374

Schedule of Future Minimum Lease Payments

Busey is entitled to receive aggregate future minimum lease payments as shown in the table below (dollars in thousands):


	As of June 30, 2024
Rents to be received
Remainder of 2024	$	413
2025	623
2026	463
2027	301
2028	185


Total lease payments from operating leases	$	1,985

ACQUISITION (Tables)

6 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Estimated Acquisition-date Fair Values of the Assets Acquired and Liabilities Assumed

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


	April 1, 2024
Assets acquired
Cash and cash equivalents	$	33,577
Securities	8,086
Portfolio loans, net of ACL	417,493
Right of use assets	253
Premises and equipment	2,045
Other intangible assets	6,346
Accrued interest receivable	4,992
Prepaid assets	185
Deferred tax assets	535
Accounts receivable	42
Mortgage servicing rights	55
Other assets	4,632
Total assets acquired	478,241

Liabilities assumed
Deposits	392,838
Borrowings	43,887
Lease liabilities	253
Other liabilities	7,096
Total liabilities assumed	444,074

Net assets acquired	$	34,167

Consideration paid
Cash	$	15,200
Common stock	34,375
Total consideration paid	$	49,575

Goodwill	$	15,408

Schedule of Reconciliation Between the Purchase Price and the Fair Value

The following table provides a reconciliation between the purchase price and the fair value of these loans (dollars in thousands):


	As of April 1, 2024
PCD Financial Assets
Gross contractual receivable for PCD financial assets	$	29,290
ACL recorded for estimated uncollectible contractual cash flows specific to PCD financial assets	(1,243)
Interest premium (discount) specific to PCD financial assets	(1,773)
Fair value of PCD financial assets	$	26,274

FAIR VALUE MEASUREMENTS - Schedule of Activity for Financial Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other noninterest expense	Other noninterest expense	Other noninterest expense	Other noninterest expense
Fair Value, Recurring \| Level 3 Inputs
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance	$ 9	$ 24	$ 15	$ 5
Changes in fair value	(1)	(9)	(10)	(60)
Purchases	0	0	3	70
Fair value, ending balance	$ 8	$ 15	$ 8	$ 15

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Net Gains (Losses) Relating to Derivative Instruments (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Interest rate lock commitments \| Mortgage revenue
Derivative [Line Items]
Net change in fair value of interest rate swaps	$ 195	$ 0	$ 462	$ 0
Interest rate lock commitments \| Other expense
Derivative [Line Items]
Net change in fair value of interest rate swaps	(9)	(49)	(14)	(12)
Forward sales commitments \| Mortgage revenue
Derivative [Line Items]
Net change in fair value of interest rate swaps	15	86	24	32
Forward sales commitments \| Other expense
Derivative [Line Items]
Net change in fair value of interest rate swaps	$ (47)	$ 0	$ (98)	$ 0

DEBT SECURITIES (Tables)

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Amortized Cost, Unrealized or Unrecognized Gains and Losses and Fair Values of Securities Classified Available for Sale and Held to Maturity

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


	As of June 30, 2024
	Amortized Cost		Unrealized				Fair Value
			Gross Gains		Gross Losses
Debt securities available for sale
U.S. Treasury securities	$	500	$	—	$	(3)	$	497
Obligations of U.S. government corporations and agencies	3,796		1		(11)		3,786
Obligations of states and political subdivisions	167,814		23		(18,264)		149,573
Asset-backed securities1	427,722		151		(469)		427,404
Commercial mortgage-backed securities	109,386		45		(15,741)		93,690
Residential mortgage-backed securities	1,196,802		14		(201,248)		995,568
Corporate debt securities	170,391		48		(11,061)		159,378
Total debt securities available for sale	$	2,076,411	$	282	$	(246,797)	$	1,829,896



	Amortized Cost		Unrecognized				Fair Value
			Gross Gains		Gross Losses
Debt securities held to maturity
Commercial mortgage-backed securities	$	422,091	$	—	$	(77,024)	$	345,067
Residential mortgage-backed securities	429,170		—		(76,782)		352,388
Total debt securities held to maturity	$	851,261	$	—	$	(153,806)	$	697,455

___________________________________________

1.Includes securities marked at par, with no gain or loss to report.


