0000314489-24-000268 | 10-Q | XBRL Viewer

DEPOSITS

9 Months Ended

Sep. 30, 2024

NOTE 6. DEPOSITS

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


	As of
	September 30, 2024		December 31, 2023
Deposits
Noninterest-bearing demand deposits	$	2,683,543	$	2,834,655
Interest-bearing transaction deposits	2,455,217		2,717,139
Saving deposits and money market deposits	3,284,556		2,920,088
Time deposits	1,519,925		1,819,274
Total deposits	$	9,943,241	$	10,291,156

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


	As of
	September 30, 2024		December 31, 2023
Brokered savings deposits and money market deposits	$	6,001	$	6,001
Brokered time deposits	7,088		285
Aggregate amount of time deposits with a minimum denomination of $100,000	873,754		1,072,189
Aggregate amount of time deposits with a minimum denomination that meets or exceeds the FDIC insurance limit of $250,000	338,808		386,286

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


	As of September 30, 2024
Time deposits by schedule of maturities
Remainder of 2024	$	547,111
2025	914,253
2026	30,592
2027	13,689
2028	8,715
2029	5,116
Thereafter	449
Time deposits	$	1,519,925

STOCK-BASED COMPENSATION - Schedule of Changes in the Company's RSU, PSU, and DSU Awards (Details)	3 Months Ended	9 Months Ended
	Mar. 31, 2024 $ / shares shares	Sep. 30, 2024 $ / shares shares
RSU Awards
Shares
Non-vested at beginning of period (in shares) \| shares	1,041,444	1,041,444
Granted (in shares) \| shares		202,043
Dividend equivalents earned (in shares) \| shares		32,239
Vested (in shares) \| shares		(172,822)
Forfeited (in shares) \| shares		(13,692)
Non-vested at end of period (in shares) \| shares		1,089,212
Weighted- Average Grant Date Fair Value
Non-vested at beginning of period (in dollars per share) \| $ / shares	$ 22.05	$ 22.05
Granted (in dollars per share) \| $ / shares		23.35
Dividend equivalents earned (in dollars per share) \| $ / shares		24.92
Vested (in dollars per share) \| $ / shares		25.72
Forfeited (in dollars per share) \| $ / shares		23.28
Non-vested at end of period (in dollars per share) \| $ / shares		$ 21.77
PSU Awards
Shares
Non-vested at beginning of period (in shares) \| shares	341,700	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		(6,306)
Non-vested at end of period (in shares) \| shares		524,602
Weighted- Average Grant Date Fair Value
Non-vested at beginning of period (in dollars per share) \| $ / shares	$ 22.67	$ 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		22.43
Non-vested at end of period (in dollars per share) \| $ / shares		$ 22.54
Performance shares target percentage	0.50
DSU Awards
Shares
Non-vested at beginning of period (in shares) \| shares	43,026	43,026
Granted (in shares) \| shares		35,847
Dividend equivalents earned (in shares) \| shares		6,032
Vested (in shares) \| shares		(47,351)
Forfeited (in shares) \| shares		(1,025)
Non-vested at end of period (in shares) \| shares		36,529
Vested and outstanding at end of period (in shares) \| shares		183,124
Weighted- Average Grant Date Fair Value
Non-vested at beginning of period (in dollars per share) \| $ / shares	$ 20.41	$ 20.41
Granted (in dollars per share) \| $ / shares		23.35
Dividend equivalents earned (in dollars per share) \| $ / shares		25.02
Vested (in dollars per share) \| $ / shares		20.92
Forfeited (in dollars per share) \| $ / shares		20.44
Non-vested at end of period (in dollars per share) \| $ / shares		23.39
Vested and outstanding at end of period (in dollars per share) \| $ / shares		$ 22.84

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

9 Months Ended

Sep. 30, 2024

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

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

NOTE 15. 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 September 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	$	(279,334)	$	79,624	$	(199,710)	$	(335,359)	$	95,591	$	(239,768)
Unrealized holding gains (losses) on debt securities available for sale, net	54,950		(15,664)		39,286		(37,696)		10,746		(26,950)

Amounts reclassified from AOCI, net	11		(3)		8		33		(9)		24
Amortization of unrecognized losses on securities transferred to held to maturity	1,384		(394)		990		1,476		(420)		1,056
Balance at end of period	$	(222,989)	$	63,563	$	(159,426)	$	(371,546)	$	105,908	$	(265,638)

Unrealized gains (losses) on cash flow hedges
Balance at beginning of period	$	(28,833)	$	8,217	$	(20,616)	$	(29,586)	$	8,433	$	(21,153)
Unrealized holding gains (losses) on cash flow hedges, net	10,404		(2,965)		7,439		(7,797)		2,220		(5,577)
Amounts reclassified from AOCI, net	2,364		(674)		1,690		2,290		(652)		1,638
Balance at end of period	$	(16,065)	$	4,578	$	(11,487)	$	(35,093)	$	10,001	$	(25,092)

Total AOCI	$	(239,054)	$	68,141	$	(170,913)	$	(406,639)	$	115,909	$	(290,730)


	Nine Months Ended September 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	48,688		(13,878)		34,810		(23,600)		6,728		(16,872)

Amounts reclassified from AOCI, net	6,817		(1,943)		4,874		207		(59)		148
Amortization of unrecognized losses on securities transferred to held to maturity	4,194		(1,195)		2,999		4,725		(1,346)		3,379
Balance at end of period	$	(222,989)	$	63,563	$	(159,426)	$	(371,546)	$	105,908	$	(265,638)

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	295		(84)		211		(11,975)		3,412		(8,563)
Amounts reclassified from AOCI, net	6,988		(1,992)		4,996		6,232		(1,776)		4,456
Balance at end of period	$	(16,065)	$	4,578	$	(11,487)	$	(35,093)	$	10,001	$	(25,092)

Total AOCI	$	(239,054)	$	68,141	$	(170,913)	$	(406,639)	$	115,909	$	(290,730)

PORTFOLIO LOANS - Schedule of Distribution of Portfolio Loans (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial loans	$ 7,809,097		$ 7,651,034
ACL	(84,981)	$ (85,226)	(91,740)	$ (91,710)	$ (91,639)	$ (91,608)
Portfolio loans, net	7,724,116		7,559,294
Commercial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial loans	5,631,281		5,635,048
ACL	(58,515)		(61,884)
Commercial loans \| C&I and other commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial loans	1,877,497		1,835,994
ACL	(21,009)	(20,286)	(21,256)	(22,633)	(24,510)	(23,860)
Commercial loans \| Commercial and Retail Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial loans	3,355,807		3,337,337
ACL	(33,735)	(35,104)	(35,465)	(34,691)	(33,656)	(38,299)
Commercial loans \| Real estate construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial loans	397,977		461,717
ACL	(3,771)	(3,722)	(5,163)	(5,206)	(5,071)	(6,457)
Retail loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial loans	2,177,816		2,015,986
ACL	(26,466)		(29,856)
Retail loans \| Commercial and Retail Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial loans	1,708,771		1,720,455
ACL	(23,979)	(23,729)	(26,298)	(25,333)	(24,675)	(18,193)
Retail loans \| Retail other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial loans	469,045		295,531
ACL	$ (2,487)	$ (2,385)	$ (3,558)	$ (3,847)	$ (3,727)	$ (4,799)

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Interest Rate Swaps Recorded in Noninterest Expense (Details) - Interest Rate Swap - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 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), receive-fixed, pay-floating	(9,224)	9,007	(3,050)	4,646
Gain (loss), receive-floating, pay-fixed	$ 9,224	$ (9,007)	$ 3,050	$ (4,646)

PORTFOLIO LOANS - Schedule of Loan Modifications for Borrowers Experiencing Financial Difficulty (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Payment Deferral
Loans identified as impaired
Amortized cost basis	$ 325		$ 325	$ 225
% of total class of financing receivable	0.00%		0.00%	0.00%
Payment Deferral \| Commercial loans \| C&I and other commercial
Loans identified as impaired
Amortized cost basis	$ 325		$ 325	$ 0
% of total class of financing receivable	0.00%		0.00%	0.00%
Payment Deferral \| Commercial loans \| Commercial and Retail Real Estate
Loans identified as impaired
Amortized cost basis	$ 0		$ 0	$ 225
% of total class of financing receivable	0.00%		0.00%	0.00%
Payment Deferral \| Commercial loans \| Real estate construction
Loans identified as impaired
Amortized cost basis	$ 0		$ 0	$ 0
% of total class of financing receivable	0.00%		0.00%	0.00%
Interest Rate Reduction
Loans identified as impaired
Amortized cost basis		$ 880		$ 880
% of total class of financing receivable		0.00%		0.00%
Interest Rate Reduction \| Commercial loans \| C&I and other commercial
Loans identified as impaired
Amortized cost basis		$ 0		$ 0
% of total class of financing receivable		0.00%		0.00%
Interest Rate Reduction \| Commercial loans \| Commercial and Retail Real Estate
Loans identified as impaired
Amortized cost basis		$ 880		$ 880
% of total class of financing receivable		0.00%		0.00%
Interest Rate Reduction \| Commercial loans \| Real estate construction
Loans identified as impaired
Amortized cost basis				$ 0
% of total class of financing receivable				0.00%
Term Extension
Loans identified as impaired
Amortized cost basis	$ 38,235	$ 12,579	$ 53,105	$ 23,690
% of total class of financing receivable	0.50%	0.20%	0.70%	0.30%
Term Extension \| Commercial loans \| C&I and other commercial
Loans identified as impaired
Amortized cost basis	$ 14,537	$ 12,026	$ 28,073	$ 17,334
% of total class of financing receivable	0.80%	0.60%	1.50%	0.90%
Term Extension \| Commercial loans \| Commercial and Retail Real Estate
Loans identified as impaired
Amortized cost basis	$ 18,448	$ 553	$ 19,782	$ 1,003
% of total class of financing receivable	0.50%	0.00%	0.60%	0.00%
Term Extension \| Commercial loans \| Real estate construction
Loans identified as impaired
Amortized cost basis	$ 5,250		$ 5,250	$ 5,353
% of total class of financing receivable	1.30%		1.30%	1.00%

BORROWINGS - Schedule of Unamortized Debt Issuance Cost (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total unamortized debt issuance costs	$ 1,454	$ 2,118
Subordinated notes issued in 2020 \| Subordinated Debt
Debt Instrument [Line Items]
Total unamortized debt issuance costs	353	735
Subordinated notes issued in 2022 \| Subordinated Debt
Debt Instrument [Line Items]
Total unamortized debt issuance costs	$ 1,101	$ 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.

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+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 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 (benefit) expense	$ 15,664	$ (10,746)	$ 13,878	$ (6,728)
Reclassification adjustment for realized (gains) losses on debt securities available for sale included in net income, tax expense (benefit)	(3)	(9)	(1,943)	(59)
Amortization of unrecognized losses on securities transferred to held to maturity, tax expense (benefit)	(394)	(420)	(1,195)	(1,346)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
Net unrealized holding gains (losses) on cash flow hedges, tax expense (benefit)	2,965	(2,220)	84	(3,412)
Reclassification adjustment for realized (gains) losses on cash flow hedges included in net income, tax expense (benefit)	$ (674)	$ (652)	$ (1,992)	$ (1,776)

DERIVATIVE FINANCIAL INSTRUMENTS

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE FINANCIAL INSTRUMENTS

NOTE 12. 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 13: 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
	September 30, 2024		December 31, 2023
Cash pledged to secure obligations under derivative contracts	$	17,270	$	34,210
Collateral held to secure obligations under derivative contracts	9,380		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 $400.0 million as of September 30, 2024, and $350.0 million as of December 31, 2023, were designated as cash flow hedges. 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). During the three months ended September 30, 2024, one 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) matured. Changes in the fair value of these interest rate swaps were recorded net of tax in OCI.

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


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

Prime Loan Swap
Notional amount		$	300,000		$	300,000
Weighted average rate: receive-fixed		4.81		%	4.81		%
Weighted average variable Prime pay rates		8.25		%	8.50		%
Weighted average maturity		4.35 years			5.10 years

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

Weighted average maturity		4.43 years			—

Gross aggregate fair value of the swaps
Gross aggregate fair value of swap assets	Other assets	$	2,332		$	1,293
Gross aggregate fair value of swap liabilities	Other liabilities	19,176			25,411

Balances carried in AOCI
Unrealized gains (losses) on cash flow hedges, net of tax	AOCI	$	(11,487)		$	(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 September 30, 2024.


	As of September 30, 2024

Unrealized losses expected to be reclassified from OCI to interest income	$	(859)

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Interest on swap transactions
Increase (decrease) in interest income on swap transactions	$	(2,776)	$	(2,771)	$	(8,366)	$	(7,500)
(Increase) decrease in interest expense on swap transactions	412		481		1,378		1,268
Net increase (decrease) in net interest income on swap transactions	$	(2,364)	$	(2,290)	$	(6,988)	$	(6,232)

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Unrealized gains (losses) on cash flow hedges
Net gain (loss) recognized in OCI, net of tax	$	7,439	$	(5,577)	$	211	$	(8,563)
(Gain) loss reclassified from OCI to interest income, net of tax	1,984		1,982		5,981		5,362
(Gain) loss reclassified from OCI to interest expense, net of tax	(294)		(344)		(985)		(906)
Net change in unrealized gains (losses) on cash flow hedges, net of tax	$	9,129	$	(3,939)	$	5,207	$	(4,107)

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 $711.2 million as of September 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 derivative liabilities related to customer interest rate swaps recorded on the Consolidated Balance Sheets (Unaudited), are summarized as follows (dollars in thousands):


		As of September 30, 2024				As of December 31, 2023
	Location	Notional Amount		Fair Value		Notional Amount		Fair Value
Derivative assets not designated as hedging instruments
Interest rate swaps: receive-fixed, pay-floating	Other assets	$	333,545	$	6,730	$	177,883	$	2,375
Interest rate swaps: receive-floating, pay-fixed	Other assets	377,609		18,648		485,253		26,289
Derivative assets not designated as hedging instruments		$	711,154	$	25,378	$	663,136	$	28,664

Derivative liabilities not designated as hedging instruments
Interest rate swaps: receive-fixed, pay-floating	Other liabilities	$	377,609	$	18,648	$	485,253	$	26,289
Interest rate swaps: receive-floating, pay-fixed	Other liabilities	333,545		6,730		177,883		2,375
Derivative liabilities not designated as hedging instruments		$	711,154	$	25,378	$	663,136	$	28,664

Changes in fair value of these derivative assets and liabilities are included in the Consolidate d Statements of Income (U naudited) and are summarized as follows (dollars in thousands):


		Three Months Ended September 30,				Nine Months Ended September 30,
	Location	2024		2023		2024		2023
Interest rate swaps
Receive-fixed, pay-floating	Noninterest expense	$	(9,224)	$	9,007	$	(3,050)	$	4,646
Receive-floating, pay-fixed	Noninterest expense	9,224		(9,007)		3,050		(4,646)
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
	September 30, 2024		December 31, 2023
Risk participation agreements purchased
Number of risk participation agreements	6		3
Notional amount	$	41,110	$	34,251
Fair value	16		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 on 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 on 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 on the Consolidated Balance Sheets (Unaudited) are summarized as follows (dollars in thousands):


		As of September 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	$	4,666	$	76	$	3,477	$	25
Forward sales commitments	Other assets	3,887		9		1,761		11
Mortgage banking derivative assets		$	8,553	$	85	$	5,238	$	36

Mortgage banking derivative liabilities
Interest rate lock commitments	Other liabilities	$	309	$	2	$	1,615	$	10
Forward sales commitments	Other liabilities	10,430		80		5,216		47
Mortgage banking derivative liabilities		$	10,739	$	82	$	6,831	$	57

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net gains (losses) on mortgage banking derivatives
Gains (losses) on interest rate lock commitments	$	121	$	(16)	$	569	$	(28)
Gains (losses) on forward sales commitments	(91)		60		(165)		92


Net gains (losses) on mortgage banking derivatives	$	30	$	44	$	404	$	64

PORTFOLIO LOANS - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
PORTFOLIO LOANS - Narrative (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net deferred loan origination costs	$ 12,000,000		$ 12,000,000		$ 13,500,000
Net accretable purchase accounting adjustments			(9,700,000)		(4,500,000)
Gross interest income that would have been recorded if impaired loans had been current	100,000	$ 200,000	600,000	$ 900,000
Amount of interest collected and recognized on a cash basis	0	0	0	0
Collateral dependent loans secured by real estate or business assets	5,200,000		5,200,000		$ 6,100,000
Loans in the process of foreclosure	800,000		800,000
Retail loans \| Commercial and Retail Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans purchased	$ 0	$ 0	6,900,000	$ 0
Commercial loans \| Watch
Accounts, Notes, Loans and Financing Receivable [Line Items]
Limit above which loans are annually reviewed			1,000,000
Commercial loans \| Special Mention
Accounts, Notes, Loans and Financing Receivable [Line Items]
Limit above which loans are annually reviewed			350,000
Commercial loans \| Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Limit where loans are processed through an expedited underwriting process			$ 1,000,000

BORROWINGS (Tables)

9 Months Ended

Sep. 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
	September 30, 2024			December 31, 2023
Securities sold under agreements to repurchase	$	128,429		$	187,396
Weighted average rate for securities sold under agreements to repurchase	2.77		%	3.26		%

Schedule of Short-term Borrowings

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


	As of
	September 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
	September 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
	September 30, 2024		December 31, 2023
Unamortized debt issuance costs
Subordinated notes issued in 2020	$	353	$	735
Subordinated notes issued in 2022	1,101		1,383
Total unamortized debt issuance costs	$	1,454	$	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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: 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 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Risk Participation Agreement (Details) $ in Thousands	Sep. 30, 2024 USD ($) agreement	Dec. 31, 2023 USD ($) agreement
Risk participation agreements purchased
Derivative [Line Items]
Number of risk participation agreements \| agreement	6	3
Notional amount	$ 41,110	$ 34,251
Fair value	$ 16	$ 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

LEASES - Schedule of Lease Costs and Other Lease Information (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Lease costs
Operating lease costs	$ 608		$ 615	$ 1,702	$ 1,836
Variable lease costs	15		9	43	27
Short-term lease costs	12		15	70	37
Total lease cost	635		639	1,815	1,900
Cash flows related to leases
Operating lease cash flows – Fixed payments	568		586	1,605	1,720
Operating lease cash flows – Liability reduction	466		483	1,310	1,423
Right of use assets obtained during the period in exchange for operating lease liabilities	$ 469		$ 199	1,478	$ 208
Merchants and Manufacturers Bank Corporation
Cash flows related to leases
Right of use assets obtained during the period in exchange for operating lease liabilities				$ 300
Additional right of use assets obtained during the period in exchange for operating lease liabilities		$ 700

PORTFOLIO LOANS - Schedule of Loans Evaluated Individually, Segregated by Loan Category and Class (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Financing Receivable, Troubled Debt Restructuring [Line Items]
Unpaid Principal Balance	$ 8,337	$ 10,096
Recorded investment with no allowance	2,250	1,256
Recorded investment with allowance	2,479	1,895
Total recorded investment	4,729	3,151
Related Allowance	1,863	895
Average Recorded Investment	6,609	9,948
Commercial loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Unpaid Principal Balance	8,337	9,883
Recorded investment with no allowance	2,250	1,195
Recorded investment with allowance	2,479	1,870
Total recorded investment	4,729	3,065
Related Allowance	1,863	870
Average Recorded Investment	6,542	9,158
Commercial loans \| C&I and other commercial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Unpaid Principal Balance	7,821	7,283
Recorded investment with no allowance	1,758	585
Recorded investment with allowance	2,479	1,785
Total recorded investment	4,237	2,370
Related Allowance	1,863	785
Average Recorded Investment	5,379	5,244
Commercial loans \| Commercial and Retail Real Estate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Unpaid Principal Balance	516	2,600
Recorded investment with no allowance	492	610
Recorded investment with allowance	0	85
Total recorded investment	492	695
Related Allowance	0	85
Average Recorded Investment	1,163	3,865
Commercial loans \| 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
Retail loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Unpaid Principal Balance	0	213
Recorded investment with no allowance	0	61
Recorded investment with allowance	0	25
Total recorded investment	0	86
Related Allowance	0	25
Average Recorded Investment	67	790
Retail loans \| Commercial and Retail Real Estate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Unpaid Principal Balance	0	213
Recorded investment with no allowance	0	61
Recorded investment with allowance	0	25
Total recorded investment	0	86
Related Allowance	0	25
Average Recorded Investment	$ 67	$ 790

TAX CREDIT AND OTHER INVESTMENTS IN UNCONSOLIDATED ENTITIES

9 Months Ended

Sep. 30, 2024

Investments, All Other Investments [Abstract]

TAX CREDIT AND OTHER INVESTMENTS IN UNCONSOLIDATED ENTITIES

NOTE 9. 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.

