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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2016	May 09, 2016
Document and Entity Information
Entity Registrant Name	FIRST BUSEY CORP /NV/
Entity Central Index Key	0000314489
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		38,146,117
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q1

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Assets
Cash and due from banks (interest-bearing 2016 $266,597; 2015 $250,404)	$ 320,960	$ 319,280
Securities available for sale, at fair value	778,770	834,838
Securities held to maturity, at amortized cost	49,082	49,832
Loans held for sale	12,943	9,351
Loans (net of allowance for loan losses 2016 $45,171; 2015 $47,487)	2,527,398	2,580,252
Premises and equipment, net	62,911	63,088
Goodwill	25,510	25,510
Other intangible assets, net	6,667	7,432
Cash surrender value of bank owned life insurance	43,297	43,103
Deferred tax assets, net	17,589	21,638
Other assets	45,503	44,652
Total assets	3,890,630	3,998,976
Deposits:
Noninterest-bearing	759,752	881,685
Interest-bearing	2,421,976	2,407,421
Total deposits	3,181,728	3,289,106
Securities sold under agreements to repurchase	166,141	172,972
Long-term debt	80,000	80,000
Junior subordinated debt owed to unconsolidated trusts	55,000	55,000
Other liabilities	24,497	28,712
Total liabilities	3,507,366	3,625,790
Stockholders' Equity
Common stock, $.001 par value, authorized 66,666,667 shares; shares issued 29,427,738	29	29
Additional paid-in capital	591,076	591,053
Accumulated deficit	(184,792)	(190,265)
Accumulated other comprehensive income	6,317	2,340
Total stockholders' equity before treasury stock	412,630	403,157
Common stock shares held in treasury at cost, 2016 723,402; 2015 732,887	(29,366)	(29,971)
Total stockholders' equity	383,264	373,186
Total liabilities and stockholders' equity	$ 3,890,630	$ 3,998,976
Common shares outstanding at period end	28,704,336	28,694,851

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
CONSOLIDATED BALANCE SHEETS
Cash and due from banks, interest-bearing (in dollars)	$ 266,597	$ 250,404
Loans, allowance for loan losses (in dollars)	$ 45,171	$ 47,487
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	66,666,667	66,666,667
Common stock, shares issued	29,427,738	29,427,738
Common stock shares held in treasury	723,402	732,887

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Mar. 31, 2016	Mar. 31, 2015
Interest income:
Interest and fees on loans	$ 25,144	$ 24,166
Interest and dividends on investment securities:
Taxable interest income	3,611	3,272
Non-taxable interest income	769	825
Total interest income	29,524	28,263
Interest expense:
Deposits	1,107	1,239
Federal funds purchased and securities sold under agreements to repurchase	82	51
Short-term borrowings	13
Long-term debt	43	10
Junior subordinated debt owed to unconsolidated trusts	337	293
Total interest expense	1,582	1,593
Net interest income	27,942	26,670
Provision for loan losses	1,000	500
Net interest income after provision for loan losses	26,942	26,170
Other income:
Trust fees	5,547	5,697
Commissions and brokers' fees, net	668	784
Remittance processing	2,925	2,487
Service charges on deposit accounts	3,125	2,884
Other service charges and fees	1,581	1,584
Gain on sales of loans	399	1,426
Security gains, net	1,067	1
Other	1,534	1,102
Total other income	16,846	15,965
Other expense:
Salaries and wages	12,399	14,506
Employee benefits	2,967	2,343
Net occupancy expense of premises	2,167	2,245
Furniture and equipment expenses	1,084	1,191
Data processing	3,232	3,549
Amortization of intangible assets	766	769
Regulatory expense	588	643
Other	4,485	5,301
Total other expense	27,688	30,547
Income before income taxes	16,100	11,588
Income taxes	5,666	3,827
Net income	10,434	7,761
Preferred stock dividends		182
Net income available for common stockholders	$ 10,434	$ 7,579
Basic earnings per common share (in dollars per share)	$ 0.36	$ 0.26
Diluted earnings per common share (in dollars per share)	0.36	0.26
Dividends declared per share of common stock (in dollars per share)	$ 0.17	$ 0.15

CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME
Net income	$ 10,434	$ 7,761
Unrealized net gains on securities:
Unrealized net holding gains arising during period	7,699	4,031
Reclassification adjustment for (gains) included in net income	(1,067)	(1)
Other comprehensive income, before tax	6,632	4,030
Income tax expense related to items of other comprehensive income	2,655	1,614
Other comprehensive income, net of tax	3,977	2,416
Comprehensive income	$ 14,411	$ 10,177

- Definition

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

+ References + Details

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income	Treasury Stock	Total
Balance at Dec. 31, 2014	$ 72,664	$ 29	$ 593,746	$ (210,384)	$ 5,817	$ (28,233)	$ 433,639
Increase (decrease) in shareholders' equity
Net income				7,761			7,761
Other comprehensive income					2,416		2,416
Issuance of treasury stock for employee stock purchase Plan			(280)			428	148
Net issuance of treasury stock for restricted stock unit vesting and related tax benefit			(206)			190	(16)
Issuance of treasury stock						34	34
Cash dividends common stock at $0.17 and $0.15 per share for the period of three months ended March 2016 and 2015, respectively				(4,342)			(4,342)
Stock dividend equivalents restricted stock units at $0.17 and $0.15 per share for the period of three months ended March 2016 and 2015, respectively			67	(66)			1
Stock based employee compensation			341				341
Preferred stock dividends				(182)			(182)
Balance at Mar. 31, 2015	$ 72,664	29	593,668	(207,213)	8,233	(27,581)	439,800
Balance at Dec. 31, 2015		29	591,053	(190,265)	2,340	(29,971)	373,186
Increase (decrease) in shareholders' equity
Net income				10,434			10,434
Other comprehensive income					3,977		3,977
Issuance of treasury stock for employee stock purchase Plan			(370)			533	163
Net issuance of treasury stock for restricted stock unit vesting and related tax benefit			(78)			72	(6)
Cash dividends common stock at $0.17 and $0.15 per share for the period of three months ended March 2016 and 2015, respectively				(4,879)			(4,879)
Stock dividend equivalents restricted stock units at $0.17 and $0.15 per share for the period of three months ended March 2016 and 2015, respectively			82	(82)
Stock based employee compensation			389				389
Balance at Mar. 31, 2016		$ 29	$ 591,076	$ (184,792)	$ 6,317	$ (29,366)	$ 383,264

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
Cash dividends, common stock (in dollars per share)	$ 0.17	$ 0.15
Stock dividends, restricted stock units (in dollars per share)	$ 0.17	$ 0.15

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Cash Flows from Operating Activities
Net income	$ 10,434	$ 7,761
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based and non-cash compensation	389	341
Depreciation	1,408	1,394
Amortization of intangible assets	766	769
Provision for loan losses	1,000	500
Provision for deferred income taxes	1,398	119
Amortization of security premiums and discounts, net	1,924	2,165
Accretion of premiums and discounts on loans, net	(247)	(262)
Net security gains	(1,067)	(1)
Gain on sales of loans, net	(399)	(1,426)
Net gain on disposition of premises and equipment	(9)
Premises and equipment impairment		670
Increase in cash surrender value of bank owned life insurance	(194)	(379)
Change in assets and liabilities:
(Increase) decrease in other assets	(1,176)	1,672
Decrease in other liabilities	(3,022)	(5,155)
Decrease in interest payable	(15)	(42)
(Increase) decrease in income taxes receivable	(1,015)	926
Net cash provided by operating activities before activities for loans originated for sale	10,175	9,052
Loans originated for sale	(35,677)	(73,687)
Proceeds from sales of loans	32,484	68,576
Net cash provided by operating activities	6,982	3,941
Cash Flows from Investing Activities
Proceeds from sales of securities classified available for sale	35,588	7,687
Proceeds from maturities of securities classified available for sale	49,608	56,105
Proceeds from maturities of securities classified held to maturity	503	4
Purchase of securities classified available for sale	(23,106)	(55,383)
Net decrease in loans	52,060	44,285
Proceeds from disposition of premises and equipment	12	9
Proceeds from sale of other real estate owned ("OREO") properties	366	425	$ 1,090
Purchases of premises and equipment	(1,235)	(1,062)
Net cash received in acquisitions		12,114
Net cash provided by investing activities	113,796	64,184
Cash Flows from Financing Activities
Net decrease in certificates of deposit	(16,717)	(18,642)
Net (decrease) increase in demand, money market and savings deposits	(90,661)	59,778
Cash dividends paid	(4,879)	(4,523)
Value of shares surrendered upon vesting of restricted stock units to cover tax obligations	(10)	(22)
Net decrease in securities sold under agreements to repurchase	(6,831)	(15,218)
Net cash (used in) provided by financing activities	(119,098)	21,373
Net increase in cash and due from banks	1,680	89,498
Cash and due from banks, beginning	319,280	339,438	339,438
Cash and due from banks, ending	320,960	428,936	319,280
Cash Payments for:
Interest	1,591	1,635
Income taxes	5,200	3,130
Non-cash investing and financing activities:
Other real estate acquired in settlement of loans	$ 41	$ 192	$ 1,251

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2016
Basis of Presentation
Basis of Presentation	Note 1: Basis of Presentation The accompanying unaudited Consolidated Interim Financial Statements of First Busey Corporation (“First Busey” or the “Company”), a Nevada corporation, have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for Quarterly Reports on Form 10-Q and do not include certain information and footnote disclosures required by U.S. generally accepted accounting principles (“GAAP”) for complete annual financial statements. Accordingly, these financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. On May 20, 2015, at the Company’s Annual Meeting of Stockholders, the Company’s stockholders approved a resolution to authorize the board of directors to implement a reverse stock split of the Company’s common stock at a ratio of one-for-three (the “Reverse Stock Split”). On August 17, 2015, the board of directors authorized the Reverse Stock Split, which became effective on September 8, 2015. All share and per share information has been restated for all prior periods presented in this Quarterly Report on Form 10-Q to give retroactive effect to the Reverse Stock Split. The accompanying Consolidated Balance Sheet as of December 31, 2015, which has been derived from audited financial statements, and the unaudited Consolidated Interim Financial Statements have been prepared in accordance with GAAP and reflect all adjustments that are, in the opinion of management, necessary for the fair presentation of the financial position and results of operations as of the dates and for the periods presented. All such adjustments are of a normal recurring nature. The results of operations for the three months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. The Consolidated Financial Statements include the accounts of the Company and its subsidiaries. All material intercompany transactions and balances have been eliminated in consolidation. Certain prior-year amounts have been reclassified to conform to the current presentation with no effect on net income or stockholders’ equity. In preparing the accompanying Consolidated Financial Statements, the Company’s management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses for the reporting period. 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 investment securities and the determination of the allowance for loan losses. Effective January 1, 2016, the Company elected to account for all loans held for sale at fair value. Prior to this change, the Company accounted for loans held for sale at the lower of cost or fair value. In the first quarter of 2016, this change did not have a material impact to results. See Note 14 - Fair Value Measurements for further discussion. The Company has evaluated subsequent events for potential recognition and/or disclosure through the date the Consolidated Financial Statements included in this Quarterly Report on Form 10-Q were issued. On April 30, 2016, First Busey completed the merger with Pulaski Financial Corp., a Missouri corporation (“Pulaski”). The financial results of Pulaski are not recognized in this Form 10-Q. See Note 2 — Acquisitions for further discussion. Other than the completion of the Pulaski merger, there were no significant subsequent events for the quarter ended March 31, 2016 through the issuance date of these Consolidated Financial Statements that warranted adjustment to or disclosure in the Consolidated Financial Statements.

Acquisitions

3 Months Ended

Mar. 31, 2016

Acquisitions

Acquisitions

Note 2: Acquisitions

Pulaski Financial Corp.

On April 30, 2016, First Busey completed the acquisition of Pulaski. It is anticipated that Pulaski Bank, National Association, which was Pulaski’s wholly owned bank subsidiary prior to the merger (“Pulaski Bank”), will be merged with and into Busey Bank in the fourth quarter of 2016, subject to regulatory approval. At the time of the bank merger, Pulaski Bank’s branches will become branches of Busey Bank. Pulaski Bank offers a full line of quality retail and commercial banking products through thirteen full-service branch offices in the St. Louis metropolitan area. Pulaski Bank also offers mortgage loan products through loan production offices in the St. Louis, Kansas City, Chicago, and Omaha-Council Bluffs metropolitan areas and other locations across the Midwest.

Under the terms of the definitive agreement, at the effective time of the merger, each share of Pulaski common stock issued and outstanding as of the effective time was converted into and constituted the right to receive 0.79 shares of Busey common stock and cash in lieu of fractional shares. The market value of the shares of Busey common stock issuable at the effective time of the merger was approximately $193.1 million based on Busey’s closing stock price of $20.44 on April 29, 2016.

The merger with Pulaski allows the Company to significantly expand its geographic presence through a premier St. Louis banking franchise with an almost 100-year history and a strong regional mortgage presence. In addition, this transaction is strategically compelling and financially attractive. This acquisition creates a Midwest community bank with greater scale and operating efficiency, along with geographic and balance sheet diversification. It also provides cross-sale opportunities with our Wealth Management operating segment. Pulaski has a deep and experienced management team to assist in post-merger integration and market expansion, and a similar culture to First Busey which will facilitate a successful integration process. By acquiring organizations with a similar philosophy in markets which complement the Company’s existing customer base, First Busey intends to expand its franchise through balanced, integrated growth strategies that generate value.

The transaction will be accounted for using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed, and consideration exchanged will be recorded at estimated fair values on the date of acquisition. Fair value assessments are incomplete as of the filing date of this Form 10-Q. Fair values are subject to refinement for up to one year after the closing date of April 30, 2016. This acquisition is a subsequent event and the financial results of Pulaski are not recognized in this Form 10-Q.

During the first quarter of 2016, First Busey incurred $0.2 million of acquisition expenses related to the acquisition of Pulaski, comprised primarily of legal and consulting costs. As of March 31, 2016, Pulaski had total consolidated assets of $1.64 billion, total loans of $1.41 billion and total deposits of $1.25 billion.

The following table provides the unaudited pro forma information for the results of operations for the three months ended March 31, 2016 and 2015, as if the acquisition had occurred January 1, 2015. The pro forma results combine the historical results of Pulaski into the Company’s Consolidated Statements of Income, including the impact of estimated purchase accounting adjustments including loan discount accretion, intangible assets amortization, deposit, borrowing and trust preferred securities premium accretion and premises accretion, net of taxes. Actual purchase accounting adjustments are incomplete as of the filing date of this Form 10-Q. The pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the results that would have been obtained had the acquisition actually occurred on January 1 of each year. No assumptions have been applied to the pro forma results of operations regarding possible revenue enhancements, expense efficiencies or asset dispositions. Only the merger related expenses that have been recognized are included in net income in the table below.

	Pro Forma
	Three Months Ended March 31,
	2016		2015
	(dollars in thousands)
Total revenues (net interest income plus other income)	$	61,025	$	58,311
Net income	13,400		11,439

Herget Financial Corp.

On January 8, 2015, First Busey acquired Herget Financial Corp. (“Herget Financial”), headquartered in Pekin, Illinois and its wholly owned bank subsidiary, Herget Bank, National Association (“Herget Bank”). First Busey operated Herget Bank as a separate banking subsidiary from January 9, 2015 until March 13, 2015, when it was merged with and into Busey Bank, the Company’s wholly owned bank subsidiary. At that time, Herget Bank’s branches in Pekin, Illinois became branches of Busey Bank. The operating results of Herget Financial are included with the Company’s results of operations since the date of acquisition.

The acquisition of Herget Financial allowed First Busey to further increase its presence in the Pekin and greater Peoria market. Additionally, Herget Financial held a dominant deposit market position in its community and offered trust, estate and asset management services, as well as competitive commercial loan and mortgage offerings, all of which complement First Busey’s offerings. First Busey acquired 100% of Herget Financial’s outstanding common stock for aggregate cash consideration of $34.1 million, which was funded through internal sources. Each holder of Herget Financial common stock received $588.00 per share in cash.

Expenses related to the acquisition of Herget Financial for the first quarter of 2016 were insignificant. During the first quarter of 2015, expenses related to the acquisition of Herget Financial totaled $1.0 million. The 2015 expenses were comprised primarily of system conversion, restructuring, legal, consulting, regulatory and marketing costs, all of which are reported as a component of other expense in the accompanying unaudited Consolidated Interim Financial Statements.

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 the date of acquisition. Fair values were subject to refinement for up to one year after the closing date of January 8, 2015 as additional information regarding the closing date fair values became available; however, the Company did not make any adjustments.

The following table provides an assessment of Herget Financial’s assets purchased and liabilities assumed (dollars in thousands):

Cash and due from banks	$	46,214
Securities	111,760
Loans held for sale	1,933
Loans	105,207
Premises and equipment	2,034
Goodwill	4,824
Other intangible assets	3,937
Other assets	2,931
Deposits	241,901
Other liabilities	2,839

The loans acquired in this transaction were recorded at fair value with no carryover of any existing allowance for loan losses. Loans that were not deemed to be credit impaired at acquisition were accounted for under FASB ASC 310-20, Receivables-Nonrefundable Fees and Other Costs and were subsequently considered as part of the Company’s determination for the adequacy of the allowance for loan losses. PCI loans, loans with evidence of credit quality deterioration, were accounted for under FASB ASC 310-30, Receivables — Loans and Debt Securities Acquired with Deteriorated Credit Quality. The fair value of the acquired performing loans totaled $103.7 million and the fair value of the PCI loans totaled $1.5 million. The other intangible assets acquired in this transaction will be amortized using an accelerated method over 10 years.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

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+ Details

Recent Accounting Pronouncements	3 Months Ended
Recent Accounting Pronouncements	Mar. 31, 2016
Recent Accounting Pronouncements
Recent Accounting Pronouncements	Note 3: Recent Accounting Pronouncements Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers (Topic 606).” ASU 2014-09 outlines a single model for companies to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. ASU 2014-09 will require that companies recognize revenue based on the value of transferred goods or services as they occur in the contract and will also require additional disclosures. The new authoritative guidance was originally effective for reporting periods after December 15, 2016. In August 2015, ASU 2015-14, “Revenue from Contracts with Customers (Topic 606)” was issued to delay the effective date of ASU 2014-09 by one year. The Company is evaluating the impact this guidance will have on its Consolidated Financial Statements and related disclosures. ASU 2016-01, “Financial Instruments — Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” ASU 2016-01 is intended to improve the recognition and measurement of financial instruments by, among other things, requiring: equity investments, with certain exceptions, to be measured at fair value with changes in fair value recognized in net income; public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; separate presentation of financial assets and financial liabilities by measurement category and form of financial assets on the balance sheet or the accompanying notes to the financial statements; eliminating the requirement for public business entities to disclose the method and significant assumptions used to estimate the fair value that is to be required to be disclosed for financial instruments measured at amortized cost on the balance sheet; and requiring an entity to present separately in other comprehensive income the portion of the total change in fair value of a liability resulting from the change in the instrument-specific credit risk when the organization has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. ASU 2016-01 will be effective on January 1, 2018 and the Company is evaluating the impact this guidance will have on its Consolidated Financial Statements and related disclosures. ASU 2016-02, “Leases (Topic 842).” ASU 2016-02 intends to increase transparency and comparability among organizations by recognizing all lease transactions (with terms in excess of 12 months) on the balance sheet as a lease liability and a right-of-use asset. The guidance also requires qualitative and quantitative disclosures designed to assess the amount, timing and uncertainty of cash flows arising from leases. This guidance is effective for annual reporting periods beginning after December 15, 2018, including interim periods within those fiscal years. Upon adoption, the lessee will apply the new standard retrospectively to all periods presented or retrospectively using a cumulative effect adjustment in the year of adoption. The Company is evaluating the impact this guidance will have on its Consolidated Financial Statements and related disclosures. ASU 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” ASU 2016-09 is intended to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. This guidance is effective for reporting periods after December 15, 2016, and interim periods within those fiscal years. The Company is evaluating the impact this guidance will have on its Consolidated Financial Statements and related disclosures.