	As of December 31, 2023
	Amortized Cost		Unrealized				Fair Value
			Gross Gains		Gross Losses
Debt securities available for sale
U.S. Treasury securities	$	16,031	$	—	$	(85)	$	15,946
Obligations of U.S. government corporations and agencies	5,889		1		(58)		5,832
Obligations of states and political subdivisions1	190,819		52		(18,026)		172,845
Asset-backed securities	470,046		—		(1,823)		468,223
Commercial mortgage-backed securities	119,044		—		(15,535)		103,509
Residential mortgage-backed securities	1,306,854		5		(195,547)		1,111,312
Corporate debt securities	225,947		128		(16,171)		209,904
Total debt securities available for sale	$	2,334,630	$	186	$	(247,245)	$	2,087,571



	Amortized Cost		Unrecognized				Fair Value
			Gross Gains		Gross Losses
Debt securities held to maturity
Commercial mortgage-backed securities	$	428,526	$	—	$	(71,000)	$	357,526
Residential mortgage-backed securities	444,102		—		(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.

Schedule of Maturities Of Debt Securities

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


	As of June 30, 2024
	Amortized Cost		Fair Value
Debt securities available for sale
Due in one year or less	$	80,143	$	78,203
Due after one year through five years	140,060		132,010
Due after five years through ten years	508,143		481,333
Due after ten years	1,348,065		1,138,350
Debt securities available for sale	$	2,076,411	$	1,829,896




Debt securities held to maturity

Due after one year through five years	$	72,525	$	67,892
Due after five years through ten years	26,751		23,992
Due after ten years	751,985		605,571
Debt securities held to maturity	$	851,261	$	697,455

Schedule of 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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Realized gains and losses on debt securities
Gross gains on debt securities	$	—	$	—	$	1	$	10
Gross (losses) on debt securities1	(4)		(178)		(6,807)		(184)
Realized net gains (losses) on debt securities	$	(4)	$	(178)	$	(6,806)	$	(174)

___________________________________________

Schedule of Debt Securities in an Unrealized or Unrecognized Loss Position


	As of June 30, 2024
	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	$	—	$	—	$	497	$	(3)	$	497	$	(3)
Obligations of U.S. government corporations and agencies	—		—		3,686		(11)		3,686		(11)
Obligations of states and political subdivisions	5,465		(64)		135,744		(18,200)		141,209		(18,264)
Asset-backed securities	159,674		(86)		184,078		(383)		343,752		(469)
Commercial mortgage-backed securities	—		—		88,867		(15,741)		88,867		(15,741)
Residential mortgage-backed securities	5,905		(37)		987,618		(201,211)		993,523		(201,248)
Corporate debt securities	4,415		(19)		147,326		(11,042)		151,741		(11,061)
Debt securities available for sale with gross unrealized losses	$	175,459	$	(206)	$	1,547,816	$	(246,591)	$	1,723,275	$	(246,797)



	12 months or more			Total
		Fair Value		Unrecognized Losses		Fair Value		Unrecognized Losses
Debt securities held to maturity
Commercial mortgage-backed securities		$	345,067	$	(77,024)	$	345,067	$	(77,024)
Residential mortgage-backed securities		352,388		(76,782)		352,388		(76,782)
Debt securities held to maturity with gross unrecognized losses		$	697,455	$	(153,806)	$	697,455	$	(153,806)


	As of December 31, 2023
	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	$	—	$	—	$	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 subdivisions	11,442		(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 securities	141		(1)		1,110,906		(195,546)		1,111,047		(195,547)
Corporate debt securities	1,450		(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 more			Total
		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 securities		372,871		(71,231)		372,871		(71,231)
Debt securities held to maturity with gross unrecognized losses		$	730,397	$	(142,231)	$	730,397	$	(142,231)

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


	As of June 30, 2024
	Available for Sale			Held to Maturity			Total
Debt securities with gross unrealized or unrecognized losses, fair value	$	1,723,275		$	697,455		$	2,420,730
Gross unrealized or unrecognized losses on debt securities	246,797			153,806			400,603
Ratio of gross unrealized or unrecognized losses to debt securities with gross unrealized or unrecognized losses	14.3		%	22.1		%	16.5		%

Count of debt securities	717			55			772
Count of debt securities in an unrealized or unrecognized loss position	667			55			722


	As of December 31, 2023
	Available for Sale			Held to Maturity			Total
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 securities	247,245			142,231			389,476
Ratio of gross unrealized or unrecognized losses to debt securities with gross unrealized or unrecognized losses	12.0		%	19.5		%	13.9		%

Count of debt securities	835			55			890
Count of debt securities in an unrealized or unrecognized loss position	779			55			834

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]
Accounting Standards Update [Extensible Enumeration]					Accounting Standards Update 2023-02
Cash dividends, common stock (in dollars per share)	$ 0.24	$ 0.24	$ 0.48	$ 0.48

- Definition

Indicates amendment to accounting standards.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

REGULATORY CAPITAL (Tables)

6 Months Ended

Jun. 30, 2024

Banking and Thrift, Other Disclosure [Abstract]

