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Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Summary of changes in the Company's stock option awards

Busey has outstanding stock options assumed from acquisitions. A summary of the status of, and changes in, the Company's stock option awards for the six months ended June 30, 2023, follows:

			Shares						Weighted- Average Exercise Price						Weighted- Average Remaining Contractual Life
Options outstanding at December 31, 2022			26,106						$	23.53					3.88
Forfeited			(4,180)						23.53
Options outstanding at June 30, 2023			21,926						23.53						3.38
Options exercisable at June 30, 2023			21,926						23.53						3.38

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

A summary of changes in Busey’s RSU awards for the six months ended June 30, 2023, is as follows:

			RSU Awards
			Shares						Weighted- Average Grant Date Fair Value
Nonvested at December 31, 2022			1,096,931						$	23.61
Granted			224,316						20.44
Dividend equivalents earned			28,956						20.04
Vested			(4,308)						25.79
Forfeited			(10,452)						21.84
Nonvested at June 30, 2023			1,335,443						23.00

A summary of changes in Busey’s PSU awards for the six months ended June 30, 2023, is as follows:

			PSU Awards
			Shares1						Weighted- Average Grant Date Fair Value
Nonvested at December 31, 2022			285,351						$	25.40
Granted			224,331						20.04
Dividend equivalents earned			92						22.85
Vested			(92)						22.85
Forfeited			(37,722)						25.18
Nonvested at June 30, 2023			471,960						22.87

___________________________________________

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

A summary of changes in Busey’s DSU awards for the six months ended June 30, 2023, is as follows:

			DSU Awards
			Shares						Weighted- Average Grant Date Fair Value
Nonvested at December 31, 2022			31,085						$	25.75
Granted			41,548						20.44
Dividend equivalents earned			3,969						19.96
Vested			(34,507)						25.20
Forfeited			(73)						20.44
Nonvested at June 30, 2023			42,022						20.41
Vested and outstanding at June 30, 2023			140,776						23.60

Schedule of Stock-based compensation expense

Busey recognized compensation expense related to nonvested RSU, PSU, and DSU awards, as well as the 2021 ESPP, as summarized in the table below (dollars in thousands):

			Three Months Ended June 30,												Six Months Ended June 30,
			2023						2022						2023						2022
Stock-based compensation expense
RSU awards			$	1,231					$	1,273					$	2,251					$	2,449
PSU awards1			1,184						758						1,544						1,170
DSU awards			211						257						407						483
2021 ESPP			30						48						123						143
Total stock-based compensation expense			$	2,656					$	2,336					$	4,325					$	4,245

___________________________________________

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

Schedule of Unamortized stock-based compensation expense

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

			As of
			June 30, 2023						December 31, 2022
Unamortized stock-based compensation
RSU awards			$	10,697					$	8,570
PSU awards1			7,179						4,279
DSU awards			616						175
Total unamortized stock-based compensation			$	18,492					$	13,024
Weighted average period over which expense is to be recognized			2.6 years						2.5 years

___________________________________________

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

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Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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Tabular disclosure of the changes in outstanding nonvested shares.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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Tabular disclosure of cost not yet recognized and weighted-average period over which cost is expected to be recognized for nonvested award under share-based payment arrangement.

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