- Definition

The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6507316

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Direct Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6510796

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=56949863&loc=d3e22583-107794

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Indirect Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6515603

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=56949863&loc=d3e22580-107794

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.10-01.(b)(6))
-URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Accounting Change
-URI http://asc.fasb.org/extlink&oid=6503790

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=56949863&loc=d3e22499-107794

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Retrospective Application
-URI http://asc.fasb.org/extlink&oid=6523989

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=51655806&loc=d3e765-108305

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=51655806&loc=d3e725-108305

+ Details

Securities

3 Months Ended

Mar. 31, 2016

Securities

Securities

Note 4: Securities

Securities are classified as held to maturity when First Busey has the ability and management has the intent to hold those securities to maturity. Accordingly, they are stated at cost, adjusted for amortization of premiums and accretion of discounts. Securities are classified as available for sale when First Busey may decide to sell those securities due to changes in market interest rates, liquidity needs, changes in yields on alternative investments, and for other reasons. They are carried at fair value with unrealized gains and losses, net of taxes, reported in other comprehensive income.

The amortized cost, unrealized gains and losses and fair values of securities are summarized as follows:

			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
	(dollars in thousands)
March 31, 2016:
Available for sale
U.S. Treasury securities	$	64,943	$	559	$	—		$	65,502
Obligations of U.S. government corporations and agencies	110,103		540		—			110,643
Obligations of states and political subdivisions	166,626		2,638		(22		)	169,242
Residential mortgage-backed securities	274,423		5,041		(2		)	279,462
Corporate debt securities	149,508		1,829		(471		)	150,866

Total debt securities	765,603		10,607		(495		)	775,715
Mutual funds and other equity securities	2,632		423		—			3,055

Total	$	768,235	$	11,030	$	(495	)	$	778,770


Held to maturity
Obligations of states and political subdivisions	$	48,089	$	890	$	(7	)	$	48,972
Commercial mortgage-backed securities	993		61		—			1,054

Total	$	49,082	$	951	$	(7	)	$	50,026

			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
	(dollars in thousands)
December 31, 2015:
Available for sale
U.S. Treasury securities	$	65,003	$	189	$	(1	)	$	65,191
Obligations of U.S. government corporations and agencies	132,547		211		(153		)	132,605
Obligations of states and political subdivisions	176,764		2,154		(306		)	178,612
Residential mortgage-backed securities	304,978		2,922		(351		)	307,549
Corporate debt securities	150,001		307		(1,503		)	148,805

Total debt securities	829,293		5,783		(2,314		)	832,762
Mutual funds and other equity securities	1,642		434		—			2,076

Total	$	830,935	$	6,217	$	(2,314	)	$	834,838


Held to maturity
Obligations of states and political subdivisions	$	48,835	$	449	$	(34	)	$	49,250
Commercial mortgage-backed securities	997		24		—			1,021

Total	$	49,832	$	473	$	(34	)	$	50,271

The amortized cost and fair value of debt securities as of March 31, 2016, by contractual maturity or pre-refunded date, are shown below. Mutual funds and other equity securities do not have stated maturity dates and therefore are not included in the following maturity summary. Mortgages underlying mortgage-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 agencies and corporations.

	Available for sale				Held to maturity
	Amortized		Fair		Amortized		Fair
	Cost		Value		Cost		Value
	(dollars in thousands)
Due in one year or less	$	115,587	$	116,007	$	1,713	$	1,716
Due after one year through five years	349,857		353,183		18,508		18,730
Due after five years through ten years	71,454		74,005		25,300		25,937
Due after ten years	228,705		232,520		3,561		3,643

Total	$	765,603	$	775,715	$	49,082	$	50,026

Realized gains and losses related to sales of securities available for sale are summarized as follows:

	Three Months Ended March 31,
	2016			2015
	(dollars in thousands)
Gross security gains	$	1,074		$	1
Gross security (losses)	(7		)	—
Net security gains	$	1,067		$	1

The tax provision for the net realized gains and losses was $0.4 million for the three months ended March 31, 2016 and insignificant for the three months ended March 31, 2015.

Investment securities with carrying amounts of $584.4 million and $627.4 million on March 31, 2016 and December 31, 2015, respectively, were pledged as collateral for public deposits, securities sold under agreements to repurchase and for other purposes as required or permitted by law.

Information pertaining to securities with gross unrealized losses at March 31, 2016 and December 31, 2015 aggregated by investment category and length of time that individual securities have been in a continuous loss position follows:

	Continuous unrealized losses existing for less than 12 months, gross					Continuous unrealized losses existing for greater than 12 months, gross					Total, gross
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Value		Losses			Value		Losses			Value		Losses
	(dollars in thousands)
March 31, 2016:
Available for sale
Obligations of states and political subdivisions	$	1,509	$	(1	)	$	3,706	$	(21	)	$	5,215	$	(22	)
Residential mortgage-backed Securities	1,608		(2		)	—		—			1,608		(2		)
Corporate debt securities	25,779		(428		)	4,986		(43		)	30,765		(471		)

Total temporarily impaired Securities	$	28,896	$	(431	)	$	8,692	$	(64	)	$	37,588	$	(495	)


Held to maturity
Obligations of states and political subdivisions	$	2,629	$	(7	)	$	—	$	—		$	2,629	$	(7	)

Total temporarily impaired Securities	$	2,629	$	(7	)	$	—	$	—		$	2,629	$	(7	)

	Continuous unrealized losses existing for less than 12 months, gross					Continuous unrealized losses existing for greater than 12 months, gross					Total, gross
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Value		Losses			Value		Losses			Value		Losses
	(dollars in thousands)
December 31, 2015:
Available for sale
U.S. Treasury securities	$	364	$	(1	)	$	—	$			$	364	$	(1	)
Obligations of U.S. government corporations and agencies	52,154		(153		)	—					52,154		(153		)
Obligations of states and political subdivisions	40,026		(159		)	11,419		(147		)	51,445		(306		)
Residential mortgage-backed Securities	93,608		(351		)	—		—			93,608		(351		)
Corporate debt securities	99,148		(1,503		)	—		—			99,148		(1,503		)

Total temporarily impaired Securities	$	285,300	$	(2,167	)	$	11,419	$	(147	)	$	296,719	$	(2,314	)


Held to maturity
Obligations of states and political subdivisions(1)	$	8,451	$	(34	)	$	91	$	—		$	8,542	$	(34	)

Total temporarily impaired Securities	$	8,451	$	(34	)	$	91	$	—		$	8,542	$	(34	)

(1)

Unrealized losses existing for greater than 12 months, gross, was less than one thousand dollars.

Securities are periodically evaluated for other-than-temporary impairment (“OTTI”). The total number of securities in the investment portfolio in an unrealized loss position as of March 31, 2016 was 29, and represented a loss of 1.23% of the aggregate carrying value. As of March 31, 2016, the Company does not intend to sell the securities in the table above and it is more-likely-than-not that the Company will recover the amortized cost prior to being required to sell the securities. Full collection of the amounts due according to the contractual terms of the securities is expected; therefore, the Company does not consider these investments to be OTTI at March 31, 2016.

The Company had available for sale obligations of state and political subdivisions with a fair value of $169.2 million and $178.6 million as of March 31, 2016 and December 31, 2015, respectively. In addition, the Company had held to maturity obligations of state and political subdivisions with a fair value of $49.0 million and $49.3 million as of March 31, 2016 and December 31, 2015, respectively.

As of March 31, 2016, the fair value of the Company’s obligations of state and political subdivisions portfolio was comprised of $184.9 million of general obligation bonds and $33.3 million of revenue bonds issued by 264 issuers, primarily consisting of states, counties, cities, towns, villages and school districts. The Company held investments in general obligation bonds in 29 states (including the District of Columbia), including seven states in which the aggregate fair value exceeded $5.0 million. The Company held investments in revenue bonds in 15 states, including two states where the aggregate fair value exceeded $5.0 million.

As of December 31, 2015, the fair value of the Company’s obligations of state and political subdivisions portfolio was comprised of $193.4 million of general obligation bonds and $34.3 million of revenue bonds issued by 278 issuers, primarily consisting of states, counties, cities, towns, villages and school districts. The Company held investments in general obligation bonds in 29 states (including the District of Columbia), including seven states in which the aggregate fair value exceeded $5.0 million. The Company held investments in revenue bonds in 17 states, including two states where the aggregate fair value exceeded $5.0 million.

The amortized cost and fair values of the Company’s portfolio of general obligation bonds are summarized in the following tables by the issuers’ state:

March 31, 2016:						Average Exposure
	Number of	Amortized		Fair		Per Issuer
U.S. State	Issuers	Cost		Value		(Fair Value)
	(dollars in thousands)
Illinois	73	$	62,146	$	63,477	$	870
Wisconsin	33	26,795		27,081		821
Michigan	39	27,872		28,446		729
Pennsylvania	10	12,322		12,418		1,242
Texas	17	11,703		11,867		698
Ohio	10	10,702		10,801		1,080
Iowa	3	5,549		5,588		1,863
Other	45	24,621		25,218		560

Total general obligations bonds	230	$	181,710	$	184,896	$	804

December 31, 2015:						Average Exposure
	Number of	Amortized		Fair		Per Issuer
U.S. State	Issuers	Cost		Value		(Fair Value)
	(dollars in thousands)
Illinois	77	$	64,455	$	65,557	$	851
Wisconsin	36	30,889		31,079		863
Michigan	39	27,923		28,339		727
Pennsylvania	10	12,601		12,650		1,265
Texas	18	12,117		12,165		676
Ohio	10	10,723		10,705		1,071
Iowa	3	5,550		5,571		1,857
Other	48	26,938		27,375		570

Total general obligations bonds	241	$	191,196	$	193,441	$	803

The general obligation bonds are diversified across many issuers, with $3.4 million being the largest exposure to a single issuer at March 31, 2016 and December 31, 2015. Accordingly, as of March 31, 2016 and December 31, 2015, the Company did not hold general obligation bonds of any single issuer, the aggregate book or market value of which exceeded 10% of the Company’s stockholders’ equity. Of the general obligation bonds in the Company’s portfolio, 97.5% had been rated by at least one nationally recognized statistical rating organization and 2.5% were unrated, based on the fair value as of March 31, 2016. Of the general obligation bonds in the Company’s portfolio, 97.6% had been rated by at least one nationally recognized statistical rating organization and 2.4% were unrated, based on the fair value as of December 31, 2015.

The amortized cost and fair values of the Company’s portfolio of revenue bonds are summarized in the following tables by the issuers’ state:

March 31, 2016:						Average Exposure
	Number of	Amortized		Fair		Per Issuer
U.S. State	Issuers	Cost		Value		(Fair Value)
	(dollars in thousands)
Indiana	8	$	9,397	$	9,469	$	1,184
Illinois	7	8,441		8,564		1,223
Other	19	15,167		15,285		804

Total revenue bonds	34	$	33,005	$	33,318	$	980

December 31, 2015:						Average Exposure
	Number of	Amortized		Fair		Per Issuer
U.S. State	Issuers	Cost		Value		(Fair Value)
	(dollars in thousands)
Indiana	9	$	10,187	$	10,173	$	1,130
Illinois	7	8,450		8,478		1,211
Other	21	15,766		15,770		751

Total revenue bonds	37	$	34,403	$	34,421	$	930

The revenue bonds are diversified across many issuers and revenue sources with $3.0 million being the largest exposure to a single issuer at each of March 31, 2016 and December 31, 2015. Accordingly, as of March 31, 2016 and December 31, 2015, the Company did not hold revenue bonds of any single issuer, the aggregate book or market value of which exceeded 10% of the Company’s stockholders’ equity. All of the revenue bonds in the Company’s portfolio had been rated by at least one nationally recognized statistical rating organization as of March 31, 2016 and December 31, 2015. Some of the primary types of revenue bonds owned in the Company’s portfolio include: primary education or government building lease rentals secured by ad valorem taxes, utility systems secured by utility system net revenues, housing authorities secured by mortgage loans or principal receipts on mortgage loans, secondary education secured by student fees/tuitions, and pooled issuances (i.e. bond bank) consisting of multiple underlying municipal obligors.

Substantially all of the Company’s obligations of state and political subdivision securities are owned by Busey Bank, whose investment policy requires that state and political subdivision securities purchased be investment grade. Busey Bank’s investment policy also limits the amount of rated state and political subdivision securities to an aggregate 100% of the Bank’s Total Capital at the time of purchase and an aggregate 15% of Total Capital for unrated state and political subdivision securities issued by municipalities having taxing authority or located in counties/micropolitan statistical areas/metropolitan statistical areas in which an office of Busey Bank is located. The investment policy states fixed income investments that are not Office of the Comptroller of the Currency Type 1 securities (U.S. Treasuries, agencies, municipal government general obligation and, for well-capitalized institutions, most municipal revenue bonds) should be analyzed prior to acquisition to determine that (1) the security has low risk of default by the obligor, and (2) the full and timely repayment of principal and interest is expected over the expected life of the investment. All securities in Busey Bank’s obligations of state and political subdivision securities portfolio are subject to ongoing review. Factors that may be considered as part of ongoing monitoring of state and political subdivision securities include credit rating changes by nationally recognized statistical rating organizations, market valuations, third-party municipal credit analysis, which may include indicative information regarding the issuer’s capacity to pay, market and economic data and such other factors as are available and relevant to the security or the issuer such as its budgetary position and sources, strength and stability of taxes and/or other revenue.

- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References + Details

Loans

3 Months Ended

Mar. 31, 2016

Loans

Loans

Note 5: Loans

Geographic distributions of loans were as follows:

	March 31, 2016
	Illinois		Florida		Indiana		Total
	(dollars in thousands)
Commercial	$	576,906	$	16,722	$	25,261	$	618,889
Commercial real estate	911,581		161,098		125,117		1,197,796
Real estate construction	52,514		12,516		39,238		104,268
Retail real estate	524,069		107,857		18,548		650,474
Retail other	13,227		858		—		14,085

Total gross loans	$	2,078,297	$	299,051	$	208,164	$	2,585,512

Less held for sale(1)							12,943

							$	2,572,569
Less allowance for loan losses							45,171

Net loans							$	2,527,398

(1)

Loans held for sale are included in retail real estate.

	December 31, 2015
	Illinois		Florida		Indiana		Total
	(dollars in thousands)
Commercial	$	606,542	$	16,141	$	33,893	$	656,576
Commercial real estate	907,628		166,885		133,916		1,208,429
Real estate construction	47,466		15,032		34,070		96,568
Retail real estate	532,001		108,978		19,563		660,542
Retail other	14,125		850		—		14,975

Total gross loans	$	2,107,762	$	307,886	$	221,442	$	2,637,090

Less held for sale(1)							9,351

							$	2,627,739

Less allowance for loan losses							47,487

Net loans							$	2,580,252

(1)

Loans held for sale are included in retail real estate.

Net deferred loan origination costs included in the tables above were $1.2 million as of March 31, 2016 and $0.9 million as of December 31, 2015.

The Company believes that making sound loans is a necessary and desirable means of employing funds available for investment. Recognizing the Company’s obligations to its stockholders, depositors, and to the communities it serves, authorized personnel are expected to seek to develop and make sound, profitable loans that resources permit and that opportunity affords. The Company maintains lending policies and procedures designed to focus lending efforts on the types, locations and duration of loans most appropriate for its business model and markets. While not specifically limited, the Company attempts to focus its lending on short to intermediate-term (0-7 years) loans in geographies within 125 miles of its lending offices. The Company attempts to utilize government-assisted lending programs, such as the Small Business Administration and United States Department of Agriculture lending programs, when prudent. Generally, loans are collateralized by assets, primarily real estate, of the borrowers and guaranteed by individuals. The loans are expected to be repaid primarily from cash flows of the borrowers, or from proceeds from the sale of selected assets of the borrowers.

Management reviews and approves the Company’s lending policies and procedures on a routine basis. Management routinely (at least quarterly) reviews the Company’s allowance for loan losses and reports related to loan production, loan quality, concentrations of credit, loan delinquencies and non-performing and potential problem loans. The Company’s underwriting standards are designed to encourage relationship banking rather than transactional banking. Relationship banking implies a primary banking relationship with the borrower that includes, at a minimum, an active deposit banking relationship in addition to the lending relationship. The integrity and character of the borrower are significant factors in the Company’s loan underwriting. As a part of underwriting, tangible positive or negative evidence of the borrower’s integrity and character are sought out. Additional significant underwriting factors beyond location, duration, a sound and profitable cash flow basis and the borrower’s character are the quality of the borrower’s financial history, the liquidity of the underlying collateral and the reliability of the valuation of the underlying collateral.

Total borrowing relationships, including direct and indirect debt, are generally limited to $20 million, which is significantly less than the Company’s regulatory lending limit. Borrowing relationships exceeding $20 million are reviewed by the Company’s board of directors at least annually and more frequently by management. At no time is a borrower’s total borrowing relationship permitted to exceed the Company’s regulatory lending limit. Loans to related parties, including executive officers and directors of the Company and its subsidiaries, are reviewed for compliance with regulatory guidelines by the Company’s board of directors at least annually.

The Company maintains an independent loan review department that reviews the loans for compliance with the Company’s loan policy on a periodic basis. In addition, the loan review department reviews the risk assessments made by the Company’s credit department, lenders and loan committees. Results of these reviews are presented to management and the audit committee at least quarterly.

The Company’s lending can be summarized into five primary areas: commercial loans, commercial real estate loans, real estate construction loans, retail real estate loans, and other retail loans. A description of each of the lending areas can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. The significant majority of the lending activity occurs in the Company’s Illinois and Indiana markets, with the remainder in the Florida market. Geographic distributions of loans by state is displayed in the table above, while all further loan information is presented on a combined level.

The Company utilizes a loan grading scale to assign a risk grade to all of its loans. Loans are graded on a scale of 1 through 10 with grades 2, 4 & 5 unused. A description of the general characteristics of the grades is as follows:

Grades 1, 3, 6- These grades include loans which are all considered strong credits, with grade 1 being investment or near investment grade. A grade 3 loan is comprised of borrowers that exhibit credit fundamentals that exceed industry standards and loan policy guidelines. A grade 6 loan is comprised of borrowers that exhibit acceptable credit fundamentals.

Grade 7- This grade includes loans on management’s “Watch List” and is intended to be utilized on a temporary basis for a pass grade borrower where a significant risk-modifying action is anticipated in the near future.

Grade 8- This grade is for “Other Assets Specially Mentioned” loans that have potential weaknesses which may, if not checked or corrected, weaken the asset or inadequately protect the Company’s credit position at some future date.

Grade 9- This grade includes “Substandard” loans, in accordance with regulatory guidelines, for which the accrual of interest has not been stopped. Assets so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected.

Grade 10- This grade includes “Doubtful” 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 having a value that is difficult to determine.

All loans are graded at the inception of the loan. Most commercial lending relationships that are $1.0 million or less are processed through an expedited underwriting process. If the credit receives a pass grade it is aggregated into a homogenous pool of either: $0.35 million or less or $0.35 million to $1.0 million. These pools are monitored on a regular basis and reviewed annually. Commercial loans greater than $1.0 million receive a portfolio review at least annually. Commercial loans greater than $1.0 million that have a grading of 8 or worse receive a portfolio review on a quarterly basis. Interim grade reviews may take place if circumstances of the borrower warrant a more timely review.