Schedule of Regulatory Capital Requirements Applicable to Busey and Busey Bank

The following tables summarize regulatory capital requirements applicable to First Busey and Busey Bank (dollars in thousands):


	As of June 30, 2024
	Actual				Minimum Capital Requirement				Minimum To Be Well Capitalized
	Amount		Ratio		Amount		Ratio		Amount		Ratio
Common equity Tier 1 capital to risk weighted assets
First Busey	$	1,198,039	13.20	%	$	408,526	4.50	%	$	590,093	6.50	%
Busey Bank	$	1,410,287	15.59	%	$	406,982	4.50	%	$	587,863	6.50	%

Tier 1 capital to risk weighted assets
First Busey	$	1,275,039	14.04	%	$	544,702	6.00	%	$	726,269	8.00	%
Busey Bank	$	1,410,287	15.59	%	$	542,642	6.00	%	$	723,523	8.00	%

Total capital to risk weighted assets
First Busey	$	1,588,551	17.50	%	$	726,269	8.00	%	$	907,836	10.00	%
Busey Bank	$	1,496,048	16.54	%	$	723,523	8.00	%	$	904,404	10.00	%

Leverage ratio of Tier 1 capital to average assets
First Busey	$	1,275,039	10.69	%	$	476,875	4.00	%	N/A		N/A
Busey Bank	$	1,410,287	11.83	%	$	477,039	4.00	%	$	596,299	5.00	%


	As of December 31, 2023
	Actual				Minimum Capital Requirement				Minimum To Be Well Capitalized
	Amount		Ratio		Amount		Ratio		Amount		Ratio
Common equity Tier 1 capital to risk weighted assets
First Busey	$	1,155,973	13.09	%	$	397,331	4.50	%	$	573,923	6.50	%
Busey Bank	$	1,362,962	15.48	%	$	396,128	4.50	%	$	572,185	6.50	%

Tier 1 capital to risk weighted assets
First Busey	$	1,229,973	13.93	%	$	529,775	6.00	%	$	706,367	8.00	%
Busey Bank	$	1,362,962	15.48	%	$	528,171	6.00	%	$	704,228	8.00	%

Total capital to risk weighted assets
First Busey	$	1,540,318	17.44	%	$	706,367	8.00	%	$	882,958	10.00	%
Busey Bank	$	1,448,307	16.45	%	$	704,228	8.00	%	$	880,285	10.00	%

Leverage ratio of Tier 1 capital to average assets
First Busey	$	1,229,973	10.08	%	$	488,315	4.00	%	N/A		N/A
Busey Bank	$	1,362,962	11.19	%	$	487,103	4.00	%	$	608,879	5.00	%

TAX CREDIT AND OTHER INVESTMENTS IN UNCONSOLIDATED ENTITIES (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	$ 137,380	$ 137,380	$ 127,068
Deferred Income Taxes and Other Assets [Abstract]
Income tax credits and other tax benefits	3,765	7,866
Amortization of investments in tax-advantaged projects	3,339	6,986
Funded investments \| Other assets
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	65,595	65,595	68,516
Unfunded investments \| Other assets
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	71,785	71,785	58,552
Unfunded investments \| Other liabilities
Schedule of Equity Method Investments [Line Items]
Unfunded investment obligations	$ 71,785	$ 71,785	$ 58,552

TAX CREDIT AND OTHER INVESTMENTS IN UNCONSOLIDATED ENTITIES

6 Months Ended

Jun. 30, 2024

Investments, All Other Investments [Abstract]

TAX CREDIT AND OTHER INVESTMENTS IN UNCONSOLIDATED ENTITIES

NOTE 8. TAX CREDIT AND OTHER INVESTMENTS IN UNCONSOLIDATED ENTITIES

Busey 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. These investments are considered to be variable interest entities, and are accounted for under the equity, deferral, or proportional amortization practical expedient methods, as appropriate. Busey 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. Busey’s maximum exposure to loss related to its investments in these unconsolidated variable interest entities is limited to the carrying amount of the investment, net of any unfunded capital commitments and previously recorded tax credits which remain subject to recapture by taxing authorities based on compliance features required to be met at the project level. Busey believes potential losses from these investments are remote.

In addition, Busey has private equity investments, which are primarily in funds that invest in small businesses across diverse sectors including, but not limited to, financial technology, business services, manufacturing, agribusiness, healthcare, software as a service, environmental, and those that support the preservation of affordable housing.


		As of
	Location	June 30, 2024		December 31, 2023
Investments in unconsolidated entities
Funded investments	Other assets	$	65,595	$	68,516
Unfunded investments	Other assets	71,785		58,552
Investments in unconsolidated entities		$	137,380	$	127,068

Unfunded investment obligations	Other liabilities	$	71,785	$	58,552


	Three Months Ended June 30, 2024		Six Months Ended June 30, 2024

Income tax credits and other tax benefits	$	3,765		$	7,866
Amortization of investments in tax-advantaged projects	3,339			6,986

LEASES - Schedule of Lease-Related Balances (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Right of use assets	$ 11,137	$ 11,027
Lease liabilities	$ 11,469	$ 11,308
Weighted average remaining lease term	7 years 10 months 13 days	8 years 4 months 20 days
Weighted average discount rate	3.71%	3.59%

STOCK-BASED COMPENSATION - Schedule of Unamortized Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total unamortized stock-based compensation	$ 14,608	$ 10,639
Weighted average period over which expense is to be recognized	2 years 7 months 6 days	2 years 4 months 24 days
RSU Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total unamortized stock-based compensation	$ 9,341	$ 6,842
PSU Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total unamortized stock-based compensation	4,664	3,607
DSU Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total unamortized stock-based compensation	$ 603	$ 190

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

PORTFOLIO LOANS - Schedule of Performance of Modified Loans (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Loans identified as impaired
Non-accrual	$ 0
Current
Loans identified as impaired
Amortized cost of modified loans	27,942
30-89 Days
Loans identified as impaired
Amortized cost of modified loans	0
90+ Days
Loans identified as impaired
Amortized cost of modified loans	0
C&I and other commercial
Loans identified as impaired
Non-accrual	0
C&I and other commercial \| Current
Loans identified as impaired
Amortized cost of modified loans	25,818
C&I and other commercial \| 30-89 Days
Loans identified as impaired
Amortized cost of modified loans	0
C&I and other commercial \| 90+ Days
Loans identified as impaired
Amortized cost of modified loans	0
Commercial real estate
Loans identified as impaired
Non-accrual	0
Commercial real estate \| Current
Loans identified as impaired
Amortized cost of modified loans	2,124
Commercial real estate \| 30-89 Days
Loans identified as impaired
Amortized cost of modified loans	0
Commercial real estate \| 90+ Days
Loans identified as impaired
Amortized cost of modified loans	$ 0

DEBT SECURITIES - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Asset Pledged as Collateral
Financial Instruments Owned and Pledged as Collateral [Line Items]
Debt securities, carrying amount	$ 779.9	$ 837.4

EARNINGS PER COMMON SHARE (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule of Computation of Earnings Per Common Share

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net income	$	27,357	$	29,364	$	53,582	$	66,150

Weighted average number of common shares outstanding, basic	56,919,025		55,440,277		56,167,807		55,419,250
Dilutive effect of common stock equivalents:

Warrants	—		—		—		648
RSU awards	679,167		622,993		666,302		637,385
PSU awards	245,599		123,849		269,494		107,247
DSU awards	4,923		3,851		19,202		14,098
ESPP	4,517		4,831		7,060		9,192
Weighted average number of common shares outstanding, diluted	57,853,231		56,195,801		57,129,865		56,187,820

Basic earnings per common share	$	0.48	$	0.53	$	0.95	$	1.19
Diluted earnings per common share	$	0.47	$	0.52	$	0.94	$	1.18

Schedule of Average Shares Excluded From Computation of Diluted Earnings Per Common Share


	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
Anti-dilutive common stock equivalents
Options	17,966	21,926	19,176	22,366

RSU awards	12,864	157,781	6,432	78,891
PSU awards	93,266	63,220	100,969	164,339

Total anti-dilutive common stock equivalents	124,096	242,927	126,577	265,596

FAIR VALUE MEASUREMENTS - Schedule of Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Financial assets
Debt securities held to maturity	$ 697,455	$ 730,397
Portfolio loans, net	7,913,686	7,559,294
Financial liabilities
Short-term borrowings	0	12,000
Junior subordinated debt owed to unconsolidated trusts	74,693	71,993
Level 1 Inputs \| Carrying Amount
Financial assets
Cash and cash equivalents	285,269	719,581
Level 1 Inputs \| Fair Value
Financial assets
Cash and cash equivalents	285,269	719,581
Level 2 Inputs \| Carrying Amount
Financial assets
Debt securities held to maturity	851,261	872,628
Loans held for sale	11,286	2,379
Accrued interest receivable	50,109	45,288
Financial liabilities
Time deposits	1,523,889	1,819,274
Securities sold under agreements to repurchase	140,283	187,396
Short-term borrowings	0	12,000
Long-term debt	0	18,000
Junior subordinated debt owed to unconsolidated trusts	74,693	71,993
Accrued interest payable	19,209	28,418
Level 2 Inputs \| Fair Value
Financial assets
Debt securities held to maturity	697,455	730,397
Loans held for sale	11,411	2,401
Accrued interest receivable	50,109	45,288
Financial liabilities
Time deposits	1,506,797	1,804,905
Securities sold under agreements to repurchase	140,283	187,396
Short-term borrowings	0	12,034
Long-term debt	0	18,020
Junior subordinated debt owed to unconsolidated trusts	61,226	57,153
Accrued interest payable	19,209	28,418
Level 3 Inputs \| Carrying Amount
Financial assets
Portfolio loans, net	7,913,686	7,559,294
Mortgage servicing rights	1,074	3,289
Other servicing rights	1,533	1,597
Level 3 Inputs \| Fair Value
Financial assets
Portfolio loans, net	7,637,422	7,276,905
Mortgage servicing rights	5,556	18,079
Other servicing rights	1,491	2,062
Level 3 Inputs \| Subordinated Debt \| Carrying Amount
Financial liabilities
Long-term debt	227,245	222,882
Level 3 Inputs \| Subordinated Debt \| Fair Value
Financial liabilities
Long-term debt	$ 210,915	$ 200,000