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	September 30, 2024		December 31, 2023
Investments in unconsolidated entities
Funded investments	Other assets	$	68,164	$	68,516
Unfunded investments	Other assets	68,200		58,552
Investments in unconsolidated entities		$	136,364	$	127,068

Unfunded investment obligations	Other liabilities	$	68,200	$	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 on 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 September 30, 2024		Nine Months Ended September 30, 2024

Income tax credits and other tax benefits	$	4,040		$	11,941
Amortization of investments in tax-advantaged projects	3,575			10,593

EARNINGS PER COMMON SHARE (Tables)

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net income	$	32,004	$	30,666	$	85,586	$	96,816

Weighted average number of common shares outstanding, basic	57,033,359		55,486,700		56,458,430		55,441,980
Dilutive effect of common stock equivalents:
Options	1,714		—		572		—
Warrants	—		—		—		432
RSU awards	655,224		640,714		662,609		638,495
PSU awards	254,365		165,868		264,451		126,787
DSU awards	16,766		16,792		18,390		14,996
ESPP	6,420		5,418		6,847		7,934
Weighted average number of common shares outstanding, diluted	57,967,848		56,315,492		57,411,299		56,230,624

Basic earnings per common share	$	0.56	$	0.55	$	1.52	$	1.75
Diluted earnings per common share	$	0.55	$	0.54	$	1.49	$	1.72

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

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


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Anti-dilutive common stock equivalents
Options	—	21,926	12,784	22,219

RSU awards	—	—	4,288	52,594
PSU awards	107,065	85,074	103,001	137,918

Total anti-dilutive common stock equivalents	107,065	107,000	120,073	212,731

PORTFOLIO LOANS - Schedule of Activity on the Allowance for Loan Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Activity in the allowance for loan losses
ACL beginning balance	$ 85,226	$ 91,639	$ 91,740	$ 91,608
Day 1 PCD			1,243
Provision for credit losses	2	364	7,317	1,944
Charged-off	(674)	(1,115)	(16,410)	(3,643)
Recoveries	427	822	1,091	1,801
ACL ending balance	84,981	91,710	84,981	91,710
Commercial loans
Activity in the allowance for loan losses
ACL beginning balance			61,884
ACL ending balance	58,515		58,515
Commercial loans \| C&I and other commercial
Activity in the allowance for loan losses
ACL beginning balance	20,286	24,510	21,256	23,860
Day 1 PCD			824
Provision for credit losses	715	(1,306)	13,958	79
Charged-off	(202)	(758)	(15,433)	(1,733)
Recoveries	210	187	404	427
ACL ending balance	21,009	22,633	21,009	22,633
Commercial loans \| Commercial and Retail Real Estate
Activity in the allowance for loan losses
ACL beginning balance	35,104	33,656	35,465	38,299
Day 1 PCD			322
Provision for credit losses	(1,158)	745	(1,882)	(3,006)
Charged-off	(215)	(102)	(315)	(1,175)
Recoveries	4	392	145	573
ACL ending balance	33,735	34,691	33,735	34,691
Commercial loans \| Real estate construction
Activity in the allowance for loan losses
ACL beginning balance	3,722	5,071	5,163	6,457
Day 1 PCD			0
Provision for credit losses	39	104	(1,449)	(1,404)
Charged-off	0	0	0	0
Recoveries	10	31	57	153
ACL ending balance	3,771	5,206	3,771	5,206
Retail loans
Activity in the allowance for loan losses
ACL beginning balance			29,856
ACL ending balance	26,466		26,466
Retail loans \| Commercial and Retail Real Estate
Activity in the allowance for loan losses
ACL beginning balance	23,729	24,675	26,298	18,193
Day 1 PCD			96
Provision for credit losses	120	674	(2,624)	6,975
Charged-off	(32)	(144)	(159)	(252)
Recoveries	162	128	368	417
ACL ending balance	23,979	25,333	23,979	25,333
Retail loans \| Retail other
Activity in the allowance for loan losses
ACL beginning balance	2,385	3,727	3,558	4,799
Day 1 PCD			1
Provision for credit losses	286	147	(686)	(700)
Charged-off	(225)	(111)	(503)	(483)
Recoveries	41	84	117	231
ACL ending balance	$ 2,487	$ 3,847	$ 2,487	$ 3,847

LEASES

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

LEASES

NOTE 5. 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 that Busey reported on its Consolidated Balance Sheets (Unaudited) (dollars in thousands) and lease terms:


	As of
	September 30, 2024			December 31, 2023
Lease balances
Right of use assets	$	11,100		$	11,027
Lease liabilities	11,470			11,308

Lease terms
Year through which lease terms extend	2037			2037
Weighted average remaining lease term	7.62 years			8.39 years
Weighted average discount rate	3.74		%	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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Lease costs
Operating lease costs	$	608	$	615	$	1,702	$	1,836
Variable lease costs	15		9		43		27
Short-term lease costs	12		15		70		37
Total lease cost	$	635	$	639	$	1,815	$	1,900

Cash flows related to leases
Cash paid for amounts included in the measurement of lease liabilities:
Operating lease cash flows – Fixed payments	$	568	$	586	$	1,605	$	1,720
Operating lease cash flows – Liability reduction	466		483		1,310		1,423
Right of use assets obtained during the period in exchange for operating lease liabilities1	469		199		1,478		208

___________________________________________

1.The nine months ended September 30, 2024, included $0.3 million right of use assets recognized during the second quarter of 2024 in connection with the acquisition of M&M (see “Note 2. Mergers and Acquisitions”), and an additional $0.7 million recognized in the second quarter of 2024 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 September 30, 2024
Rent commitments
Remainder of 2024	$	590
2025	2,088
2026	1,766
2027	1,549
2028	1,494
2029	1,503
Thereafter	4,303
Total undiscounted cash flows	13,293
Less: Amounts representing interest	1,823
Present value of net future minimum lease payments	$	11,470

Busey as the Lessor

Busey leases office and parking spaces 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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Rental income	$	206	$	152	$	612	$	526

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 September 30, 2024
Rents to be received
Remainder of 2024	$	207
2025	665
2026	503
2027	301
2028	185


Total lease payments from operating leases	$	1,861

LEASES

NOTE 5. LEASES

Busey as the Lessee


	As of
	September 30, 2024			December 31, 2023
Lease balances
Right of use assets	$	11,100		$	11,027
Lease liabilities	11,470			11,308

Lease terms
Year through which lease terms extend	2037			2037
Weighted average remaining lease term	7.62 years			8.39 years
Weighted average discount rate	3.74		%	3.59		%


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Lease costs
Operating lease costs	$	608	$	615	$	1,702	$	1,836
Variable lease costs	15		9		43		27
Short-term lease costs	12		15		70		37
Total lease cost	$	635	$	639	$	1,815	$	1,900

Cash flows related to leases
Cash paid for amounts included in the measurement of lease liabilities:
Operating lease cash flows – Fixed payments	$	568	$	586	$	1,605	$	1,720
Operating lease cash flows – Liability reduction	466		483		1,310		1,423
Right of use assets obtained during the period in exchange for operating lease liabilities1	469		199		1,478		208

___________________________________________


	As of September 30, 2024
Rent commitments
Remainder of 2024	$	590
2025	2,088
2026	1,766
2027	1,549
2028	1,494
2029	1,503
Thereafter	4,303
Total undiscounted cash flows	13,293
Less: Amounts representing interest	1,823
Present value of net future minimum lease payments	$	11,470

Busey as the Lessor


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Rental income	$	206	$	152	$	612	$	526


	As of September 30, 2024
Rents to be received
Remainder of 2024	$	207
2025	665
2026	503
2027	301
2028	185


Total lease payments from operating leases	$	1,861

DEBT SECURITIES - Schedule of Additional Information on Debt Securities In Unrealized or Unrecognized Loss Position (Details) $ in Thousands	Sep. 30, 2024 USD ($) security	Dec. 31, 2023 USD ($) security
Available for Sale
Debt securities with gross unrealized or unrecognized losses, fair value \| $	$ 1,373,425	$ 2,062,817
Gross unrealized or unrecognized losses on debt securities \| $	$ 192,315	$ 247,245
Ratio of gross unrealized or unrecognized losses to debt securities with gross unrealized or unrecognized losses	14.00%	12.00%
Count of debt securities \| security	704	835
Count of debt securities in an unrealized or unrecognized loss position \| security	572	779
Held to Maturity
Debt securities with gross unrealized or unrecognized losses, fair value \| $	$ 712,369	$ 730,397
Gross unrealized or unrecognized losses on debt securities \| $	$ 126,514	$ 142,231
Ratio of gross unrealized or unrecognized losses to debt securities with gross unrealized or unrecognized losses	17.80%	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 \| $	$ 2,085,794	$ 2,793,214
Gross unrealized or unrecognized losses on debt securities \| $	$ 318,829	$ 389,476
Ratio of gross unrealized or unrecognized losses to debt securities with gross unrealized or unrecognized losses	15.30%	13.90%
Count of debt securities \| security	759	890
Count of debt securities in an unrealized or unrecognized loss position \| security	627	834

DEBT SECURITIES (Tables)

9 Months Ended

Sep. 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 September 30, 2024
	Amortized Cost		Unrealized				Fair Value
			Gross Gains		Gross Losses
Debt securities available for sale
U.S. Treasury securities1	$	250	$	—	$	—	$	250
Obligations of U.S. government corporations and agencies2	1,515		—		(7)		1,508
Obligations of states and political subdivisions3	168,052		144		(13,144)		155,052
Asset-backed securities3	405,280		92		—		405,372
Commercial mortgage-backed securities	106,543		228		(12,492)		94,279
Residential mortgage-backed securities	1,161,213		179		(159,225)		1,002,167
Corporate debt securities	166,818		118		(7,447)		159,489
Total debt securities available for sale	$	2,009,671	$	761	$	(192,315)	$	1,818,117



	Amortized Cost		Unrecognized				Fair Value
			Gross Gains		Gross Losses
Debt securities held to maturity
Commercial mortgage-backed securities	$	419,685	$	—	$	(64,780)	$	354,905
Residential mortgage-backed securities	419,198		—		(61,734)		357,464
Total debt securities held to maturity	$	838,883	$	—	$	(126,514)	$	712,369

___________________________________________

1.Gross losses were insignificant, rounding to zero thousand.

2.Gross gains were insignificant, rounding to zero thousand.

3.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 September 30, 2024
	Amortized Cost		Fair Value
Debt securities available for sale
Due in one year or less	$	86,812	$	85,513
Due after one year through five years	128,399		123,444
Due after five years through ten years	558,784		539,952
Due after ten years	1,235,676		1,069,208
Debt securities available for sale	$	2,009,671	$	1,818,117




Debt securities held to maturity

Due after one year through five years	$	83,464	$	80,274
Due after five years through ten years	14,678		13,103
Due after ten years	740,741		618,992
Debt securities held to maturity	$	838,883	$	712,369

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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Realized gains and losses on debt securities
Gross gains on debt securities	$	—	$	10	$	1	$	20
Gross (losses) on debt securities1	(11)		(43)		(6,818)		(227)
Realized net gains (losses) on debt securities	$	(11)	$	(33)	$	(6,817)	$	(207)

___________________________________________

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.

Schedule of 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 September 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 securities1	$	—	$	—	$	250	$	—	$	250	$	—
Obligations of U.S. government corporations and agencies	—		—		1,425		(7)		1,425		(7)
Obligations of states and political subdivisions	2,518		(97)		134,373		(13,047)		136,891		(13,144)

Commercial mortgage-backed securities	—		—		89,272		(12,492)		89,272		(12,492)
Residential mortgage-backed securities	877		(2)		993,631		(159,223)		994,508		(159,225)
Corporate debt securities	784		(9)		150,295		(7,438)		151,079		(7,447)
Debt securities available for sale with gross unrealized losses	$	4,179	$	(108)	$	1,369,246	$	(192,207)	$	1,373,425	$	(192,315)



	12 months or more			Total
		Fair Value		Unrecognized Losses		Fair Value		Unrecognized Losses
Debt securities held to maturity
Commercial mortgage-backed securities		$	354,905	$	(64,780)	$	354,905	$	(64,780)
Residential mortgage-backed securities		357,464		(61,734)		357,464		(61,734)
Debt securities held to maturity with gross unrecognized losses		$	712,369	$	(126,514)	$	712,369	$	(126,514)

___________________________________________

1.Gross losses were insignificant, rounding to zero thousand.


	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 September 30, 2024
	Available for Sale			Held to Maturity			Total
Debt securities with gross unrealized or unrecognized losses, fair value	$	1,373,425		$	712,369		$	2,085,794
Gross unrealized or unrecognized losses on debt securities	192,315			126,514			318,829
Ratio of gross unrealized or unrecognized losses to debt securities with gross unrealized or unrecognized losses	14.0		%	17.8		%	15.3		%

Count of debt securities	704			55			759
Count of debt securities in an unrealized or unrecognized loss position	572			55			627


	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

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows provided by (used in) operating activities
Net income	$ 85,586	$ 96,816
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for credit losses	7,317	1,944
Amortization of intangible assets	7,586	7,953
Amortization of mortgage servicing rights	826	2,155
Amortization of NMTC	0	6,740
Depreciation and amortization of premises and equipment	7,186	7,052
Net amortization (accretion) on portfolio loans	3,602	5,399
Net amortization (accretion) of premium (discount) on investment securities	6,848	11,351
Net amortization (accretion) of premium (discount) on time deposits	87	(223)
Net amortization (accretion) of premium (discount) on FHLB advances and other borrowings	856	764
Impairment of OREO and other repossessed assets	0	113
Impairment of fixed assets held for sale	369	0
Impairment of mortgage servicing rights	233	1
Unrealized (gains) losses recognized on equity securities, net	(911)	2,753
(Gain) loss on sales of debt securities, net	6,817	207
(Gain) loss on sales of mortgage servicing rights	(7,724)	0
(Gain) loss on sales of loans, net	(1,307)	(603)
(Gain) loss on sales of OREO and other repossessed assets	(549)	4
(Gain) loss on sales of premises and equipment	(32)	(197)
(Gain) loss on life insurance proceeds	(895)	(759)
(Increase) decrease in cash surrender value of bank owned life insurance	(3,155)	(2,923)
Provision for deferred income taxes	1,905	(2,000)
Stock-based compensation	5,828	6,928
Proceeds from the sale of mortgage servicing rights	9,796	0
Mortgage loans originated for sale	(85,741)	(28,663)
Proceeds from sales of mortgage loans	78,006	27,418
(Increase) decrease in other assets	10,082	(15,072)
Increase (decrease) in other liabilities	(6,655)	171
Net cash provided by (used in) operating activities	125,961	127,329
Cash flows provided by (used in) investing activities
Purchases of equity securities	(647)	(6,169)
Purchases of debt securities available for sale	(31,149)	(7,796)
Proceeds from sales of equity securities	1,055	6,169
Proceeds from sales of debt securities available for sale	101,361	0
Proceeds from paydowns and maturities of debt securities held to maturity	35,932	38,172
Proceeds from paydowns and maturities of debt securities available for sale	251,175	253,648
Purchases of FHLB and other bank stock	(24)	(30,957)
Proceeds from the redemption of FHLB and other bank stock	884	43,926
Net (increase) decrease in loans	241,463	(137,843)
Net cash received in (paid for) acquisitions (see Note 2)	18,377	0
Cash paid for premiums on bank-owned life insurance	(74)	(80)
Proceeds from life insurance	3,092	2,292
Purchases of premises and equipment	(4,504)	(6,750)
Proceeds from disposition of premises and equipment	1,341	3,881
Proceeds from sales of OREO and other repossessed assets, including cash payments collected	636	781
Net cash provided by (used in) investing activities	618,918	159,274
Cash flows provided by (used in) financing activities
Net increase (decrease) in deposits	(740,840)	261,305
Net increase (decrease) in federal funds purchased and securities sold under agreements to repurchase	(60,150)	(46,104)
Net increase (decrease) in short-term borrowings	(36,000)	(335,000)
Repayment of other borrowings	(31,450)	(13,054)
Cash dividends paid	(40,520)	(39,806)
Purchase of treasury stock	0	(2,209)
Cash paid for withholding taxes on stock-based payments	(1,650)	(989)
Proceeds from stock warrants exercised	0	9
Common stock issuance costs	(141)	0
Net cash provided by (used in) financing activities	(910,751)	(175,848)
Net increase (decrease) in cash and cash equivalents	(165,872)	110,755
Cash and cash equivalents, beginning of period	719,581	227,164
Cash and cash equivalents, ending of period	553,709	337,919
Cash payments for:
Interest	146,302	89,572
Income taxes	12,388	23,594
Non-cash investing and financing activities:
OREO acquired in settlement of loans	$ 26	$ 144

REGULATORY CAPITAL - Narrative (Details)	Sep. 30, 2024
Banking and Thrift, Other Disclosure [Abstract]
Common equity Tier 1 capital to risk-weighted assets of at least 7.0%, amount exceeded	0.0678
Tier 1 capital to risk-weighted assets of at least 8.5%, amount exceeded	0.0615
Total capital to risk-weighted assets of at least 10.5%, amount exceeded	0.0769

SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands		9 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands	Jan. 01, 2024 USD ($)	Sep. 30, 2024 USD ($) segment	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total assets		$ 11,986,839		$ 12,283,415
Number of operating segments \| segment		3
Number of reportable segments \| segment		3
Deferred tax valuation adjustment		$ 1,400
Retained earnings decrease		(279,868)		$ (237,197)
Decrease in other assets		10,082	$ (15,072)
Decrease in other liabilities		6,655	(171)
Increase in deferred tax assets		$ (1,905)	$ 2,000
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

PORTFOLIO LOANS - Schedule of the Financial Effect of Loan Modifications (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Loans identified as impaired
Weighted Average Term Extension	5 months 6 days	15 months	9 months 15 days	13 months 21 days
Weighted Average Interest Rate Reduction		2.50%		2.50%
Commercial loans \| C&I and other commercial
Loans identified as impaired
Weighted Average Term Extension	6 months 9 days	15 months 9 days	14 months 3 days	14 months 9 days
Commercial loans \| Commercial and Retail Real Estate
Loans identified as impaired
Weighted Average Term Extension	4 months 3 days	9 months	3 months 27 days	11 months 6 days
Weighted Average Interest Rate Reduction		2.50%		2.50%
Commercial loans \| Real estate construction
Loans identified as impaired
Weighted Average Term Extension	6 months		6 months	12 months

EARNINGS PER COMMON SHARE - Schedule of Computation of Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net income per share calculations for basic and diluted methods
Net income	$ 32,004	$ 30,666	$ 85,586	$ 96,816
Weighted Average Shares Outstanding
Weighted average number of common shares outstanding, basic (in shares)	57,033,359	55,486,700	56,458,430	55,441,980
Weighted average number of common shares outstanding, diluted (in shares)	57,967,848	56,315,492	57,411,299	56,230,624
Basic earnings per common share (in dollars per share)	$ 0.56	$ 0.55	$ 1.52	$ 1.75
Diluted earnings per common share (in dollars per share)	$ 0.55	$ 0.54	$ 1.49	$ 1.72
Options
Weighted Average Shares Outstanding
Dilutive effect of common stock equivalents (in shares)	1,714	0	572	0
Warrants
Weighted Average Shares Outstanding
Dilutive effect of common stock equivalents (in shares)	0	0	0	432
RSU Awards
Weighted Average Shares Outstanding
Dilutive effect of common stock equivalents (in shares)	655,224	640,714	662,609	638,495
PSU Awards
Weighted Average Shares Outstanding
Dilutive effect of common stock equivalents (in shares)	254,365	165,868	264,451	126,787
DSU Awards
Weighted Average Shares Outstanding
Dilutive effect of common stock equivalents (in shares)	16,766	16,792	18,390	14,996
ESPP
Weighted Average Shares Outstanding
Dilutive effect of common stock equivalents (in shares)	6,420	5,418	6,847	7,934

REGULATORY CAPITAL (Tables)

9 Months Ended

Sep. 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 September 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	$	1,219,574	13.78	%	$	398,365	4.50	%	$	575,416	6.50	%
Busey Bank	$	1,425,762	16.17	%	$	396,739	4.50	%	$	573,068	6.50	%

Tier 1 capital to risk weighted assets
First Busey	$	1,296,574	14.65	%	$	531,153	6.00	%	$	708,204	8.00	%
Busey Bank	$	1,425,762	16.17	%	$	528,985	6.00	%	$	705,314	8.00	%

Total capital to risk weighted assets
First Busey	$	1,610,247	18.19	%	$	708,204	8.00	%	$	885,255	10.00	%
Busey Bank	$	1,510,436	17.13	%	$	705,314	8.00	%	$	881,642	10.00	%

Leverage ratio of Tier 1 capital to average assets
First Busey	$	1,296,574	10.97	%	$	472,629	4.00	%	N/A		N/A
Busey Bank	$	1,425,762	12.10	%	$	471,202	4.00	%	$	589,003	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	%

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

9 Months Ended

Sep. 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 September 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	$	(279,334)	$	79,624	$	(199,710)	$	(335,359)	$	95,591	$	(239,768)
Unrealized holding gains (losses) on debt securities available for sale, net	54,950		(15,664)		39,286		(37,696)		10,746		(26,950)

Amounts reclassified from AOCI, net	11		(3)		8		33		(9)		24
Amortization of unrecognized losses on securities transferred to held to maturity	1,384		(394)		990		1,476		(420)		1,056
Balance at end of period	$	(222,989)	$	63,563	$	(159,426)	$	(371,546)	$	105,908	$	(265,638)

Unrealized gains (losses) on cash flow hedges
Balance at beginning of period	$	(28,833)	$	8,217	$	(20,616)	$	(29,586)	$	8,433	$	(21,153)
Unrealized holding gains (losses) on cash flow hedges, net	10,404		(2,965)		7,439		(7,797)		2,220		(5,577)
Amounts reclassified from AOCI, net	2,364		(674)		1,690		2,290		(652)		1,638
Balance at end of period	$	(16,065)	$	4,578	$	(11,487)	$	(35,093)	$	10,001	$	(25,092)

Total AOCI	$	(239,054)	$	68,141	$	(170,913)	$	(406,639)	$	115,909	$	(290,730)


	Nine Months Ended September 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	48,688		(13,878)		34,810		(23,600)		6,728		(16,872)

Amounts reclassified from AOCI, net	6,817		(1,943)		4,874		207		(59)		148
Amortization of unrecognized losses on securities transferred to held to maturity	4,194		(1,195)		2,999		4,725		(1,346)		3,379
Balance at end of period	$	(222,989)	$	63,563	$	(159,426)	$	(371,546)	$	105,908	$	(265,638)

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	295		(84)		211		(11,975)		3,412		(8,563)
Amounts reclassified from AOCI, net	6,988		(1,992)		4,996		6,232		(1,776)		4,456
Balance at end of period	$	(16,065)	$	4,578	$	(11,487)	$	(35,093)	$	10,001	$	(25,092)

Total AOCI	$	(239,054)	$	68,141	$	(170,913)	$	(406,639)	$	115,909	$	(290,730)

SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Nature of Operations	Nature of Operations First Busey Corporation, a Nevada corporation organized in 1980, is an $11.99 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 16. 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 nine months ended September 30, 2024, Busey recorded an estimated 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 year. As of September 30, 2024, Busey Bank is under examination by the Florida Department of Revenue for its 2020 to 2022 corporate income tax filings.
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 September 30, 2024, through the filing date of these unaudited consolidated financial statements.
Fair Value Measurements	NOTE 13. 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

DEBT SECURITIES

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

DEBT SECURITIES

NOTE 3. 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 September 30, 2024
	Amortized Cost		Unrealized				Fair Value
			Gross Gains		Gross Losses
Debt securities available for sale
U.S. Treasury securities1	$	250	$	—	$	—	$	250
Obligations of U.S. government corporations and agencies2	1,515		—		(7)		1,508
Obligations of states and political subdivisions3	168,052		144		(13,144)		155,052
Asset-backed securities3	405,280		92		—		405,372
Commercial mortgage-backed securities	106,543		228		(12,492)		94,279
Residential mortgage-backed securities	1,161,213		179		(159,225)		1,002,167
Corporate debt securities	166,818		118		(7,447)		159,489
Total debt securities available for sale	$	2,009,671	$	761	$	(192,315)	$	1,818,117



	Amortized Cost		Unrecognized				Fair Value
			Gross Gains		Gross Losses
Debt securities held to maturity
Commercial mortgage-backed securities	$	419,685	$	—	$	(64,780)	$	354,905
Residential mortgage-backed securities	419,198		—		(61,734)		357,464
Total debt securities held to maturity	$	838,883	$	—	$	(126,514)	$	712,369

___________________________________________

1.Gross losses were insignificant, rounding to zero thousand.