Loans in the highest grades, represented by grades 1, 3, 6 and 7, totaled $2.41 billion at March 31, 2016, compared to $2.46 billion at December 31, 2015. Loans in the lowest grades, represented by grades 8, 9 and 10, totaled $161.7 million at March 31, 2016, compared to $166.8 million at December 31, 2015.

The following table presents weighted average risk grades segregated by category of loans (excluding held for sale, loan accretion, non-posted and clearings):

	March 31, 2016
	Weighted Avg. Risk Grade	Grades 1,3,6		Grade 7		Grade 8		Grade 9		Grade 10
	(dollars in thousands)
Commercial	5.41	$	495,589	$	78,861	$	19,982	$	13,149	$	11,433
Commercial real estate	5.80	1,044,179		70,024		53,759		28,408		2,360
Real estate construction	6.57	58,425		34,427		9,961		1,117		375
Retail real estate	5.99	594,869		21,082		13,568		3,843		3,020
Retail other	6.10	13,346		56		516		15		180

Total		$	2,206,408	$	204,450	$	97,786	$	46,532	$	17,368

	December 31, 2015
	Weighted Avg. Risk Grade	Grades 1, 3, 6		Grade 7		Grade 8		Grade 9		Grade 10
	(dollars in thousands)
Commercial	5.23	$	553,294	$	57,703	$	27,142	$	10,966	$	7,617
Commercial real estate	5.77	1,068,568		58,238		51,418		29,781		1,496
Real estate construction	6.46	65,284		15,053		14,755		1,157		366
Retail real estate	5.98	607,398		21,637		13,974		4,204		3,139
Retail other	6.10	14,172		64		644		—		130

Total		$	2,308,716	$	152,695	$	107,933	$	46,108	$	12,748

Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Loans are placed on non-accrual status when, in management’s opinion, the borrower may be unable to meet payment obligations as they become due, as well as when required by regulatory provisions. Loans may be placed on non-accrual status regardless of whether or not such loans are considered past due. When interest accrual is discontinued, all unpaid accrued interest is reversed. Interest income is subsequently recognized only to the extent cash payments are received in excess of the principal due. Loans may be returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured.

An age analysis of past due loans still accruing and non-accrual loans is as follows:

	March 31, 2016
	Loans past due, still accruing
	30-59 Days		60-89 Days		90+Days		Non- accrual Loans
	(dollars in thousands)
Commercial	$	40	$	294	$	443	$	11,433
Commercial real estate	343		23		—		2,360
Real estate construction	65		—		—		375
Retail real estate	1,631		34		9		3,020
Retail other	6		—		—		180

Total	$	2,085	$	351	$	452	$	17,368

	December 31, 2015
	Loans past due, still accruing
	30-59 Days		60-89 Days		90+Days		Non- accrual Loans
	(dollars in thousands)
Commercial	$	598	$	162	$	15	$	7,617
Commercial real estate	1,037		27		—		1,496
Real estate construction	—		—		—		366
Retail real estate	1,278		160		—		3,139
Retail other	19		1		—		130


Total	$	2,932	$	350	$	15	$	12,748

A loan is impaired when, based on current information and events, it is probable the Company will be unable to collect scheduled principal and interest payments when due according to the terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Loans graded 8 over $0.35 million and loans graded 9 or 10 are assessed for impairment by the Company.

Impairment is measured on a loan-by-loan basis for commercial and construction loans by either the present value of the expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price, or the fair value of the collateral if the loan is collateral dependent. PCI loans are considered impaired. Large groups of smaller balance homogenous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual consumer and residential loans for impairment disclosures unless such loans are the subject of a restructuring agreement.

The gross interest income that would have been recorded in the three months ended March 31, 2016 if impaired loans had been current in accordance with their original terms was $0.2 million. The amount of interest collected on those loans and recognized on a cash basis that was included in interest income was insignificant for the three months ended March 31, 2016.

The Company’s loan portfolio includes certain loans that have been modified in a troubled debt restructuring (“TDR”), where concessions have been granted to borrowers who have experienced financial difficulties. The Company will restructure loans for its customers who appear to be able to meet the terms of their loan over the long term, but who may be unable to meet the terms of the loan in the near term due to individual circumstances.

The Company considers the customer’s past performance, previous and current credit history, the individual circumstances surrounding the current difficulties and the customer’s plan to meet the terms of the loan in the future prior to restructuring the terms of the loan. Generally, all five primary areas of lending are restructured through short-term interest rate relief, short-term principal payment relief, short-term principal and interest payment relief or forbearance (debt forgiveness). Once a restructured loan has gone 90+ days past due or is placed on non-accrual status, it is included in the non-performing loan totals. A summary of restructured loans as of March 31, 2016 and December 31, 2015 is as follows:

	March 31, 2016		December 31, 2015
	(dollars in thousands)
Restructured loans:
In compliance with modified terms	$	8,743	$	8,770
30 — 89 days past due	337		60
Included in non-performing loans	3,040		643

Total	$	12,120	$	9,473

All TDRs are considered to be impaired for purposes of assessing the adequacy of the allowance for loan losses and for financial reporting purposes. When the Company modifies a loan in a TDR, it evaluates any possible impairment similar to other impaired loans based on present value of the expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price, or the fair value of the collateral if the loan is collateral dependent. If the Company determines that the value of the TDR is less than the recorded investment in the loan, impairment is recognized through an allowance estimate in the period of the modification and in periods subsequent to the modification.

Performing loans classified as TDRs during the three months ended March 31, 2016 included three commercial real estate modifications for short-term principal payment relief, with a recorded investment of $0.3 million and two retail real estate modifications for short-term principal payment relief, with a recorded investment of $0.3 million.

Performing loans classified as TDRs during the three months ended March 31, 2015 included four retail real estate modifications for short-term principal payment relief, with a recorded investment of $0.4 million.

The gross interest income that would have been recorded in the three months ended March 31, 2016 and 2015 if performing TDRs had been in accordance with their original terms instead of modified terms was insignificant.

TDRs that were entered into during the last twelve months that subsequently were classified as non-performing and had payment defaults (a default occurs when a loan is 90 days or more past due or transferred to non-accrual) during the three months ended March 31, 2016 consisted of one retail real estate modification totaling $0.1 million and one insignificant retail other modification.

TDRs that were entered into during the prior twelve months that subsequently were classified as non-performing and had payment defaults during the three months ended March 31, 2015 consisted of one commercial modification totaling $1.0 million.

The following tables provide details of impaired loans, segregated by category. The unpaid contractual principal balance represents the recorded balance prior to any partial charge-offs. The recorded investment represents customer balances net of any partial charge-offs recognized on the loan. The average recorded investment is calculated using the most recent four quarters.

	March 31, 2016
	Unpaid Contractual Principal Balance		Recorded Investment with No Allowance		Recorded Investment with Allowance		Total Recorded Investment		Related Allowance		Average Recorded Investment
	(dollars in thousands)
Commercial	$	17,200	$	5,016	$	7,061	$	12,077	$	3,365	$	6,147
Commercial real estate	6,715		4,284		2,223		6,507		921		8,065
Real estate construction	1,566		830		25		855		25		885
Retail real estate	12,278		11,051		449		11,500		149		11,863
Retail other	267		180		4		184		4		295

Total	$	38,026	$	21,361	$	9,762	$	31,123	$	4,464	$	27,255

	December 31, 2015
	Unpaid Contractual Principal Balance		Recorded Investment with No Allowance		Recorded Investment with Allowance		Total Recorded Investment		Related Allowance		Average Recorded Investment
	(dollars in thousands)
Commercial	$	14,302	$	3,362	$	8,238	$	11,600	$	3,304	$	4,482
Commercial real estate	5,865		4,018		1,363		5,381		459		8,700
Real estate construction	1,569		830		29		859		29		833
Retail real estate	12,378		11,108		452		11,560		152		12,070
Retail other	272		233		5		238		5		261

Total	$	34,386	$	19,551	$	10,087	$	29,638	$	3,949	$	26,346

Management’s opinion as to the ultimate collectability of loans is subject to 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.

Allowance for Loan Losses

The allowance for loan losses represents an estimate of the amount of losses believed inherent in the Company’s loan portfolio at the balance sheet date. The allowance for loan losses is evaluated geographically, by class of loans. The allowance calculation involves a high degree of estimation that management attempts to mitigate through the use of objective historical data where available. Loan losses are charged against the allowance for loan losses when management believes the uncollectibility of the loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. Overall, the Company believes the allowance methodology is consistent with prior periods and the balance was adequate to cover the estimated losses in the Company’s loan portfolio at March 31, 2016 and December 31, 2015.

The general portion of the Company’s allowance contains two components: (i) a component for historical loss ratios, and (ii) a component for adversely graded loans. The historical loss ratio component is an annualized loss rate calculated using a sum-of-years digits weighted 20-quarter historical average.

The Company’s component for adversely graded loans attempts to quantify the additional risk of loss inherent in the grade 8 and grade 9 portfolios. The grade 9 portfolio has an additional allocation of 3.00% placed on those loans, which is an estimate of the additional loss inherent in these loan grades based upon a review of overall historical charge-offs. As of March 31, 2016, the Company believed this reserve remained adequate. Grade 8 loans have an additional allocation of 1.00% placed on them, which is an estimate of the additional loss inherent in these loan grades. As of March 31, 2016, the Company believed this reserve remained adequate.

The specific portion of the Company’s allowance relates to loans that are impaired, which includes non-performing loans, TDRs and other loans determined to be impaired. The impaired loans are subtracted from the general loans and are allocated specific reserves as discussed above.

Impaired loans are reported at the fair value of the underlying collateral, less estimated costs to sell, if repayment is expected solely from the collateral. Collateral values are estimated using a combination of observable inputs, including recent appraisals discounted for collateral specific changes and current market conditions, and unobservable inputs based on customized discounting criteria.

The Company holds acquired loans from business combinations with uncollected principal balances. These loans are carried net of a fair value adjustment for credit and interest rate and are only included in the allowance calculation to the extent that the reserve requirement exceeds the fair value adjustment.

The general quantitative allocation based upon historical charge off rates is adjusted for qualitative factors based on current general economic conditions and other qualitative risk factors both internal and external to the Company. In general, such valuation allowances are determined by evaluating, among other things: (i) Management & Staff; (ii) Loan Underwriting, Policy and Procedures; (iii) Internal/External Audit & Loan Review; (iv) Valuation of Underlying Collateral; (v) Macro and Local Economic Factor; (vi) Impact of Competition, Legal & Regulatory Issues; (vii) Nature and Volume of Loan Portfolio; (viii) Concentrations of Credit; (ix) Net Charge-Off Trend; and (x) Non-Accrual, Past Due and Classified Trend. Management evaluates the degree of risk that each one of these components has on the quality of the loan portfolio on a quarterly basis. Based on each component’s risk factor, a qualitative adjustment to the reserve may be applied to the appropriate loan categories.

During the first quarter of 2016, the Company did not make adjustments to any qualitative factors. The Company will continue to monitor its qualitative factors on a quarterly basis.

The following table details activity on the allowance for loan losses. Allocation of a portion of the allowance to one category does not preclude its availability to absorb losses in other categories.

	As of and for the Three Months Ended March 31, 2016
	Commercial			Commercial Real Estate			Real Estate Construction		Retail Real Estate			Retail Other			Total
	(dollars in thousands)
Beginning balance	$	13,115		$	18,604		$	1,763	$	13,714		$	291		$	47,487
Provision for loan loss	3,411			(379		)	11		(2,102		)	59			1,000
Charged-off	(3,552		)	—			—		(198		)	(121		)	(3,871		)
Recoveries	349			15			62		73			56			555


Ending Balance	$	13,323		$	18,240		$	1,836	$	11,487		$	285		$	45,171

	As of and for the Three Months Ended March 31, 2015
	Commercial			Commercial Real Estate			Real Estate Construction			Retail Real Estate			Retail Other			Total
	(dollars in thousands)
Beginning balance	$	10,041		$	20,639		$	2,795		$	13,662		$	316		$	47,453
Provision for loan loss	(594		)	338			(857		)	1,640			(27		)	500
Charged-off	(1		)	(708		)	—			(316		)	(7		)	(1,032		)
Recoveries	82			244			158			221			26			731

Ending Balance	$	9,528		$	20,513		$	2,096		$	15,207		$	308		$	47,652

The following table presents the allowance for loan losses and recorded investments in loans, excluding loans held for sale, by category:

	As of March 31, 2016
	Commercial		Commercial Real Estate		Real Estate Construction		Retail Real Estate		Retail Other		Total
	(dollars in thousands)
Amount allocated to:
Loans individually evaluated for impairment	$	3,365	$	921	$	25	$	149	$	4	$	4,464
Loans collectively evaluated for impairment	9,958		17,319		1,811		11,338		281		40,707

Ending Balance	$	13,323	$	18,240	$	1,836	$	11,487	$	285	$	45,171


Loans:
Loans individually evaluated for impairment	$	12,078	$	6,137	$	507	$	11,500	$	184	$	30,406
Loans collectively evaluated for impairment	606,811		1,191,290		103,413		626,031		13,901		2,541,446
PCI loans evaluated for Impairment	—		369		348		—		—		717

Ending Balance	$	618,889	$	1,197,796	$	104,268	$	637,531	$	14,085	$	2,572,569

	As of December 31, 2015
	Commercial		Commercial Real Estate		Real Estate Construction		Retail Real Estate		Retail Other		Total
	(dollars in thousands)
Amount allocated to:
Loans individually evaluated for impairment	$	3,304	$	459	$	29	$	152	$	5	$	3,949
Loans collectively evaluated for impairment	9,811		18,145		1,734		13,562		286		43,538

Ending Balance	$	13,115	$	18,604	$	1,763	$	13,714	$	291	$	47,487


Loans:
Loans individually evaluated for impairment	$	11,600	$	5,005	$	527	$	11,560	$	238	$	28,930
Loans collectively evaluated for impairment	644,976		1,203,048		95,709		639,631		14,737		2,598,101
PCI loans evaluated for Impairment	—		376		332		—		—		708

Ending Balance	$	656,576	$	1,208,429	$	96,568	$	651,191	$	14,975	$	2,627,739

OREO

3 Months Ended

Mar. 31, 2016

OREO.

OREO

Note 6: OREO

OREO represents properties acquired through foreclosure or other proceedings in settlement of loans. OREO is held for sale and is recorded at the date of foreclosure at the fair value of the properties less estimated costs of disposal, which establishes a new cost basis. Any adjustment to fair value at the time of transfer to OREO is charged to the allowance for loan losses. Property is evaluated regularly to ensure the recorded amount is supported by its current fair value, and valuation allowances to reduce the carrying amount to fair value less estimated costs to dispose are recorded as necessary. Revenue, expense, gains and losses from the operations of foreclosed assets are included in operations. At March 31, 2016, the Company held $0.4 million in commercial OREO, $0.1 million in residential OREO and an insignificant amount of other repossessed assets. At December 31, 2015, the Company held $0.5 million in commercial OREO, $0.3 million in residential OREO and an insignificant amount of other repossessed assets. At March 31, 2016 the Company had $0.8 million of residential real estate in the process of foreclosure.

The following table summarizes activity related to OREO:

	Three Months Ended March 31, 2016			Year Ended December 31, 2015
	(dollars in thousands)
OREO:
Beginning balance	$	783		$	216
Additions, transfers from loans	41			1,251
Additions, fair value from Herget Financial acquisition	—			284
Proceeds from sales of OREO	(366		)	(1,090		)
Gain on sales of OREO	24			122
Valuation allowance for OREO	(19		)	—

Ending balance	$	463		$	783

- Definition

The entire disclosure for real estate owned (as defined). Generally, the largest component of real estate owned by lenders is assets taken in settlement of troubled loans through surrender or foreclosure. Real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned.

+ References + Details

Securities Sold Under Agreements to Repurchase

3 Months Ended

Mar. 31, 2016

Securities Sold Under Agreements to Repurchase

Securities Sold Under Agreements to Repurchase

Note 7: Securities Sold Under Agreements to Repurchase

Securities sold under agreements to repurchase, which are classified as secured borrowings, generally mature either daily or within one year from the transaction date. Securities sold under agreements to repurchase are reflected at the amount of cash received in connection with the transaction. The underlying securities are held by the Company’s safekeeping agent. The Company may be required to provide additional collateral based on the fair value of the underlying securities. The following table sets forth the distribution of securities sold under agreements to repurchase and weighted average interest rates:

	March 31, 2016			December 31, 2015
	(dollars in thousands)
Balance at end of period	$	166,141		$	172,972
Weighted average interest rate at end of period	0.21		%	0.18		%
Maximum outstanding at any month end in year-to-date period	$	171,848		$	202,376
Average daily balance for the year-to-date period	$	163,328		$	179,662
Weighted average interest rate during period(1)	0.20		%	0.10		%

(1)

The weighted average interest rate is computed by dividing total annualized interest for the year-to-date period by the average daily balance outstanding.

Earnings Per Common Share

3 Months Ended

Mar. 31, 2016

Earnings Per Common Share

Earnings Per Common Share

Note 8: Earnings Per Common Share

Earnings per common share, adjusted to reflect the Reverse Stock Split, have been computed as follows:

	Three Months Ended March 31,
	2016		2015
	(in thousands, except per share data)
Net income available to common stockholders	$	10,434	$	7,579

Shares:
Weighted average common shares outstanding	28,739		28,986

Dilutive effect of outstanding options, warrants and restricted stock units as determined by the application of the treasury stock method	190		183


Weighted average common shares outstanding, as adjusted for diluted earnings per share calculation	28,929		29,169


Basic earnings per common share	$	0.36	$	0.26


Diluted earnings per common share	$	0.36	$	0.26

Basic earnings per share are computed by dividing net income available to common stockholders for the period by the weighted average number of common shares outstanding, which include deferred stock units that are vested but not delivered.

Diluted earnings per common share is computed using the treasury stock method and reflects the potential dilution that could occur if the Company’s outstanding stock options were exercised and restricted stock units were vested. Stock options and restricted stock units for which the exercise or the grant price exceeds the average market price over the period have an anti-dilutive effect and are excluded from the calculation. At March 31, 2016, 10,850 outstanding options and 191,278 warrants were anti-dilutive and excluded from the calculation of common stock equivalents. At March 31, 2015, 87,102 outstanding options and 191,278 warrants were anti-dilutive and excluded from the calculation of common stock equivalents.

Share-based Compensation

3 Months Ended

Mar. 31, 2016

Share-based Compensation

Share-based Compensation

Note 9: Share-based Compensation

The Company grants share-based compensation awards to its employees and members of its board of directors as provided for under the Company’s 2010 Equity Incentive Plan. The Company currently grants share-based compensation in the form of restricted stock units (“RSUs”) and deferred stock units (“DSUs”). The Company grants RSUs to members of management periodically throughout the year. Each RSU is equivalent to one share of the Company’s common stock. These units have a requisite service period ranging from one to five years. The Company annually grants share-based awards in the form of DSUs, which are RSUs with a deferred settlement date, to its board of directors. Each DSU is equivalent to one share of the Company’s common stock. The DSUs vest over a twelve-month period following the grant date or on the date of the next Annual Meeting of Stockholders, whichever is earlier. These units generally are subject to the same terms as RSUs under the Company’s 2010 Equity Incentive Plan, except that, following vesting, settlement occurs within 30 days following the earlier of separation from the board or a change in control of the Company. Subsequent to vesting and prior to delivery, these units will continue to earn dividend equivalents. The Company also has outstanding stock options granted prior to 2011.

Under the terms of the Company’s 2010 Equity Incentive Plan, the Company is allowed, but not required, to source stock option exercises and grants of RSUs and DSUs from its inventory of treasury stock. As of March 31, 2016, the Company held 723,402 shares in treasury. On February 3, 2015, First Busey announced that its board of directors approved a repurchase plan under which the Company is authorized to repurchase up to an aggregate of 666,667 shares of its common stock. The repurchase plan has no expiration date and replaced the prior repurchase plan that was originally approved in 2008. During the third quarter of 2015, the Company purchased 333,333 shares under this repurchase plan. Repurchases were executed in contemplation of maintaining levels of treasury stock appropriate to satisfy compensation awards, in addition to favorable pricing opportunities that were broadly manifest in the market for bank stocks during the third quarter of 2015. At March 31, 2016 the Company had 333,334 shares that may yet be purchased under the plan.

A description of the 2010 Equity Incentive Plan, which was amended in 2015, can be found in the Company’s Proxy Statement for the 2015 Annual Meeting of Stockholders. The Company’s 2010 Equity Incentive Plan is designed to encourage ownership of its common stock by its employees and directors, to provide additional incentive for them to promote the success of its business, and to attract and retain talented personnel. All of the Company’s employees and directors, and those of its subsidiaries, are eligible to receive awards under the plan.

A summary of the status of and changes in the Company’s stock option awards for the three months ended March 31, 2016 follows:

	Shares	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term
Outstanding at beginning of year	96,568	$	43.64
Granted	—	—
Exercised	—	—
Forfeited	—	—
Expired	50,718	58.23

Outstanding at end of period	45,850	$	27.50	3.17

Exercisable at end of period	45,850	$	27.50	3.17

The Company did not record any stock option compensation expense for the three months ended March 31, 2016 or 2015.

A summary of the changes in the Company’s stock unit awards for the three months ended March 31, 2016, is as follows:

			Weighted-
			Average		Director		Weighted-
	Restricted		Grant		Deferred		Average
	Stock		Date		Stock		Grant Date
	Units		Fair Value		Units		Fair Value
Non-vested at beginning of year	424,930		$	17.10	24,763		$	19.25
Granted	—		—		—		—
Dividend Equivalents Earned	3,919		18.43		631		18.43
Vested	(1,615	)	14.02		(403	)	18.43
Forfeited	(3,046	)	18.82		—		—

Non-vested at end of period	424,188		$	17.11	24,991		$	19.24

Outstanding at end of period	424,188		$	17.11	69,087		$	17.17

All recipients earn quarterly dividend equivalents on their respective units. These dividend equivalents are not paid out during the vesting period, but instead entitle the recipients to additional units. Therefore, dividends earned each quarter compound based upon the updated unit balances. Upon vesting/delivery, shares are expected (though not required) to be issued from treasury.

The Company recognized $0.4 million and $0.3 million of compensation expense related to non-vested stock units for the three months ended March 31, 2016 and 2015. As of March 31, 2016, there was $4.0 million of total unrecognized compensation cost related to these non-vested stock units. This cost is expected to be recognized over a period of 3.4 years.

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2016
Income Taxes
Income Taxes	Note 10: Income Taxes At March 31, 2016, the Company was not under examination by any tax authority.

Outstanding Commitments and Contingent Liabilities

3 Months Ended

Mar. 31, 2016

Outstanding Commitments and Contingent Liabilities

Outstanding Commitments and Contingent Liabilities

Note 11: Outstanding Commitments and Contingent Liabilities

Legal Matters

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

Credit Commitments and Contingencies

The Company is a party to credit-related financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the Consolidated Balance Sheets.

The Company’s exposure to credit loss is represented by the contractual amount of those commitments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. A summary of the contractual amount of the Company’s exposure to off-balance-sheet risk relating to the Company’s commitments to extend credit and standby letters of credit follows:

	March 31, 2016		December 31, 2015
	(dollars in thousands)
Financial instruments whose contract amounts represent credit risk:
Commitments to extend credit	$	631,281	$	618,551
Standby letters of credit	15,437		15,325

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

Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer’s obligation to a third party. Those guarantees are primarily issued to support public and private borrowing arrangements, including bond financing and similar transactions and primarily have terms of one year or less. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The Company holds collateral, which may include accounts receivable, inventory, property and equipment, and income producing properties, supporting those commitments if deemed necessary. In the event the customer does not perform in accordance with the terms of the agreement with the third party, the Company would be required to fund the commitment. The maximum potential amount of future payments the Company could be required to make is represented by the contractual amount shown in the summary above. If the commitment is funded, the Company would be entitled to seek recovery from the customer. As of March 31, 2016 and December 31, 2015, no amounts were recorded as liabilities for the Company’s potential obligations under these guarantees.

Other Commitments

From time to time, the Company will sign contracts for construction projects relating to the Company’s facilities.

Capital

3 Months Ended

Mar. 31, 2016

Capital

Capital

Note 12: Capital

The ability of the Company to pay cash dividends to its stockholders and to service its debt historically was dependent on the receipt of cash dividends from its subsidiaries. Under applicable regulatory requirements, an Illinois state-chartered bank such as Busey Bank may not pay dividends in excess of its net profits. Because Busey Bank has been in a retained earnings deficit position since 2009, it has not been able to pay dividends since that time.

With prior approval from its regulators, however, an Illinois state-chartered bank in this situation may be able to reduce its capital stock, by amending its charter to decrease the authorized number of shares, and then make a subsequent distribution to its holding company. Using this approach, and with the approval of its regulators, Busey Bank has distributed funds to the Company, the most recent of which was $60.0 million on December 8, 2015. The Company will continue to evaluate the appropriateness of future capital distributions.

The Company and Busey Bank are subject to regulatory capital requirements administered by federal and state banking agencies that involve the quantitative measure of their assets, liabilities, and certain off-balance-sheet items, as calculated under regulatory accounting practices. Quantitative measures established by regulations to ensure capital adequacy require the Company and Busey Bank to maintain minimum amounts and ratios (set forth in the table below) of total, Tier 1 capital and Common Equity Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined in the regulations), and, for the Bank, Tier 1 capital (as defined in the regulations) to average assets (as defined in the regulations). Failure to meet minimum capital requirements may cause regulatory bodies to initiate certain discretionary and/or mandatory actions that, if undertaken, may have a direct material effect on our financial statements. The Company, as a financial holding company, is required to be “well capitalized” in the capital categories shown in the table below. As of March 31, 2016, the Company and Busey Bank met all capital adequacy requirements to which they were subject, including the guidelines to be considered “well capitalized.”

On July 21, 2010, President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) into law, which required the Board of Governors of the Federal Reserve System to establish minimum capital levels for bank holding companies on a consolidated basis that are as stringent as those required for insured depository institutions. The components of Tier 1 capital were restricted to capital instruments that at the time of signing were considered to be Tier 1 capital for insured depository institutions. As a result, the proceeds of trust preferred securities are excluded from Tier 1 capital unless such securities were issued prior to May 19, 2010 by bank holding companies with less than $15.0 billion of assets. As the Company has assets of less than $15.0 billion, it is able to maintain its trust preferred proceeds as Tier 1 capital but it will have to comply with new capital mandates in other respects, and it will not be able to raise Tier 1 capital through the issuance of trust preferred securities in the future.

In July 2013, the U.S. federal banking authorities approved the implementation of the Basel III regulatory capital reforms and issued rules effecting certain changes required by the Dodd-Frank Act (the “Basel III Rules”). The Basel III Rules are applicable to all U.S. banks that are subject to minimum capital requirements, as well as to bank and savings and loan holding companies other than “small bank holding companies” (generally non-public bank holding companies with consolidated assets of less than $1 billion). The Basel III Rules not only increased most of the required minimum regulatory capital ratios, but they also introduced a new Common Equity Tier 1 Capital ratio and the concept of a capital conservation buffer. The Basel III Rules also expanded the definition of capital as in effect currently by establishing criteria that instruments must meet to be considered Additional Tier 1 Capital (Tier 1 Capital in addition to Common Equity) and Tier 2 Capital. A number of instruments that generally qualified as Tier 1 Capital no longer qualify, or their qualifications changed, as the Basel III Rules are being fully implemented.

The Basel III Rules also permitted banking organizations with less than $15.0 billion in assets to retain, through a one-time election, the past treatment for accumulated other comprehensive income, which did not affect regulatory capital. First Busey and the Bank made this election in the first quarter of 2015 to avoid variations in the level of their capital depending on fluctuations in the fair value of their securities portfolio. The Basel III Rules maintained the general structure of the prompt corrective action framework, while incorporating increased requirements. The prompt corrective action guidelines were also revised to add the Common Equity Tier 1 Capital ratio. Under the final capital rules that became effective on January 1, 2015, there was a requirement for a Common Equity Tier 1 capital conservation buffer of 2.5% of risk weighted assets which is in addition to the other minimum risk based capital standards in the rule. Failure to maintain the buffer will result in restrictions on the Company’s ability to make capital distributions, including the payment of dividends, and to pay discretionary bonuses to executive officers. The capital buffer requirement is being phased-in over three years beginning in 2016. The table below includes the 0.625% increase for 2016 in the minimum capital requirement ratios. The capital buffer requirement effectively raises the minimum required Common Equity Tier 1 Capital ratio to 7.0%, the Tier 1 Capital ratio to 8.5%, and the Total Capital ratio to 10.5% on a fully phased-in basis on January 1, 2019. As of March 31, 2016, the Company and the Bank were in compliance with the current phase Basel III Rules and management believes that the Company and the Bank would meet all capital adequacy requirements under the Basel III Rules on a fully phased-in basis as if such requirements had been in effect.

	Actual				Minimum Capital Requirement with Capital Buffer				Minimum To Be Well Capitalized
	Amount		Ratio		Amount		Ratio		Amount		Ratio
	(dollars in thousands)
As of March 31, 2016:
Total Capital (to Risk Weighted Assets)
Consolidated	$	437,374	15.02	%	$	251,218	8.625	%	$	291,267	10.00	%
Busey Bank	$	406,618	14.07	%	$	249,298	8.625	%	$	289,041	10.00	%

Tier 1 Capital (to Risk Weighted Assets)
Consolidated	$	400,651	13.76	%	$	192,965	6.625	%	$	233,014	8.00	%
Busey Bank	$	370,165	12.81	%	$	191,490	6.625	%	$	231,233	8.00	%

Common Equity Tier 1 Capital (to Risk Weighted Assets)
Consolidated	$	347,006	11.91	%	$	149,275	5.125	%	$	189,324	6.50	%
Busey Bank	$	370,165	12.81	%	$	148,134	5.125	%	$	187,877	6.50	%

Tier 1 Capital (to Average Assets)
Consolidated	$	400,651	10.36	%	$	154,733	4.00	%	N/A		N/A
Busey Bank	$	370,165	9.63	%	$	153,829	4.00	%	$	192,286	5.00	%

- Definition

The entire disclosure for banks, savings institutions, and credit unions, for regulatory capital requirements imposed by the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the Office of Thrift Supervision (OTS) or for any state imposed capital requirements, as applicable. The disclosure may include (1) a description of regulatory capital requirements (a) for capital adequacy purposes and (b) established by the prompt corrective action provisions of Section 38 of the Federal Depository Insurance Act; (2) the actual or possible material effects of noncompliance with such requirements; (3) whether the entity is in compliance with the regulatory capital requirements including (a) required and actual ratios and amounts of Tier 1 leverage, Tier 1 risk-based, and total risk-based capital, tangible capital (for savings institutions), and Tier 3 capital for market risk (for certain banks and bank holding companies), (b) factors that may significantly affect capital adequacy; (4) the prompt corrective action category in which the entity was classified as of its most recent notification; (5) whether management believes any conditions or events since notification have changed the entity's category. Also may include additional information that might be disclosed in situations where substantial doubt about the entity's ability to continue as a going concern for a reasonable period of time.

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+ Details

Operating Segments and Related Information

3 Months Ended

Mar. 31, 2016

Operating Segments and Related Information

Operating Segments and Related Information

Note 13: Operating Segments and Related Information

The Company has three reportable operating segments, Banking, Remittance Processing and Wealth Management. The Banking operating segment provides a full range of banking services to individual and corporate customers through its branch network in downstate Illinois, through its branch in Indianapolis, Indiana, and through its branch network in southwest Florida. The Remittance Processing operating segment provides for online bill payments, lockbox and walk-in payments. The Wealth Management operating segment provides a full range of asset management, investment and fiduciary services to individuals, businesses and foundations, tax preparation, philanthropic advisory services and farm and brokerage services.

The Company’s three operating segments are strategic business units that are separately managed as they offer different products and services and have different marketing strategies. The “other” category consists of the Parent Company and the elimination of intercompany transactions.

The segment financial information provided below has been derived from the internal accounting system used by management to monitor and manage the financial performance of the Company. The accounting policies of the three segments are the same as those described in the summary of significant accounting policies in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015.

Effective for the year ended December 31, 2015, the Company realigned its operating segments. Results for the operating segments were revised for prior periods to reflect the impact of this realignment.

Following is a summary of selected financial information for the Company’s operating segments (dollars in thousands):

	Goodwill				Total Assets
	March 31, 2016		December 31, 2015		March 31, 2016			December 31, 2015
Banking	$	4,824	$	4,824	$	3,837,178		$	3,944,031
Remittance Processing	8,992		8,992		30,773			30,231
Wealth Management	11,694		11,694		27,729			27,651
Other	—		—		(5,050		)	(2,937		)

Totals	$	25,510	$	25,510	$	3,890,630		$	3,998,976

	Three Months Ended March 31,
	2016			2015
Net interest income:
Banking	$	28,212		$	26,880
Remittance Processing	14			13
Wealth Management	66			71
Other	(350		)	(294		)

Total net interest income	$	27,942		$	26,670


Other income:
Banking	$	7,790		$	7,109
Remittance Processing	3,040			2,532
Wealth Management	6,261			6,529
Other	(245		)	(205		)

Total other income	$	16,846		$	15,965


Other expense:
Banking	$	19,976		$	23,407
Remittance Processing	2,290			1,946
Wealth Management	4,105			4,019
Other	1,317			1,175

Total other expense	$	27,688		$	30,547


Income before income taxes:
Banking	$	15,026		$	10,082
Remittance Processing	764			599
Wealth Management	2,222			2,581
Other	(1,912		)	(1,674		)

Total income before income taxes	$	16,100		$	11,588


Net income:
Banking	$	9,703		$	6,645
Remittance Processing	457			358
Wealth Management	1,322			1,595
Other	(1,048		)	(837		)

Total net income	$	10,434		$	7,761

- 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

Fair Value Measurements

3 Months Ended

Mar. 31, 2016

Fair Value Measurements

Fair Value Measurements

Note 14: 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 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. In estimating fair value, the Company utilizes valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. Such valuation techniques are consistently applied. Inputs to valuation techniques include the assumptions that market participants would use in pricing an asset or liability. FASB ASC Topic 820 establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows:

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

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

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

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

There were no transfers between levels during the quarter ended March 31, 2016.

In general, fair value is based upon quoted market prices, when available. If such quoted market prices are not available, fair values are measured utilizing independent valuation techniques of identical or similar securities for which significant assumptions are derived primarily from or corroborated by observable data. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect, among other things, counterparty credit quality and the company’s creditworthiness as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. The Company’s valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While management believes the Company’s valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Furthermore, the reported fair value amounts have not been comprehensively revalued since the presentation dates and, therefore, estimates of fair value after the balance sheet date may differ significantly from the amounts presented herein.

Securities Available for Sale. Securities classified as available for sale are reported at fair value utilizing level 1 and level 2 measurements. For mutual funds and other equity securities, unadjusted quoted prices in active markets for identical assets are utilized to determine fair value at the measurement date and have been classified as level 1 in the ASC 820 fair value hierarchy. For all other securities, the Company obtains fair value measurements from an independent pricing service. The independent pricing service evaluations are based on market data. 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 as appropriate through processes such as benchmark curves, benchmarking of like securities, sector groupings, and matrix pricing, to prepare evaluations. In addition, the independent pricing service uses model processes, such as the Option Adjusted Spread model, to assess interest rate impact and develop prepayment scenarios. The 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.

The 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. Information of this nature is a trigger to acquire further market data. 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 in the ASC 820 fair value hierarchy.

Loans held for sale. Beginning on January 1, 2016, the Company elected to adopt the fair value option for all residential mortgage loans held for sale and to account for such loans at their fair values with changes in fair value recognized in earnings, consistent with the provisions in ASC 820. The Company accounted for held for sale loans that were originated prior to January 1, 2016 under the lower of cost or fair value option, with any corresponding adjustments recorded as a valuation adjustment, if necessary. Such fair value adjustments are recorded as a component of gain on sale of loans in the accompanying unaudited Consolidated Interim Financial Statements. The fair value of the mortgage loans held for sale are measured using observable quoted market or contract prices or market price equivalents and are classified as level 2 in the ASC 820 fair value hierarchy.

Derivative Assets and Derivative Liabilities. Derivative assets and derivative liabilities are reported at fair value utilizing level 2 measurements. Derivative instruments with positive fair values are reported as an asset and derivative instruments with negative fair value are reported as liabilities. The fair value of derivative assets and liabilities is determined based on prices obtained from a third party. Values of derivative assets and liabilities are primarily based on observable inputs and are classified as level 2 in the ASC 820 fair value hierarchy.

The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of March 31, 2016 and December 31, 2015, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (dollars in thousands):

	Level 1		Level 2		Level 3		Total
	Inputs		Inputs		Inputs		Fair Value
March 31, 2016
Securities available for sale
U.S. Treasury securities	$	—	$	65,502	$	—	$	65,502
Obligations of U.S. government corporations and agencies	—		110,643		—		110,643
Obligations of states and political subdivisions	—		169,242		—		169,242
Residential mortgage-backed securities	—		279,462		—		279,462
Corporate debt securities	—		150,866		—		150,866
Mutual funds and other equity securities	3,055		—		—		3,055
Loans
Loans held for sale			12,943				12,943
Derivative liabilities
Foreign currency forward contracts	—		23		—		23

	Level 1		Level 2		Level 3		Total
	Inputs		Inputs		Inputs		Fair Value
December 31, 2015
Securities available for sale
U.S. Treasury securities	$	—	$	65,191	$	—	$	65,191
Obligations of U.S. government corporations and agencies	—		132,605		—		132,605
Obligations of states and political subdivisions	—		178,612		—		178,612
Residential mortgage-backed securities	—		307,549		—		307,549
Corporate debt securities	—		148,805		—		148,805
Mutual funds and other equity securities	2,076		—		—		2,076
Derivative assets
Foreign currency forward contracts	—		4		—		4
Derivative liabilities
Foreign currency forward contracts	—		2		—		2

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

Impaired Loans. The Company does not record loans at fair value on a recurring basis. However, periodically, a loan is considered impaired and is reported at the fair value of the underlying collateral, less estimated costs to sell, if repayment is expected solely from the collateral. Impaired loans measured at fair value typically consist of loans on non-accrual status and restructured loans in compliance with modified terms. 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 the unobservable inputs, all impaired loan fair values have been classified as level 3 in the ASC 820 fair value hierarchy.

OREO. Non-financial assets and non-financial liabilities measured at fair value include OREO (upon initial recognition or subsequent impairment). OREO properties are measured using a combination of observable inputs, including recent appraisals, and unobservable inputs based on customized discounting criteria. Due to the significance of the unobservable inputs, all OREO fair values have been classified as level 3 in the ASC 820 fair value hierarchy.