EARNINGS PER COMMON SHARE - Schedule of Average Shares Excluded From Computation of Diluted Earnings Per Common Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common stock equivalents (in shares)	124,096	242,927	126,577	265,596
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common stock equivalents (in shares)	17,966	21,926	19,176	22,366
RSU Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common stock equivalents (in shares)	12,864	157,781	6,432	78,891
PSU Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common stock equivalents (in shares)	93,266	63,220	100,969	164,339

REGULATORY CAPITAL - Schedule of Regulatory Capital Requirements Applicable to Busey and Busey Bank (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Common Equity Tier 1 Capital to Risk Weighted Assets, Amount
Actual	$ 1,198,039	$ 1,155,973
Minimum Capital Requirement	408,526	397,331
Minimum To Be Well Capitalized	$ 590,093	$ 573,923
Common Equity Tier 1 Capital to Risk Weighted Assets, Ratio
Actual	13.20%	13.09%
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	$ 1,275,039	$ 1,229,973
Minimum Capital Requirement	544,702	529,775
Minimum To Be Well Capitalized	$ 726,269	$ 706,367
Tier 1 Capital to Risk Weighted Assets, Ratio
Actual	14.04%	13.93%
Minimum Capital Requirement	6.00%	6.00%
Minimum To Be Well Capitalized	8.00%	8.00%
Total Capital to Risk Weighted Assets, Amount
Actual	$ 1,588,551	$ 1,540,318
Minimum Capital Requirement	726,269	706,367
Minimum To Be Well Capitalized	$ 907,836	$ 882,958
Total Capital to Risk Weighted Assets, Ratio
Actual	17.50%	17.44%
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	$ 1,275,039	$ 1,229,973
Minimum Capital Requirement	$ 476,875	$ 488,315
Leverage Ratio of Tier 1 Capital to Average Assets, Ratio
Actual	10.69%	10.08%
Minimum Capital Requirement	4.00%	4.00%
Busey Bank
Common Equity Tier 1 Capital to Risk Weighted Assets, Amount
Actual	$ 1,410,287	$ 1,362,962
Minimum Capital Requirement	406,982	396,128
Minimum To Be Well Capitalized	$ 587,863	$ 572,185
Common Equity Tier 1 Capital to Risk Weighted Assets, Ratio
Actual	15.59%	15.48%
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	$ 1,410,287	$ 1,362,962
Minimum Capital Requirement	542,642	528,171
Minimum To Be Well Capitalized	$ 723,523	$ 704,228
Tier 1 Capital to Risk Weighted Assets, Ratio
Actual	15.59%	15.48%
Minimum Capital Requirement	6.00%	6.00%
Minimum To Be Well Capitalized	8.00%	8.00%
Total Capital to Risk Weighted Assets, Amount
Actual	$ 1,496,048	$ 1,448,307
Minimum Capital Requirement	723,523	704,228
Minimum To Be Well Capitalized	$ 904,404	$ 880,285
Total Capital to Risk Weighted Assets, Ratio
Actual	16.54%	16.45%
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	$ 1,410,287	$ 1,362,962
Minimum Capital Requirement	477,039	487,103
Minimum To Be Well Capitalized	$ 596,299	$ 608,879
Leverage Ratio of Tier 1 Capital to Average Assets, Ratio
Actual	11.83%	11.19%
Minimum Capital Requirement	4.00%	4.00%
Minimum To Be Well Capitalized	5.00%	5.00%

SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
Nature of Operations	Nature of Operations First Busey Corporation, a Nevada corporation organized in 1980, is a $12.0 billion financial holding company headquartered in Champaign, Illinois. Busey’s common stock is traded on The Nasdaq Global Select Market under the symbol “BUSE.” 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	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	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.
Income Taxes	Income Taxes During the three and six months ended June 30, 2024, Busey recorded a one-time deferred tax valuation adjustment of $1.4 million resulting from a change to our Illinois apportionment rate due to recently enacted regulations. These new regulations are expected to lower our ongoing tax obligation in future periods, but create a negative adjustment to the carrying value of our deferred tax asset in the current period.
Impact of Recently Adopted Accounting Standards and Recently Issued Accounting Standards Not Yet Adopted	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. 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	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. There were no significant events subsequent to the quarter ended June 30, 2024, through the filing date of these unaudited consolidated financial statements.
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, volatility, 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 estimating 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 Busey’s assets and liabilities that are carried at fair value. In general, fair value estimates are based upon quoted market prices, when available. If such quoted market prices are not available, fair values are estimated utilizing independent valuation techniques that consider 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 their estimated fair values. 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 Busey's valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to estimate the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis Debt Securities Available for Sale Debt securities classified as available for sale are reported at fair value, which is estimated using Level 2 inputs. Busey 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 to prepare evaluations, with a focus on observable market data such as benchmark curves, benchmarking of like securities, sector groupings, and matrix pricing. 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, which is estimated using Level 1 or Level 2 inputs. Fair value measurements of mutual funds, when held, are estimated using unadjusted quoted prices in active markets for identical assets at the measurement date and are classified as Level 1. Fair value measurements of stock use quoted prices for identical or similar assets in markets that are not active and are classified as Level 2. Derivative Assets and Derivative Liabilities Busey’s derivative assets and derivative liabilities are reported at fair value, which is measured using Level 2 or Level 3 inputs. Fair values of derivative assets and liabilities are estimated 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. Due to the significance of unobservable inputs, derivative assets related to our risk participation agreements are classified as Level 3. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Certain financial assets and financial liabilities are measured at estimated fair value on a non-recurring basis; that is, the instruments are not measured at estimated 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 Busey does not record portfolio loans at estimated fair value on a recurring basis. However, periodically, a loan is evaluated individually and is reported at the estimated fair value of the underlying collateral, less estimated costs to sell, if repayment is expected solely from the collateral. If the estimated 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.

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References + Details

REGULATORY CAPITAL - Narrative (Details)	Jun. 30, 2024
Banking and Thrift, Other Disclosure [Abstract]
Common equity Tier 1 capital to risk-weighted assets of at least 7.0%, amount exceeded	0.0620
Tier 1 capital to risk-weighted assets of at least 8.5%, amount exceeded	0.0554
Total capital to risk-weighted assets of at least 10.5%, amount exceeded	0.0700

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Interest income
Interest and fees on loans	$ 109,641	$ 94,804	$ 208,966	$ 184,579
Interest and dividends on investment securities:
Taxable interest income	18,878	20,076	38,475	39,675
Non-taxable interest income	295	708	635	1,451
Other interest income	3,027	1,311	9,498	2,299
Total interest income	131,841	116,899	257,574	228,004
Interest expense
Deposits	43,709	26,768	87,677	41,508
Federal funds purchased and securities sold under agreements to repurchase	1,040	1,223	2,412	2,445
Short-term borrowings	418	5,741	650	10,563
Long-term debt	4	452	300	906
Subordinated notes	3,177	3,100	6,286	6,197
Junior subordinated debt owed to unconsolidated trusts	1,059	945	2,048	1,858
Total interest expense	49,407	38,229	99,373	63,477
Net interest income	82,434	78,670	158,201	164,527
Provision for credit losses	2,277	627	7,315	1,580
Net interest income after provision for credit losses	80,157	78,043	150,886	162,947
Noninterest income
Mortgage revenue	478	272	1,224	560
Income on bank owned life insurance	1,442	1,029	2,861	2,681
Realized gain on the sale of mortgage servicing rights	277	0	7,742	0
Realized net gains (losses) on securities	(4)	(178)	(6,806)	(174)
Unrealized net gains (losses) recognized on equity securities	(349)	(1,881)	78	(2,501)
Other noninterest income	2,327	1,738	5,758	5,331
Total noninterest income	33,801	28,012	68,801	59,860
Noninterest expense
Salaries, wages, and employee benefits	43,478	39,859	85,568	80,190
Data processing	7,100	5,902	13,650	11,542
Net occupancy expense of premises	4,590	4,540	9,310	9,302
Furniture and equipment expenses	1,695	1,681	3,508	3,427
Professional fees	2,495	973	4,748	3,031
Amortization of intangible assets	2,629	2,669	5,038	5,398
Interchange expense	1,733	1,870	3,344	3,723
FDIC insurance	1,460	1,506	2,860	3,008
Other noninterest expense	10,357	10,205	18,280	19,987
Total noninterest expense	75,537	69,205	146,306	139,608
Income before income taxes	38,421	36,850	73,381	83,199
Income taxes	11,064	7,486	19,799	17,049
Net income	$ 27,357	$ 29,364	$ 53,582	$ 66,150
Basic earnings per common share (in dollars per share)	$ 0.48	$ 0.53	$ 0.95	$ 1.19
Diluted earnings per common share (in dollars per share)	0.47	0.52	0.94	1.18
Dividends declared per share of common stock (in dollars per share)	$ 0.24	$ 0.24	$ 0.48	$ 0.48
Wealth management fees
Noninterest income
Noninterest income	$ 15,917	$ 14,562	$ 31,466	$ 29,359
Fees for customer services
Noninterest income
Noninterest income	7,798	7,239	14,854	14,058
Payment technology solutions
Noninterest income
Noninterest income	$ 5,915	$ 5,231	$ 11,624	$ 10,546