2.Gross gains were insignificant, rounding to zero thousand.

3.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 September 30, 2024
	Amortized Cost		Fair Value
Debt securities available for sale
Due in one year or less	$	86,812	$	85,513
Due after one year through five years	128,399		123,444
Due after five years through ten years	558,784		539,952
Due after ten years	1,235,676		1,069,208
Debt securities available for sale	$	2,009,671	$	1,818,117




Debt securities held to maturity

Due after one year through five years	$	83,464	$	80,274
Due after five years through ten years	14,678		13,103
Due after ten years	740,741		618,992
Debt securities held to maturity	$	838,883	$	712,369

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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Realized gains and losses on debt securities
Gross gains on debt securities	$	—	$	10	$	1	$	20
Gross (losses) on debt securities1	(11)		(43)		(6,818)		(227)
Realized net gains (losses) on debt securities	$	(11)	$	(33)	$	(6,817)	$	(207)

___________________________________________

Debt securities with carrying amounts of $906.8 million on September 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


	As of September 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 securities1	$	—	$	—	$	250	$	—	$	250	$	—
Obligations of U.S. government corporations and agencies	—		—		1,425		(7)		1,425		(7)
Obligations of states and political subdivisions	2,518		(97)		134,373		(13,047)		136,891		(13,144)

Commercial mortgage-backed securities	—		—		89,272		(12,492)		89,272		(12,492)
Residential mortgage-backed securities	877		(2)		993,631		(159,223)		994,508		(159,225)
Corporate debt securities	784		(9)		150,295		(7,438)		151,079		(7,447)
Debt securities available for sale with gross unrealized losses	$	4,179	$	(108)	$	1,369,246	$	(192,207)	$	1,373,425	$	(192,315)



	12 months or more			Total
		Fair Value		Unrecognized Losses		Fair Value		Unrecognized Losses
Debt securities held to maturity
Commercial mortgage-backed securities		$	354,905	$	(64,780)	$	354,905	$	(64,780)
Residential mortgage-backed securities		357,464		(61,734)		357,464		(61,734)
Debt securities held to maturity with gross unrecognized losses		$	712,369	$	(126,514)	$	712,369	$	(126,514)

___________________________________________

1.Gross losses were insignificant, rounding to zero thousand.


	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 September 30, 2024
	Available for Sale			Held to Maturity			Total
Debt securities with gross unrealized or unrecognized losses, fair value	$	1,373,425		$	712,369		$	2,085,794
Gross unrealized or unrecognized losses on debt securities	192,315			126,514			318,829
Ratio of gross unrealized or unrecognized losses to debt securities with gross unrealized or unrecognized losses	14.0		%	17.8		%	15.3		%

Count of debt securities	704			55			759
Count of debt securities in an unrealized or unrecognized loss position	572			55			627


	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 September 30, 2024, Busey did not hold general obligation bonds of any single issuer, the aggregate of which exceeded 10% of Busey’s stockholders’ equity.

PORTFOLIO LOANS (Tables)

9 Months Ended

Sep. 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 activity is presented in the following table (dollars in thousands):


	As of
	September 30, 2024		December 31, 2023
Commercial loans
C&I and other commercial	$	1,877,497	$	1,835,994
Commercial real estate	3,355,807		3,337,337
Real estate construction	397,977		461,717
Total commercial loans	5,631,281		5,635,048
Retail loans
Retail real estate	1,708,771		1,720,455
Retail other	469,045		295,531
Total retail loans	2,177,816		2,015,986

Total portfolio loans	7,809,097		7,651,034
ACL	(84,981)		(91,740)
Portfolio loans, net	$	7,724,116	$	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
	September 30, 2024		December 31, 2023
Pledged loans
FHLB	$	4,935,257	$	4,865,481
Federal Reserve Bank	755,936		722,914
Total pledged loans	$	5,691,193	$	5,588,395

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


	As of
	September 30, 2024		December 31, 2023
Cash pledged to secure obligations under derivative contracts	$	17,270	$	34,210
Collateral held to secure obligations under derivative contracts	9,380		19,280

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

The following table is a summary of risk grades of our portfolio loans, segregated by loan category and lending activity (dollars in thousands):


	As of September 30, 2024
	Pass		Watch		Special Mention		Substandard		Substandard Non-accrual		Total
Commercial loans
C&I and other commercial	$	1,535,598	$	257,892	$	38,374	$	41,291	$	4,342	$	1,877,497
Commercial real estate	2,814,481		454,016		55,178		31,582		550		3,355,807
Real estate construction	356,722		27,637		8,368		5,250		—		397,977
Total commercial loans	4,706,801		739,545		101,920		78,123		4,892		5,631,281
Retail loans
Retail real estate	1,692,828		9,378		872		2,581		3,112		1,708,771
Retail other	468,857		—		—		—		188		469,045
Total retail loans	2,161,685		9,378		872		2,581		3,300		2,177,816
Total portfolio loans	$	6,868,486	$	748,923	$	102,792	$	80,704	$	8,192	$	7,809,097


	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 lending activity, further sorted by origination year (dollars in thousands):


	As of and For The Nine Months Ended September 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	$	168,607	$	223,091	$	177,527	$	135,226	$	78,049	$	132,258	$	620,840	$	1,535,598
Watch	36,362		34,787		48,383		18,543		2,021		28,452		89,344		257,892
Special Mention	1,574		2,431		6,417		2,897		315		2,648		22,092		38,374
Substandard	15,561		7,227		894		713		406		2,495		13,995		41,291
Substandard non-accrual	76		72		484		—		45		1,368		2,297		4,342
Total commercial	222,180		267,608		233,705		157,379		80,836		167,221		748,568		1,877,497
Gross charge-offs	$	—	$	14,980	$	128	$	22	$	—	$	303	$	—	$	15,433

Commercial real estate
Pass	211,288		373,175		819,235		651,901		370,205		365,236		23,441		2,814,481
Watch	97,909		142,283		54,179		93,691		28,618		36,417		919		454,016
Special Mention	27,889		1,435		8,085		1,796		8,958		7,007		8		55,178
Substandard	19,829		2,068		4,667		51		131		4,786		50		31,582
Substandard non-accrual	—		40		—		—		18		492		—		550
Total commercial real estate	356,915		519,001		886,166		747,439		407,930		413,938		24,418		3,355,807
Gross charge-offs	—		—		—		—		—		315		—		315

Real estate construction
Pass	156,726		120,079		14,450		54,133		2,344		1,192		7,798		356,722
Watch	1,686		6,471		—		19,480		—		—		—		27,637
Special Mention	—		8,306		—		62		—		—		—		8,368
Substandard	5,250		—		—		—		—		—		—		5,250
Substandard non-accrual	—		—		—		—		—		—		—		—
Total real estate construction	163,662		134,856		14,450		73,675		2,344		1,192		7,798		397,977
Gross charge-offs	—		—		—		—		—		—		—		—

Retail real estate
Pass	66,952		244,309		374,402		363,006		150,835		283,136		210,188		1,692,828
Watch	804		634		2,780		3,419		891		130		720		9,378
Special Mention	150		—		347		—		—		375		—		872
Substandard	—		254		1,028		509		—		786		4		2,581
Substandard non-accrual	—		—		159		92		241		1,732		888		3,112
Total retail real estate	67,906		245,197		378,716		367,026		151,967		286,159		211,800		1,708,771
Gross charge-offs	—		—		—		—		—		159		—		159

Retail other
Pass	4,455		65,336		66,707		15,016		3,559		1,198		312,586		468,857
Watch	—		—		—		—		—		—		—		—
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—
Substandard non-accrual	—		110		67		—		—		11		—		188
Total retail other	4,455		65,446		66,774		15,016		3,559		1,209		312,586		469,045
Gross charge-offs	7		30		88		72		4		302		—		503

Total portfolio loans	$	815,118	$	1,232,108	$	1,579,811	$	1,360,535	$	646,636	$	869,719	$	1,305,170	$	7,809,097
Total gross charge-offs	$	7	$	15,010	$	216	$	94	$	4	$	1,079	$	—	$	16,410


	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 September 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	$	1,579	$	—	$	—	$	4,342
Commercial real estate	1,286		10		—		550
Real estate construction	23		—		—		—
Past due and non-accrual commercial loans	2,888		10		—		4,892
Retail loans
Retail real estate	4,423		620		25		3,112
Retail other	2,120		80		—		188
Past due and non-accrual retail loans	6,543		700		25		3,300
Total past due and non-accrual loans	$	9,431	$	710	$	25	$	8,192


	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

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 lending activity and the type of modification (dollars in thousands):


	Three Months Ended September 30, 2024
	Payment Deferral		% of Total Class of Financing Receivable1		Term Extension2		% of Total Class of Financing Receivable
Modified Loans
C&I and other commercial	$	325	—	%	$	14,537	0.8	%
Commercial real estate	—		—	%	18,448		0.5	%
Real estate construction	—		—	%	5,250		1.3	%


Total of loans modified during the period3	$	325	—	%	$	38,235	0.5	%

___________________________________________

1.Modified loans represent an insignificant portion of C&I and other commercial loans, rounding to zero percent.

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

3.All modifications were for loans classified as substandard.


	Three Months Ended September 30, 2023
	Interest Rate Reduction1		% of Total Class of Financing Receivable2		Term Extension3		% of Total Class of Financing Receivable2
Modified Loans
C&I and other commercial	$	—	—	%	$	12,026	0.6	%
Commercial real estate	880		—	%	553		—	%



Total of loans modified during the period4	$	880	—	%	$	12,579	0.2	%

___________________________________________

1.For one loan, the default rate was removed once forbearance was entered.

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

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

4.All modifications were for loans classified as substandard.


	Nine Months Ended September 30, 2024
	Payment Deferral1		% of Total Class of Financing Receivable2		Term Extension1		% of Total Class of Financing Receivable
Modified Loans
C&I and other commercial	$	325	—	%	$	28,073	1.5	%
Commercial real estate	—		—	%	19,782		0.6	%
Real estate construction	—		—	%	5,250		1.3	%


Total of loans modified during the period3	$	325	—	%	$	53,105	0.7	%

___________________________________________

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 C&I and other commercial loans, rounding to zero percent.

3.All modifications were for loans classified as substandard.


	Nine Months Ended September 30, 2023
	Interest Rate Reduction1		% of Total Class of Financing Receivable2		Payment Deferral3		% of Total Class of Financing Receivable2		Term Extension4		% of Total Class of Financing Receivable2
Modified Loans
C&I and other commercial	$	—	—	%	$	—	—	%	$	17,334	0.9	%
Commercial real estate	880		—	%	225		—	%	1,003		—	%
Real estate construction	—		—	%	—		—	%	5,353		1.0	%


Total of loans modified during the period5	$	880	—	%	$	225	—	%	$	23,690	0.3	%

___________________________________________

1.For one loan, the default rate was removed once forbearance was entered.

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

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

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

5.Modifications included two loans on non-accrual 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 September 30,

2024

2023

Weighted Average Term Extension

Weighted Average Interest Rate Reduction

Weighted Average Term Extension

Loan Modifications

C&I and other commercial

6.3 months

—

15.3 months

Commercial real estate

4.1 months

2.50

9.0 months

Real estate construction

6.0 months

—

Weighted average modifications

5.2 months

2.50

15.0 months

Nine Months Ended September 30,

2024

2023

Weighted Average Term Extension

Weighted Average Interest Rate Reduction

Weighted Average Term Extension

Loan Modifications

C&I and other commercial

14.1 months

—

14.3 months

Commercial real estate

3.9 months

2.50

11.2 months

Real estate construction

6.0 months

—

12.0 months

Weighted average modifications

9.5 months

2.50

13.7 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 September 30, 2024
	Current		30-89 Days		90+ Days		Non-accrual
Modified Loans
C&I and other commercial	$	29,547	$	—	$	—	$	—
Commercial real estate	20,082		—		—		—
Real estate construction	5,250		—		—		—


Amortized cost of modified loans	$	54,879	$	—	$	—	$	—

The following table provides the amortized cost basis of loans that had a payment default during the nine months ended September 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.


		Nine Months Ended September 30, 2023
	2023
		Payment Deferral		Term Extension
Loans with Subsequent Defaults
C&I and other commercial		$	—	$	500
Commercial real estate		225		—



Amortized cost of modified loans with subsequent defaults		$	225	$	500

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 September 30, 2024
	Unpaid Principal Balance		Recorded Investment								Average Recorded Investment
			With No Allowance		With Allowance		Total		Related Allowance
Loans evaluated individually
Commercial loans
C&I and other commercial	$	7,821	$	1,758	$	2,479	$	4,237	$	1,863	$	5,379
Commercial real estate	516		492		—		492		—		1,163

Commercial loans evaluated individually	8,337		2,250		2,479		4,729		1,863		6,542
Retail loans
Retail real estate	—		—		—		—		—		67

Retail loans evaluated individually	—		—		—		—		—		67
Total loans evaluated individually	$	8,337	$	2,250	$	2,479	$	4,729	$	1,863	$	6,609


	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

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


	Three Months Ended September 30, 2024
	C&I and Other Commercial		Commercial Real Estate		Real Estate Construction		Retail Real Estate		Retail Other		Total
ACL balance, June 30, 2024	$	20,286	$	35,104	$	3,722	$	23,729	$	2,385	$	85,226

Provision for credit losses	715		(1,158)		39		120		286		2
Charged-off	(202)		(215)		—		(32)		(225)		(674)
Recoveries	210		4		10		162		41		427
ACL balance, September 30, 2024	$	21,009	$	33,735	$	3,771	$	23,979	$	2,487	$	84,981


	Nine Months Ended September 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	13,958		(1,882)		(1,449)		(2,624)		(686)		7,317
Charged-off	(15,433)		(315)		—		(159)		(503)		(16,410)
Recoveries	404		145		57		368		117		1,091
ACL balance, September 30, 2024	$	21,009	$	33,735	$	3,771	$	23,979	$	2,487	$	84,981

___________________________________________

1.The Day 1 PCD is attributable to the M&M acquisition (see “Note 2. Mergers and Acquisitions.”)


	Three Months Ended September 30, 2023
	C&I and Other Commercial		Commercial Real Estate		Real Estate Construction		Retail Real Estate		Retail Other		Total
ACL balance, June 30, 2023	$	24,510	$	33,656	$	5,071	$	24,675	$	3,727	$	91,639

Provision for credit losses	(1,306)		745		104		674		147		364
Charged-off	(758)		(102)		—		(144)		(111)		(1,115)
Recoveries	187		392		31		128		84		822
ACL balance, September 30, 2023	$	22,633	$	34,691	$	5,206	$	25,333	$	3,847	$	91,710


	Nine Months Ended September 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	79		(3,006)		(1,404)		6,975		(700)		1,944
Charged-off	(1,733)		(1,175)		—		(252)		(483)		(3,643)
Recoveries	427		573		153		417		231		1,801
ACL balance, September 30, 2023	$	22,633	$	34,691	$	5,206	$	25,333	$	3,847	$	91,710

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 lending activity (dollars in thousands):


	As of September 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	$	1,873,260	$	4,237	$	1,877,497	$	19,146	$	1,863	$	21,009
Commercial real estate	3,355,315		492		3,355,807		33,735		—		33,735
Real estate construction	397,977		—		397,977		3,771		—		3,771
Commercial loans and related ACL	5,626,552		4,729		5,631,281		56,652		1,863		58,515
Retail loans
Retail real estate	1,708,771		—		1,708,771		23,979		—		23,979
Retail other	469,045		—		469,045		2,487		—		2,487
Retail loans and related ACL	2,177,816		—		2,177,816		26,466		—		26,466
Portfolio loans and related ACL	$	7,804,368	$	4,729	$	7,809,097	$	83,118	$	1,863	$	84,981


	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

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	Sep. 30, 2024	Dec. 31, 2023
Debt securities available for sale
Amortized Cost	$ 2,009,671	$ 2,334,630
Gross unrealized gains	761	186
Gross unrealized losses	(192,315)	(247,245)
Fair Value	1,818,117	2,087,571
Debt securities held to maturity
Amortized Cost	838,883	872,628
Gross unrecognized gains	0	0
Gross unrecognized losses	(126,514)	(142,231)
Fair Value	712,369	730,397
U.S. Treasury securities
Debt securities available for sale
Amortized Cost	250	16,031
Gross unrealized gains	0	0
Gross unrealized losses	0	(85)
Fair Value	250	15,946
Obligations of U.S. government corporations and agencies
Debt securities available for sale
Amortized Cost	1,515	5,889
Gross unrealized gains	0	1
Gross unrealized losses	(7)	(58)
Fair Value	1,508	5,832
Obligations of states and political subdivisions
Debt securities available for sale
Amortized Cost	168,052	190,819
Gross unrealized gains	144	52
Gross unrealized losses	(13,144)	(18,026)
Fair Value	155,052	172,845
Asset-backed securities
Debt securities available for sale
Amortized Cost	405,280	470,046
Gross unrealized gains	92	0
Gross unrealized losses	0	(1,823)
Fair Value	405,372	468,223
Commercial mortgage-backed securities
Debt securities available for sale
Amortized Cost	106,543	119,044
Gross unrealized gains	228	0
Gross unrealized losses	(12,492)	(15,535)
Fair Value	94,279	103,509
Debt securities held to maturity
Amortized Cost	419,685	428,526
Gross unrecognized gains	0	0
Gross unrecognized losses	(64,780)	(71,000)
Fair Value	354,905	357,526
Residential mortgage-backed securities
Debt securities available for sale
Amortized Cost	1,161,213	1,306,854
Gross unrealized gains	179	5
Gross unrealized losses	(159,225)	(195,547)
Fair Value	1,002,167	1,111,312
Debt securities held to maturity
Amortized Cost	419,198	444,102
Gross unrecognized gains	0	0
Gross unrecognized losses	(61,734)	(71,231)
Fair Value	357,464	372,871
Corporate debt securities
Debt securities available for sale
Amortized Cost	166,818	225,947
Gross unrealized gains	118	128
Gross unrealized losses	(7,447)	(16,171)
Fair Value	$ 159,489	$ 209,904

PORTFOLIO LOANS - Schedule of Past Due and Non-accrual Loans (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Financing Receivable, Past Due [Line Items]
Commercial loans	$ 7,809,097	$ 7,651,034
90+ days past due and still accruing	25	375
Non-accrual Loans	8,192	7,441
30 to 59 days past due and still accruing
Financing Receivable, Past Due [Line Items]
Commercial loans	9,431	4,443
60 to 89 days past due and still accruing
Financing Receivable, Past Due [Line Items]
Commercial loans	710	1,336
Commercial loans
Financing Receivable, Past Due [Line Items]
Commercial loans	5,631,281	5,635,048
90+ days past due and still accruing	0	0
Non-accrual Loans	4,892	3,689
Commercial loans \| 30 to 59 days past due and still accruing
Financing Receivable, Past Due [Line Items]
Commercial loans	2,888	776
Commercial loans \| 60 to 89 days past due and still accruing
Financing Receivable, Past Due [Line Items]
Commercial loans	10	214
Commercial loans \| C&I and other commercial
Financing Receivable, Past Due [Line Items]
Commercial loans	1,877,497	1,835,994
90+ days past due and still accruing	0	0
Non-accrual Loans	4,342	2,602
Commercial loans \| C&I and other commercial \| 30 to 59 days past due and still accruing
Financing Receivable, Past Due [Line Items]
Commercial loans	1,579	0
Commercial loans \| C&I and other commercial \| 60 to 89 days past due and still accruing
Financing Receivable, Past Due [Line Items]
Commercial loans	0	214
Commercial loans \| Commercial and Retail Real Estate
Financing Receivable, Past Due [Line Items]
Commercial loans	3,355,807	3,337,337
90+ days past due and still accruing	0	0
Non-accrual Loans	550	843
Commercial loans \| Commercial and Retail Real Estate \| 30 to 59 days past due and still accruing
Financing Receivable, Past Due [Line Items]
Commercial loans	1,286	752
Commercial loans \| Commercial and Retail Real Estate \| 60 to 89 days past due and still accruing
Financing Receivable, Past Due [Line Items]
Commercial loans	10	0
Commercial loans \| Real estate construction
Financing Receivable, Past Due [Line Items]
Commercial loans	397,977	461,717
90+ days past due and still accruing	0	0
Non-accrual Loans	0	244
Commercial loans \| Real estate construction \| 30 to 59 days past due and still accruing
Financing Receivable, Past Due [Line Items]
Commercial loans	23	24
Commercial loans \| Real estate construction \| 60 to 89 days past due and still accruing
Financing Receivable, Past Due [Line Items]
Commercial loans	0	0
Retail loans
Financing Receivable, Past Due [Line Items]
Commercial loans	2,177,816	2,015,986
90+ days past due and still accruing	25	375
Non-accrual Loans	3,300	3,752
Retail loans \| 30 to 59 days past due and still accruing
Financing Receivable, Past Due [Line Items]
Commercial loans	6,543	3,667
Retail loans \| 60 to 89 days past due and still accruing
Financing Receivable, Past Due [Line Items]
Commercial loans	700	1,122
Retail loans \| Commercial and Retail Real Estate
Financing Receivable, Past Due [Line Items]
Commercial loans	1,708,771	1,720,455
90+ days past due and still accruing	25	366
Non-accrual Loans	3,112	3,595
Retail loans \| Commercial and Retail Real Estate \| 30 to 59 days past due and still accruing
Financing Receivable, Past Due [Line Items]
Commercial loans	4,423	2,781
Retail loans \| Commercial and Retail Real Estate \| 60 to 89 days past due and still accruing
Financing Receivable, Past Due [Line Items]
Commercial loans	620	927
Retail loans \| Retail other
Financing Receivable, Past Due [Line Items]
Commercial loans	469,045	295,531
90+ days past due and still accruing	0	9
Non-accrual Loans	188	157
Retail loans \| Retail other \| 30 to 59 days past due and still accruing
Financing Receivable, Past Due [Line Items]
Commercial loans	2,120	886
Retail loans \| Retail other \| 60 to 89 days past due and still accruing
Financing Receivable, Past Due [Line Items]
Commercial loans	$ 80	$ 195

FAIR VALUE MEASUREMENTS

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

NOTE 13. 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 September 30, 2024
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Debt securities available for sale:
U.S. Treasury securities	$	—	$	250	$	—	$	250
Obligations of U.S. government corporations and agencies	—		1,508		—		1,508
Obligations of states and political subdivisions	—		155,052		—		155,052
Asset-backed securities	—		405,372		—		405,372
Commercial mortgage-backed securities	—		94,279		—		94,279
Residential mortgage-backed securities	—		1,002,167		—		1,002,167
Corporate debt securities	—		159,489		—		159,489
Equity securities	40		10,275		—		10,315
Derivative assets	—		27,795		16		27,811
Derivative liabilities	—		44,636		—		44,636


	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 September 30,				Nine Months Ended September 30,
	Location	2024		2023		2024		2023
Beginning Balance		$	8	$	15	$	15	$	5
Gains (losses) recognized in earnings	Other expense	(5)		(8)		(15)		(68)

Purchases		13		—		16		70





Ending Balance		$	16	$	7	$	16	$	7

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 September 30, 2024
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Loans evaluated individually, net of related allowance	$	—	$	—	$	616	$	616

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 September 30, 2024

Fair Value

Valuation
Techniques

Unobservable
Input

Range
(Weighted Average)

Loans evaluated individually, net of related allowance

616

Appraisal of collateral

Appraisal adjustments

-25.0% to -100.0%

(-75.2)%

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 on Busey’s Consolidated Balance Sheets (Unaudited) were estimated as follows (dollars in thousands):


	As of September 30, 2024				As of December 31, 2023
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets
Level 1 inputs:
Cash and cash equivalents	$	553,709	$	553,709	$	719,581	$	719,581
Level 2 inputs:
Debt securities held to maturity	838,883		712,369		872,628		730,397
Loans held for sale	11,523		11,810		2,379		2,401
Accrued interest receivable	48,822		48,822		45,288		45,288
Level 3 inputs:
Portfolio loans, net	7,724,116		7,597,736		7,559,294		7,276,905
Mortgage servicing rights	1,008		4,963		3,289		18,079
Other servicing rights	1,479		1,505		1,597		2,062

Financial liabilities
Level 2 inputs:
Time deposits	$	1,519,925	$	1,511,069	$	1,819,274	$	1,804,905
Securities sold under agreements to repurchase	128,429		128,429		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	74,754		61,840		71,993		57,153
Accrued interest payable	33,447		33,447		28,418		28,418
Level 3 inputs:

Subordinated notes, net of unamortized issuance costs	227,482		216,713		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

OPERATING SEGMENTS AND RELATED INFORMATION - Narrative (Details)	9 Months Ended
	Sep. 30, 2024 segment bankingCenter
Segment Reporting [Abstract]
Number of reportable segments	3
Number of operating segments	3
Number of banking centers consolidated \| bankingCenter	62

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Portfolio loans, allowance for credit losses	$ 84,981	$ 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

DEBT SECURITIES - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Total pledged loans
Financial Instruments Owned and Pledged as Collateral [Line Items]
Debt securities, carrying amount	$ 906.8	$ 837.4

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Interest income
Interest and fees on loans	$ 111,336	$ 99,844	$ 320,302	$ 284,423
Interest and dividends on investment securities:
Taxable interest income	17,789	20,549	56,264	60,224
Non-taxable interest income	283	685	918	2,136
Other interest income	5,092	1,591	14,590	3,890
Total interest income	134,500	122,669	392,074	350,673
Interest expense
Deposits	46,634	37,068	134,311	78,576
Federal funds purchased and securities sold under agreements to repurchase	981	1,327	3,393	3,772
Short-term borrowings	26	1,964	676	12,527
Long-term debt	0	425	300	1,331
Subordinated notes	3,181	3,103	9,467	9,300
Junior subordinated debt owed to unconsolidated trusts	1,137	991	3,185	2,849
Total interest expense	51,959	44,878	151,332	108,355
Net interest income	82,541	77,791	240,742	242,318
Provision for credit losses	2	364	7,317	1,944
Net interest income after provision for credit losses	82,539	77,427	233,425	240,374
Noninterest income
Mortgage revenue	355	311	1,579	871
Income on bank owned life insurance	1,189	1,001	4,050	3,682
Realized net gains (losses) on the sale of mortgage servicing rights	(18)	0	7,724	0
Realized net gains (losses) on securities	(11)	(33)	(6,817)	(207)
Unrealized net gains (losses) recognized on equity securities	833	(252)	911	(2,753)
Other noninterest income	4,792	3,018	10,550	8,349
Total noninterest income	35,951	31,008	104,752	90,868
Noninterest expense
Salaries, wages, and employee benefits	44,593	39,677	130,161	119,867
Data processing	6,910	5,930	20,560	17,472
Net occupancy expense of premises	4,633	4,594	13,943	13,896
Furniture and equipment expenses	1,647	1,638	5,155	5,065
Professional fees	3,118	1,542	7,866	4,573
Amortization of intangible assets	2,548	2,555	7,586	7,953
Interchange expense	1,352	1,786	4,696	5,509
FDIC insurance	1,413	1,475	4,273	4,483
Other noninterest expense	9,712	11,748	27,992	31,735
Total noninterest expense	75,926	70,945	222,232	210,553
Income before income taxes	42,564	37,490	115,945	120,689
Income taxes	10,560	6,824	30,359	23,873
Net income	$ 32,004	$ 30,666	$ 85,586	$ 96,816
Basic earnings per common share (in dollars per share)	$ 0.56	$ 0.55	$ 1.52	$ 1.75
Diluted earnings per common share (in dollars per share)	0.55	0.54	1.49	1.72
Dividends declared per share of common stock (in dollars per share)	$ 0.24	$ 0.24	$ 0.72	$ 0.72
Wealth management fees
Noninterest income
Noninterest income	$ 15,378	$ 14,235	$ 46,844	$ 43,594
Fees for customer services
Noninterest income
Noninterest income	8,168	7,502	23,022	21,560
Payment technology solutions
Noninterest income
Noninterest income	$ 5,265	$ 5,226	$ 16,889	$ 15,772

MERGERS AND ACQUISITIONS - 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

LEASES (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Schedule of Lease-Related Balances

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


	As of
	September 30, 2024			December 31, 2023
Lease balances
Right of use assets	$	11,100		$	11,027
Lease liabilities	11,470			11,308

Lease terms
Year through which lease terms extend	2037			2037
Weighted average remaining lease term	7.62 years			8.39 years
Weighted average discount rate	3.74		%	3.59		%

Schedule of Lease Costs and Other Lease Information


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Lease costs
Operating lease costs	$	608	$	615	$	1,702	$	1,836
Variable lease costs	15		9		43		27
Short-term lease costs	12		15		70		37
Total lease cost	$	635	$	639	$	1,815	$	1,900

Cash flows related to leases
Cash paid for amounts included in the measurement of lease liabilities:
Operating lease cash flows – Fixed payments	$	568	$	586	$	1,605	$	1,720
Operating lease cash flows – Liability reduction	466		483		1,310		1,423
Right of use assets obtained during the period in exchange for operating lease liabilities1	469		199		1,478		208

___________________________________________

Schedule of Future Undiscounted Lease Payments


	As of September 30, 2024
Rent commitments
Remainder of 2024	$	590
2025	2,088
2026	1,766
2027	1,549
2028	1,494
2029	1,503
Thereafter	4,303
Total undiscounted cash flows	13,293
Less: Amounts representing interest	1,823
Present value of net future minimum lease payments	$	11,470

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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Rental income	$	206	$	152	$	612	$	526

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 September 30, 2024
Rents to be received
Remainder of 2024	$	207
2025	665
2026	503
2027	301
2028	185


Total lease payments from operating leases	$	1,861

PORTFOLIO LOANS - Schedule of Loans with Subsequent Defaults (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Payment Deferral
Loans identified as impaired
Amortized cost of modified loans with subsequent defaults	$ 225
Payment Deferral \| Commercial loans \| C&I and other commercial
Loans identified as impaired
Amortized cost of modified loans with subsequent defaults	0
Payment Deferral \| Commercial loans \| Commercial and Retail Real Estate
Loans identified as impaired
Amortized cost of modified loans with subsequent defaults	225
Term Extension
Loans identified as impaired
Amortized cost of modified loans with subsequent defaults	500
Term Extension \| Commercial loans \| C&I and other commercial
Loans identified as impaired
Amortized cost of modified loans with subsequent defaults	500
Term Extension \| Commercial loans \| Commercial and Retail Real Estate
Loans identified as impaired
Amortized cost of modified loans with subsequent defaults	$ 0

FAIR VALUE MEASUREMENTS - Schedule of Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	$ 1,818,117	$ 2,087,571
Equity securities	10,315	9,812
U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	250	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	1,508	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	155,052	172,845
Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	405,372	468,223
Commercial mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	94,279	103,509
Residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	1,002,167	1,111,312
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	159,489	209,904
Fair Value, Recurring \| Derivative assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	27,811	30,008
Fair Value, Recurring \| Derivative liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	44,636	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	250	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	1,508	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	155,052	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	405,372	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	94,279	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	1,002,167	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	159,489	209,904
Fair Value, Recurring \| Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	10,315	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	40	448
Fair Value, Recurring \| Level 2 Inputs \| Derivative assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	27,795	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	44,636	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	250	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	1,508	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	155,052	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	405,372	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	94,279	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	1,002,167	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	159,489	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	10,275	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	16	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

STOCK-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 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 nine months ended September 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	(440)	23.53
Forfeited	(3,520)	23.53

Outstanding at September 30, 2024	17,306	23.53		2.13 years

Exercisable at September 30, 2024	17,306	23.53		2.13 years

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

A summary of changes in Busey’s RSU awards for the nine months ended September 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	32,239	24.92
Vested	(172,822)	25.72
Forfeited	(13,692)	23.28
Nonvested at September 30, 2024	1,089,212	21.77

A summary of changes in Busey’s PSU awards for the nine months ended September 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	(6,306)	22.43

Nonvested at September 30, 2024	524,602	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 nine months ended September 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	6,032	25.02
Vested	(47,351)	20.92
Forfeited	(1,025)	20.44
Nonvested at September 30, 2024	36,529	23.39

Vested and outstanding at September 30, 2024	183,124	22.84

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 September 30,				Nine Months Ended September 30,
	Location	2024		2023		2024		2023
Stock-based compensation expense

RSU awards	Salaries, wages, and employee benefits	$	1,057	$	1,177	$	3,012	$	3,428
PSU awards1	Salaries, wages, and employee benefits	976		1,180		2,037		2,724
DSU awards	Other expense	211		213		615		620
ESPP	Salaries, wages, and employee benefits	47		33		164		156
Total stock-based compensation expense		$	2,291	$	2,603	$	5,828	$	6,928

___________________________________________

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.

Schedule of Unamortized Stock-Based Compensation Expense

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


	As of
	September 30, 2024		December 31, 2023
Unamortized stock-based compensation
RSU awards	$	8,267	$	6,842
PSU awards1	4,068		3,607
DSU awards	392		190
Total unamortized stock-based compensation	$	12,727	$	10,639

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

DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024 USD ($) swap	Sep. 30, 2024 USD ($) swap	Dec. 31, 2023 USD ($)
Interest Rate Swap \| Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	$ 300,000	$ 300,000
Number of interest rate swaps entered into during period \| swap	1	1
Interest Rate Swap \| Designated as Hedging Instrument \| SOFR
Derivative [Line Items]
Notional amount	$ 100,000	$ 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	711,200	711,200	$ 663,100
Interest Rate Swap \| Cash Flow Hedging \| Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	400,000	400,000	350,000
Debt Swap \| Cash Flow Hedging
Derivative [Line Items]
Notional amount	$ 0	$ 0	$ 50,000

FAIR VALUE MEASUREMENTS - Schedule of Quantitative Information About Level 3 Fair Value Measurements (Details) $ in Thousands	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value
Loans evaluated individually, net of related allowance	$ 4,729	$ 3,151
Fair Value, Nonrecurring
Fair Value
Loans evaluated individually, net of related allowance	616	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	616	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	616	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
Fair Value, Nonrecurring \| Measurement Input, Comparability Adjustment \| Level 3 Inputs \| Appraisal of collateral \| Minimum
Range (Weighted Average)
Loans evaluated individually, net of related allowance	(0.250)	(0.412)
Fair Value, Nonrecurring \| Measurement Input, Comparability Adjustment \| Level 3 Inputs \| Appraisal of collateral \| Maximum
Range (Weighted Average)
Loans evaluated individually, net of related allowance	(1.000)	(1.000)
Fair Value, Nonrecurring \| Measurement Input, Comparability Adjustment \| Level 3 Inputs \| Appraisal of collateral \| Weighted Average
Range (Weighted Average)
Loans evaluated individually, net of related allowance	(0.752)	(0.472)
Fair Value, Nonrecurring \| Measurement Input, Comparability Adjustment \| 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)
Fair Value, Nonrecurring \| Measurement Input, Comparability Adjustment \| 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)
Fair Value, Nonrecurring \| Measurement Input, Comparability Adjustment \| 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)

LEASES - Schedule of Revenue Recorded in Connection with Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Rental income	$ 206	$ 152	$ 612	$ 526

FAIR VALUE MEASUREMENTS - Schedule of Activity for Financial Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 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	$ 8	$ 15	$ 15	$ 5
Gains (losses) recognized in earnings	(5)	(8)	(15)	(68)
Purchases	13	0	16	70
Fair value, ending balance	$ 16	$ 7	$ 16	$ 7

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Net Gains (Losses) Relating to Derivative Instruments (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative [Line Items]
Net gains (losses) on mortgage banking derivatives	$ 30	$ 44	$ 404	$ 64
Interest rate lock commitments
Derivative [Line Items]
Net gains (losses) on mortgage banking derivatives	121	(16)	569	(28)
Forward sales commitments
Derivative [Line Items]
Net gains (losses) on mortgage banking derivatives	$ (91)	$ 60	$ (165)	$ 92

BORROWINGS - Schedule of Securities Sold Under Agreements to Repurchase (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Securities sold under agreements to repurchase	$ 128,429	$ 187,396
Weighted average rate for securities sold under agreements to repurchase	2.77%	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

DEBT SECURITIES - Schedule of Realized Gains and Losses on Debt Securities (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Realized gains and losses on debt securities
Gross gains on debt securities	$ 0		$ 10	$ 1	$ 20
Gross (losses) on debt securities	(11)		(43)	(6,818)	(227)
Realized net gains (losses) on debt securities	$ (11)		$ (33)	$ (6,817)	$ (207)
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

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Nov. 05, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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		56,877,956
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000314489
Amendment Flag	false

FAIR VALUE MEASUREMENTS - Schedule of Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans evaluated individually, net of related allowance	$ 4,729	$ 3,151
Fair Value, Nonrecurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans evaluated individually, net of related allowance	616	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	616	1,000
Bank property held for sale with impairment	$ 3,205	$ 4,286

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of the Interest-Rate Swaps Designated as Cash Flow Hedges (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 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			(11,487)		$ (16,694)
Cash Flow Hedging \| Interest Rate Swap \| Other assets
Gross aggregate fair value of the swaps
Gross aggregate fair value of swap assets	2,332		2,332		1,293
Cash Flow Hedging \| Interest Rate Swap \| Other liabilities
Gross aggregate fair value of the swaps
Gross aggregate fair value of swap liabilities	19,176		19,176		25,411
Cash Flow Hedging \| Debt Swap
Derivative [Line Items]
Notional amount	$ 0		$ 0		$ 50,000
Weighted average rate: pay/ receive-fixed	0.00%		0.00%		1.79%
Weighted average variable interest rates	0.00%		0.00%		5.61%
Weighted average maturity					8 months 15 days
Cash Flow Hedging \| Prime Loan Swap
Derivative [Line Items]
Notional amount	$ 300,000		$ 300,000		$ 300,000
Weighted average rate: pay/ receive-fixed	4.81%		4.81%		4.81%
Weighted average variable interest rates	8.25%		8.25%		8.50%
Weighted average maturity			4 years 4 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 rate: pay/ receive-fixed	3.72%		3.72%		0.00%
Weighted average maturity			4 years 5 months 4 days

OUTSTANDING COMMITMENTS AND CONTINGENT LIABILITIES

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

OUTSTANDING COMMITMENTS AND CONTINGENT LIABILITIES

NOTE 11. 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
	September 30, 2024		December 31, 2023
Financial instruments whose contract amounts represent credit risk
Commitments to extend credit	$	2,503,727	$	2,132,500
Standby letters of credit	36,612		43,996
Total commitments	$	2,540,339	$	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 September 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.