The following table summarizes assets and liabilities measured at fair value on a non-recurring basis as of March 31, 2016 and December 31, 2015, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (dollars in thousands):

	Level 1		Level 2		Level 3		Total
	Inputs		Inputs		Inputs		Fair Value
March 31 2016
Impaired loans	$	—	$	—	$	5,298	$	5,298
OREO	—		—		3		3

December 31, 2015
Impaired loans	$	—	$	—	$	6,138	$	6,138
OREO(1)	—		—		—		—

(1)

OREO fair value was less than one thousand dollars.

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

	Quantitative Information about Level 3 Fair Value Measurements
	Fair Value		Valuation	Unobservable	Range (Weighted
	Estimate		Techniques	Input	Average)
March 31, 2016
Impaired loans	$	5,298	Appraisal of collateral	Appraisal adjustments	-3.4% to -100.0% (-37.4)%
OREO	3		Appraisal of collateral	Appraisal adjustments	-87.8% to -100.0% (-99.7)%
December 31, 2015
Impaired loans	$	6,138	Appraisal of collateral	Appraisal adjustments	-4.3% to -100.0% (-30.9)%
OREO(1)	—		Appraisal of collateral	Appraisal adjustments	-100.0% (-100.0)%

(1)

OREO fair value was less than one thousand dollars.

The estimated fair values of financial instruments that are reported at amortized cost in the Company’s Consolidated Balance Sheets, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value, were as follows (dollars in thousands):

	March 31, 2016				December 31, 2015
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
Financial assets:
Level 1 inputs:
Cash and due from banks	$	320,960	$	320,960	$	319,280	$	319,280
Level 2 inputs:
Securities held to maturity	49,082		50,026		49,832		50,271
Loans held for sale(2)	—		—		9,351		9,492
Accrued interest receivable	12,461		12,461		12,122		12,122
Level 3 inputs:
Loans, net	2,527,398		2,537,679		2,580,252		2,583,458
Mortgage servicing rights	3,199		5,937		3,475		5,896

Financial liabilities:
Level 2 inputs:
Deposits	$	3,181,728	$	3,181,066	$	3,289,106	$	3,286,677
Securities sold under agreements to repurchase	166,141		166,141		172,972		172,972
Long-term debt	80,000		80,000		80,000		80,000
Junior subordinated debt owed to unconsolidated trusts	55,000		55,000		55,000		55,000
Accrued interest payable	423		423		438		438

(2)

Effective January 1, 2016, measured at fair value on a recurring basis.

FASB ASC Topic 825 requires disclosure of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis. A detailed description of the valuation methodologies used in estimating the fair value of financial instruments is set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015.

The fair value of loans, net reflects general changes in the interest rate curve used to calculate fair values based on cash flows. The fair value of mortgage servicing rights is estimated by discounting the future cash flows and classified as level 3 in the ASC 820 fair value hierarchy.

- Definition

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

+ References + Details

Acquisitions (Tables)

3 Months Ended

Mar. 31, 2016

Acquisitions

Schedule of unaudited pro forma results of operations for the Pulaski acquisition

	Pro Forma
	Three Months Ended March 31,
	2016		2015
	(dollars in thousands)
Total revenues (net interest income plus other income)	$	61,025	$	58,311
Net income	13,400		11,439

Schedule of assessment of Herget Financial's assets purchased and liabilities assumed

The following table provides an assessment of Herget Financial’s assets purchased and liabilities assumed (dollars in thousands):

Cash and due from banks	$	46,214
Securities	111,760
Loans held for sale	1,933
Loans	105,207
Premises and equipment	2,034
Goodwill	4,824
Other intangible assets	3,937
Other assets	2,931
Deposits	241,901
Other liabilities	2,839

Securities (Tables)

3 Months Ended

Mar. 31, 2016

Securities

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

			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
	(dollars in thousands)
March 31, 2016:
Available for sale
U.S. Treasury securities	$	64,943	$	559	$	—		$	65,502
Obligations of U.S. government corporations and agencies	110,103		540		—			110,643
Obligations of states and political subdivisions	166,626		2,638		(22		)	169,242
Residential mortgage-backed securities	274,423		5,041		(2		)	279,462
Corporate debt securities	149,508		1,829		(471		)	150,866

Total debt securities	765,603		10,607		(495		)	775,715
Mutual funds and other equity securities	2,632		423		—			3,055

Total	$	768,235	$	11,030	$	(495	)	$	778,770


Held to maturity
Obligations of states and political subdivisions	$	48,089	$	890	$	(7	)	$	48,972
Commercial mortgage-backed securities	993		61		—			1,054

Total	$	49,082	$	951	$	(7	)	$	50,026

			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
	(dollars in thousands)
December 31, 2015:
Available for sale
U.S. Treasury securities	$	65,003	$	189	$	(1	)	$	65,191
Obligations of U.S. government corporations and agencies	132,547		211		(153		)	132,605
Obligations of states and political subdivisions	176,764		2,154		(306		)	178,612
Residential mortgage-backed securities	304,978		2,922		(351		)	307,549
Corporate debt securities	150,001		307		(1,503		)	148,805

Total debt securities	829,293		5,783		(2,314		)	832,762
Mutual funds and other equity securities	1,642		434		—			2,076

Total	$	830,935	$	6,217	$	(2,314	)	$	834,838


Held to maturity
Obligations of states and political subdivisions	$	48,835	$	449	$	(34	)	$	49,250
Commercial mortgage-backed securities	997		24		—			1,021

Total	$	49,832	$	473	$	(34	)	$	50,271

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

	Available for sale				Held to maturity
	Amortized		Fair		Amortized		Fair
	Cost		Value		Cost		Value
	(dollars in thousands)
Due in one year or less	$	115,587	$	116,007	$	1,713	$	1,716
Due after one year through five years	349,857		353,183		18,508		18,730
Due after five years through ten years	71,454		74,005		25,300		25,937
Due after ten years	228,705		232,520		3,561		3,643

Total	$	765,603	$	775,715	$	49,082	$	50,026

Schedule of realized gains and losses related to sales of securities available for sale

	Three Months Ended March 31,
	2016			2015
	(dollars in thousands)
Gross security gains	$	1,074		$	1
Gross security (losses)	(7		)	—
Net security gains	$	1,067		$	1

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

	Continuous unrealized losses existing for less than 12 months, gross					Continuous unrealized losses existing for greater than 12 months, gross					Total, gross
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Value		Losses			Value		Losses			Value		Losses
	(dollars in thousands)
March 31, 2016:
Available for sale
Obligations of states and political subdivisions	$	1,509	$	(1	)	$	3,706	$	(21	)	$	5,215	$	(22	)
Residential mortgage-backed Securities	1,608		(2		)	—		—			1,608		(2		)
Corporate debt securities	25,779		(428		)	4,986		(43		)	30,765		(471		)

Total temporarily impaired Securities	$	28,896	$	(431	)	$	8,692	$	(64	)	$	37,588	$	(495	)


Held to maturity
Obligations of states and political subdivisions	$	2,629	$	(7	)	$	—	$	—		$	2,629	$	(7	)

Total temporarily impaired Securities	$	2,629	$	(7	)	$	—	$	—		$	2,629	$	(7	)

	Continuous unrealized losses existing for less than 12 months, gross					Continuous unrealized losses existing for greater than 12 months, gross					Total, gross
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Value		Losses			Value		Losses			Value		Losses
	(dollars in thousands)
December 31, 2015:
Available for sale
U.S. Treasury securities	$	364	$	(1	)	$	—	$			$	364	$	(1	)
Obligations of U.S. government corporations and agencies	52,154		(153		)	—					52,154		(153		)
Obligations of states and political subdivisions	40,026		(159		)	11,419		(147		)	51,445		(306		)
Residential mortgage-backed Securities	93,608		(351		)	—		—			93,608		(351		)
Corporate debt securities	99,148		(1,503		)	—		—			99,148		(1,503		)

Total temporarily impaired Securities	$	285,300	$	(2,167	)	$	11,419	$	(147	)	$	296,719	$	(2,314	)


Held to maturity
Obligations of states and political subdivisions(1)	$	8,451	$	(34	)	$	91	$	—		$	8,542	$	(34	)

Total temporarily impaired Securities	$	8,451	$	(34	)	$	91	$	—		$	8,542	$	(34	)

(1)

Unrealized losses existing for greater than 12 months, gross, was less than one thousand dollars.

General obligation bonds

Securities

Summary of amortized cost and fair values of the Company's portfolio of municipal bonds by issuer state

March 31, 2016:						Average Exposure
	Number of	Amortized		Fair		Per Issuer
U.S. State	Issuers	Cost		Value		(Fair Value)
	(dollars in thousands)
Illinois	73	$	62,146	$	63,477	$	870
Wisconsin	33	26,795		27,081		821
Michigan	39	27,872		28,446		729
Pennsylvania	10	12,322		12,418		1,242
Texas	17	11,703		11,867		698
Ohio	10	10,702		10,801		1,080
Iowa	3	5,549		5,588		1,863
Other	45	24,621		25,218		560

Total general obligations bonds	230	$	181,710	$	184,896	$	804

December 31, 2015:						Average Exposure
	Number of	Amortized		Fair		Per Issuer
U.S. State	Issuers	Cost		Value		(Fair Value)
	(dollars in thousands)
Illinois	77	$	64,455	$	65,557	$	851
Wisconsin	36	30,889		31,079		863
Michigan	39	27,923		28,339		727
Pennsylvania	10	12,601		12,650		1,265
Texas	18	12,117		12,165		676
Ohio	10	10,723		10,705		1,071
Iowa	3	5,550		5,571		1,857
Other	48	26,938		27,375		570

Total general obligations bonds	241	$	191,196	$	193,441	$	803

Revenue bonds

Securities

Summary of amortized cost and fair values of the Company's portfolio of municipal bonds by issuer state

March 31, 2016:						Average Exposure
	Number of	Amortized		Fair		Per Issuer
U.S. State	Issuers	Cost		Value		(Fair Value)
	(dollars in thousands)
Indiana	8	$	9,397	$	9,469	$	1,184
Illinois	7	8,441		8,564		1,223
Other	19	15,167		15,285		804

Total revenue bonds	34	$	33,005	$	33,318	$	980

December 31, 2015:						Average Exposure
	Number of	Amortized		Fair		Per Issuer
U.S. State	Issuers	Cost		Value		(Fair Value)
	(dollars in thousands)
Indiana	9	$	10,187	$	10,173	$	1,130
Illinois	7	8,450		8,478		1,211
Other	21	15,766		15,770		751

Total revenue bonds	37	$	34,403	$	34,421	$	930

Loans (Tables)

3 Months Ended

Mar. 31, 2016

Loans

Schedule of geographic distributions of loans

	March 31, 2016
	Illinois		Florida		Indiana		Total
	(dollars in thousands)
Commercial	$	576,906	$	16,722	$	25,261	$	618,889
Commercial real estate	911,581		161,098		125,117		1,197,796
Real estate construction	52,514		12,516		39,238		104,268
Retail real estate	524,069		107,857		18,548		650,474
Retail other	13,227		858		—		14,085

Total gross loans	$	2,078,297	$	299,051	$	208,164	$	2,585,512

Less held for sale(1)							12,943

							$	2,572,569
Less allowance for loan losses							45,171

Net loans							$	2,527,398

(1)

Loans held for sale are included in retail real estate.

	December 31, 2015
	Illinois		Florida		Indiana		Total
	(dollars in thousands)
Commercial	$	606,542	$	16,141	$	33,893	$	656,576
Commercial real estate	907,628		166,885		133,916		1,208,429
Real estate construction	47,466		15,032		34,070		96,568
Retail real estate	532,001		108,978		19,563		660,542
Retail other	14,125		850		—		14,975

Total gross loans	$	2,107,762	$	307,886	$	221,442	$	2,637,090

Less held for sale(1)							9,351

							$	2,627,739

Less allowance for loan losses							47,487

Net loans							$	2,580,252

(1)

Loans held for sale are included in retail real estate.

Schedule of weighted average risk grades segregated by category of loans (excluding held for sale, loan accretion, non-posted and clearings)

	March 31, 2016
	Weighted Avg. Risk Grade	Grades 1,3,6		Grade 7		Grade 8		Grade 9		Grade 10
	(dollars in thousands)
Commercial	5.41	$	495,589	$	78,861	$	19,982	$	13,149	$	11,433
Commercial real estate	5.80	1,044,179		70,024		53,759		28,408		2,360
Real estate construction	6.57	58,425		34,427		9,961		1,117		375
Retail real estate	5.99	594,869		21,082		13,568		3,843		3,020
Retail other	6.10	13,346		56		516		15		180

Total		$	2,206,408	$	204,450	$	97,786	$	46,532	$	17,368

	December 31, 2015
	Weighted Avg. Risk Grade	Grades 1, 3, 6		Grade 7		Grade 8		Grade 9		Grade 10
	(dollars in thousands)
Commercial	5.23	$	553,294	$	57,703	$	27,142	$	10,966	$	7,617
Commercial real estate	5.77	1,068,568		58,238		51,418		29,781		1,496
Real estate construction	6.46	65,284		15,053		14,755		1,157		366
Retail real estate	5.98	607,398		21,637		13,974		4,204		3,139
Retail other	6.10	14,172		64		644		—		130

Total		$	2,308,716	$	152,695	$	107,933	$	46,108	$	12,748

Schedule of age analysis of past due loans still accruing and non-accrual loans

	March 31, 2016
	Loans past due, still accruing
	30-59 Days		60-89 Days		90+Days		Non- accrual Loans
	(dollars in thousands)
Commercial	$	40	$	294	$	443	$	11,433
Commercial real estate	343		23		—		2,360
Real estate construction	65		—		—		375
Retail real estate	1,631		34		9		3,020
Retail other	6		—		—		180

Total	$	2,085	$	351	$	452	$	17,368

	December 31, 2015
	Loans past due, still accruing
	30-59 Days		60-89 Days		90+Days		Non- accrual Loans
	(dollars in thousands)
Commercial	$	598	$	162	$	15	$	7,617
Commercial real estate	1,037		27		—		1,496
Real estate construction	—		—		—		366
Retail real estate	1,278		160		—		3,139
Retail other	19		1		—		130


Total	$	2,932	$	350	$	15	$	12,748

Summary of restructured loans

	March 31, 2016		December 31, 2015
	(dollars in thousands)
Restructured loans:
In compliance with modified terms	$	8,743	$	8,770
30 — 89 days past due	337		60
Included in non-performing loans	3,040		643

Total	$	12,120	$	9,473

Schedule of details of impaired loans, segregated by category

	March 31, 2016
	Unpaid Contractual Principal Balance		Recorded Investment with No Allowance		Recorded Investment with Allowance		Total Recorded Investment		Related Allowance		Average Recorded Investment
	(dollars in thousands)
Commercial	$	17,200	$	5,016	$	7,061	$	12,077	$	3,365	$	6,147
Commercial real estate	6,715		4,284		2,223		6,507		921		8,065
Real estate construction	1,566		830		25		855		25		885
Retail real estate	12,278		11,051		449		11,500		149		11,863
Retail other	267		180		4		184		4		295

Total	$	38,026	$	21,361	$	9,762	$	31,123	$	4,464	$	27,255

	December 31, 2015
	Unpaid Contractual Principal Balance		Recorded Investment with No Allowance		Recorded Investment with Allowance		Total Recorded Investment		Related Allowance		Average Recorded Investment
	(dollars in thousands)
Commercial	$	14,302	$	3,362	$	8,238	$	11,600	$	3,304	$	4,482
Commercial real estate	5,865		4,018		1,363		5,381		459		8,700
Real estate construction	1,569		830		29		859		29		833
Retail real estate	12,378		11,108		452		11,560		152		12,070
Retail other	272		233		5		238		5		261

Total	$	34,386	$	19,551	$	10,087	$	29,638	$	3,949	$	26,346

Schedule of activity on the allowance for loan losses

	As of and for the Three Months Ended March 31, 2016
	Commercial			Commercial Real Estate			Real Estate Construction		Retail Real Estate			Retail Other			Total
	(dollars in thousands)
Beginning balance	$	13,115		$	18,604		$	1,763	$	13,714		$	291		$	47,487
Provision for loan loss	3,411			(379		)	11		(2,102		)	59			1,000
Charged-off	(3,552		)	—			—		(198		)	(121		)	(3,871		)
Recoveries	349			15			62		73			56			555


Ending Balance	$	13,323		$	18,240		$	1,836	$	11,487		$	285		$	45,171

	As of and for the Three Months Ended March 31, 2015
	Commercial			Commercial Real Estate			Real Estate Construction			Retail Real Estate			Retail Other			Total
	(dollars in thousands)
Beginning balance	$	10,041		$	20,639		$	2,795		$	13,662		$	316		$	47,453
Provision for loan loss	(594		)	338			(857		)	1,640			(27		)	500
Charged-off	(1		)	(708		)	—			(316		)	(7		)	(1,032		)
Recoveries	82			244			158			221			26			731

Ending Balance	$	9,528		$	20,513		$	2,096		$	15,207		$	308		$	47,652

Schedule of allowance for loan losses and recorded investments excluding loans held for sale, by category

	As of March 31, 2016
	Commercial		Commercial Real Estate		Real Estate Construction		Retail Real Estate		Retail Other		Total
	(dollars in thousands)
Amount allocated to:
Loans individually evaluated for impairment	$	3,365	$	921	$	25	$	149	$	4	$	4,464
Loans collectively evaluated for impairment	9,958		17,319		1,811		11,338		281		40,707

Ending Balance	$	13,323	$	18,240	$	1,836	$	11,487	$	285	$	45,171


Loans:
Loans individually evaluated for impairment	$	12,078	$	6,137	$	507	$	11,500	$	184	$	30,406
Loans collectively evaluated for impairment	606,811		1,191,290		103,413		626,031		13,901		2,541,446
PCI loans evaluated for Impairment	—		369		348		—		—		717

Ending Balance	$	618,889	$	1,197,796	$	104,268	$	637,531	$	14,085	$	2,572,569

	As of December 31, 2015
	Commercial		Commercial Real Estate		Real Estate Construction		Retail Real Estate		Retail Other		Total
	(dollars in thousands)
Amount allocated to:
Loans individually evaluated for impairment	$	3,304	$	459	$	29	$	152	$	5	$	3,949
Loans collectively evaluated for impairment	9,811		18,145		1,734		13,562		286		43,538

Ending Balance	$	13,115	$	18,604	$	1,763	$	13,714	$	291	$	47,487


Loans:
Loans individually evaluated for impairment	$	11,600	$	5,005	$	527	$	11,560	$	238	$	28,930
Loans collectively evaluated for impairment	644,976		1,203,048		95,709		639,631		14,737		2,598,101
PCI loans evaluated for Impairment	—		376		332		—		—		708

Ending Balance	$	656,576	$	1,208,429	$	96,568	$	651,191	$	14,975	$	2,627,739

OREO (Tables)

3 Months Ended

Mar. 31, 2016

OREO.

