XML 48 R37.htm IDEA: XBRL DOCUMENT v3.24.3

STOCK-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Changes in the Company's Stock Option Awards

Busey has outstanding stock options assumed from acquisitions. A summary of the status of, and changes in, the Company's stock option awards for the nine months ended September 30, 2024, follows:

Options						Shares						Weighted- Average Exercise Price						Weighted- Average Remaining Contractual Life
Outstanding at December 31, 2023						21,266						$	23.53					2.88 years
Exercised						(440)						23.53
Forfeited						(3,520)						23.53
Outstanding at September 30, 2024						17,306						23.53						2.13 years
Exercisable at September 30, 2024						17,306						23.53						2.13 years

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

A summary of changes in Busey’s RSU awards for the nine months ended September 30, 2024, is as follows:

RSU Awards						Shares						Weighted- Average Grant Date Fair Value
Nonvested at December 31, 2023						1,041,444						$	22.05
Granted						202,043						23.35
Dividend equivalents earned						32,239						24.92
Vested						(172,822)						25.72
Forfeited						(13,692)						23.28
Nonvested at September 30, 2024						1,089,212						21.77

A summary of changes in Busey’s PSU awards for the nine months ended September 30, 2024, is as follows:

PSU Awards						Shares1						Weighted- Average Grant Date Fair Value
Nonvested at December 31, 2023						341,700						$	22.67
Granted						189,208						22.32
Dividend equivalents earned2						4,264						22.95
Vested2						(4,264)						22.95
Forfeited						(6,306)						22.43
Nonvested at September 30, 2024						524,602						22.54

___________________________________________

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

2.PSUs granted in 2021 vested on December 31, 2023, with performance determination and settlement activity in the first quarter of 2024. Final performance was determined to be at 50% of target.

A summary of changes in Busey’s DSU awards for the nine months ended September 30, 2024, is as follows:

DSU Awards						Shares						Weighted- Average Grant Date Fair Value
Nonvested at December 31, 2023						43,026						$	20.41
Granted						35,847						23.35
Dividend equivalents earned						6,032						25.02
Vested						(47,351)						20.92
Forfeited						(1,025)						20.44
Nonvested at September 30, 2024						36,529						23.39
Vested and outstanding at September 30, 2024						183,124						22.84

Schedule of Stock-Based Compensation Expense

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

									Three Months Ended September 30,												Nine Months Ended September 30,
			Location						2024						2023						2024						2023
Stock-based compensation expense
RSU awards			Salaries, wages, and employee benefits						$	1,057					$	1,177					$	3,012					$	3,428
PSU awards1			Salaries, wages, and employee benefits						976						1,180						2,037						2,724
DSU awards			Other expense						211						213						615						620
ESPP			Salaries, wages, and employee benefits						47						33						164						156
Total stock-based compensation expense									$	2,291					$	2,603					$	5,828					$	6,928

___________________________________________

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

Schedule of Unamortized Stock-Based Compensation Expense

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

			As of
			September 30, 2024						December 31, 2023
Unamortized stock-based compensation
RSU awards			$	8,267					$	6,842
PSU awards1			4,068						3,607
DSU awards			392						190
Total unamortized stock-based compensation			$	12,727					$	10,639
Weighted average period over which expense is to be recognized			2.5 years						2.4 years

___________________________________________

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

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
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-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
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-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