LEASES - Schedule of Future Minimum Lease Payments (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Rents to be received
Remainder of 2024	$ 207
2025	665
2026	503
2027	301
2028	185
Total lease payments from operating leases	$ 1,861

BORROWINGS

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

BORROWINGS

NOTE 7. 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
	September 30, 2024			December 31, 2023
Securities sold under agreements to repurchase	$	128,429		$	187,396
Weighted average rate for securities sold under agreements to repurchase	2.77		%	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 September 30, 2024, there was no balance outstanding on the revolving credit facility. The revolving credit facility incurs an insignificant 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
	September 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 September 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
	September 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 bps 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 2. Mergers and Acquisitions”), 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 bps from December 4, 2025. The subordinated notes have an optional redemption, in whole or in part, on or after December 4, 2025. At September 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
	September 30, 2024		December 31, 2023
Unamortized debt issuance costs
Subordinated notes issued in 2020	$	353	$	735
Subordinated notes issued in 2022	1,101		1,383
Total unamortized debt issuance costs	$	1,454	$	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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

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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-Paragraph 1
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

EARNINGS PER COMMON SHARE

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

EARNINGS PER COMMON SHARE

NOTE 14. 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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net income	$	32,004	$	30,666	$	85,586	$	96,816

Weighted average number of common shares outstanding, basic	57,033,359		55,486,700		56,458,430		55,441,980
Dilutive effect of common stock equivalents:
Options	1,714		—		572		—
Warrants	—		—		—		432
RSU awards	655,224		640,714		662,609		638,495
PSU awards	254,365		165,868		264,451		126,787
DSU awards	16,766		16,792		18,390		14,996
ESPP	6,420		5,418		6,847		7,934
Weighted average number of common shares outstanding, diluted	57,967,848		56,315,492		57,411,299		56,230,624

Basic earnings per common share	$	0.56	$	0.55	$	1.52	$	1.75
Diluted earnings per common share	$	0.55	$	0.54	$	1.49	$	1.72


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Anti-dilutive common stock equivalents
Options	—	21,926	12,784	22,219

RSU awards	—	—	4,288	52,594
PSU awards	107,065	85,074	103,001	137,918

Total anti-dilutive common stock equivalents	107,065	107,000	120,073	212,731

BORROWINGS - Subordinated Notes (Details) - Subordinated Debt - USD ($) $ in Millions	Apr. 01, 2024	Jun. 02, 2022	Jun. 01, 2020	Sep. 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

PORTFOLIO LOANS - Schedule of Financial Instruments Owned and Pledged as Collateral (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Financial Instruments Owned and Pledged as Collateral [Line Items]
Pledged loans	$ 7,724,116	$ 7,559,294
Total pledged loans
Financial Instruments Owned and Pledged as Collateral [Line Items]
Pledged loans	5,691,193	5,588,395
FHLB
Financial Instruments Owned and Pledged as Collateral [Line Items]
Pledged loans	4,935,257	4,865,481
Federal Reserve Bank
Financial Instruments Owned and Pledged as Collateral [Line Items]
Pledged loans	$ 755,936	$ 722,914

PORTFOLIO LOANS - Schedule of ACL and Amortized Cost of Portfolio Loans by Loan Category (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Portfolio Loans
Collectively Evaluated for Impairment	$ 7,804,368		$ 7,647,883
Individually Evaluated for Impairment	4,729		3,151
Total	7,809,097		7,651,034
ACL Attributed to Portfolio Loans
Collectively Evaluated for Impairment	83,118		90,845
Individually Evaluated for Impairment	1,863		895
Total	84,981	$ 85,226	91,740	$ 91,710	$ 91,639	$ 91,608
Commercial loans
Portfolio Loans
Collectively Evaluated for Impairment	5,626,552		5,631,983
Individually Evaluated for Impairment	4,729		3,065
Total	5,631,281		5,635,048
ACL Attributed to Portfolio Loans
Collectively Evaluated for Impairment	56,652		61,014
Individually Evaluated for Impairment	1,863		870
Total	58,515		61,884
Commercial loans \| C&I and other commercial
Portfolio Loans
Collectively Evaluated for Impairment	1,873,260		1,833,624
Individually Evaluated for Impairment	4,237		2,370
Total	1,877,497		1,835,994
ACL Attributed to Portfolio Loans
Collectively Evaluated for Impairment	19,146		20,471
Individually Evaluated for Impairment	1,863		785
Total	21,009	20,286	21,256	22,633	24,510	23,860
Commercial loans \| Commercial and Retail Real Estate
Portfolio Loans
Collectively Evaluated for Impairment	3,355,315		3,336,642
Individually Evaluated for Impairment	492		695
Total	3,355,807		3,337,337
ACL Attributed to Portfolio Loans
Collectively Evaluated for Impairment	33,735		35,380
Individually Evaluated for Impairment	0		85
Total	33,735	35,104	35,465	34,691	33,656	38,299
Commercial loans \| Real estate construction
Portfolio Loans
Collectively Evaluated for Impairment	397,977		461,717
Individually Evaluated for Impairment	0		0
Total	397,977		461,717
ACL Attributed to Portfolio Loans
Collectively Evaluated for Impairment	3,771		5,163
Individually Evaluated for Impairment	0		0
Total	3,771	3,722	5,163	5,206	5,071	6,457
Retail loans
Portfolio Loans
Collectively Evaluated for Impairment	2,177,816		2,015,900
Individually Evaluated for Impairment	0		86
Total	2,177,816		2,015,986
ACL Attributed to Portfolio Loans
Collectively Evaluated for Impairment	26,466		29,831
Individually Evaluated for Impairment	0		25
Total	26,466		29,856
Retail loans \| Commercial and Retail Real Estate
Portfolio Loans
Collectively Evaluated for Impairment	1,708,771		1,720,369
Individually Evaluated for Impairment	0		86
Total	1,708,771		1,720,455
ACL Attributed to Portfolio Loans
Collectively Evaluated for Impairment	23,979		26,273
Individually Evaluated for Impairment	0		25
Total	23,979	23,729	26,298	25,333	24,675	18,193
Retail loans \| Retail other
Portfolio Loans
Collectively Evaluated for Impairment	469,045		295,531
Individually Evaluated for Impairment	0		0
Total	469,045		295,531
ACL Attributed to Portfolio Loans
Collectively Evaluated for Impairment	2,487		3,558
Individually Evaluated for Impairment	0		0
Total	$ 2,487	$ 2,385	$ 3,558	$ 3,847	$ 3,727	$ 4,799

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	96,816			96,816
OCI, net of tax	(17,452)				(17,452)
Repurchase of stock (in shares)		(110,123)
Repurchase of stock	(2,209)					(2,209)
Issuance of treasury stock for ESPP (in shares)		51,885
Issuance of treasury stock for ESPP	884		(451)			1,335
Net issuance of treasury stock for RSU/PSU/DSU vesting and related tax (in shares)		120,137
Net issuance of treasury stock for RSU/PSU/DSU vesting and related tax	(989)		(4,083)			3,094
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	(39,806)			(39,806)
Stock dividend equivalents on RSUs/PSUs/DSUs	0		1,081	(1,081)
Stock-based compensation	6,928		6,928
Ending balance (in shares) at Sep. 30, 2023		55,342,017
Ending balance at Sep. 30, 2023	1,190,158	$ 58	1,324,438	224,698	(290,730)	(68,306)
Beginning balance (in shares) at Jun. 30, 2023		55,290,847
Beginning balance at Jun. 30, 2023	1,201,948	$ 58	1,325,173	207,660	(260,921)	(70,022)
Increase (decrease) in shareholders' equity
Net income	30,666			30,666
OCI, net of tax	(29,809)				(29,809)
Repurchase of stock (in shares)		(65,123)
Repurchase of stock	(1,278)					(1,278)
Issuance of treasury stock for ESPP (in shares)		11,291
Issuance of treasury stock for ESPP	184		(106)			290
Net issuance of treasury stock for RSU/PSU/DSU vesting and related tax (in shares)		105,002
Net issuance of treasury stock for RSU/PSU/DSU vesting and related tax	(889)		(3,593)			2,704
Cash dividends on common stock	(13,267)			(13,267)
Stock dividend equivalents on RSUs/PSUs/DSUs	0		361	(361)
Stock-based compensation	2,603		2,603
Ending balance (in shares) at Sep. 30, 2023		55,342,017
Ending balance at Sep. 30, 2023	1,190,158	$ 58	1,324,438	224,698	(290,730)	(68,306)
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	85,586			85,586
OCI, net of tax	47,890				47,890
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)		45,679
Issuance of treasury stock for ESPP	926		(250)			1,176
Net issuance of treasury stock for RSU/PSU/DSU vesting and related tax (in shares)		153,087
Net issuance of treasury stock for RSU/PSU/DSU vesting and related tax	(1,650)		(5,592)			3,942
Net issuance of treasury stock for options exercised, net of shares redeemed and related tax (in shares)		52
Net issuance of treasury stock for options exercised, net of shares redeemed and related tax	0		(1)			1
Cash dividends on common stock	(40,520)			(40,520)
Stock dividend equivalents on RSUs/PSUs/DSUs	0		1,004	(1,004)
Stock-based compensation	5,828		5,828
Ending balance (in shares) at Sep. 30, 2024		56,872,241
Ending balance at Sep. 30, 2024	1,402,884	$ 60	1,358,816	279,868	(170,913)	(64,947)
Beginning balance (in shares) at Jun. 30, 2024		56,746,937
Beginning balance at Jun. 30, 2024	1,333,810	$ 60	1,360,430	261,820	(220,326)	(68,174)
Increase (decrease) in shareholders' equity
Net income	32,004			32,004
OCI, net of tax	49,413				49,413
Issuance of treasury stock for ESPP (in shares)		13,109
Issuance of treasury stock for ESPP	265		(73)			338
Net issuance of treasury stock for RSU/PSU/DSU vesting and related tax (in shares)		112,143
Net issuance of treasury stock for RSU/PSU/DSU vesting and related tax	(1,254)		(4,142)			2,888
Net issuance of treasury stock for options exercised, net of shares redeemed and related tax (in shares)		52
Net issuance of treasury stock for options exercised, net of shares redeemed and related tax	0		(1)			1
Cash dividends on common stock	(13,645)			(13,645)
Stock dividend equivalents on RSUs/PSUs/DSUs	0		311	(311)
Stock-based compensation	2,291		2,291
Ending balance (in shares) at Sep. 30, 2024		56,872,241
Ending balance at Sep. 30, 2024	$ 1,402,884	$ 60	$ 1,358,816	$ 279,868	$ (170,913)	$ (64,947)

BORROWINGS - Schedule of Short-term Borrowings (Details) - USD ($)	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Short-Term Debt [Line Items]
Total short-term debt	$ 0	$ 12,000,000
Federal funds purchased	$ 0	0
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
Term Loan, current portion due within 12 months
Short-Term Debt [Line Items]
Total short-term debt	$ 0	$ 12,000,000

DEBT SECURITIES - Schedule of Maturity of Debt Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Amortized Cost
Due in one year or less	$ 86,812
Due after one year through five years	128,399
Due after five years through ten years	558,784
Due after ten years	1,235,676
Amortized Cost	2,009,671	$ 2,334,630
Fair Value
Due in one year or less	85,513
Due after one year through five years	123,444
Due after five years through ten years	539,952
Due after ten years	1,069,208
Fair Value	1,818,117	2,087,571
Amortized Cost
Due after one year through five years	83,464
Due after five years through ten years	14,678
Due after ten years	740,741
Amortized Cost	838,883	872,628
Fair Value
Due after one year through five years	80,274
Due after five years through ten years	13,103
Due after ten years	618,992
Fair Value	$ 712,369	$ 730,397

MERGERS AND ACQUISITIONS - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended	9 Months Ended
	Aug. 26, 2024	Apr. 01, 2024	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Business Acquisition, Contingent Consideration [Line Items]
Goodwill			$ 333,498	$ 333,498	$ 317,873
CrossFirst Bankshares, Inc.
Business Acquisition, Contingent Consideration [Line Items]
Business acquisition stock holders own percentage	63.50%
Pre-tax acquisition expenses			1,300	1,500
CrossFirst Bankshares, Inc. \| CrossFirst Bankshares, Inc.
Business Acquisition, Contingent Consideration [Line Items]
Business acquisition stock holders own percentage on fully-diluted basis	0.365
CrossFirst Bankshares, Inc. \| Common Stock \| CrossFirst Bankshares, Inc.
Business Acquisition, Contingent Consideration [Line Items]
Shares received for each share owned (in shares)	0.6675
Merchants and Manufacturers Bank Corporation
Business Acquisition, Contingent Consideration [Line Items]
Shares received for each share owned (in shares)		5.7294
Pre-tax acquisition expenses			$ 600	$ 2,900
Per share cash consideration entitled, Cash Election (in dollars per share)		$ 117.74
Consideration transferred per share in cash, Mixed Election (in dollars per share)		$ 34.55
Consideration transferred per share in shares, Mixed Election (in shares)		4.0481
Business combination consideration, number of shares (in shares)		1,429,304
Cash		$ 12,200
Consideration transferred per share in cash, Share Election (in dollars per share)		$ 5.3966
Consideration transferred per share in shares, Share Election (in shares)		5.4668
Cash consideration received (in dollars per share)		$ 117.74
Fractional shares, payment rate (in dollars per share)		$ 23.32
Additional consideration transferred		$ 3,000
Number of shares redeemed ( in shares)		300
Goodwill		$ 15,625

TAX CREDIT AND OTHER INVESTMENTS IN UNCONSOLIDATED ENTITIES (Tables)

9 Months Ended

Sep. 30, 2024

Investments, All Other Investments [Abstract]

Schedule of Investments


		As of
	Location	September 30, 2024		December 31, 2023
Investments in unconsolidated entities
Funded investments	Other assets	$	68,164	$	68,516
Unfunded investments	Other assets	68,200		58,552
Investments in unconsolidated entities		$	136,364	$	127,068

Unfunded investment obligations	Other liabilities	$	68,200	$	58,552


	Three Months Ended September 30, 2024		Nine Months Ended September 30, 2024

Income tax credits and other tax benefits	$	4,040		$	11,941
Amortization of investments in tax-advantaged projects	3,575			10,593

DEPOSITS (Tables)

9 Months Ended

Sep. 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
	September 30, 2024		December 31, 2023
Deposits
Noninterest-bearing demand deposits	$	2,683,543	$	2,834,655
Interest-bearing transaction deposits	2,455,217		2,717,139
Saving deposits and money market deposits	3,284,556		2,920,088
Time deposits	1,519,925		1,819,274
Total deposits	$	9,943,241	$	10,291,156

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


	As of
	September 30, 2024		December 31, 2023
Brokered savings deposits and money market deposits	$	6,001	$	6,001
Brokered time deposits	7,088		285
Aggregate amount of time deposits with a minimum denomination of $100,000	873,754		1,072,189
Aggregate amount of time deposits with a minimum denomination that meets or exceeds the FDIC insurance limit of $250,000	338,808		386,286

Schedule of Maturities of Time Deposits

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


	As of September 30, 2024
Time deposits by schedule of maturities
Remainder of 2024	$	547,111
2025	914,253
2026	30,592
2027	13,689
2028	8,715
2029	5,116
Thereafter	449
Time deposits	$	1,519,925

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Cash and cash equivalents:
Cash and due from banks	$ 149,845	$ 134,680
Interest-bearing deposits	403,864	584,901
Total cash and cash equivalents	553,709	719,581
Debt securities available for sale	1,818,117	2,087,571
Debt securities held to maturity	838,883	872,628
Equity securities	10,315	9,812
Loans held for sale	11,523	2,379
Portfolio loans (net of ACL of $84,981 at September 30, 2024, and $91,740 at December 31, 2023)	7,724,116	7,559,294
Premises and equipment, net	120,279	122,594
Right of use assets	11,100	11,027
Goodwill	333,498	317,873
Other intangible assets, net	34,751	35,991
Cash surrender value of bank owned life insurance	184,007	182,975
Other assets	346,541	361,690
Total assets	11,986,839	12,283,415
Deposits:
Noninterest-bearing	2,683,543	2,834,655
Interest-bearing	7,259,698	7,456,501
Total deposits	9,943,241	10,291,156
Securities sold under agreements to repurchase	128,429	187,396
Short-term borrowings	0	12,000
Long-term debt	0	18,000
Subordinated notes, net of unamortized issuance costs	227,482	222,882
Junior subordinated debt owed to unconsolidated trusts	74,754	71,993
Lease liabilities	11,470	11,308
Other liabilities	198,579	196,699
Total liabilities	10,583,955	11,011,434
Outstanding commitments and contingent liabilities (see Notes 5 and 11)
Stockholders’ equity
Common stock, ($.001 par value; 100,000,000 shares authorized)	60	58
Additional paid-in capital	1,358,816	1,323,595
Retained earnings	279,868	237,197
AOCI	(170,913)	(218,803)
Total stockholders’ equity before treasury stock	1,467,831	1,342,047
Treasury stock at cost	(64,947)	(70,066)
Total stockholders’ equity	1,402,884	1,271,981
Total liabilities and stockholders’ equity	$ 11,986,839	$ 12,283,415
Shares
Common shares issued (in shares)	59,546,273	58,116,969
Less: Treasury shares (in shares)	(2,674,032)	(2,872,850)
Common shares outstanding (in shares)	56,872,241	55,244,119

OPERATING SEGMENTS AND RELATED INFORMATION (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Information Relating to Operating Segments

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
	September 30, 2024		December 31, 2023		September 30, 2024		December 31, 2023
Operating segment
Banking	$	310,398	$	294,773	$	11,806,647	$	12,125,298
Wealth Management	14,108		14,108		119,801		103,147
FirsTech	8,992		8,992		51,474		51,600
Other	—		—		8,917		3,370
Consolidated total	$	333,498	$	317,873	$	11,986,839	$	12,283,415


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net interest income
Banking	$	86,425	$	81,794	$	252,200	$	254,394

FirsTech	12		14		37		41
Other	(3,896)		(4,017)		(11,495)		(12,117)
Net interest income	$	82,541	$	77,791	$	240,742	$	242,318

Noninterest income
Banking	$	14,056	$	11,983	$	39,962	$	34,716
Wealth Management	16,169		14,350		47,989		43,993
FirsTech	5,551		5,665		17,700		16,954
Other	175		(990)		(899)		(4,795)
Total noninterest income	$	35,951	$	31,008	$	104,752	$	90,868

Noninterest expense
Banking	$	56,740	$	55,172	$	167,724	$	163,314
Wealth Management	8,777		8,059		26,704		24,821
FirsTech	5,648		5,245		17,666		16,303
Other	4,761		2,469		10,138		6,115
Total noninterest expense	$	75,926	$	70,945	$	222,232	$	210,553

Income before income taxes
Banking	$	43,739	$	38,241	$	117,121	$	123,852
Wealth Management	7,392		6,291		21,285		19,172
FirsTech	(85)		434		71		692
Other	(8,482)		(7,476)		(22,532)		(23,027)
Income before income taxes	$	42,564	$	37,490	$	115,945	$	120,689

Net income
Banking	$	33,221	$	31,189	$	86,410	$	98,689
Wealth Management	5,618		4,781		16,177		14,571
FirsTech	(61)		317		53		505
Other	(6,774)		(5,621)		(17,054)		(16,949)
Net income	$	32,004	$	30,666	$	85,586	$	96,816

OUTSTANDING COMMITMENTS AND CONTINGENT LIABILITIES (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Credit Commitments and Contingencies
Total commitments	$ 2,540,339	$ 2,176,496
Commitments to extend credit
Credit Commitments and Contingencies
Total commitments	2,503,727	2,132,500
Standby letters of credit
Credit Commitments and Contingencies
Total commitments	$ 36,612	$ 43,996

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,333,810	$ 1,201,948	$ 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	39,286	(26,950)	34,810	(16,872)
Amounts reclassified from AOCI, net, net of tax	8	24	4,874	148
Amortization of unrealized losses on securities transferred to held to maturity, net of tax	990	1,056	2,999	3,379
Unrealized gains (losses) on cash flow hedges
Unrealized holding gains (losses) on cash flow hedges, net, net of tax	7,439	(5,577)	211	(8,563)
Amounts reclassified from AOCI, net, net of tax	1,690	1,638	4,996	4,456
Ending balance	1,402,884	1,190,158	1,402,884	1,190,158
Total stockholders’ equity	1,402,884	1,190,158	1,402,884	1,190,158
AOCI
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(220,326)	(260,921)	(218,803)	(273,278)
Unrealized gains (losses) on cash flow hedges
Accumulated other comprehensive income (loss) ending balance period, before tax	(239,054)	(406,639)	(239,054)	(406,639)
Accumulated other comprehensive income (loss) ending balance period, tax effect	68,141	115,909	68,141	115,909
Ending balance	(170,913)	(290,730)	(170,913)	(290,730)
Total stockholders’ equity	(170,913)	(290,730)	(170,913)	(290,730)
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	(279,334)	(335,359)	(282,688)	(352,878)
Accumulated other comprehensive income (loss) beginning balance period, tax effect	79,624	95,591	80,579	100,585
Beginning balance	(199,710)	(239,768)	(202,109)	(252,293)
Unrealized/Unrecognized gains (losses) on debt securities
Unrealized holding gains (losses) on debt securities available for sale, net, before tax	54,950	(37,696)	48,688	(23,600)
Unrealized holding gains (losses) on debt securities available for sale, net, tax effect	(15,664)	10,746	(13,878)	6,728
Unrealized holding gains (losses) on debt securities available for sale, net, net of tax	39,286	(26,950)	34,810	(16,872)
Amounts reclassified from AOCI, net, before tax	11	33	6,817	207
Amounts reclassified from AOCI, net, tax effect	(3)	(9)	(1,943)	(59)
Amounts reclassified from AOCI, net, net of tax	8	24	4,874	148
Amortization of unrealized losses on securities transferred to held to maturity, before tax	1,384	1,476	4,194	4,725
Amortization of unrealized losses on securities transferred to held to maturity, tax effect	(394)	(420)	(1,195)	(1,346)
Amortization of unrealized losses on securities transferred to held to maturity, net of tax	990	1,056	2,999	3,379
Unrealized gains (losses) on cash flow hedges
Accumulated other comprehensive income (loss) ending balance period, before tax	(222,989)	(371,546)	(222,989)	(371,546)
Accumulated other comprehensive income (loss) ending balance period, tax effect	63,563	105,908	63,563	105,908
Ending balance	(159,426)	(265,638)	(159,426)	(265,638)
Total stockholders’ equity	(159,426)	(265,638)	(159,426)	(265,638)
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	(28,833)	(29,586)	(23,348)	(29,350)
Accumulated other comprehensive income (loss) beginning balance period, tax effect	8,217	8,433	6,654	8,365
Beginning balance	(20,616)	(21,153)	(16,694)	(20,985)
Unrealized gains (losses) on cash flow hedges
Unrealized holding gains (losses) on cash flow hedges, net, before tax	10,404	(7,797)	295	(11,975)
Unrealized holding gains (losses) on cash flow hedges, net, tax effect	(2,965)	2,220	(84)	3,412
Unrealized holding gains (losses) on cash flow hedges, net, net of tax	7,439	(5,577)	211	(8,563)
Amounts reclassified from AOCI, net, before tax	2,364	2,290	6,988	6,232
Amounts reclassified from AOCI, net, tax effect	(674)	(652)	(1,992)	(1,776)
Amounts reclassified from AOCI, net, net of tax	1,690	1,638	4,996	4,456
Accumulated other comprehensive income (loss) ending balance period, before tax	(16,065)	(35,093)	(16,065)	(35,093)
Accumulated other comprehensive income (loss) ending balance period, tax effect	4,578	10,001	4,578	10,001
Ending balance	(11,487)	(25,092)	(11,487)	(25,092)
Total stockholders’ equity	$ (11,487)	$ (25,092)	$ (11,487)	$ (25,092)

OUTSTANDING COMMITMENTS AND CONTINGENT LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

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


	As of
	September 30, 2024		December 31, 2023
Financial instruments whose contract amounts represent credit risk
Commitments to extend credit	$	2,503,727	$	2,132,500
Standby letters of credit	36,612		43,996
Total commitments	$	2,540,339	$	2,176,496