Summary of activities relating to OREO

	Three Months Ended March 31, 2016			Year Ended December 31, 2015
	(dollars in thousands)
OREO:
Beginning balance	$	783		$	216
Additions, transfers from loans	41			1,251
Additions, fair value from Herget Financial acquisition	—			284
Proceeds from sales of OREO	(366		)	(1,090		)
Gain on sales of OREO	24			122
Valuation allowance for OREO	(19		)	—

Ending balance	$	463		$	783

Securities Sold Under Agreements to Repurchase (Tables)

3 Months Ended

Mar. 31, 2016

Securities Sold Under Agreements to Repurchase

Schedule of distribution of securities sold under agreements to repurchase and weighted average interest rates

	March 31, 2016			December 31, 2015
	(dollars in thousands)
Balance at end of period	$	166,141		$	172,972
Weighted average interest rate at end of period	0.21		%	0.18		%
Maximum outstanding at any month end in year-to-date period	$	171,848		$	202,376
Average daily balance for the year-to-date period	$	163,328		$	179,662
Weighted average interest rate during period(1)	0.20		%	0.10		%

(1)

The weighted average interest rate is computed by dividing total annualized interest for the year-to-date period by the average daily balance outstanding.

Earnings Per Common Share (Tables)

3 Months Ended

Mar. 31, 2016

Earnings Per Common Share

Schedule of computation of earnings per common share, adjusted to reflect the Reverse Stock Split

	Three Months Ended March 31,
	2016		2015
	(in thousands, except per share data)
Net income available to common stockholders	$	10,434	$	7,579

Shares:
Weighted average common shares outstanding	28,739		28,986

Dilutive effect of outstanding options, warrants and restricted stock units as determined by the application of the treasury stock method	190		183


Weighted average common shares outstanding, as adjusted for diluted earnings per share calculation	28,929		29,169


Basic earnings per common share	$	0.36	$	0.26


Diluted earnings per common share	$	0.36	$	0.26

Share-based Compensation (Tables)

3 Months Ended

Mar. 31, 2016

Share-based Compensation

Schedule of status and changes in stock option plans

A summary of the status of and changes in the Company’s stock option awards for the three months ended March 31, 2016 follows:

	Shares	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term
Outstanding at beginning of year	96,568	$	43.64
Granted	—	—
Exercised	—	—
Forfeited	—	—
Expired	50,718	58.23

Outstanding at end of period	45,850	$	27.50	3.17

Exercisable at end of period	45,850	$	27.50	3.17

Summary of the changes in the company's stock unit awards

A summary of the changes in the Company’s stock unit awards for the three months ended March 31, 2016, is as follows:

			Weighted-
			Average		Director		Weighted-
	Restricted		Grant		Deferred		Average
	Stock		Date		Stock		Grant Date
	Units		Fair Value		Units		Fair Value
Non-vested at beginning of year	424,930		$	17.10	24,763		$	19.25
Granted	—		—		—		—
Dividend Equivalents Earned	3,919		18.43		631		18.43
Vested	(1,615	)	14.02		(403	)	18.43
Forfeited	(3,046	)	18.82		—		—

Non-vested at end of period	424,188		$	17.11	24,991		$	19.24

Outstanding at end of period	424,188		$	17.11	69,087		$	17.17

Outstanding Commitments and Contingent Liabilities (Tables)

3 Months Ended

Mar. 31, 2016

Outstanding Commitments and Contingent Liabilities

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

	March 31, 2016		December 31, 2015
	(dollars in thousands)
Financial instruments whose contract amounts represent credit risk:
Commitments to extend credit	$	631,281	$	618,551
Standby letters of credit	15,437		15,325

Capital (Tables)

3 Months Ended

Mar. 31, 2016

Capital

Schedule of capital adequacy requirements

	Actual				Minimum Capital Requirement with Capital Buffer				Minimum To Be Well Capitalized
	Amount		Ratio		Amount		Ratio		Amount		Ratio
	(dollars in thousands)
As of March 31, 2016:
Total Capital (to Risk Weighted Assets)
Consolidated	$	437,374	15.02	%	$	251,218	8.625	%	$	291,267	10.00	%
Busey Bank	$	406,618	14.07	%	$	249,298	8.625	%	$	289,041	10.00	%

Tier 1 Capital (to Risk Weighted Assets)
Consolidated	$	400,651	13.76	%	$	192,965	6.625	%	$	233,014	8.00	%
Busey Bank	$	370,165	12.81	%	$	191,490	6.625	%	$	231,233	8.00	%

Common Equity Tier 1 Capital (to Risk Weighted Assets)
Consolidated	$	347,006	11.91	%	$	149,275	5.125	%	$	189,324	6.50	%
Busey Bank	$	370,165	12.81	%	$	148,134	5.125	%	$	187,877	6.50	%

Tier 1 Capital (to Average Assets)
Consolidated	$	400,651	10.36	%	$	154,733	4.00	%	N/A		N/A
Busey Bank	$	370,165	9.63	%	$	153,829	4.00	%	$	192,286	5.00	%

Operating Segments and Related Information (Tables)

3 Months Ended

Mar. 31, 2016

Operating Segments and Related Information

Summary of information relating to operating segments

Following is a summary of selected financial information for the Company’s operating segments (dollars in thousands):

	Goodwill				Total Assets
	March 31, 2016		December 31, 2015		March 31, 2016			December 31, 2015
Banking	$	4,824	$	4,824	$	3,837,178		$	3,944,031
Remittance Processing	8,992		8,992		30,773			30,231
Wealth Management	11,694		11,694		27,729			27,651
Other	—		—		(5,050		)	(2,937		)

Totals	$	25,510	$	25,510	$	3,890,630		$	3,998,976

	Three Months Ended March 31,
	2016			2015
Net interest income:
Banking	$	28,212		$	26,880
Remittance Processing	14			13
Wealth Management	66			71
Other	(350		)	(294		)

Total net interest income	$	27,942		$	26,670


Other income:
Banking	$	7,790		$	7,109
Remittance Processing	3,040			2,532
Wealth Management	6,261			6,529
Other	(245		)	(205		)

Total other income	$	16,846		$	15,965


Other expense:
Banking	$	19,976		$	23,407
Remittance Processing	2,290			1,946
Wealth Management	4,105			4,019
Other	1,317			1,175

Total other expense	$	27,688		$	30,547


Income before income taxes:
Banking	$	15,026		$	10,082
Remittance Processing	764			599
Wealth Management	2,222			2,581
Other	(1,912		)	(1,674		)

Total income before income taxes	$	16,100		$	11,588


Net income:
Banking	$	9,703		$	6,645
Remittance Processing	457			358
Wealth Management	1,322			1,595
Other	(1,048		)	(837		)

Total net income	$	10,434		$	7,761

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2016

Fair Value Measurements

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

	Level 1		Level 2		Level 3		Total
	Inputs		Inputs		Inputs		Fair Value
March 31, 2016
Securities available for sale
U.S. Treasury securities	$	—	$	65,502	$	—	$	65,502
Obligations of U.S. government corporations and agencies	—		110,643		—		110,643
Obligations of states and political subdivisions	—		169,242		—		169,242
Residential mortgage-backed securities	—		279,462		—		279,462
Corporate debt securities	—		150,866		—		150,866
Mutual funds and other equity securities	3,055		—		—		3,055
Loans
Loans held for sale			12,943				12,943
Derivative liabilities
Foreign currency forward contracts	—		23		—		23

	Level 1		Level 2		Level 3		Total
	Inputs		Inputs		Inputs		Fair Value
December 31, 2015
Securities available for sale
U.S. Treasury securities	$	—	$	65,191	$	—	$	65,191
Obligations of U.S. government corporations and agencies	—		132,605		—		132,605
Obligations of states and political subdivisions	—		178,612		—		178,612
Residential mortgage-backed securities	—		307,549		—		307,549
Corporate debt securities	—		148,805		—		148,805
Mutual funds and other equity securities	2,076		—		—		2,076
Derivative assets
Foreign currency forward contracts	—		4		—		4
Derivative liabilities
Foreign currency forward contracts	—		2		—		2

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

	Level 1		Level 2		Level 3		Total
	Inputs		Inputs		Inputs		Fair Value
March 31 2016
Impaired loans	$	—	$	—	$	5,298	$	5,298
OREO	—		—		3		3

December 31, 2015
Impaired loans	$	—	$	—	$	6,138	$	6,138
OREO(1)	—		—		—		—

(1)

OREO fair value was less than one thousand dollars.

Schedule of quantitative information about Level 3 fair value measurements

	Quantitative Information about Level 3 Fair Value Measurements
	Fair Value		Valuation	Unobservable	Range (Weighted
	Estimate		Techniques	Input	Average)
March 31, 2016
Impaired loans	$	5,298	Appraisal of collateral	Appraisal adjustments	-3.4% to -100.0% (-37.4)%
OREO	3		Appraisal of collateral	Appraisal adjustments	-87.8% to -100.0% (-99.7)%
December 31, 2015
Impaired loans	$	6,138	Appraisal of collateral	Appraisal adjustments	-4.3% to -100.0% (-30.9)%
OREO(1)	—		Appraisal of collateral	Appraisal adjustments	-100.0% (-100.0)%

(1)

OREO fair value was less than one thousand dollars.

Schedule of estimated fair values of financial instruments

	March 31, 2016				December 31, 2015
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
Financial assets:
Level 1 inputs:
Cash and due from banks	$	320,960	$	320,960	$	319,280	$	319,280
Level 2 inputs:
Securities held to maturity	49,082		50,026		49,832		50,271
Loans held for sale(2)	—		—		9,351		9,492
Accrued interest receivable	12,461		12,461		12,122		12,122
Level 3 inputs:
Loans, net	2,527,398		2,537,679		2,580,252		2,583,458
Mortgage servicing rights	3,199		5,937		3,475		5,896

Financial liabilities:
Level 2 inputs:
Deposits	$	3,181,728	$	3,181,066	$	3,289,106	$	3,286,677
Securities sold under agreements to repurchase	166,141		166,141		172,972		172,972
Long-term debt	80,000		80,000		80,000		80,000
Junior subordinated debt owed to unconsolidated trusts	55,000		55,000		55,000		55,000
Accrued interest payable	423		423		438		438

(2)

Effective January 1, 2016, measured at fair value on a recurring basis.

Basis of Presentation (Details)		3 Months Ended
Basis of Presentation (Details)	May 20, 2015	Mar. 31, 2016 item
Basis of Presentation
Conversion ratio	0.33
Number of significant subsequent events		0

Acquisitions (Details) $ / shares in Units, $ in Thousands			1 Months Ended	3 Months Ended
Acquisitions (Details) $ / shares in Units, $ in Thousands	Apr. 30, 2016 item $ / shares	Jan. 08, 2015 USD ($) $ / shares	Apr. 30, 2016 item	Mar. 31, 2016 USD ($)	Mar. 31, 2015 USD ($)	Apr. 29, 2016 USD ($) $ / shares	Dec. 31, 2015 USD ($)
Business Acquisition
Consolidated assets				$ 3,890,630			$ 3,998,976
Total gross loans				2,585,512			2,637,090
Total deposits				3,181,728			3,289,106
Goodwill				25,510			$ 25,510
Pulaski Financial Corp
Business Acquisition
Number of branches \| item	13		13
Share consideration (in dollar per share) \| $ / shares	$ 0.79
Market value of common stock issuable						$ 193,100
Share price \| $ / shares						$ 20.44
Business acquisition expenses				200
Maximum period of measurement adjustments from the closing date of acquisition			1 year
Pulaski Financial Corp \| Pro Forma
Business Acquisition
Total revenues (net interest income plus other income)				61,025	$ 58,311
Net income				13,400	11,439
Herget Financial Corp and Herget Bank
Business Acquisition
Percentage of outstanding common stock to be acquired		100.00%
Aggregate cash consideration		$ 34,100
Per share cash consideration entitled (in dollars per share) \| $ / shares		$ 588.00
Business acquisition expenses					$ 1,000
Maximum period of measurement adjustments from the closing date of acquisition		1 year
Cash and due from banks		$ 46,214
Securities		111,760
Loans held for sale		1,933
Loans		105,207
Premises and equipment		2,034
Goodwill		4,824
Other intangible assets		3,937
Other assets		2,931
Deposits		241,901
Other liabilities		2,839
Fair value of performed loans		103,700
Fair value of credit-impaired loans		$ 1,500
Amortization period of other intangible assets		P10Y
Pulaski Financial Corp \| Pulaski Financial Corp
Business Acquisition
Consolidated assets				1,640,000
Total gross loans				1,410,000
Total deposits				$ 1,250,000

Securities (Details) $ in Thousands	3 Months Ended		12 Months Ended
Securities (Details) $ in Thousands	Mar. 31, 2016 USD ($) item	Mar. 31, 2015 USD ($)	Dec. 31, 2015 USD ($)
Available for sale
Amortized Cost	$ 768,235		$ 830,935
Gross Unrealized Gains	11,030		6,217
Gross Unrealized Losses	(495)		(2,314)
Fair Value	778,770		834,838
Held to maturity
Amortized Cost	49,082		49,832
Gross Unrealized Gains	951		473
Gross Unrealized Losses	(7)		(34)
Fair Value	50,026		50,271
Available for sale, Amortized Cost
Due in one year or less	115,587
Due after one year through five years	349,857
Due after five years through ten years	71,454
Due after ten years	228,705
Amortized Cost	765,603
Available for sale, Fair Value
Due in one year or less	116,007
Due after one year through five years	353,183
Due after five years through ten years	74,005
Due after ten years	232,520
Fair Value	775,715
Held to maturity, Amortized Cost
Due in one year or less	1,713
Due after one year through five years	18,508
Due after five years through ten years	25,300
Due after ten years	3,561
Amortized Cost	49,082		49,832
Held to maturity, Fair Value
Due in one year or less	1,716
Due after one year through five years	18,730
Due after five years through ten years	25,937
Due after ten years	3,643
Fair Value	50,026		50,271
Realized gains and losses related to sales of securities available for sale
Gross security gains	1,074	$ 1
Gross security (losses)	(7)
Net security gains	1,067	$ 1
Tax provision related to net realized gains (losses)	400
Carrying amount of investment securities pledged as collateral	584,400		627,400
Available for sale, Fair Value
Continuous unrealized losses existing for less than 12 months, gross	28,896		285,300
Continuous unrealized losses existing greater than 12 months, gross	8,692		11,419
Total	37,588		296,719
Available for sale, Unrealized Losses
Continuous unrealized losses existing for less than 12 months, gross	(431)		(2,167)
Continuous unrealized losses existing greater than 12 months, gross	(64)		(147)
Total	(495)		(2,314)
Held to maturity, Fair Value
Continuous unrealized losses existing for less than 12 months, gross	2,629		8,451
Continuous unrealized losses existing for greater than 12 months, gross			91
Total	2,629		8,542
Held to maturity, Unrealized Losses
Continuous unrealized losses existing for less than 12 months, gross	(7)		(34)
Total	$ (7)		(34)
Number of securities in unrealized loss position \| item	29
Securities in unrealized loss position as a percentage of aggregate carrying value of investments	1.23%
U.S. Treasury securities
Available for sale
Amortized Cost	$ 64,943		65,003
Gross Unrealized Gains	559		189
Gross Unrealized Losses			(1)
Fair Value	65,502		65,191
Available for sale, Fair Value
Continuous unrealized losses existing for less than 12 months, gross			364
Total			364
Available for sale, Unrealized Losses
Continuous unrealized losses existing for less than 12 months, gross			(1)
Total			(1)
Obligations of U.S. government corporations and agencies
Available for sale
Amortized Cost	110,103		132,547
Gross Unrealized Gains	540		211
Gross Unrealized Losses			(153)
Fair Value	110,643		132,605
Available for sale, Fair Value
Continuous unrealized losses existing for less than 12 months, gross			52,154
Total			52,154
Available for sale, Unrealized Losses
Continuous unrealized losses existing for less than 12 months, gross			(153)
Total			(153)
Obligations of states and political subdivisions
Available for sale
Amortized Cost	166,626		176,764
Gross Unrealized Gains	2,638		2,154
Gross Unrealized Losses	(22)		(306)
Fair Value	169,242		178,612
Held to maturity
Amortized Cost	48,089		48,835
Gross Unrealized Gains	890		449
Gross Unrealized Losses	(7)		(34)
Fair Value	48,972		49,250
Held to maturity, Amortized Cost
Amortized Cost	48,089		48,835
Held to maturity, Fair Value
Fair Value	48,972		49,250
Available for sale, Fair Value
Continuous unrealized losses existing for less than 12 months, gross	1,509		40,026
Continuous unrealized losses existing greater than 12 months, gross	3,706		11,419
Total	5,215		51,445
Available for sale, Unrealized Losses
Continuous unrealized losses existing for less than 12 months, gross	(1)		(159)
Continuous unrealized losses existing greater than 12 months, gross	(21)		(147)
Total	(22)		(306)
Held to maturity, Fair Value
Continuous unrealized losses existing for less than 12 months, gross	2,629		8,451
Continuous unrealized losses existing for greater than 12 months, gross			91
Total	2,629		8,542
Held to maturity, Unrealized Losses
Continuous unrealized losses existing for less than 12 months, gross	(7)		(34)
Total	(7)		(34)
Obligations of states and political subdivisions \| Maximum
Held to maturity, Unrealized Losses
Continuous unrealized losses existing for greater than 12 months, gross			1
Residential mortgage-backed securities
Available for sale
Amortized Cost	274,423		304,978
Gross Unrealized Gains	5,041		2,922
Gross Unrealized Losses	(2)		(351)
Fair Value	279,462		307,549
Available for sale, Fair Value
Continuous unrealized losses existing for less than 12 months, gross	1,608		93,608
Total	1,608		93,608
Available for sale, Unrealized Losses
Continuous unrealized losses existing for less than 12 months, gross	(2)		(351)
Total	(2)		(351)
Corporate debt securities
Available for sale
Amortized Cost	149,508		150,001
Gross Unrealized Gains	1,829		307
Gross Unrealized Losses	(471)		(1,503)
Fair Value	150,866		148,805
Available for sale, Fair Value
Continuous unrealized losses existing for less than 12 months, gross	25,779		99,148
Continuous unrealized losses existing greater than 12 months, gross	4,986
Total	30,765		99,148
Available for sale, Unrealized Losses
Continuous unrealized losses existing for less than 12 months, gross	(428)		(1,503)
Continuous unrealized losses existing greater than 12 months, gross	(43)
Total	(471)		(1,503)
Debt securities
Available for sale
Amortized Cost	765,603		829,293
Gross Unrealized Gains	10,607		5,783
Gross Unrealized Losses	(495)		(2,314)
Fair Value	775,715		832,762
Mutual funds and other equity securities
Available for sale
Amortized Cost	2,632		1,642
Gross Unrealized Gains	423		434
Fair Value	3,055		2,076
Commercial mortgage-backed securities
Held to maturity
Amortized Cost	993		997
Gross Unrealized Gains	61		24
Fair Value	1,054		1,021
Held to maturity, Amortized Cost
Amortized Cost	993		997
Held to maturity, Fair Value
Fair Value	$ 1,054		$ 1,021

