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STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Changes in, the Company's Stock Option Awards

A summary of the status of, and changes in, Busey's stock option awards follows (dollars in thousands, except weighted-average exercise price):

Options						Shares						Weighted- Average Exercise Price						Weighted- Average Remaining Contractual Life						Intrinsic Value
Outstanding at December 31, 2022						26,106						$	23.53					3.88						$	31
Forfeited						(4,840)						23.53
Outstanding at December 31, 2023						21,266						23.53						2.88						27
Exercisable at December 31, 2023						21,266						23.53						2.88						27

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

A summary of changes in Busey’s RSU awards for the year ended December 31, 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						58,930						20.16
Vested						(154,995)						29.71
Forfeited						(183,738)						22.33
Nonvested at December 31, 2023						1,041,444						$	22.05

A summary of changes in Busey’s PSU awards for the year ended December 31, 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						1,728						23.28
Vested						(83,399)						23.86
Forfeited						(88,923)						23.80
Adjustment for performance conditions2						2,612						25.52
Nonvested at December 31, 2023						341,700						$	22.67
Vested and outstanding at December 31, 2023³						65,996						$	23.48

___________________________________________

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

2.Adjustments for performance conditions represent the difference between the number of target shares at grant date and the number of actual shares earned for the performance period completed.

3.PSUs granted in 2021 vested on December 31, 2023. Shares are reported at target amounts. Performance determination and settlement activity will take place in the first quarter of 2024.

A summary of changes in Busey’s DSU awards for the year ended December 31, 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						8,334						20.09
Vested						(37,868)						24.76
Forfeited						(73)						20.44
Nonvested at December 31, 2023						43,026						$	20.41
Vested and outstanding at December 31, 2023						144,137						$	23.52

Schedule of Stock-based Compensation Expense

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

									Years Ended December 31,
															2023						2022						2021
Stock-based compensation expense
RSU awards															$	2,622					$	4,648					$	5,809
PSU awards1															2,962						3,240						979
DSU awards															833						876						962
2021 ESPP															178						204						114
Total stock-based compensation expense															$	6,595					$	8,968					$	7,864

___________________________________________

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 stock-based compensation expense is presented in the table below (dollars in thousands):

			As of December 31,
			2023						2022
Unamortized stock-based compensation
RSU awards			$	6,842					$	8,570
PSU awards1			3,607						4,279
DSU awards			190						175
Total unamortized stock-based compensation			$	10,639					$	13,024
Weighted average period over which expense is to be recognized			2.4 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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