REGULATORY CAPITAL - Schedule of Regulatory Capital Requirements Applicable to Busey and Busey Bank (Details) $ in Thousands	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Common Equity Tier 1 Capital to Risk Weighted Assets, Amount
Actual	$ 1,219,574	$ 1,155,973
Minimum Capital Requirement	398,365	397,331
Minimum To Be Well Capitalized	$ 575,416	$ 573,923
Common Equity Tier 1 Capital to Risk Weighted Assets, Ratio
Actual	0.1378	0.1309
Minimum Capital Requirement	0.0450	0.0450
Minimum To Be Well Capitalized	0.0650	0.0650
Tier 1 Capital to Risk Weighted Assets, Amount
Actual	$ 1,296,574	$ 1,229,973
Minimum Capital Requirement	531,153	529,775
Minimum To Be Well Capitalized	$ 708,204	$ 706,367
Tier 1 Capital to Risk Weighted Assets, Ratio
Actual	0.1465	0.1393
Minimum Capital Requirement	0.0600	0.0600
Minimum To Be Well Capitalized	0.0800	0.0800
Total Capital to Risk Weighted Assets, Amount
Actual	$ 1,610,247	$ 1,540,318
Minimum Capital Requirement	708,204	706,367
Minimum To Be Well Capitalized	$ 885,255	$ 882,958
Total Capital to Risk Weighted Assets, Ratio
Actual	0.1819	0.1744
Minimum Capital Requirement	0.0800	0.0800
Minimum To Be Well Capitalized	0.1000	0.1000
Leverage Ratio of Tier 1 Capital to Average Assets, Amount
Actual	$ 1,296,574	$ 1,229,973
Minimum Capital Requirement	$ 472,629	$ 488,315
Leverage Ratio of Tier 1 Capital to Average Assets, Ratio
Actual	0.1097	0.1008
Minimum Capital Requirement	0.0400	0.0400
Busey Bank
Common Equity Tier 1 Capital to Risk Weighted Assets, Amount
Actual	$ 1,425,762	$ 1,362,962
Minimum Capital Requirement	396,739	396,128
Minimum To Be Well Capitalized	$ 573,068	$ 572,185
Common Equity Tier 1 Capital to Risk Weighted Assets, Ratio
Actual	0.1617	0.1548
Minimum Capital Requirement	0.0450	0.0450
Minimum To Be Well Capitalized	0.0650	0.0650
Tier 1 Capital to Risk Weighted Assets, Amount
Actual	$ 1,425,762	$ 1,362,962
Minimum Capital Requirement	528,985	528,171
Minimum To Be Well Capitalized	$ 705,314	$ 704,228
Tier 1 Capital to Risk Weighted Assets, Ratio
Actual	0.1617	0.1548
Minimum Capital Requirement	0.0600	0.0600
Minimum To Be Well Capitalized	0.0800	0.0800
Total Capital to Risk Weighted Assets, Amount
Actual	$ 1,510,436	$ 1,448,307
Minimum Capital Requirement	705,314	704,228
Minimum To Be Well Capitalized	$ 881,642	$ 880,285
Total Capital to Risk Weighted Assets, Ratio
Actual	0.1713	0.1645
Minimum Capital Requirement	0.0800	0.0800
Minimum To Be Well Capitalized	0.1000	0.1000
Leverage Ratio of Tier 1 Capital to Average Assets, Amount
Actual	$ 1,425,762	$ 1,362,962
Minimum Capital Requirement	471,202	487,103
Minimum To Be Well Capitalized	$ 589,003	$ 608,879
Leverage Ratio of Tier 1 Capital to Average Assets, Ratio
Actual	0.1210	0.1119
Minimum Capital Requirement	0.0400	0.0400
Minimum To Be Well Capitalized	0.0500	0.0500

LEASES - Schedule of Lease-Related Balances (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Right of use assets	$ 11,100	$ 11,027
Lease liabilities	$ 11,470	$ 11,308
Weighted average remaining lease term	7 years 7 months 13 days	8 years 4 months 20 days
Weighted average discount rate	3.74%	3.59%

STOCK-BASED COMPENSATION - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	$ 2,291	$ 2,603	$ 5,828	$ 6,928
RSU Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	1,057	1,177	3,012	3,428
PSU Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	976	1,180	2,037	2,724
DSU Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	211	213	615	620
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	$ 47	$ 33	$ 164	$ 156

- 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
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

MERGERS AND ACQUISITIONS - Schedule of Estimated Acquisition-date Fair Values of the Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Apr. 01, 2024	Sep. 30, 2024	Dec. 31, 2023
Consideration paid
Goodwill		$ 333,498	$ 317,873
Merchants and Manufacturers Bank Corporation
Assets acquired
Cash and cash equivalents	$ 33,577
Securities	8,086
Portfolio loans, net of ACL	417,230
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	582
Accounts receivable	42
Mortgage servicing rights	55
Other assets	4,632
Total assets acquired	478,024
Liabilities assumed
Deposits	392,838
Borrowings	43,887
Lease liabilities	253
Other liabilities	7,096
Total liabilities assumed	444,074
Net assets acquired	33,950
Consideration paid
Cash	15,200
Common stock	34,375
Total consideration paid	49,575
Goodwill	$ 15,625

EARNINGS PER COMMON SHARE - Schedule of Average Shares Excluded From Computation of Diluted Earnings Per Common Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common stock equivalents (in shares)	107,065	107,000	120,073	212,731
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common stock equivalents (in shares)	0	21,926	12,784	22,219
RSU Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common stock equivalents (in shares)	0	0	4,288	52,594
PSU Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common stock equivalents (in shares)	107,065	85,074	103,001	137,918

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Net Gains (Losses) Recorded in AOCI (Details) - Cash Flow Hedging - Interest Rate Contract - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative [Line Items]
Net gain (loss) recognized in OCI, net of tax	$ 7,439	$ (5,577)	$ 211	$ (8,563)
(Gain) loss reclassified from OCI to interest income, net of tax	1,984	1,982	5,981	5,362
(Gain) loss reclassified from OCI to interest expense, net of tax	(294)	(344)	(985)	(906)
Net change in unrealized gains (losses) on cash flow hedges, net of tax	$ 9,129	$ (3,939)	$ 5,207	$ (4,107)

PORTFOLIO LOANS

9 Months Ended

Sep. 30, 2024

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

PORTFOLIO LOANS

NOTE 4. PORTFOLIO LOANS

Loan Categories

Busey’s lending can be summarized in two primary categories: commercial and retail. Loans within these categories are further classified by lending activity: C&I and other commercial, commercial real estate, real estate construction, retail real estate, and retail other. Distributions of the loan portfolio by loan category and activity is presented in the following table (dollars in thousands):


	As of
	September 30, 2024		December 31, 2023
Commercial loans
C&I and other commercial	$	1,877,497	$	1,835,994
Commercial real estate	3,355,807		3,337,337
Real estate construction	397,977		461,717
Total commercial loans	5,631,281		5,635,048
Retail loans
Retail real estate	1,708,771		1,720,455
Retail other	469,045		295,531
Total retail loans	2,177,816		2,015,986

Total portfolio loans	7,809,097		7,651,034
ACL	(84,981)		(91,740)
Portfolio loans, net	$	7,724,116	$	7,559,294

Net deferred loan origination costs included in the balances above were $12.0 million as of September 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 $9.7 million as of September 30, 2024, and $4.5 million as of December 31, 2023.

Busey did not purchase any retail real estate loans during the three months ended September 30, 2024, and elected to purchase $6.9 million of retail real estate loans during the nine months ended September 30, 2024. Busey did not purchase any retail real estate loans during the corresponding periods of 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
	September 30, 2024		December 31, 2023
Pledged loans
FHLB	$	4,935,257	$	4,865,481
Federal Reserve Bank	755,936		722,914
Total pledged loans	$	5,691,193	$	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 of our portfolio loans, segregated by loan category and lending activity (dollars in thousands):


	As of September 30, 2024
	Pass		Watch		Special Mention		Substandard		Substandard Non-accrual		Total
Commercial loans
C&I and other commercial	$	1,535,598	$	257,892	$	38,374	$	41,291	$	4,342	$	1,877,497
Commercial real estate	2,814,481		454,016		55,178		31,582		550		3,355,807
Real estate construction	356,722		27,637		8,368		5,250		—		397,977
Total commercial loans	4,706,801		739,545		101,920		78,123		4,892		5,631,281
Retail loans
Retail real estate	1,692,828		9,378		872		2,581		3,112		1,708,771
Retail other	468,857		—		—		—		188		469,045
Total retail loans	2,161,685		9,378		872		2,581		3,300		2,177,816
Total portfolio loans	$	6,868,486	$	748,923	$	102,792	$	80,704	$	8,192	$	7,809,097


	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 lending activity, further sorted by origination year (dollars in thousands):


	As of and For The Nine Months Ended September 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	$	168,607	$	223,091	$	177,527	$	135,226	$	78,049	$	132,258	$	620,840	$	1,535,598
Watch	36,362		34,787		48,383		18,543		2,021		28,452		89,344		257,892
Special Mention	1,574		2,431		6,417		2,897		315		2,648		22,092		38,374
Substandard	15,561		7,227		894		713		406		2,495		13,995		41,291
Substandard non-accrual	76		72		484		—		45		1,368		2,297		4,342
Total commercial	222,180		267,608		233,705		157,379		80,836		167,221		748,568		1,877,497
Gross charge-offs	$	—	$	14,980	$	128	$	22	$	—	$	303	$	—	$	15,433

Commercial real estate
Pass	211,288		373,175		819,235		651,901		370,205		365,236		23,441		2,814,481
Watch	97,909		142,283		54,179		93,691		28,618		36,417		919		454,016
Special Mention	27,889		1,435		8,085		1,796		8,958		7,007		8		55,178
Substandard	19,829		2,068		4,667		51		131		4,786		50		31,582
Substandard non-accrual	—		40		—		—		18		492		—		550
Total commercial real estate	356,915		519,001		886,166		747,439		407,930		413,938		24,418		3,355,807
Gross charge-offs	—		—		—		—		—		315		—		315

Real estate construction
Pass	156,726		120,079		14,450		54,133		2,344		1,192		7,798		356,722
Watch	1,686		6,471		—		19,480		—		—		—		27,637
Special Mention	—		8,306		—		62		—		—		—		8,368
Substandard	5,250		—		—		—		—		—		—		5,250
Substandard non-accrual	—		—		—		—		—		—		—		—
Total real estate construction	163,662		134,856		14,450		73,675		2,344		1,192		7,798		397,977
Gross charge-offs	—		—		—		—		—		—		—		—

Retail real estate
Pass	66,952		244,309		374,402		363,006		150,835		283,136		210,188		1,692,828
Watch	804		634		2,780		3,419		891		130		720		9,378
Special Mention	150		—		347		—		—		375		—		872
Substandard	—		254		1,028		509		—		786		4		2,581
Substandard non-accrual	—		—		159		92		241		1,732		888		3,112
Total retail real estate	67,906		245,197		378,716		367,026		151,967		286,159		211,800		1,708,771
Gross charge-offs	—		—		—		—		—		159		—		159

Retail other
Pass	4,455		65,336		66,707		15,016		3,559		1,198		312,586		468,857
Watch	—		—		—		—		—		—		—		—
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—
Substandard non-accrual	—		110		67		—		—		11		—		188
Total retail other	4,455		65,446		66,774		15,016		3,559		1,209		312,586		469,045
Gross charge-offs	7		30		88		72		4		302		—		503

Total portfolio loans	$	815,118	$	1,232,108	$	1,579,811	$	1,360,535	$	646,636	$	869,719	$	1,305,170	$	7,809,097
Total gross charge-offs	$	7	$	15,010	$	216	$	94	$	4	$	1,079	$	—	$	16,410


	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 September 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	$	1,579	$	—	$	—	$	4,342
Commercial real estate	1,286		10		—		550
Real estate construction	23		—		—		—
Past due and non-accrual commercial loans	2,888		10		—		4,892
Retail loans
Retail real estate	4,423		620		25		3,112
Retail other	2,120		80		—		188
Past due and non-accrual retail loans	6,543		700		25		3,300
Total past due and non-accrual loans	$	9,431	$	710	$	25	$	8,192


	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 $0.1 million and $0.6 million for the three and nine months ended September 30, 2024, respectively, and was $0.2 million and $0.9 million for the three and nine months ended September 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 nine months ended September 30, 2024 and 2023.

Loan Modifications for Borrowers Experiencing Financial Difficulty


	Three Months Ended September 30, 2024
	Payment Deferral		% of Total Class of Financing Receivable1		Term Extension2		% of Total Class of Financing Receivable
Modified Loans
C&I and other commercial	$	325	—	%	$	14,537	0.8	%
Commercial real estate	—		—	%	18,448		0.5	%
Real estate construction	—		—	%	5,250		1.3	%


Total of loans modified during the period3	$	325	—	%	$	38,235	0.5	%

___________________________________________

1.Modified loans represent an insignificant portion of C&I and other commercial loans, rounding to zero percent.

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

3.All modifications were for loans classified as substandard.


	Three Months Ended September 30, 2023
	Interest Rate Reduction1		% of Total Class of Financing Receivable2		Term Extension3		% of Total Class of Financing Receivable2
Modified Loans
C&I and other commercial	$	—	—	%	$	12,026	0.6	%
Commercial real estate	880		—	%	553		—	%



Total of loans modified during the period4	$	880	—	%	$	12,579	0.2	%

___________________________________________

1.For one loan, the default rate was removed once forbearance was entered.

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

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

4.All modifications were for loans classified as substandard.


	Nine Months Ended September 30, 2024
	Payment Deferral1		% of Total Class of Financing Receivable2		Term Extension1		% of Total Class of Financing Receivable
Modified Loans
C&I and other commercial	$	325	—	%	$	28,073	1.5	%
Commercial real estate	—		—	%	19,782		0.6	%
Real estate construction	—		—	%	5,250		1.3	%


Total of loans modified during the period3	$	325	—	%	$	53,105	0.7	%

___________________________________________

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 C&I and other commercial loans, rounding to zero percent.

3.All modifications were for loans classified as substandard.


	Nine Months Ended September 30, 2023
	Interest Rate Reduction1		% of Total Class of Financing Receivable2		Payment Deferral3		% of Total Class of Financing Receivable2		Term Extension4		% of Total Class of Financing Receivable2
Modified Loans
C&I and other commercial	$	—	—	%	$	—	—	%	$	17,334	0.9	%
Commercial real estate	880		—	%	225		—	%	1,003		—	%
Real estate construction	—		—	%	—		—	%	5,353		1.0	%


Total of loans modified during the period5	$	880	—	%	$	225	—	%	$	23,690	0.3	%

___________________________________________

1.For one loan, the default rate was removed once forbearance was entered.

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

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

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

5.Modifications included two loans on non-accrual 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 September 30,

2024

2023

Weighted Average Term Extension

Weighted Average Interest Rate Reduction

Weighted Average Term Extension

Loan Modifications

C&I and other commercial

6.3 months

—

15.3 months

Commercial real estate

4.1 months

2.50

9.0 months

Real estate construction

6.0 months

—

Weighted average modifications

5.2 months

2.50

15.0 months

Nine Months Ended September 30,

2024

2023

Weighted Average Term Extension

Weighted Average Interest Rate Reduction

Weighted Average Term Extension

Loan Modifications

C&I and other commercial

14.1 months

—

14.3 months

Commercial real estate

3.9 months

2.50

11.2 months

Real estate construction

6.0 months

—

12.0 months

Weighted average modifications

9.5 months

2.50

13.7 months

Performance of Modified Loans


	As of September 30, 2024
	Current		30-89 Days		90+ Days		Non-accrual
Modified Loans
C&I and other commercial	$	29,547	$	—	$	—	$	—
Commercial real estate	20,082		—		—		—
Real estate construction	5,250		—		—		—


Amortized cost of modified loans	$	54,879	$	—	$	—	$	—

No loans had a payment default during the three months ended September 30, 2023, or during the three or nine months ended September 30, 2024, after having been modified during the 12 months before that default for borrowers experiencing financial difficulty. The following table provides the amortized cost basis of loans that had a payment default during the nine months ended September 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.


		Nine Months Ended September 30, 2023
	2023
		Payment Deferral		Term Extension
Loans with Subsequent Defaults
C&I and other commercial		$	—	$	500
Commercial real estate		225		—



Amortized cost of modified loans with subsequent defaults		$	225	$	500

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 $5.2 million and $6.1 million of collateral dependent loans secured by real estate or business assets as of September 30, 2024, and December 31, 2023, respectively.

Foreclosures

As of September 30, 2024, Busey had $0.8 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 lending activity. The unpaid principal balance represents customer outstanding contractual principal balances excluding any partial charge-offs. Recorded investment represents the amortized cost of customer balances net of any partial charge-offs recognized on the loan. Average recorded investment is calculated using the most recent four quarters (dollars in thousands):


	As of September 30, 2024
	Unpaid Principal Balance		Recorded Investment								Average Recorded Investment
			With No Allowance		With Allowance		Total		Related Allowance
Loans evaluated individually
Commercial loans
C&I and other commercial	$	7,821	$	1,758	$	2,479	$	4,237	$	1,863	$	5,379
Commercial real estate	516		492		—		492		—		1,163

Commercial loans evaluated individually	8,337		2,250		2,479		4,729		1,863		6,542
Retail loans
Retail real estate	—		—		—		—		—		67

Retail loans evaluated individually	—		—		—		—		—		67
Total loans evaluated individually	$	8,337	$	2,250	$	2,479	$	4,729	$	1,863	$	6,609


	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 losses 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.


	Three Months Ended September 30, 2024
	C&I and Other Commercial		Commercial Real Estate		Real Estate Construction		Retail Real Estate		Retail Other		Total
ACL balance, June 30, 2024	$	20,286	$	35,104	$	3,722	$	23,729	$	2,385	$	85,226

Provision for credit losses	715		(1,158)		39		120		286		2
Charged-off	(202)		(215)		—		(32)		(225)		(674)
Recoveries	210		4		10		162		41		427
ACL balance, September 30, 2024	$	21,009	$	33,735	$	3,771	$	23,979	$	2,487	$	84,981


	Nine Months Ended September 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	13,958		(1,882)		(1,449)		(2,624)		(686)		7,317
Charged-off	(15,433)		(315)		—		(159)		(503)		(16,410)
Recoveries	404		145		57		368		117		1,091
ACL balance, September 30, 2024	$	21,009	$	33,735	$	3,771	$	23,979	$	2,487	$	84,981

___________________________________________

1.The Day 1 PCD is attributable to the M&M acquisition (see “Note 2. Mergers and Acquisitions.”)


	Three Months Ended September 30, 2023
	C&I and Other Commercial		Commercial Real Estate		Real Estate Construction		Retail Real Estate		Retail Other		Total
ACL balance, June 30, 2023	$	24,510	$	33,656	$	5,071	$	24,675	$	3,727	$	91,639

Provision for credit losses	(1,306)		745		104		674		147		364
Charged-off	(758)		(102)		—		(144)		(111)		(1,115)
Recoveries	187		392		31		128		84		822
ACL balance, September 30, 2023	$	22,633	$	34,691	$	5,206	$	25,333	$	3,847	$	91,710


	Nine Months Ended September 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	79		(3,006)		(1,404)		6,975		(700)		1,944
Charged-off	(1,733)		(1,175)		—		(252)		(483)		(3,643)
Recoveries	427		573		153		417		231		1,801
ACL balance, September 30, 2023	$	22,633	$	34,691	$	5,206	$	25,333	$	3,847	$	91,710

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


	As of September 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	$	1,873,260	$	4,237	$	1,877,497	$	19,146	$	1,863	$	21,009
Commercial real estate	3,355,315		492		3,355,807		33,735		—		33,735
Real estate construction	397,977		—		397,977		3,771		—		3,771
Commercial loans and related ACL	5,626,552		4,729		5,631,281		56,652		1,863		58,515
Retail loans
Retail real estate	1,708,771		—		1,708,771		23,979		—		23,979
Retail other	469,045		—		469,045		2,487		—		2,487
Retail loans and related ACL	2,177,816		—		2,177,816		26,466		—		26,466
Portfolio loans and related ACL	$	7,804,368	$	4,729	$	7,809,097	$	83,118	$	1,863	$	84,981


	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 Mortgage Banking Derivatives (Details) - USD ($) $ in Thousands	Sep. 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	$ 4,666	$ 3,477
Fair value recorded in other assets	76	25
Mortgage banking derivative liabilities
Notional Amount	309	1,615
Fair value recorded in other liabilities	2	10
Forward sales commitments
Mortgage banking derivative assets
Notional Amount	3,887	1,761
Fair value recorded in other assets	9	11
Mortgage banking derivative liabilities
Notional Amount	10,430	5,216
Fair value recorded in other liabilities	80	47
Mortgage banking derivative assets \| Designated as Hedging Instrument
Mortgage banking derivative assets
Notional Amount	8,553	5,238
Fair value recorded in other assets	85	36
Mortgage banking derivative liabilities
Notional Amount	10,739	6,831
Fair value recorded in other liabilities	$ 82	$ 57

STOCK-BASED COMPENSATION - 2020 Equity Plan (Details) - shares	Apr. 14, 2023	Sep. 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)		1,311,251

- 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

STOCK-BASED COMPENSATION - Schedule of Changes in the Company's Stock Option Awards (Details) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Shares
Outstanding at beginning of year (in shares)	21,266
Exercised (in shares)	(440)
Forfeited (in shares)	(3,520)
Outstanding at end of year (in shares)	17,306	21,266
Exercisable at end of year (in shares)	17,306
Weighted- Average Exercise Price
Outstanding at beginning of year (in dollars per share)	$ 23.53
Exercised (in dollars per share)	23.53
Forfeited (in dollars per share)	23.53
Outstanding at end of year (in dollars per share)	23.53	$ 23.53
Exercisable at end of year (in dollars per share)	$ 23.53
Weighted- Average Remaining Contractual Life
Weighted-average remaining contractual life, options outstanding	2 years 1 month 17 days	2 years 10 months 17 days
Weighted-average remaining contractual life, exercisable at end of year	2 years 1 month 17 days