Securities - Obligations by State (Details) $ in Thousands	3 Months Ended	12 Months Ended
Securities - Obligations by State (Details) $ in Thousands	Mar. 31, 2016 USD ($) item	Dec. 31, 2015 USD ($) item
Securities
Available for sale, fair value	$ 778,770	$ 834,838
Held to maturity, fair value	$ 50,026	$ 50,271
General obligation bonds
Securities
Number of issuers \| item	230	241
Amortized Cost	$ 181,710	$ 191,196
Fair Value	184,896	193,441
Average Exposure Per Issuer (Fair Value)	804	$ 803
Amount of largest exposure to a single issuer	$ 3,400
Percentage of the entity's stockholders equity in excess of aggregate book or market value	10.00%	10.00%
Percentage of underlying asset rated by at least a specified nationally recognized statistical rating organization	97.50%	97.60%
Minimum number of nationally recognized statistical rating organizations \| item	1	1
Percentage of underlying asset unrated	2.50%	2.40%
General obligation bonds \| Illinois
Securities
Number of issuers \| item	73	77
Amortized Cost	$ 62,146	$ 64,455
Fair Value	63,477	65,557
Average Exposure Per Issuer (Fair Value)	$ 870	$ 851
General obligation bonds \| Wisconsin
Securities
Number of issuers \| item	33	36
Amortized Cost	$ 26,795	$ 30,889
Fair Value	27,081	31,079
Average Exposure Per Issuer (Fair Value)	$ 821	$ 863
General obligation bonds \| Michigan
Securities
Number of issuers \| item	39	39
Amortized Cost	$ 27,872	$ 27,923
Fair Value	28,446	28,339
Average Exposure Per Issuer (Fair Value)	$ 729	$ 727
General obligation bonds \| Pennsylvania
Securities
Number of issuers \| item	10	10
Amortized Cost	$ 12,322	$ 12,601
Fair Value	12,418	12,650
Average Exposure Per Issuer (Fair Value)	$ 1,242	$ 1,265
General obligation bonds \| Texas
Securities
Number of issuers \| item	17	18
Amortized Cost	$ 11,703	$ 12,117
Fair Value	11,867	12,165
Average Exposure Per Issuer (Fair Value)	$ 698	$ 676
General obligation bonds \| Ohio
Securities
Number of issuers \| item	10	10
Amortized Cost	$ 10,702	$ 10,723
Fair Value	10,801	10,705
Average Exposure Per Issuer (Fair Value)	$ 1,080	$ 1,071
General obligation bonds \| Iowa
Securities
Number of issuers \| item	3	3
Amortized Cost	$ 5,549	$ 5,550
Fair Value	5,588	5,571
Average Exposure Per Issuer (Fair Value)	$ 1,863	$ 1,857
General obligation bonds \| Other
Securities
Number of issuers \| item	45	48
Amortized Cost	$ 24,621	$ 26,938
Fair Value	25,218	27,375
Average Exposure Per Issuer (Fair Value)	$ 560	$ 570
Revenue bonds
Securities
Number of issuers \| item	34	37
Amortized Cost	$ 33,005	$ 34,403
Fair Value	33,318	34,421
Average Exposure Per Issuer (Fair Value)	980	930
Amount of largest exposure to a single issuer	$ 3,000	$ 3,000
Percentage of the entity's stockholders equity in excess of aggregate book or market value	10.00%	10.00%
Minimum number of nationally recognized statistical rating organizations \| item	1	1
Revenue bonds \| Indiana
Securities
Number of issuers \| item	8	9
Amortized Cost	$ 9,397	$ 10,187
Fair Value	9,469	10,173
Average Exposure Per Issuer (Fair Value)	$ 1,184	$ 1,130
Revenue bonds \| Illinois
Securities
Number of issuers \| item	7	7
Amortized Cost	$ 8,441	$ 8,450
Fair Value	8,564	8,478
Average Exposure Per Issuer (Fair Value)	$ 1,223	$ 1,211
Revenue bonds \| Other
Securities
Number of issuers \| item	19	21
Amortized Cost	$ 15,167	$ 15,766
Fair Value	15,285	15,770
Average Exposure Per Issuer (Fair Value)	804	751
Obligations of states and political subdivisions
Securities
Available for sale, fair value	169,242	178,612
Held to maturity, fair value	$ 48,972	$ 49,250
Number of issuers \| item	264	278
Total Capital for rated securities (as a percent)	100.00%
Total Capital for unrated securities (as a percent)	15.00%
Obligations of states and political subdivisions \| General obligation bonds
Securities
Fair Value	$ 184,900	$ 193,400
Number of states in which investment is held \| item	29	29
Number of states in which investment is held in excess of aggregate fair value \| item	7	7
Aggregate fair value	$ 5,000	$ 5,000
Obligations of states and political subdivisions \| Revenue bonds
Securities
Fair Value	$ 33,300	$ 34,300
Number of states in which investment is held \| item	15	17
Number of states in which investment is held in excess of aggregate fair value \| item	2	2
Aggregate fair value	$ 5,000	$ 5,000

Loans - Geographic Distribution of Loans (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016 USD ($) item mi	Dec. 31, 2015 USD ($)	Mar. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Loans
Total gross loans	$ 2,585,512	$ 2,637,090
Less held for sale	12,943	9,351
Total loans before allowance for loan losses	2,572,569	2,627,739
Less allowance for loan losses	45,171	47,487	$ 47,652	$ 47,453
Net loans	2,527,398	2,580,252
Net deferred loan origination costs	$ 1,200	900
Minimum target period for lending via intermediate term loans	0 years
Maximum target period for lending via intermediate term loans	7 years
Geographical area from lending offices which attempt is made to lend short and intermediate term loans (in miles) \| mi	125
Direct and indirect maximum total borrowing relationship limit	$ 20,000
Borrowing relationships, threshold above which board of directors will review annually	$ 20,000
Number of primary areas for lending loan \| item	5
Illinois
Loans
Total gross loans	$ 2,078,297	2,107,762
Florida
Loans
Total gross loans	299,051	307,886
Indiana
Loans
Total gross loans	208,164	221,442
Commercial
Loans
Total gross loans	618,889	656,576
Total loans before allowance for loan losses	618,889	656,576
Less allowance for loan losses	13,323	13,115	9,528	10,041
Commercial \| Illinois
Loans
Total gross loans	576,906	606,542
Commercial \| Florida
Loans
Total gross loans	16,722	16,141
Commercial \| Indiana
Loans
Total gross loans	25,261	33,893
Commercial real estate
Loans
Total gross loans	1,197,796	1,208,429
Total loans before allowance for loan losses	1,197,796	1,208,429
Less allowance for loan losses	18,240	18,604	20,513	20,639
Commercial real estate \| Illinois
Loans
Total gross loans	911,581	907,628
Commercial real estate \| Florida
Loans
Total gross loans	161,098	166,885
Commercial real estate \| Indiana
Loans
Total gross loans	125,117	133,916
Real estate construction
Loans
Total gross loans	104,268	96,568
Total loans before allowance for loan losses	104,268	96,568
Less allowance for loan losses	1,836	1,763	2,096	2,795
Real estate construction \| Illinois
Loans
Total gross loans	52,514	47,466
Real estate construction \| Florida
Loans
Total gross loans	12,516	15,032
Real estate construction \| Indiana
Loans
Total gross loans	39,238	34,070
Retail real estate
Loans
Total gross loans	650,474	660,542
Total loans before allowance for loan losses	637,531	651,191
Less allowance for loan losses	11,487	13,714	15,207	13,662
Retail real estate \| Illinois
Loans
Total gross loans	524,069	532,001
Retail real estate \| Florida
Loans
Total gross loans	107,857	108,978
Retail real estate \| Indiana
Loans
Total gross loans	18,548	19,563
Retail other
Loans
Total gross loans	14,085	14,975
Total loans before allowance for loan losses	14,085	14,975
Less allowance for loan losses	285	291	$ 308	$ 316
Retail other \| Illinois
Loans
Total gross loans	13,227	14,125
Retail other \| Florida
Loans
Total gross loans	$ 858	$ 850

Loans - Risk Grading (Details) $ in Thousands	3 Months Ended
Loans - Risk Grading (Details) $ in Thousands	Mar. 31, 2016 USD ($) item	Dec. 31, 2015 USD ($) item
Grades 1, 3, 6 and 7
Loans
Loans receivable	$ 2,410,000	$ 2,460,000
Grades 8, 9, and 10
Loans
Loans receivable	161,700	166,800
Grades 1,3,6
Loans
Loans receivable	2,206,408	2,308,716
Grade 7
Loans
Loans receivable	204,450	152,695
Grade 8
Loans
Limit above which loans are annually reviewed	1,000
Loans receivable	97,786	107,933
Grade 9
Loans
Loans receivable	46,532	46,108
Grade 10
Loans
Loans receivable	$ 17,368	$ 12,748
Commercial
Loans
Weighted Avg. Risk Grade \| item	5.41	5.23
Commercial \| Grades 1, 3, 6 and 7
Loans
Limit where loans are processed through an expedited underwriting process	$ 350
Commercial \| Grades 1, 3, 6 and 7 \| Minimum
Loans
Limit where loans are processed through an expedited underwriting process	350
Commercial \| Grades 1, 3, 6 and 7 \| Maximum
Loans
Limit where loans are processed through an expedited underwriting process	1,000
Commercial \| Grades 1,3,6
Loans
Loans receivable	495,589	$ 553,294
Commercial \| Grade 7
Loans
Limit above which loans are annually reviewed	1,000
Loans receivable	78,861	57,703
Commercial \| Grade 8
Loans
Loans receivable	19,982	27,142
Commercial \| Grade 9
Loans
Loans receivable	13,149	10,966
Commercial \| Grade 10
Loans
Loans receivable	11,433	$ 7,617
Commercial real estate
Loans
Limit where loans are processed through an expedited underwriting process	$ 1,000
Weighted Avg. Risk Grade \| item	5.80	5.77
Commercial real estate \| Grades 1,3,6
Loans
Loans receivable	$ 1,044,179	$ 1,068,568
Commercial real estate \| Grade 7
Loans
Loans receivable	70,024	58,238
Commercial real estate \| Grade 8
Loans
Loans receivable	53,759	51,418
Commercial real estate \| Grade 9
Loans
Loans receivable	28,408	29,781
Commercial real estate \| Grade 10
Loans
Loans receivable	$ 2,360	$ 1,496
Real estate construction
Loans
Weighted Avg. Risk Grade \| item	6.57	6.46
Real estate construction \| Grades 1,3,6
Loans
Loans receivable	$ 58,425	$ 65,284
Real estate construction \| Grade 7
Loans
Loans receivable	34,427	15,053
Real estate construction \| Grade 8
Loans
Loans receivable	9,961	14,755
Real estate construction \| Grade 9
Loans
Loans receivable	1,117	1,157
Real estate construction \| Grade 10
Loans
Loans receivable	$ 375	$ 366
Retail real estate
Loans
Weighted Avg. Risk Grade \| item	5.99	5.98
Retail real estate \| Grades 1,3,6
Loans
Loans receivable	$ 594,869	$ 607,398
Retail real estate \| Grade 7
Loans
Loans receivable	21,082	21,637
Retail real estate \| Grade 8
Loans
Loans receivable	13,568	13,974
Retail real estate \| Grade 9
Loans
Loans receivable	3,843	4,204
Retail real estate \| Grade 10
Loans
Loans receivable	$ 3,020	$ 3,139
Retail other
Loans
Weighted Avg. Risk Grade \| item	6.10	6.10
Retail other \| Grades 1,3,6
Loans
Loans receivable	$ 13,346	$ 14,172
Retail other \| Grade 7
Loans
Loans receivable	56	64
Retail other \| Grade 8
Loans
Loans receivable	516	644
Retail other \| Grade 9
Loans
Loans receivable	15
Retail other \| Grade 10
Loans
Loans receivable	$ 180	$ 130

Loans - Aging (Details) $ in Thousands	3 Months Ended
Loans - Aging (Details) $ in Thousands	Mar. 31, 2016 USD ($) item	Dec. 31, 2015 USD ($)
Loans past due, still accruing
Loans past due, still accruing	$ 452	$ 15
Non-accrual Loans	17,368	12,748
Loans assessed for impairment if loans are above a particular limit and are of eighth grade	350
Gross interest income that would have been recorded if impaired loans had been current	$ 200
Number of Primary Loan Lending Areas \| item	5
Restructured loan included in the non-performing loan	90 days
Restructured loans
Total loans	$ 12,120	9,473
30 to 59 Days
Loans past due, still accruing
Loans past due, still accruing	2,085	2,932
60 to 89 Days
Loans past due, still accruing
Loans past due, still accruing	351	350
In compliance with modified terms
Restructured loans
Total loans	8,743	8,770
30-89 days past due
Restructured loans
Total loans	337	60
Included in non-performing loans
Restructured loans
Total loans	3,040	643
Commercial
Loans past due, still accruing
Loans past due, still accruing	443	15
Non-accrual Loans	11,433	7,617
Commercial \| 30 to 59 Days
Loans past due, still accruing
Loans past due, still accruing	40	598
Commercial \| 60 to 89 Days
Loans past due, still accruing
Loans past due, still accruing	294	162
Commercial real estate
Loans past due, still accruing
Non-accrual Loans	2,360	1,496
Commercial real estate \| 30 to 59 Days
Loans past due, still accruing
Loans past due, still accruing	343	1,037
Commercial real estate \| 60 to 89 Days
Loans past due, still accruing
Loans past due, still accruing	23	27
Real estate construction
Loans past due, still accruing
Non-accrual Loans	375	366
Real estate construction \| 30 to 59 Days
Loans past due, still accruing
Loans past due, still accruing	65
Retail real estate
Loans past due, still accruing
Loans past due, still accruing	9
Non-accrual Loans	3,020	3,139
Retail real estate \| 30 to 59 Days
Loans past due, still accruing
Loans past due, still accruing	1,631	1,278
Retail real estate \| 60 to 89 Days
Loans past due, still accruing
Loans past due, still accruing	34	160
Retail other
Loans past due, still accruing
Non-accrual Loans	180	130
Retail other \| 30 to 59 Days
Loans past due, still accruing
Loans past due, still accruing	$ 6	19
Retail other \| 60 to 89 Days
Loans past due, still accruing
Loans past due, still accruing		$ 1

Loans - Impaired Loans (Details) $ in Thousands	3 Months Ended		12 Months Ended
Loans - Impaired Loans (Details) $ in Thousands	Mar. 31, 2016 USD ($) contract	Mar. 31, 2015 USD ($) contract	Dec. 31, 2015 USD ($)
Loans
Unpaid Contractual Principal Balance	$ 38,026		$ 34,386
Recorded Investment with No Allowance	21,361		19,551
Recorded Investment with Allowance	9,762		10,087
Total Recorded Investment	31,123		29,638
Related Allowance	4,464		3,949
Average Recorded Investment	27,255		26,346
Commercial
Loans
Unpaid Contractual Principal Balance	17,200		14,302
Recorded Investment with No Allowance	5,016		3,362
Recorded Investment with Allowance	7,061		8,238
Total Recorded Investment	12,077		11,600
Related Allowance	3,365		3,304
Average Recorded Investment	6,147		4,482
Commercial \| Included in non-performing loans \| Florida
Loans
Number of contracts \| contract		1
Recorded Investment		$ 1,000
Commercial real estate
Loans
Unpaid Contractual Principal Balance	6,715		5,865
Recorded Investment with No Allowance	4,284		4,018
Recorded Investment with Allowance	2,223		1,363
Total Recorded Investment	6,507		5,381
Related Allowance	921		459
Average Recorded Investment	$ 8,065		8,700
Commercial real estate \| In compliance with modified terms
Loans
Number of modifications for short-term principal payment relief \| contract	3
Recorded investment for short-term principal payment relief	$ 300
Real estate construction
Loans
Unpaid Contractual Principal Balance	1,566		1,569
Recorded Investment with No Allowance	830		830
Recorded Investment with Allowance	25		29
Total Recorded Investment	855		859
Related Allowance	25		29
Average Recorded Investment	885		833
Retail real estate
Loans
Unpaid Contractual Principal Balance	12,278		12,378
Recorded Investment with No Allowance	11,051		11,108
Recorded Investment with Allowance	449		452
Total Recorded Investment	11,500		11,560
Related Allowance	149		152
Average Recorded Investment	$ 11,863		12,070
Retail real estate \| In compliance with modified terms
Loans
Number of modifications for short-term principal payment relief \| contract	2	4
Recorded investment for short-term principal payment relief	$ 300	$ 400
Retail real estate \| Included in non-performing loans \| Florida
Loans
Number of contracts \| contract	1
Recorded Investment	$ 100
Retail other
Loans
Unpaid Contractual Principal Balance	267		272
Recorded Investment with No Allowance	180		233
Recorded Investment with Allowance	4		5
Total Recorded Investment	184		238
Related Allowance	4		5
Average Recorded Investment	$ 295		$ 261

Loans - Adverse Loan Grading (Details)	3 Months Ended
Loans - Adverse Loan Grading (Details)	Mar. 31, 2016 item
Loans
The number of components in the general portion of the Company's allowance	2
Number of quarters whose historical average is used to calculate the historical loss ratio	20
Grade 9
Loans
Additional reserve (as a percent)	3.00%
Grade 8
Loans
Additional reserve (as a percent)	1.00%

Loans - Allowance for Loan Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Dec. 31, 2015
Changes in allowance for loan losses
Beginning balance	$ 47,487	$ 47,453
Provision for loan loss	1,000	500
Charged-off	(3,871)	(1,032)
Recoveries	555	731
Ending Balance	45,171	47,652
Amount allocated to:
Loans individually evaluated for impairment			$ 4,464	$ 3,949
Loans collectively evaluated for impairment			40,707	43,538
Ending Balance	47,487	47,453	45,171	47,487
Loans:
Loans individually evaluated for impairment			30,406	28,930
Loans collectively evaluated for impairment			2,541,446	2,598,101
Ending Balance			2,572,569	2,627,739
Purchased Credit Impaired Loans
Loans:
Loans collectively evaluated for impairment			717	708
Commercial
Changes in allowance for loan losses
Beginning balance	13,115	10,041
Provision for loan loss	3,411	(594)
Charged-off	(3,552)	(1)
Recoveries	349	82
Ending Balance	13,323	9,528
Amount allocated to:
Loans individually evaluated for impairment			3,365	3,304
Loans collectively evaluated for impairment			9,958	9,811
Ending Balance	13,115	10,041	13,323	13,115
Loans:
Loans individually evaluated for impairment			12,078	11,600
Loans collectively evaluated for impairment			606,811	644,976
Ending Balance			618,889	656,576
Commercial real estate
Changes in allowance for loan losses
Beginning balance	18,604	20,639
Provision for loan loss	(379)	338
Charged-off		(708)
Recoveries	15	244
Ending Balance	18,240	20,513
Amount allocated to:
Loans individually evaluated for impairment			921	459
Loans collectively evaluated for impairment			17,319	18,145
Ending Balance	18,604	20,639	18,240	18,604
Loans:
Loans individually evaluated for impairment			6,137	5,005
Loans collectively evaluated for impairment			1,191,290	1,203,048
Ending Balance			1,197,796	1,208,429
Commercial real estate \| Purchased Credit Impaired Loans
Loans:
Loans collectively evaluated for impairment			369	376
Real estate construction
Changes in allowance for loan losses
Beginning balance	1,763	2,795
Provision for loan loss	11	(857)
Recoveries	62	158
Ending Balance	1,836	2,096
Amount allocated to:
Loans individually evaluated for impairment			25	29
Loans collectively evaluated for impairment			1,811	1,734
Ending Balance	1,763	2,795	1,836	1,763
Loans:
Loans individually evaluated for impairment			507	527
Loans collectively evaluated for impairment			103,413	95,709
Ending Balance			104,268	96,568
Real estate construction \| Purchased Credit Impaired Loans
Loans:
Loans collectively evaluated for impairment			348	332
Retail real estate
Changes in allowance for loan losses
Beginning balance	13,714	13,662
Provision for loan loss	(2,102)	1,640
Charged-off	(198)	(316)
Recoveries	73	221
Ending Balance	11,487	15,207
Amount allocated to:
Loans individually evaluated for impairment			149	152
Loans collectively evaluated for impairment			11,338	13,562
Ending Balance	13,714	13,662	11,487	13,714
Loans:
Loans individually evaluated for impairment			11,500	11,560
Loans collectively evaluated for impairment			626,031	639,631
Ending Balance			637,531	651,191
Retail other
Changes in allowance for loan losses
Beginning balance	291	316
Provision for loan loss	59	(27)
Charged-off	(121)	(7)
Recoveries	56	26
Ending Balance	285	308
Amount allocated to:
Loans individually evaluated for impairment			4	5
Loans collectively evaluated for impairment			281	286
Ending Balance	$ 291	$ 316	285	291
Loans:
Loans individually evaluated for impairment			184	238
Loans collectively evaluated for impairment			13,901	14,737
Ending Balance			$ 14,085	$ 14,975