DEBT SECURITIES - Schedule of Amortized Cost, Unrealized or Unrecognized Gains and Losses, and Fair Values of Securities Classified as AFS and HTM (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt securities available for sale
Amortized Cost	$ 2,076,411	$ 2,334,630
Gross unrealized gains	282	186
Gross unrealized losses	(246,797)	(247,245)
Fair Value	1,829,896	2,087,571
Debt securities held to maturity
Amortized Cost	851,261	872,628
Gross unrealized gains	0	0
Gross unrealized losses	(153,806)	(142,231)
Fair Value	697,455	730,397
U.S. Treasury securities
Debt securities available for sale
Amortized Cost	500	16,031
Gross unrealized gains	0	0
Gross unrealized losses	(3)	(85)
Fair Value	497	15,946
Obligations of U.S. government corporations and agencies
Debt securities available for sale
Amortized Cost	3,796	5,889
Gross unrealized gains	1	1
Gross unrealized losses	(11)	(58)
Fair Value	3,786	5,832
Obligations of states and political subdivisions
Debt securities available for sale
Amortized Cost	167,814	190,819
Gross unrealized gains	23	52
Gross unrealized losses	(18,264)	(18,026)
Fair Value	149,573	172,845
Asset-backed securities
Debt securities available for sale
Amortized Cost	427,722	470,046
Gross unrealized gains	151	0
Gross unrealized losses	(469)	(1,823)
Fair Value	427,404	468,223
Commercial mortgage-backed securities
Debt securities available for sale
Amortized Cost	109,386	119,044
Gross unrealized gains	45	0
Gross unrealized losses	(15,741)	(15,535)
Fair Value	93,690	103,509
Debt securities held to maturity
Amortized Cost	422,091	428,526
Gross unrealized gains	0	0
Gross unrealized losses	(77,024)	(71,000)
Fair Value	345,067	357,526
Residential mortgage-backed securities
Debt securities available for sale
Amortized Cost	1,196,802	1,306,854
Gross unrealized gains	14	5
Gross unrealized losses	(201,248)	(195,547)
Fair Value	995,568	1,111,312
Debt securities held to maturity
Amortized Cost	429,170	444,102
Gross unrealized gains	0	0
Gross unrealized losses	(76,782)	(71,231)
Fair Value	352,388	372,871
Corporate debt securities
Debt securities available for sale
Amortized Cost	170,391	225,947
Gross unrealized gains	48	128
Gross unrealized losses	(11,061)	(16,171)
Fair Value	$ 159,378	$ 209,904