DEBT SECURITIES - Schedule of Debt Securities in an Unrealized or Unrecognized Loss Position (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value
Less than 12 months	$ 4,179	$ 13,033
12 months or more	1,369,246	2,049,784
Total	1,373,425	2,062,817
Unrealized Losses
Less than 12 months	(108)	(65)
12 months or more	(192,207)	(247,180)
Total	(192,315)	(247,245)
Fair Value
12 months or more	712,369	730,397
Total	712,369	730,397
Unrecognized Losses
12 months or more	(126,514)	(142,231)
Total	(126,514)	(142,231)
U.S. Treasury securities
Fair Value
Less than 12 months	0	0
12 months or more	250	15,946
Total	250	15,946
Unrealized Losses
Less than 12 months	0	0
12 months or more	0	(85)
Total	0	(85)
Obligations of U.S. government corporations and agencies
Fair Value
Less than 12 months	0	0
12 months or more	1,425	5,709
Total	1,425	5,709
Unrealized Losses
Less than 12 months	0	0
12 months or more	(7)	(58)
Total	(7)	(58)
Obligations of states and political subdivisions
Fair Value
Less than 12 months	2,518	11,442
12 months or more	134,373	146,797
Total	136,891	158,239
Unrealized Losses
Less than 12 months	(97)	(54)
12 months or more	(13,047)	(17,972)
Total	(13,144)	(18,026)
Asset-backed securities
Fair Value
Less than 12 months		0
12 months or more		468,223
Total		468,223
Unrealized Losses
Less than 12 months		0
12 months or more		(1,823)
Total		(1,823)
Commercial mortgage-backed securities
Fair Value
Less than 12 months	0	0
12 months or more	89,272	103,509
Total	89,272	103,509
Unrealized Losses
Less than 12 months	0	0
12 months or more	(12,492)	(15,535)
Total	(12,492)	(15,535)
Fair Value
12 months or more	354,905	357,526
Total	354,905	357,526
Unrecognized Losses
12 months or more	(64,780)	(71,000)
Total	(64,780)	(71,000)
Residential mortgage-backed securities
Fair Value
Less than 12 months	877	141
12 months or more	993,631	1,110,906
Total	994,508	1,111,047
Unrealized Losses
Less than 12 months	(2)	(1)
12 months or more	(159,223)	(195,546)
Total	(159,225)	(195,547)
Fair Value
12 months or more	357,464	372,871
Total	357,464	372,871
Unrecognized Losses
12 months or more	(61,734)	(71,231)
Total	(61,734)	(71,231)
Corporate debt securities
Fair Value
Less than 12 months	784	1,450
12 months or more	150,295	198,694
Total	151,079	200,144
Unrealized Losses
Less than 12 months	(9)	(10)
12 months or more	(7,438)	(16,161)
Total	$ (7,447)	$ (16,171)

PORTFOLIO LOANS - Schedule of Risk Grades of Portfolio Loans, Further Sorted by Origination (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	$ 815,118	$ 1,520,323
2024 / 2023, charge-off	7	289
2023 / 2022	1,232,108	1,785,798
2023 /2022, charge-off	15,010	76
2022 / 2021	1,579,811	1,552,072
2022 / 2021, charge-off	216	592
2021 / 2020	1,360,535	705,335
2021 / 2020, charge-off	94	34
2020 / 2019	646,636	468,659
2020 / 2019, charge-off	4	391
Prior	869,719	660,624
Prior, charge-off	1,079	3,036
Revolving Loans	1,305,170	958,223
Revolving Loans, charge-off	0	0
Total	7,809,097	7,651,034
Total, gross write-offs	16,410	4,418
Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total	6,868,486	6,736,067
Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Total	748,923	747,122
Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total	102,792	96,057
Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total	80,704	64,347
Substandard Non-accrual
Financing Receivable, Credit Quality Indicator [Line Items]
Total	8,192	7,441
Commercial loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total	5,631,281	5,635,048
Commercial loans \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total	4,706,801	4,737,796
Commercial loans \| Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Total	739,545	735,978
Commercial loans \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total	101,920	95,033
Commercial loans \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total	78,123	62,552
Commercial loans \| Substandard Non-accrual
Financing Receivable, Credit Quality Indicator [Line Items]
Total	4,892	3,689
Commercial loans \| C&I and other commercial
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	222,180	394,854
2024 / 2023, charge-off	0	284
2023 / 2022	267,608	295,539
2023 /2022, charge-off	14,980	0
2022 / 2021	233,705	184,527
2022 / 2021, charge-off	128	420
2021 / 2020	157,379	96,530
2021 / 2020, charge-off	22	0
2020 / 2019	80,836	47,510
2020 / 2019, charge-off	0	316
Prior	167,221	169,911
Prior, charge-off	303	1,409
Revolving Loans	748,568	647,123
Revolving Loans, charge-off	0	0
Total	1,877,497	1,835,994
Total, gross write-offs	15,433	2,429
Commercial loans \| C&I and other commercial \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	168,607	306,578
2023 / 2022	223,091	220,847
2022 / 2021	177,527	159,130
2021 / 2020	135,226	71,025
2020 / 2019	78,049	35,927
Prior	132,258	143,078
Revolving Loans	620,840	526,170
Total	1,535,598	1,462,755
Commercial loans \| C&I and other commercial \| Watch
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	36,362	78,603
2023 / 2022	34,787	65,703
2022 / 2021	48,383	21,421
2021 / 2020	18,543	23,919
2020 / 2019	2,021	7,035
Prior	28,452	21,293
Revolving Loans	89,344	78,442
Total	257,892	296,416
Commercial loans \| C&I and other commercial \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	1,574	792
2023 / 2022	2,431	8,224
2022 / 2021	6,417	2,917
2021 / 2020	2,897	1,076
2020 / 2019	315	686
Prior	2,648	3,274
Revolving Loans	22,092	29,519
Total	38,374	46,488
Commercial loans \| C&I and other commercial \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	15,561	8,715
2023 / 2022	7,227	765
2022 / 2021	894	942
2021 / 2020	713	426
2020 / 2019	406	3,734
Prior	2,495	1,859
Revolving Loans	13,995	11,292
Total	41,291	27,733
Commercial loans \| C&I and other commercial \| Substandard Non-accrual
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	76	166
2023 / 2022	72	0
2022 / 2021	484	117
2021 / 2020	0	84
2020 / 2019	45	128
Prior	1,368	407
Revolving Loans	2,297	1,700
Total	4,342	2,602
Commercial loans \| Commercial and Retail Real Estate
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	356,915	578,595
2024 / 2023, charge-off	0	0
2023 / 2022	519,001	882,350
2023 /2022, charge-off	0	0
2022 / 2021	886,166	844,293
2022 / 2021, charge-off	0	0
2021 / 2020	747,439	441,134
2021 / 2020, charge-off	0	0
2020 / 2019	407,930	344,373
2020 / 2019, charge-off	0	0
Prior	413,938	226,537
Prior, charge-off	315	953
Revolving Loans	24,418	20,055
Revolving Loans, charge-off	0	0
Total	3,355,807	3,337,337
Total, gross write-offs	315	953
Commercial loans \| Commercial and Retail Real Estate \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	211,288	395,644
2023 / 2022	373,175	824,506
2022 / 2021	819,235	720,052
2021 / 2020	651,901	399,195
2020 / 2019	370,205	271,078
Prior	365,236	199,662
Revolving Loans	23,441	16,893
Total	2,814,481	2,827,030
Commercial loans \| Commercial and Retail Real Estate \| Watch
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	97,909	166,795
2023 / 2022	142,283	47,070
2022 / 2021	54,179	92,848
2021 / 2020	93,691	34,010
2020 / 2019	28,618	68,196
Prior	36,417	19,396
Revolving Loans	919	3,112
Total	454,016	431,427
Commercial loans \| Commercial and Retail Real Estate \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	27,889	14,313
2023 / 2022	1,435	10,507
2022 / 2021	8,085	12,446
2021 / 2020	1,796	4,968
2020 / 2019	8,958	3,297
Prior	7,007	3,014
Revolving Loans	8	0
Total	55,178	48,545
Commercial loans \| Commercial and Retail Real Estate \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	19,829	1,796
2023 / 2022	2,068	188
2022 / 2021	4,667	18,862
2021 / 2020	51	2,938
2020 / 2019	131	1,802
Prior	4,786	3,856
Revolving Loans	50	50
Total	31,582	29,492
Commercial loans \| Commercial and Retail Real Estate \| Substandard Non-accrual
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	0	47
2023 / 2022	40	79
2022 / 2021	0	85
2021 / 2020	0	23
2020 / 2019	18	0
Prior	492	609
Revolving Loans	0	0
Total	550	843
Commercial loans \| Real estate construction
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	163,662	213,138
2024 / 2023, charge-off	0	0
2023 / 2022	134,856	132,868
2023 /2022, charge-off	0	0
2022 / 2021	14,450	85,593
2022 / 2021, charge-off	0	0
2021 / 2020	73,675	2,938
2021 / 2020, charge-off	0	0
2020 / 2019	2,344	1,364
2020 / 2019, charge-off	0	0
Prior	1,192	3,178
Prior, charge-off	0	0
Revolving Loans	7,798	22,638
Revolving Loans, charge-off	0	0
Total	397,977	461,717
Total, gross write-offs	0	0
Commercial loans \| Real estate construction \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	156,726	204,952
2023 / 2022	120,079	128,462
2022 / 2021	14,450	85,086
2021 / 2020	54,133	2,616
2020 / 2019	2,344	1,323
Prior	1,192	2,934
Revolving Loans	7,798	22,638
Total	356,722	448,011
Commercial loans \| Real estate construction \| Watch
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	1,686	2,859
2023 / 2022	6,471	4,406
2022 / 2021	0	507
2021 / 2020	19,480	322
2020 / 2019	0	41
Prior	0	0
Revolving Loans	0	0
Total	27,637	8,135
Commercial loans \| Real estate construction \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	0
2023 / 2022	8,306
2022 / 2021	0
2021 / 2020	62
2020 / 2019	0
Prior	0
Revolving Loans	0
Total	8,368	0
Commercial loans \| Real estate construction \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	5,250	5,327
2023 / 2022	0	0
2022 / 2021	0	0
2021 / 2020	0	0
2020 / 2019	0	0
Prior	0	0
Revolving Loans	0	0
Total	5,250	5,327
Commercial loans \| Real estate construction \| Substandard Non-accrual
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	0	0
2023 / 2022	0	0
2022 / 2021	0	0
2021 / 2020	0	0
2020 / 2019	0	0
Prior	0	244
Revolving Loans	0	0
Total	0	244
Retail loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total	2,177,816	2,015,986
Retail loans \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total	2,161,685	1,998,271
Retail loans \| Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Total	9,378	11,144
Retail loans \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total	872	1,024
Retail loans \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total	2,581	1,795
Retail loans \| Substandard Non-accrual
Financing Receivable, Credit Quality Indicator [Line Items]
Total	3,300	3,752
Retail loans \| Commercial and Retail Real Estate
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	67,906	244,851
2024 / 2023, charge-off	0	0
2023 / 2022	245,197	382,017
2023 /2022, charge-off	0	5
2022 / 2021	378,716	414,578
2022 / 2021, charge-off	0	0
2021 / 2020	367,026	158,032
2021 / 2020, charge-off	0	29
2020 / 2019	151,967	70,815
2020 / 2019, charge-off	0	72
Prior	286,159	260,142
Prior, charge-off	159	301
Revolving Loans	211,800	190,020
Revolving Loans, charge-off	0	0
Total	1,708,771	1,720,455
Total, gross write-offs	159	407
Retail loans \| Commercial and Retail Real Estate \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	66,952	243,400
2023 / 2022	244,309	376,922
2022 / 2021	374,402	411,723
2021 / 2020	363,006	156,762
2020 / 2019	150,835	70,099
Prior	283,136	256,571
Revolving Loans	210,188	187,420
Total	1,692,828	1,702,897
Retail loans \| Commercial and Retail Real Estate \| Watch
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	804	1,096
2023 / 2022	634	4,137
2022 / 2021	2,780	2,442
2021 / 2020	3,419	954
2020 / 2019	891	536
Prior	130	234
Revolving Loans	720	1,745
Total	9,378	11,144
Retail loans \| Commercial and Retail Real Estate \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	150	286
2023 / 2022	0	358
2022 / 2021	347	0
2021 / 2020	0	0
2020 / 2019	0	0
Prior	375	380
Revolving Loans	0	0
Total	872	1,024
Retail loans \| Commercial and Retail Real Estate \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	0	69
2023 / 2022	254	72
2022 / 2021	1,028	292
2021 / 2020	509	49
2020 / 2019	0	80
Prior	786	997
Revolving Loans	4	236
Total	2,581	1,795
Retail loans \| Commercial and Retail Real Estate \| Substandard Non-accrual
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	0	0
2023 / 2022	0	528
2022 / 2021	159	121
2021 / 2020	92	267
2020 / 2019	241	100
Prior	1,732	1,960
Revolving Loans	888	619
Total	3,112	3,595
Retail loans \| Retail other
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	4,455	88,885
2024 / 2023, charge-off	7	5
2023 / 2022	65,446	93,024
2023 /2022, charge-off	30	71
2022 / 2021	66,774	23,081
2022 / 2021, charge-off	88	172
2021 / 2020	15,016	6,701
2021 / 2020, charge-off	72	5
2020 / 2019	3,559	4,597
2020 / 2019, charge-off	4	3
Prior	1,209	856
Prior, charge-off	302	373
Revolving Loans	312,586	78,387
Revolving Loans, charge-off	0	0
Total	469,045	295,531
Total, gross write-offs	503	629
Retail loans \| Retail other \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	4,455	88,885
2023 / 2022	65,336	92,931
2022 / 2021	66,707	23,019
2021 / 2020	15,016	6,701
2020 / 2019	3,559	4,597
Prior	1,198	854
Revolving Loans	312,586	78,387
Total	468,857	295,374
Retail loans \| Retail other \| Watch
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	0
2023 / 2022	0
2022 / 2021	0
2021 / 2020	0
2020 / 2019	0
Prior	0
Revolving Loans	0
Total	0	0
Retail loans \| Retail other \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	0
2023 / 2022	0
2022 / 2021	0
2021 / 2020	0
2020 / 2019	0
Prior	0
Revolving Loans	0
Total	0	0
Retail loans \| Retail other \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	0
2023 / 2022	0
2022 / 2021	0
2021 / 2020	0
2020 / 2019	0
Prior	0
Revolving Loans	0
Total	0	0
Retail loans \| Retail other \| Substandard Non-accrual
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	0	0
2023 / 2022	110	93
2022 / 2021	67	62
2021 / 2020	0	0
2020 / 2019	0	0
Prior	11	2
Revolving Loans	0	0
Total	$ 188	$ 157

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Interest Income (Expense) Recorded on Swap Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative [Line Items]
(Increase) decrease in interest expense on swap transactions	$ (51,959)	$ (44,878)	$ (151,332)	$ (108,355)
Net interest income	82,541	77,791	240,742	242,318
Interest Rate Swap \| Cash Flow Hedging
Derivative [Line Items]
Increase (decrease) in interest income on swap transactions	(2,776)	(2,771)	(8,366)	(7,500)
(Increase) decrease in interest expense on swap transactions	412	481	1,378	1,268
Net interest income	$ (2,364)	$ (2,290)	$ (6,988)	$ (6,232)

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income	$ 32,004	$ 30,666	$ 85,586	$ 96,816

- 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
-SubTopic 10
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+ Details

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 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
	September 30, 2024		December 31, 2023
Pledged loans
FHLB	$	4,935,257	$	4,865,481
Federal Reserve Bank	755,936		722,914
Total pledged loans	$	5,691,193	$	5,588,395

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


	As of
	September 30, 2024		December 31, 2023
Cash pledged to secure obligations under derivative contracts	$	17,270	$	34,210
Collateral held to secure obligations under derivative contracts	9,380		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	September 30, 2024			December 31, 2023
Debt Swap
Notional amount		—			$	50,000
Weighted average rate: pay-fixed		—			1.79		%
Weighted average variable 3-month Fallback Rate (SOFR) receive rates		—			5.61		%
Weighted average maturity		—			0.71 years

Prime Loan Swap
Notional amount		$	300,000		$	300,000
Weighted average rate: receive-fixed		4.81		%	4.81		%
Weighted average variable Prime pay rates		8.25		%	8.50		%
Weighted average maturity		4.35 years			5.10 years

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

Weighted average maturity		4.43 years			—

Gross aggregate fair value of the swaps
Gross aggregate fair value of swap assets	Other assets	$	2,332		$	1,293
Gross aggregate fair value of swap liabilities	Other liabilities	19,176			25,411

Balances carried in AOCI
Unrealized gains (losses) on cash flow hedges, net of tax	AOCI	$	(11,487)		$	(16,694)

Schedule of Reclassification of Unrealized Gains and Losses from OCI


	As of September 30, 2024

Unrealized losses expected to be reclassified from OCI to interest income	$	(859)

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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Interest on swap transactions
Increase (decrease) in interest income on swap transactions	$	(2,776)	$	(2,771)	$	(8,366)	$	(7,500)
(Increase) decrease in interest expense on swap transactions	412		481		1,378		1,268
Net increase (decrease) in net interest income on swap transactions	$	(2,364)	$	(2,290)	$	(6,988)	$	(6,232)

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

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Unrealized gains (losses) on cash flow hedges
Net gain (loss) recognized in OCI, net of tax	$	7,439	$	(5,577)	$	211	$	(8,563)
(Gain) loss reclassified from OCI to interest income, net of tax	1,984		1,982		5,981		5,362
(Gain) loss reclassified from OCI to interest expense, net of tax	(294)		(344)		(985)		(906)
Net change in unrealized gains (losses) on cash flow hedges, net of tax	$	9,129	$	(3,939)	$	5,207	$	(4,107)

Changes in fair value of these derivative assets and liabilities are included in the Consolidate d Statements of Income (U naudited) and are summarized as follows (dollars in thousands):


		Three Months Ended September 30,				Nine Months Ended September 30,
	Location	2024		2023		2024		2023
Interest rate swaps
Receive-fixed, pay-floating	Noninterest expense	$	(9,224)	$	9,007	$	(3,050)	$	4,646
Receive-floating, pay-fixed	Noninterest expense	9,224		(9,007)		3,050		(4,646)
Net change in fair value of interest rate swaps		$	—	$	—	$	—	$	—

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net gains (losses) on mortgage banking derivatives
Gains (losses) on interest rate lock commitments	$	121	$	(16)	$	569	$	(28)
Gains (losses) on forward sales commitments	(91)		60		(165)		92


Net gains (losses) on mortgage banking derivatives	$	30	$	44	$	404	$	64

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


		As of September 30, 2024				As of December 31, 2023
	Location	Notional Amount		Fair Value		Notional Amount		Fair Value
Derivative assets not designated as hedging instruments
Interest rate swaps: receive-fixed, pay-floating	Other assets	$	333,545	$	6,730	$	177,883	$	2,375
Interest rate swaps: receive-floating, pay-fixed	Other assets	377,609		18,648		485,253		26,289
Derivative assets not designated as hedging instruments		$	711,154	$	25,378	$	663,136	$	28,664

Derivative liabilities not designated as hedging instruments
Interest rate swaps: receive-fixed, pay-floating	Other liabilities	$	377,609	$	18,648	$	485,253	$	26,289
Interest rate swaps: receive-floating, pay-fixed	Other liabilities	333,545		6,730		177,883		2,375
Derivative liabilities not designated as hedging instruments		$	711,154	$	25,378	$	663,136	$	28,664

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


		As of September 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	$	4,666	$	76	$	3,477	$	25
Forward sales commitments	Other assets	3,887		9		1,761		11
Mortgage banking derivative assets		$	8,553	$	85	$	5,238	$	36

Mortgage banking derivative liabilities
Interest rate lock commitments	Other liabilities	$	309	$	2	$	1,615	$	10
Forward sales commitments	Other liabilities	10,430		80		5,216		47
Mortgage banking derivative liabilities		$	10,739	$	82	$	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
	September 30, 2024		December 31, 2023
Risk participation agreements purchased
Number of risk participation agreements	6		3
Notional amount	$	41,110	$	34,251
Fair value	16		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

STOCK-BASED COMPENSATION - Schedule of Unamortized Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total unamortized stock-based compensation	$ 12,727	$ 10,639
Weighted average period over which expense is to be recognized	2 years 6 months	2 years 4 months 24 days
RSU Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total unamortized stock-based compensation	$ 8,267	$ 6,842
PSU Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total unamortized stock-based compensation	4,068	3,607
DSU Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total unamortized stock-based compensation	$ 392	$ 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

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 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 September 30, 2024
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Debt securities available for sale:
U.S. Treasury securities	$	—	$	250	$	—	$	250
Obligations of U.S. government corporations and agencies	—		1,508		—		1,508
Obligations of states and political subdivisions	—		155,052		—		155,052
Asset-backed securities	—		405,372		—		405,372
Commercial mortgage-backed securities	—		94,279		—		94,279
Residential mortgage-backed securities	—		1,002,167		—		1,002,167
Corporate debt securities	—		159,489		—		159,489
Equity securities	40		10,275		—		10,315
Derivative assets	—		27,795		16		27,811
Derivative liabilities	—		44,636		—		44,636


	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 September 30,				Nine Months Ended September 30,
	Location	2024		2023		2024		2023
Beginning Balance		$	8	$	15	$	15	$	5
Gains (losses) recognized in earnings	Other expense	(5)		(8)		(15)		(68)

Purchases		13		—		16		70





Ending Balance		$	16	$	7	$	16	$	7

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 September 30, 2024
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Loans evaluated individually, net of related allowance	$	—	$	—	$	616	$	616

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 September 30, 2024

Fair Value

Valuation
Techniques

Unobservable
Input

Range
(Weighted Average)

Loans evaluated individually, net of related allowance

616

Appraisal of collateral

Appraisal adjustments

-25.0% to -100.0%

(-75.2)%

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 on Busey’s Consolidated Balance Sheets (Unaudited) were estimated as follows (dollars in thousands):


	As of September 30, 2024				As of December 31, 2023
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets
Level 1 inputs:
Cash and cash equivalents	$	553,709	$	553,709	$	719,581	$	719,581
Level 2 inputs:
Debt securities held to maturity	838,883		712,369		872,628		730,397
Loans held for sale	11,523		11,810		2,379		2,401
Accrued interest receivable	48,822		48,822		45,288		45,288
Level 3 inputs:
Portfolio loans, net	7,724,116		7,597,736		7,559,294		7,276,905
Mortgage servicing rights	1,008		4,963		3,289		18,079
Other servicing rights	1,479		1,505		1,597		2,062

Financial liabilities
Level 2 inputs:
Time deposits	$	1,519,925	$	1,511,069	$	1,819,274	$	1,804,905
Securities sold under agreements to repurchase	128,429		128,429		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	74,754		61,840		71,993		57,153
Accrued interest payable	33,447		33,447		28,418		28,418
Level 3 inputs:

Subordinated notes, net of unamortized issuance costs	227,482		216,713		222,882		200,000

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Interest Rate Swaps Not Designated as Hedges (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Interest Rate Swap
Derivative assets not designated as hedging instruments
Notional Amount	$ 711,154	$ 663,136
Fair Value	25,378	28,664
Derivative liabilities not designated as hedging instruments
Notional Amount	711,154	663,136
Fair Value	25,378	28,664
Interest rate swaps: receive-fixed, pay-floating
Derivative assets not designated as hedging instruments
Notional Amount	333,545	177,883
Fair Value	6,730	2,375
Derivative liabilities not designated as hedging instruments
Notional Amount	377,609	485,253
Fair Value	18,648	26,289
Interest rate swaps: receive-floating, pay-fixed
Derivative assets not designated as hedging instruments
Notional Amount	377,609	485,253
Fair Value	18,648	26,289
Derivative liabilities not designated as hedging instruments
Notional Amount	333,545	177,883
Fair Value	$ 6,730	$ 2,375

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 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	$ 0.72	$ 0.72

- Definition

Indicates amendment to accounting standards.