OREO (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
OREO (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
OREO:
Other Real Estate, Beginning Balance	$ 783	$ 216	$ 216
Additions, transfers from loans	41	192	1,251
Additions, fair value from Herget Financial acquisition			284
Proceeds from sales of OREO	(366)	$ (425)	(1,090)
Gain on sales of OREO	24		122
Valuation allowance for OREO	(19)
Other Real Estate, Ending Balance	463		783
Commercial real estate
Foreclosed Real Estate
Other real estate owned (OREO)	400		500
Residential real estate
Foreclosed Real Estate
Other real estate owned (OREO)	100		$ 300
Residential real estate in the process of foreclosure	$ 800

Securities Sold Under Agreements to Repurchase (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Securities Sold Under Agreements to Repurchase
Maximum maturity period of securities sold under agreements to repurchase	1 year
Balance at end of period	$ 166,141	$ 172,972
Weighted average interest rate at end of period (as a percent)	0.21%	0.18%
Maximum outstanding at any month end in year-to-date period	$ 171,848	$ 202,376
Average daily balance for the year-to-date period	$ 163,328	$ 179,662
Weighted average interest rate during period (as a percent)	0.20%	0.10%

- 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 + Details

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net income per share calculations for basic and diluted methods
Net income available to common stockholders (in dollars)	$ 10,434	$ 7,579
Shares:
Weighted average common shares outstanding	28,739,000	28,986,000
Dilutive effect of outstanding options, warrants and restricted stock units as determined by the application of the treasury stock method (in shares)	190,000	183,000
Weighted average common shares outstanding, as adjusted for diluted earnings per share calculation	28,929,000	29,169,000
Basic earnings per common share (in dollars per share)	$ 0.36	$ 0.26
Diluted earnings per common share (in dollars per share)	$ 0.36	$ 0.26
Stock options
Anti-dilutive securities excluded from the calculation of common stock equivalents
Number of anti-dilutive securities (in shares)	10,850	87,102
Warrants
Anti-dilutive securities excluded from the calculation of common stock equivalents
Number of anti-dilutive securities (in shares)	191,278	191,278

Share-based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2016	Sep. 30, 2015	Mar. 31, 2015	Dec. 31, 2015
Share-based Compensation
Number of shares held in treasury	723,402			732,887
Shares authorized for repurchase under stock repurchase plan	666,667
Shares repurchased under stock repurchase plan		333,333
Remaining shares authorized for repurchase under stock repurchase plan	333,334
Stock option awards
Shares
Outstanding at beginning of year (in shares)	96,568
Expired (in shares)	50,718
Outstanding at end of period (in shares)	45,850
Exercisable at end of period (in shares)	45,850
Weighted-Average Exercise Price
Outstanding at beginning of year (in dollars per share)	$ 43.64
Expired (in dollars per share)	58.23
Outstanding at end of period (in dollars per share)	27.50
Exercisable at end of period (in dollars per share)	$ 27.50
Weighted-Average Remaining Contractual Term
Outstanding at end of period	3 years 2 months 1 day
Exercisable at end of period	3 years 2 months 1 day
RSU
Share-based Compensation
Number of shares of common stock per award	1
Shares
Non-vested at beginning of year (in shares)	424,930
Dividend Equivalents Earned (in shares)	3,919
Vested (in shares)	(1,615)
Forfeited (in shares)	(3,046)
Non-vested at end of period (in shares)	424,188
Outstanding at end of period (in shares)	424,188
Weighted-Average Grant Date Fair Value
Non-vested at beginning of year (in dollars per share)	$ 17.10
Dividend Equivalents Earned (in dollars per share)	18.43
Vested (in dollars per share)	14.02
Forfeited (in dollars per share)	18.82
Non-vested at end of period (in dollars per share)	17.11
Outstanding at end of period (in dollars per share)	$ 17.11
Additional disclosures
Compensation expense recognized	$ 0.4		$ 0.3
Amount of compensation cost to be recognized	$ 4.0
Period over which cost will be recognized	3 years 4 months 24 days
RSU \| Minimum
Share-based Compensation
Requisite service period	1 year
RSU \| Maximum
Share-based Compensation
Requisite service period	5 years
DSUs
Share-based Compensation
Number of shares of common stock per award	1
Vesting period	12 months
Settlement period	30 days
Shares
Non-vested at beginning of year (in shares)	24,763
Dividend Equivalents Earned (in shares)	631
Vested (in shares)	(403)
Non-vested at end of period (in shares)	24,991
Outstanding at end of period (in shares)	69,087
Weighted-Average Grant Date Fair Value
Non-vested at beginning of year (in dollars per share)	$ 19.25
Dividend Equivalents Earned (in dollars per share)	18.43
Vested (in dollars per share)	18.43
Non-vested at end of period (in dollars per share)	19.24
Outstanding at end of period (in dollars per share)	$ 17.17

Outstanding Commitments and Contingent Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Credit Commitments and Contingencies
Liabilities for potential obligations under guarantees	$ 0	$ 0
Maximum
Credit Commitments and Contingencies
Term for guarantee	1 year
Commitments to extend credit
Credit Commitments and Contingencies
Financial instruments whose contract amounts represent credit risk	$ 631,281	618,551
Standby letters of credit
Credit Commitments and Contingencies
Financial instruments whose contract amounts represent credit risk	$ 15,437	$ 15,325

Capital (Details) - USD ($) $ in Thousands		3 Months Ended
Capital (Details) - USD ($) $ in Thousands	Dec. 08, 2015	Mar. 31, 2016	Jan. 01, 2019	Jul. 31, 2013
Total Capital (to Risk Weighted Assets), Amount
Actual		$ 437,374
Minimum Capital Requirement with Capital Buffer		251,218
Minimum To Be Well Capitalized		$ 291,267
Total Capital (to Risk Weighted Assets), Ratio
Actual (as a percent)		15.02%
Minimum Capital Requirement with Capital Buffer (as a percent)		8.625%
Minimum To Be Well Capitalized (as a percent)		10.00%
Tier 1 Capital (to Risk Weighted Assets), Amount
Actual		$ 400,651
Minimum Capital Requirement with Capital Buffer		192,965
Minimum To Be Well Capitalized		$ 233,014
Tier 1 Capital (to Risk Weighted Assets), Ratio
Actual (as a percent)		13.76%
Minimum Capital Requirement with Capital Buffer (as a percent)		6.625%
Minimum To Be Well Capitalized (as a percent)		8.00%
Common Equity Tier 1 Capital (to Risk Weighted Assets), Amount
Actual		$ 347,006
Minimum Capital Requirement with Capital Buffer		149,275
Minimum To Be Well Capitalized		$ 189,324
Common Equity Tier 1 Capital (to Risk Weighted Assets), Ratio
Actual (as a percent)		11.91%
Minimum Capital Requirement with Capital Buffer (as a percent)		5.125%
Minimum To Be Well Capitalized (as a percent)		6.50%
Tier 1 Capital (to Average Assets), Amount
Actual		$ 400,651
Minimum Capital Requirement with Capital Buffer		$ 154,733
Tier 1 Capital (to Average Assets), Ratio
Actual (as a percent)		10.36%
Minimum Capital Requirement with Capital Buffer (as a percent)		4.00%
Common equity Tier 1 Risk Based Capital to be well capitalized percentage		6.50%
Maximum assets of bank holding companies for inclusion of proceeds of trust preferred securities from Tier 1 capital unless such securities were issued prior to May 19, 2010		$ 15,000,000
Dodd-Frank Act ("Basel III Rules")
Tier 1 Capital (to Average Assets), Ratio
Maximum consolidated assets of bank holding companies				$ 1,000,000
Maximum consolidated assets of bank holding companies to retain the existing treatment for accumulated other comprehensive income which currently does not affect regulatory capital		$ 15,000,000
Common Equity Tier 1 capital conservation buffer of risk weighted assets		2.50%
Capital buffer requirement period		3 years
Increase in minimum capital requirement ratios		0.625%
Forecast
Total Capital (to Risk Weighted Assets), Ratio
Minimum Capital Requirement with Capital Buffer (as a percent)			10.50%
Tier 1 Capital (to Risk Weighted Assets), Ratio
Minimum Capital Requirement with Capital Buffer (as a percent)			8.50%
Common Equity Tier 1 Capital (to Risk Weighted Assets), Ratio
Minimum Capital Requirement with Capital Buffer (as a percent)			7.00%
Busey Bank
Regulatory Capital
Distribution received through chartered amendment	$ 60,000
Total Capital (to Risk Weighted Assets), Amount
Actual		$ 406,618
Minimum Capital Requirement with Capital Buffer		249,298
Minimum To Be Well Capitalized		$ 289,041
Total Capital (to Risk Weighted Assets), Ratio
Actual (as a percent)		14.07%
Minimum Capital Requirement with Capital Buffer (as a percent)		8.625%
Minimum To Be Well Capitalized (as a percent)		10.00%
Tier 1 Capital (to Risk Weighted Assets), Amount
Actual		$ 370,165
Minimum Capital Requirement with Capital Buffer		191,490
Minimum To Be Well Capitalized		$ 231,233
Tier 1 Capital (to Risk Weighted Assets), Ratio
Actual (as a percent)		12.81%
Minimum Capital Requirement with Capital Buffer (as a percent)		6.625%
Minimum To Be Well Capitalized (as a percent)		8.00%
Common Equity Tier 1 Capital (to Risk Weighted Assets), Amount
Actual		$ 370,165
Minimum Capital Requirement with Capital Buffer		148,134
Minimum To Be Well Capitalized		$ 187,877
Common Equity Tier 1 Capital (to Risk Weighted Assets), Ratio
Actual (as a percent)		12.81%
Minimum Capital Requirement with Capital Buffer (as a percent)		5.125%
Minimum To Be Well Capitalized (as a percent)		6.50%
Tier 1 Capital (to Average Assets), Amount
Actual		$ 370,165
Minimum Capital Requirement with Capital Buffer		153,829
Minimum To Be Well Capitalized		$ 192,286
Tier 1 Capital (to Average Assets), Ratio
Actual (as a percent)		9.63%
Minimum Capital Requirement with Capital Buffer (as a percent)		4.00%
Minimum To Be Well Capitalized (as a percent)		5.00%
Common equity Tier 1 Risk Based Capital to be well capitalized percentage		6.50%

Operating Segments and Related Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016 USD ($) segment	Mar. 31, 2015 USD ($)	Dec. 31, 2015 USD ($)
Operating Segments and Related Information
Number of reportable segments \| segment	3
Goodwill	$ 25,510		$ 25,510
Total Assets	3,890,630		3,998,976
Net interest income:	27,942	$ 26,670
Other income:	16,846	15,965
Other expense:	27,688	30,547
Income before income taxes:	16,100	11,588
Net income:	10,434	7,761
Operating segments
Operating Segments and Related Information
Goodwill	25,510		25,510
Total Assets	3,890,630		3,998,976
Operating segments \| Banking
Operating Segments and Related Information
Goodwill	4,824		4,824
Total Assets	3,837,178		3,944,031
Net interest income:	28,212	26,880
Other income:	7,790	7,109
Other expense:	19,976	23,407
Income before income taxes:	15,026	10,082
Net income:	9,703	6,645
Operating segments \| Remittance Processing
Operating Segments and Related Information
Goodwill	8,992		8,992
Total Assets	30,773		30,231
Net interest income:	14	13
Other income:	3,040	2,532
Other expense:	2,290	1,946
Income before income taxes:	764	599
Net income:	457	358
Operating segments \| Wealth Management
Operating Segments and Related Information
Goodwill	11,694		11,694
Total Assets	27,729		27,651
Net interest income:	66	71
Other income:	6,261	6,529
Other expense:	4,105	4,019
Income before income taxes:	2,222	2,581
Net income:	1,322	1,595
Other
Operating Segments and Related Information
Total Assets	(5,050)		$ (2,937)
Net interest income:	(350)	(294)
Other income:	(245)	(205)
Other expense:	1,317	1,175
Income before income taxes:	(1,912)	(1,674)
Net income:	$ (1,048)	$ (837)

Fair Value Measurements (Details) - USD ($) $ in Thousands	3 Months Ended
Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Financial assets and financial liabilities measured at fair value
Transfers between levels of fair value hierarchy	$ 0
Securities available for sale	778,770	$ 834,838
Loans held for sale	12,943	9,351
U.S. Treasury securities
Financial assets and financial liabilities measured at fair value
Securities available for sale	65,502	65,191
Obligations of U.S. government corporations and agencies
Financial assets and financial liabilities measured at fair value
Securities available for sale	110,643	132,605
Obligations of states and political subdivisions
Financial assets and financial liabilities measured at fair value
Securities available for sale	169,242	178,612
Residential mortgage-backed securities
Financial assets and financial liabilities measured at fair value
Securities available for sale	279,462	307,549
Corporate debt securities
Financial assets and financial liabilities measured at fair value
Securities available for sale	150,866	148,805
Mutual funds and other equity securities
Financial assets and financial liabilities measured at fair value
Securities available for sale	3,055	2,076
Recurring basis
Financial assets and financial liabilities measured at fair value
Loans held for sale	12,943
Recurring basis \| Foreign currency forward contracts
Financial assets and financial liabilities measured at fair value
Derivative assets		4
Derivative liabilities	23	2
Recurring basis \| U.S. Treasury securities
Financial assets and financial liabilities measured at fair value
Securities available for sale	65,502	65,191
Recurring basis \| Obligations of U.S. government corporations and agencies
Financial assets and financial liabilities measured at fair value
Securities available for sale	110,643	132,605
Recurring basis \| Obligations of states and political subdivisions
Financial assets and financial liabilities measured at fair value
Securities available for sale	169,242	178,612
Recurring basis \| Residential mortgage-backed securities
Financial assets and financial liabilities measured at fair value
Securities available for sale	279,462	307,549
Recurring basis \| Corporate debt securities
Financial assets and financial liabilities measured at fair value
Securities available for sale	150,866	148,805
Recurring basis \| Mutual funds and other equity securities
Financial assets and financial liabilities measured at fair value
Securities available for sale	3,055	2,076
Recurring basis \| Level 1 \| Mutual funds and other equity securities
Financial assets and financial liabilities measured at fair value
Securities available for sale	3,055	2,076
Recurring basis \| Level 2
Financial assets and financial liabilities measured at fair value
Loans held for sale	12,943
Recurring basis \| Level 2 \| Foreign currency forward contracts
Financial assets and financial liabilities measured at fair value
Derivative assets		4
Derivative liabilities	23	2
Recurring basis \| Level 2 \| U.S. Treasury securities
Financial assets and financial liabilities measured at fair value
Securities available for sale	65,502	65,191
Recurring basis \| Level 2 \| Obligations of U.S. government corporations and agencies
Financial assets and financial liabilities measured at fair value
Securities available for sale	110,643	132,605
Recurring basis \| Level 2 \| Obligations of states and political subdivisions
Financial assets and financial liabilities measured at fair value
Securities available for sale	169,242	178,612
Recurring basis \| Level 2 \| Residential mortgage-backed securities
Financial assets and financial liabilities measured at fair value
Securities available for sale	279,462	307,549
Recurring basis \| Level 2 \| Corporate debt securities
Financial assets and financial liabilities measured at fair value
Securities available for sale	$ 150,866	$ 148,805

Fair Value Measurements - Additional Quantitative Information (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Quantitative Information about Level 3 Fair Value Measurements
Impaired loans	$ 31,123	$ 29,638
Non-recurring basis
Quantitative Information about Level 3 Fair Value Measurements
Impaired loans	5,298	6,138
OREO	3
Non-recurring basis \| Level 3
Quantitative Information about Level 3 Fair Value Measurements
Impaired loans	5,298	6,138
OREO	3
Non-recurring basis \| Level 3 \| Appraisal of collateral \| Impaired loans
Quantitative Information about Level 3 Fair Value Measurements
Impaired loans	$ 5,298	$ 6,138
Non-recurring basis \| Level 3 \| Appraisal of collateral \| Impaired loans \| Minimum
Quantitative Information about Level 3 Fair Value Measurements
Appraisal adjustments (as a percent)	(3.40%)	(4.30%)
Non-recurring basis \| Level 3 \| Appraisal of collateral \| Impaired loans \| Maximum
Quantitative Information about Level 3 Fair Value Measurements
Appraisal adjustments (as a percent)	(100.00%)	(100.00%)
Non-recurring basis \| Level 3 \| Appraisal of collateral \| Impaired loans \| Weighted Average
Quantitative Information about Level 3 Fair Value Measurements
Appraisal adjustments (as a percent)	(37.40%)	(30.90%)
Non-recurring basis \| Level 3 \| Appraisal of collateral \| OREO
Quantitative Information about Level 3 Fair Value Measurements
OREO	$ 3
Appraisal adjustments (as a percent)		(100.00%)
Non-recurring basis \| Level 3 \| Appraisal of collateral \| OREO \| Minimum
Quantitative Information about Level 3 Fair Value Measurements
Appraisal adjustments (as a percent)	(87.80%)
Non-recurring basis \| Level 3 \| Appraisal of collateral \| OREO \| Maximum
Quantitative Information about Level 3 Fair Value Measurements
Impaired loans	$ 1
Appraisal adjustments (as a percent)	(100.00%)
Non-recurring basis \| Level 3 \| Appraisal of collateral \| OREO \| Weighted Average
Quantitative Information about Level 3 Fair Value Measurements
Appraisal adjustments (as a percent)	(99.70%)	(100.00%)

Fair Value Measurements - By Level of Valuation Inputs (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Financial assets:
Cash and due from banks	$ 320,960	$ 319,280
Securities held to maturity	50,026	50,271
Loans, net	2,527,398	2,580,252
Financial liabilities:
Junior subordinated debt owed to unconsolidated trusts	55,000	55,000
Carrying Amount
Financial assets:
Mortgage servicing rights	3,199	3,475
Fair Value
Financial assets:
Mortgage servicing rights	5,937	5,896
Level 1 \| Carrying Amount
Financial assets:
Cash and due from banks	320,960	319,280
Level 1 \| Fair Value
Financial assets:
Cash and due from banks	320,960	319,280
Level 2 \| Carrying Amount
Financial assets:
Securities held to maturity	49,082	49,832
Loans held for sale		9,351
Accrued interest receivable	12,461	12,122
Financial liabilities:
Deposits	3,181,728	3,289,106
Securities sold under agreements to repurchase	166,141	172,972
Long-term debt	80,000	80,000
Junior subordinated debt owed to unconsolidated trusts	55,000	55,000
Accrued interest payable	423	438
Level 2 \| Fair Value
Financial assets:
Securities held to maturity	50,026	50,271
Loans held for sale		9,492
Accrued interest receivable	12,461	12,122
Financial liabilities:
Deposits	3,181,066	3,286,677
Securities sold under agreements to repurchase	166,141	172,972
Long-term debt	80,000	80,000
Junior subordinated debt owed to unconsolidated trusts	55,000	55,000
Accrued interest payable	423	438
Level 3 \| Carrying Amount
Financial assets:
Loans, net	2,527,398	2,580,252
Level 3 \| Fair Value
Financial assets:
Loans, net	$ 2,531,174	$ 2,583,458