PORTFOLIO LOANS - Schedule of ACL and Amortized Cost of Portfolio Loans by Loan Category (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Portfolio Loans
Collectively Evaluated for Impairment	$ 7,993,941		$ 7,647,883
Individually Evaluated for Impairment	4,971		3,151
Total	7,998,912		7,651,034
ACL Attributed to Portfolio Loans
Collectively Evaluated for Impairment	84,737		90,845
Individually Evaluated for Impairment	489		895
Total	85,226	$ 91,562	91,740	$ 91,639	$ 91,727	$ 91,608
Total commercial loans
Portfolio Loans
Collectively Evaluated for Impairment	5,794,323		5,631,983
Individually Evaluated for Impairment	4,891		3,065
Total	5,799,214		5,635,048
ACL Attributed to Portfolio Loans
Collectively Evaluated for Impairment	58,642		61,014
Individually Evaluated for Impairment	470		870
Total	59,112		61,884
C&I and other commercial
Portfolio Loans
Collectively Evaluated for Impairment	1,941,305		1,833,624
Individually Evaluated for Impairment	1,669		2,370
Total	1,942,974		1,835,994
ACL Attributed to Portfolio Loans
Collectively Evaluated for Impairment	20,238		20,471
Individually Evaluated for Impairment	48		785
Total	20,286	26,207	21,256	24,510	24,276	23,860
Commercial real estate
Portfolio Loans
Collectively Evaluated for Impairment	3,442,292		3,336,642
Individually Evaluated for Impairment	3,222		695
Total	3,445,514		3,337,337
ACL Attributed to Portfolio Loans
Collectively Evaluated for Impairment	34,682		35,380
Individually Evaluated for Impairment	422		85
Total	35,104	33,505	35,465	33,656	34,421	38,299
Real estate construction
Portfolio Loans
Collectively Evaluated for Impairment	410,726		461,717
Individually Evaluated for Impairment	0		0
Total	410,726		461,717
ACL Attributed to Portfolio Loans
Collectively Evaluated for Impairment	3,722		5,163
Individually Evaluated for Impairment	0		0
Total	3,722	4,713	5,163	5,071	5,159	6,457
Total retail loans
Portfolio Loans
Collectively Evaluated for Impairment	2,199,618		2,015,900
Individually Evaluated for Impairment	80		86
Total	2,199,698		2,015,986
ACL Attributed to Portfolio Loans
Collectively Evaluated for Impairment	26,095		29,831
Individually Evaluated for Impairment	19		25
Total	26,114		29,856
Retail real estate
Portfolio Loans
Collectively Evaluated for Impairment	1,727,201		1,720,369
Individually Evaluated for Impairment	80		86
Total	1,727,281		1,720,455
ACL Attributed to Portfolio Loans
Collectively Evaluated for Impairment	23,710		26,273
Individually Evaluated for Impairment	19		25
Total	23,729	24,281	26,298	24,675	24,255	18,193
Retail other
Portfolio Loans
Collectively Evaluated for Impairment	472,417		295,531
Individually Evaluated for Impairment	0		0
Total	472,417		295,531
ACL Attributed to Portfolio Loans
Collectively Evaluated for Impairment	2,385		3,558
Individually Evaluated for Impairment	0		0
Total	$ 2,385	$ 2,856	$ 3,558	$ 3,727	$ 3,616	$ 4,799

PORTFOLIO LOANS - Schedule of Financial Instruments Owned and Pledged as Collateral (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Financial Instruments Owned and Pledged as Collateral [Line Items]
Pledged loans	$ 7,913,686	$ 7,559,294
Asset Pledged as Collateral
Financial Instruments Owned and Pledged as Collateral [Line Items]
Pledged loans	5,570,806	5,588,395
FHLB
Financial Instruments Owned and Pledged as Collateral [Line Items]
Pledged loans	4,820,332	4,865,481
Federal Reserve Bank
Financial Instruments Owned and Pledged as Collateral [Line Items]
Pledged loans	$ 750,474	$ 722,914

DEBT SECURITIES - Schedule of Additional Information on Debt Securities In Unrealized or Unrecognized Loss Position (Details) $ in Thousands	Jun. 30, 2024 USD ($) security	Dec. 31, 2023 USD ($) security
Available for Sale
Debt securities with gross unrealized or unrecognized losses, fair value \| $	$ 1,723,275	$ 2,062,817
Gross unrealized or unrecognized losses on debt securities \| $	$ 246,797	$ 247,245
Ratio of gross unrealized or unrecognized losses to debt securities with gross unrealized or unrecognized losses	14.30%	12.00%
Count of debt securities \| security	717	835
Count of debt securities in an unrealized or unrecognized loss position \| security	667	779
Held to Maturity
Debt securities with gross unrealized or unrecognized losses, fair value \| $	$ 697,455	$ 730,397
Gross unrealized or unrecognized losses on debt securities \| $	$ 153,806	$ 142,231
Ratio of gross unrealized or unrecognized losses to debt securities with gross unrealized or unrecognized losses	22.10%	19.50%
Count of debt securities \| security	55	55
Count of debt securities in an unrealized or unrecognized loss position \| security	55	55
Total
Debt securities with gross unrealized or unrecognized losses, fair value \| $	$ 2,420,730	$ 2,793,214
Gross unrealized or unrecognized losses on debt securities \| $	$ 400,603	$ 389,476
Ratio of gross unrealized or unrecognized losses to debt securities with gross unrealized or unrecognized losses	16.50%	13.90%
Count of debt securities \| security	772	890
Count of debt securities in an unrealized or unrecognized loss position \| security	722	834

BORROWINGS - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt	$ 0	$ 18,000
Term Loan
Debt Instrument [Line Items]
Long-term debt	$ 0	$ 18,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details