+ References

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Reference 76: http://www.xbrl.org/2003/role/disclosureRef
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Reference 77: http://www.xbrl.org/2003/role/disclosureRef
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Reference 78: http://www.xbrl.org/2003/role/disclosureRef
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-Section 65
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Reference 79: http://www.xbrl.org/2003/role/disclosureRef
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Reference 80: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

+ Details

DEPOSITS - Schedule of Composition of Deposits (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Deposits [Abstract]
Noninterest-bearing demand deposits	$ 2,683,543	$ 2,834,655
Interest-bearing transaction deposits	2,455,217	2,717,139
Saving deposits and money market deposits	3,284,556	2,920,088
Time deposits	1,519,925	1,819,274
Total deposits	9,943,241	10,291,156
Brokered savings deposits and money market deposits	6,001	6,001
Brokered time deposits	7,088	285
Aggregate amount of time deposits with a minimum denomination of $100,000	873,754	1,072,189
Aggregate amount of time deposits with a minimum denomination that meets or exceeds the FDIC insurance limit of $250,000	$ 338,808	$ 386,286

PORTFOLIO LOANS - Schedule of Performance of Modified Loans (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Loans identified as impaired
Non-accrual	$ 0
Current
Loans identified as impaired
Amortized cost of modified loans	54,879
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
Commercial loans \| C&I and other commercial
Loans identified as impaired
Non-accrual	0
Commercial loans \| C&I and other commercial \| Current
Loans identified as impaired
Amortized cost of modified loans	29,547
Commercial loans \| C&I and other commercial \| 30-89 Days
Loans identified as impaired
Amortized cost of modified loans	0
Commercial loans \| C&I and other commercial \| 90+ Days
Loans identified as impaired
Amortized cost of modified loans	0
Commercial loans \| Commercial and Retail Real Estate
Loans identified as impaired
Non-accrual	0
Commercial loans \| Commercial and Retail Real Estate \| Current
Loans identified as impaired
Amortized cost of modified loans	20,082
Commercial loans \| Commercial and Retail Real Estate \| 30-89 Days
Loans identified as impaired
Amortized cost of modified loans	0
Commercial loans \| Commercial and Retail Real Estate \| 90+ Days
Loans identified as impaired
Amortized cost of modified loans	0
Commercial loans \| Real estate construction
Loans identified as impaired
Non-accrual	0
Commercial loans \| Real estate construction \| Current
Loans identified as impaired
Amortized cost of modified loans	5,250
Commercial loans \| Real estate construction \| 30-89 Days
Loans identified as impaired
Amortized cost of modified loans	0
Commercial loans \| Real estate construction \| 90+ Days
Loans identified as impaired
Amortized cost of modified loans	$ 0

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Reclassification of Unrealized Gains and Losses from OCI (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Interest Rate Swap \| Cash Flow Hedging \| Interest Income
Derivative [Line Items]
Unrealized losses expected to be reclassified from OCI to interest income	$ (859)

BORROWINGS - Term Loan and Revolving Line of Credit (Details) - USD ($)			3 Months Ended
	Apr. 30, 2022	May 28, 2021	Mar. 31, 2024	Sep. 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%

LEASES - Schedule of Future Undiscounted Lease Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Rent commitments
Remainder of 2024	$ 590
2025	2,088
2026	1,766
2027	1,549
2028	1,494
2029	1,503
Thereafter	4,303
Total undiscounted cash flows	13,293
Less: Amounts representing interest	1,823
Present value of net future minimum lease payments	$ 11,470	$ 11,308

STOCK-BASED COMPENSATION - Employee Stock Purchase Plan and Stock-based Compensation Expense (Details) - USD ($)		3 Months Ended		9 Months Ended
	Jul. 01, 2021	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock option compensation expense		$ 2,291,000	$ 2,603,000	$ 5,828,000	$ 6,928,000
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	406,700		406,700

- 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

STOCK-BASED COMPENSATION - RSU, PSU, and DSU Narrative (Details) - USD ($) $ in Millions					9 Months Ended	12 Months Ended
	May 22, 2025	Mar. 20, 2025	May 22, 2024	Mar. 20, 2024	Sep. 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 6 months	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
RSU Awards \| Management \| 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
RSU Awards \| Management \| 2020 Equity Plan \| Forecast
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage	100.00%	100.00%
RSU Awards \| Management \| 2020 Equity Plan \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Requisite service periods			1 year	1 year
Period over which cost will be recognized				1 year
RSU Awards \| Management \| 2020 Equity Plan \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Period over which cost will be recognized				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
DSU Awards \| Directors and Advisory Directors \| 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
Vesting percentage				100.00%
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%

TAX CREDIT AND OTHER INVESTMENTS IN UNCONSOLIDATED ENTITIES (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	$ 136,364	$ 136,364	$ 127,068
Deferred Income Taxes and Other Assets [Abstract]
Income tax credits and other tax benefits	4,040	11,941
Amortization of investments in tax-advantaged projects	3,575	10,593
Funded investments \| Other assets
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	68,164	68,164	68,516
Unfunded investments \| Other assets
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	68,200	68,200	58,552
Unfunded investments \| Other liabilities
Schedule of Equity Method Investments [Line Items]
Unfunded investment obligations	$ 68,200	$ 68,200	$ 58,552

FAIR VALUE MEASUREMENTS - Schedule of Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Financial assets
Debt securities held to maturity	$ 712,369	$ 730,397
Portfolio loans, net	7,724,116	7,559,294
Financial liabilities
Short-term borrowings	0	12,000
Junior subordinated debt owed to unconsolidated trusts	74,754	71,993
Level 1 Inputs \| Carrying Amount
Financial assets
Cash and cash equivalents	553,709	719,581
Level 1 Inputs \| Fair Value
Financial assets
Cash and cash equivalents	553,709	719,581
Level 2 Inputs \| Carrying Amount
Financial assets
Debt securities held to maturity	838,883	872,628
Loans held for sale	11,523	2,379
Accrued interest receivable	48,822	45,288
Financial liabilities
Time deposits	1,519,925	1,819,274
Securities sold under agreements to repurchase	128,429	187,396
Short-term borrowings	0	12,000
Long-term debt	0	18,000
Junior subordinated debt owed to unconsolidated trusts	74,754	71,993
Accrued interest payable	33,447	28,418
Level 2 Inputs \| Fair Value
Financial assets
Debt securities held to maturity	712,369	730,397
Loans held for sale	11,810	2,401
Accrued interest receivable	48,822	45,288
Financial liabilities
Time deposits	1,511,069	1,804,905
Securities sold under agreements to repurchase	128,429	187,396
Short-term borrowings	0	12,034
Long-term debt	0	18,020
Junior subordinated debt owed to unconsolidated trusts	61,840	57,153
Accrued interest payable	33,447	28,418
Level 3 Inputs \| Carrying Amount
Financial assets
Portfolio loans, net	7,724,116	7,559,294
Mortgage servicing rights	1,008	3,289
Other servicing rights	1,479	1,597
Level 3 Inputs \| Fair Value
Financial assets
Portfolio loans, net	7,597,736	7,276,905
Mortgage servicing rights	4,963	18,079
Other servicing rights	1,505	2,062
Level 3 Inputs \| Subordinated Debt \| Carrying Amount
Financial liabilities
Long-term debt	227,482	222,882
Level 3 Inputs \| Subordinated Debt \| Fair Value
Financial liabilities
Long-term debt	$ 216,713	$ 200,000

OPERATING SEGMENTS AND RELATED INFORMATION - Schedule of Information Relating to Operating Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Goodwill	$ 333,498		$ 333,498		$ 317,873
Total Assets	11,986,839		11,986,839		12,283,415
Net interest income	82,541	$ 77,791	240,742	$ 242,318
Noninterest income	35,951	31,008	104,752	90,868
Noninterest expense	75,926	70,945	222,232	210,553
Income before income taxes	42,564	37,490	115,945	120,689
Net income	32,004	30,666	85,586	96,816
Operating segment \| Banking
Segment Reporting Information [Line Items]
Goodwill	310,398		310,398		294,773
Total Assets	11,806,647		11,806,647		12,125,298
Net interest income	86,425	81,794	252,200	254,394
Noninterest income	14,056	11,983	39,962	34,716
Noninterest expense	56,740	55,172	167,724	163,314
Income before income taxes	43,739	38,241	117,121	123,852
Net income	33,221	31,189	86,410	98,689
Operating segment \| Wealth Management
Segment Reporting Information [Line Items]
Goodwill	14,108		14,108		14,108
Total Assets	119,801		119,801		103,147
Noninterest income	16,169	14,350	47,989	43,993
Noninterest expense	8,777	8,059	26,704	24,821
Income before income taxes	7,392	6,291	21,285	19,172
Net income	5,618	4,781	16,177	14,571
Operating segment \| FirsTech
Segment Reporting Information [Line Items]
Goodwill	8,992		8,992		8,992
Total Assets	51,474		51,474		51,600
Net interest income	12	14	37	41
Noninterest income	5,551	5,665	17,700	16,954
Noninterest expense	5,648	5,245	17,666	16,303
Income before income taxes	(85)	434	71	692
Net income	(61)	317	53	505
Intersegment Eliminations
Segment Reporting Information [Line Items]
Goodwill	0		0		0
Total Assets	8,917		8,917		$ 3,370
Net interest income	(3,896)	(4,017)	(11,495)	(12,117)
Noninterest income	175	(990)	(899)	(4,795)
Noninterest expense	4,761	2,469	10,138	6,115
Income before income taxes	(8,482)	(7,476)	(22,532)	(23,027)
Net income	$ (6,774)	$ (5,621)	$ (17,054)	$ (16,949)

OPERATING SEGMENTS AND RELATED INFORMATION

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

OPERATING SEGMENTS AND RELATED INFORMATION

NOTE 16. 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.


	Goodwill				Total Assets
	As of				As of
	September 30, 2024		December 31, 2023		September 30, 2024		December 31, 2023
Operating segment
Banking	$	310,398	$	294,773	$	11,806,647	$	12,125,298
Wealth Management	14,108		14,108		119,801		103,147
FirsTech	8,992		8,992		51,474		51,600
Other	—		—		8,917		3,370
Consolidated total	$	333,498	$	317,873	$	11,986,839	$	12,283,415


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net interest income
Banking	$	86,425	$	81,794	$	252,200	$	254,394

FirsTech	12		14		37		41
Other	(3,896)		(4,017)		(11,495)		(12,117)
Net interest income	$	82,541	$	77,791	$	240,742	$	242,318

Noninterest income
Banking	$	14,056	$	11,983	$	39,962	$	34,716
Wealth Management	16,169		14,350		47,989		43,993
FirsTech	5,551		5,665		17,700		16,954
Other	175		(990)		(899)		(4,795)
Total noninterest income	$	35,951	$	31,008	$	104,752	$	90,868

Noninterest expense
Banking	$	56,740	$	55,172	$	167,724	$	163,314
Wealth Management	8,777		8,059		26,704		24,821
FirsTech	5,648		5,245		17,666		16,303
Other	4,761		2,469		10,138		6,115
Total noninterest expense	$	75,926	$	70,945	$	222,232	$	210,553

Income before income taxes
Banking	$	43,739	$	38,241	$	117,121	$	123,852
Wealth Management	7,392		6,291		21,285		19,172
FirsTech	(85)		434		71		692
Other	(8,482)		(7,476)		(22,532)		(23,027)
Income before income taxes	$	42,564	$	37,490	$	115,945	$	120,689

Net income
Banking	$	33,221	$	31,189	$	86,410	$	98,689
Wealth Management	5,618		4,781		16,177		14,571
FirsTech	(61)		317		53		505
Other	(6,774)		(5,621)		(17,054)		(16,949)
Net income	$	32,004	$	30,666	$	85,586	$	96,816

- 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

DEPOSITS - Schedule of Maturities of Time Deposits (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Time deposits by schedule of maturities
Remainder of 2024	$ 547,111
2025	914,253
2026	30,592
2027	13,689
2028	8,715
2029	5,116
Thereafter	449
Time deposits	$ 1,519,925	$ 1,819,274

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

STOCK-BASED COMPENSATION

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

NOTE 10. 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 nine months ended September 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	(440)	23.53
Forfeited	(3,520)	23.53

Outstanding at September 30, 2024	17,306	23.53		2.13 years

Exercisable at September 30, 2024	17,306	23.53		2.13 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 1,311,251 shares available for issuance under the 2020 Equity Plan as of September 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 nine months ended September 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	32,239	24.92
Vested	(172,822)	25.72
Forfeited	(13,692)	23.28
Nonvested at September 30, 2024	1,089,212	21.77

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 nine months ended September 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	(6,306)	22.43

Nonvested at September 30, 2024	524,602	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 nine months ended September 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	6,032	25.02
Vested	(47,351)	20.92
Forfeited	(1,025)	20.44
Nonvested at September 30, 2024	36,529	23.39

Vested and outstanding at September 30, 2024	183,124	22.84

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 406,700 shares available for issuance under the ESPP as of September 30, 2024.

Stock-based Compensation Expense

Busey did not record any stock option compensation expense for the three or nine months ended September 30, 2024, or 2023. Busey did not have any unrecognized stock option compensation expense as of September 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 September 30,				Nine Months Ended September 30,
	Location	2024		2023		2024		2023
Stock-based compensation expense

RSU awards	Salaries, wages, and employee benefits	$	1,057	$	1,177	$	3,012	$	3,428
PSU awards1	Salaries, wages, and employee benefits	976		1,180		2,037		2,724
DSU awards	Other expense	211		213		615		620
ESPP	Salaries, wages, and employee benefits	47		33		164		156
Total stock-based compensation expense		$	2,291	$	2,603	$	5,828	$	6,928

___________________________________________

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


	As of
	September 30, 2024		December 31, 2023
Unamortized stock-based compensation
RSU awards	$	8,267	$	6,842
PSU awards1	4,068		3,607
DSU awards	392		190
Total unamortized stock-based compensation	$	12,727	$	10,639

Weighted average period over which expense is to be recognized	2.5 years		2.4 years

___________________________________________

MERGERS AND ACQUISITIONS (Tables)

9 Months Ended

Sep. 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	417,230
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	582
Accounts receivable	42
Mortgage servicing rights	55
Other assets	4,632
Total assets acquired	478,024

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

Net assets acquired	$	33,950

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

Goodwill	$	15,625

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

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 32,004	$ 30,666	$ 85,586	$ 96,816
Unrealized/Unrecognized gains (losses) on debt securities:
Net unrealized holding gains (losses) on debt securities available for sale, net of taxes of $(15,664), $10,746, $(13,878), and $6,728, respectively	39,286	(26,950)	34,810	(16,872)
Reclassification adjustment for realized (gains) losses on debt securities available for sale included in net income, net of taxes of $(3), $(9), $(1,943), and $(59), respectively	8	24	4,874	148
Amortization of unrecognized losses on securities transferred to held to maturity, net of taxes of $(394), $(420), $(1,195), and $(1,346), respectively	990	1,056	2,999	3,379
Net change in unrealized/unrecognized gains (losses) on debt securities	40,284	(25,870)	42,683	(13,345)
Unrealized gains (losses) on cash flow hedges:
Net unrealized holding gains (losses) on cash flow hedges, net of taxes of $(2,965), $2,220, $(84), and $3,412, respectively	7,439	(5,577)	211	(8,563)
Reclassification adjustment for realized (gains) losses on cash flow hedges included in net income, net of taxes of $(674), ($652), $(1,992), and ($1,776), respectively	1,690	1,638	4,996	4,456
Net change in unrealized gains (losses) on cash flow hedges	9,129	(3,939)	5,207	(4,107)
OCI	49,413	(29,809)	47,890	(17,452)
Total comprehensive income	$ 81,417	$ 857	$ 133,476	$ 79,364

SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
SIGNIFICANT ACCOUNTING POLICIES	Sep. 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 an $11.99 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 16. 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 nine months ended September 30, 2024, Busey recorded an estimated 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 year. As of September 30, 2024, Busey Bank is under examination by the Florida Department of Revenue for its 2020 to 2022 corporate income tax filings. 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 September 30, 2024, through the filing date of these unaudited consolidated financial statements.

REGULATORY CAPITAL

9 Months Ended

Sep. 30, 2024

Banking and Thrift, Other Disclosure [Abstract]

REGULATORY CAPITAL

NOTE 8. 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 September 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 September 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 September 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	$	1,219,574	13.78	%	$	398,365	4.50	%	$	575,416	6.50	%
Busey Bank	$	1,425,762	16.17	%	$	396,739	4.50	%	$	573,068	6.50	%

Tier 1 capital to risk weighted assets
First Busey	$	1,296,574	14.65	%	$	531,153	6.00	%	$	708,204	8.00	%
Busey Bank	$	1,425,762	16.17	%	$	528,985	6.00	%	$	705,314	8.00	%

Total capital to risk weighted assets
First Busey	$	1,610,247	18.19	%	$	708,204	8.00	%	$	885,255	10.00	%
Busey Bank	$	1,510,436	17.13	%	$	705,314	8.00	%	$	881,642	10.00	%

Leverage ratio of Tier 1 capital to average assets
First Busey	$	1,296,574	10.97	%	$	472,629	4.00	%	N/A		N/A
Busey Bank	$	1,425,762	12.10	%	$	471,202	4.00	%	$	589,003	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 678 bps as of September 30, 2024, (2) Tier 1 capital to risk-weighted assets of at least 8.5%, which First Busey exceeded by 615 bps as of September 30, 2024, and (3) total capital to risk-weighted assets of at least 10.5%, which First Busey exceeded by 769 bps as of September 30, 2024.

- 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

MERGERS AND ACQUISITIONS

9 Months Ended

Sep. 30, 2024

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

MERGERS AND ACQUISITIONS

NOTE 2. MERGERS AND ACQUISITIONS

CrossFirst Bankshares, Inc.

On August 26, 2024, Busey and CrossFirst, a Kansas corporation, entered into an Agreement and Plan of Merger (the “Merger Agreement”). The Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, CrossFirst will merge with and into Busey, with Busey as the surviving corporation in the merger (the “Merger”). The Merger Agreement further provides that at a date and time following the Merger as determined by Busey, CrossFirst Bank, a Kansas state-chartered bank and a wholly owned subsidiary of CrossFirst, will merge with and into Busey Bank, with Busey Bank as the surviving bank (the “Bank Merger”). Upon the terms and subject to the conditions set forth in the Merger Agreement, at the effective time of the Merger (the “Effective Time”), each share of CrossFirst common stock outstanding immediately prior to the Effective Time, other than certain shares held by CrossFirst or Busey, will be converted into the right to receive 0.6675 of a share of Busey common stock. Upon completion of the Merger, holders of Busey common stock (“Busey stockholders”) will own approximately 63.5% of the combined company and holders of CrossFirst common stock (“CrossFirst stockholders”) will own approximately 36.5% of the combined company, on a fully-diluted basis.

Completion of the merger is subject to customary closing conditions, including the approval of both Busey stockholders and CrossFirst stockholders and the requisite regulatory approvals for the Merger and the Bank Merger. With approvals, the parties expect to close the merger in the first or second quarter of 2025. In connection with the Merger, Busey incurred one-time pre-tax acquisition-related expenses of $1.3 million and $1.5 million during the three and nine months months ended September 30, 2024, respectively.

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 added 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 $15.6 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	417,230
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	582
Accounts receivable	42
Mortgage servicing rights	55
Other assets	4,632
Total assets acquired	478,024

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

Net assets acquired	$	33,950

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

Goodwill	$	15,625

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 $0.6 million and $2.9 million in pre-tax acquisition expenses during the three and nine months ended September 30, 2024, respectively, comprised primarily of salaries, wages and employee benefits; data processing; and professional fees, which are reported as components of noninterest expense on the accompanying Consolidated Statements of Income (Unaudited).

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Financial Instruments Owned and Pledged as Collateral (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Cash pledged to secure obligations under derivative contracts
Derivative [Line Items]
Cash pledged to secure obligations	$ 17,270	$ 34,210
Collateral held to secure obligations under derivative contracts
Derivative [Line Items]
Cash pledged to secure obligations	$ 9,380	$ 19,280