XML 43 R33.htm IDEA: XBRL DOCUMENT v3.23.3

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 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 nine months ended September 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 September 30, 2023			21,926						23.53						3.13
Options exercisable at September 30, 2023			21,926						23.53						3.13

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

A summary of changes in Busey’s RSU awards for the nine months ended September 30, 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			43,841						20.53
Vested			(150,806)						29.91
Forfeited			(14,145)						22.00
Nonvested at September 30, 2023			1,200,137						22.13

A summary of changes in Busey’s PSU awards for the nine months ended September 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			(13,155)						25.50
Forfeited			(40,159)						24.98
Nonvested at September 30, 2023			456,460						22.80
Vested and outstanding at September 30, 2023²			13,063						25.52

___________________________________________

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

2.Reported at target, as performance determination and settlement activity will take place in the fourth quarter of 2023.

A summary of changes in Busey’s DSU awards for the nine months ended September 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			6,010						20.48
Vested			(36,078)						25.04
Forfeited			(73)						20.44
Nonvested at September 30, 2023			42,492						20.42
Vested and outstanding at September 30, 2023			142,347						23.58

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 September 30,												Nine Months Ended September 30,
			2023						2022						2023						2022
Stock-based compensation expense
RSU awards			$	1,177					$	1,072					$	3,428					$	3,521
PSU awards1			1,180						1,172						2,724						2,342
DSU awards			213						196						620						679
2021 ESPP			33						36						156						179
Total stock-based compensation expense			$	2,603					$	2,476					$	6,928					$	6,721

___________________________________________

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

Schedule of Unamortized stock-based compensation expense

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

			As of
			September 30, 2023						December 31, 2022
Unamortized stock-based compensation
RSU awards			$	9,437					$	8,570
PSU awards1			5,942						4,279
DSU awards			403						175
Total unamortized stock-based compensation			$	15,782					$	13,024
Weighted average period over which expense is to be recognized			2.5 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.

X

- References

No definition available.

+ Details

Name:	us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Name:	us-gaap_ScheduleOfCompensationCostForShareBasedPaymentArrangementsAllocationOfShareBasedCompensationCostsByPlanTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the changes in outstanding nonvested shares.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Name:	us-gaap_ScheduleOfNonvestedShareActivityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-SubTopic 10
-Topic 718
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-SubTopic 10
-Topic 718
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Name:	us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 718
-SubTopic 10
-Subparagraph (i)
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Name:	us-gaap_ScheduleOfUnrecognizedCompensationCostNonvestedAwardsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration