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PORTFOLIO LOANS (Tables) | 12 Months Ended
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Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] |
Schedule of Distribution of Portfolio Loans | Distributions of the loan portfolio by loan category and lending activity is presented in the following table (dollars in thousands):
| As of December 31,
| 2024 |  | 2023
Commercial loans |  |  |
C&I and other commercial | $ | 1,904,515 |  |  | $ | 1,835,994 |
CRE | 3,269,564 |  |  | 3,337,337 |
Real estate construction | 378,209 |  |  | 461,717 |
Total commercial loans | 5,552,288 |  |  | 5,635,048 |
Retail loans |  |  |
Retail real estate | 1,696,457 |  |  | 1,720,455 |
Retail other | 448,342 |  |  | 295,531 |
Total retail loans | 2,144,799 |  |  | 2,015,986 |
Total portfolio loans | 7,697,087 |  |  | 7,651,034 |
ACL | (83,404) |  |  | (91,740) |
Portfolio loans, net | $ | 7,613,683 |  |  | $ | 7,559,294 |
Schedule of Financial Instruments Owned and Pledged as Collateral | The principal balance of loans Busey has pledged as collateral to the FHLB and Federal Reserve Bank for liquidity as set forth in the table below (dollars in thousands):
| As of December 31,
| 2024 |  | 2023
Pledged loans |  |  |
FHLB | $ | 4,813,600 |  |  | $ | 4,865,481 |
Federal Reserve Bank | 765,824 |  |  | 722,914 |
Total pledged loans | $ | 5,579,424 |  |  | $ | 5,588,395 |
To secure its obligations under derivative contracts, Busey pledged cash and held collateral as follows (dollars in thousands):
| As of December 31,
| 2024 |  | 2023
Cash pledged to secure obligations under derivative contracts | $ | 21,900 |  |  | $ | 34,210 |
Collateral held to secure obligations under derivative contracts | 20,260 |  |  | 19,280 |
Schedule of Risk Grades Segregated by Category and Class of Portfolio Loans | The following table is a summary of risk grades segregated by category of portfolio loans (dollars in thousands):
| As of December 31, 2024
| Pass |  | Watch |  | Special Mention |  | Substandard |  | Substandard Non-accrual |  | Total
Commercial loans |  |  |  |  |  |  |  |  |  |  |
C&I and other commercial | $ | 1,545,338 |  |  | $ | 281,424 |  |  | $ | 36,152 |  |  | $ | 37,749 |  |  | $ | 3,852 |  |  | $ | 1,904,515 |
CRE | 2,744,018 |  |  | 438,945 |  |  | 55,041 |  |  | 16,507 |  |  | 15,053 |  |  | 3,269,564 |
Real estate construction | 345,908 |  |  | 26,833 |  |  | 221 |  |  | 5,224 |  |  | 23 |  |  | 378,209 |
Total commercial loans | 4,635,264 |  |  | 747,202 |  |  | 91,414 |  |  | 59,480 |  |  | 18,928 |  |  | 5,552,288 |
Retail loans |  |  |  |  |  |  |  |  |  |  |
Retail real estate | 1,680,640 |  |  | 9,408 |  |  | 882 |  |  | 2,543 |  |  | 2,984 |  |  | 1,696,457 |
Retail other | 448,166 |  |  | — |  |  | — |  |  | — |  |  | 176 |  |  | 448,342 |
Total retail loans | 2,128,806 |  |  | 9,408 |  |  | 882 |  |  | 2,543 |  |  | 3,160 |  |  | 2,144,799 |
Total portfolio loans | $ | 6,764,070 |  |  | $ | 756,610 |  |  | $ | 92,296 |  |  | $ | 62,023 |  |  | $ | 22,088 |  |  | $ | 7,697,087 |
| As of December 31, 2023
| Pass |  | Watch |  | Special Mention |  | Substandard |  | Substandard Non-accrual |  | Total
Commercial loans |  |  |  |  |  |  |  |  |  |  |
C&I and other commercial | $ | 1,462,755 |  |  | $ | 296,416 |  |  | $ | 46,488 |  |  | $ | 27,733 |  |  | $ | 2,602 |  |  | $ | 1,835,994 |
CRE | 2,827,030 |  |  | 431,427 |  |  | 48,545 |  |  | 29,492 |  |  | 843 |  |  | 3,337,337 |
Real estate construction | 448,011 |  |  | 8,135 |  |  | — |  |  | 5,327 |  |  | 244 |  |  | 461,717 |
Total commercial loans | 4,737,796 |  |  | 735,978 |  |  | 95,033 |  |  | 62,552 |  |  | 3,689 |  |  | 5,635,048 |
Retail loans |  |  |  |  |  |  |  |  |  |  |
Retail real estate | 1,702,897 |  |  | 11,144 |  |  | 1,024 |  |  | 1,795 |  |  | 3,595 |  |  | 1,720,455 |
Retail other | 295,374 |  |  | — |  |  | — |  |  | — |  |  | 157 |  |  | 295,531 |
Total retail loans | 1,998,271 |  |  | 11,144 |  |  | 1,024 |  |  | 1,795 |  |  | 3,752 |  |  | 2,015,986 |
Total portfolio loans | $ | 6,736,067 |  |  | $ | 747,122 |  |  | $ | 96,057 |  |  | $ | 64,347 |  |  | $ | 7,441 |  |  | $ | 7,651,034 |
Schedule of Risk Grades of Portfolio Loans, Further Sorted by Origination | Risk grades of portfolio loans and net charge-offs are presented in the tables below by loan class, further sorted by origination year (dollars in thousands):
|  | As of and For The Year Ended December 31, 2024
|  | Term Loans Amortized Cost Basis by Origination Year |  | Revolving Loans |  | Total
Risk Grade Ratings |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  |
C&I and other commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 320,831 |  |  | $ | 147,909 |  |  | $ | 163,870 |  |  | $ | 125,053 |  |  | $ | 74,146 |  |  | $ | 117,234 |  |  | $ | 596,295 |  |  | $ | 1,545,338 |
Watch |  | 38,734 |  |  | 49,394 |  |  | 44,709 |  |  | 16,393 |  |  | 2,175 |  |  | 20,964 |  |  | 109,055 |  |  | 281,424 |
Special Mention |  | 1,718 |  |  | 2,293 |  |  | 5,658 |  |  | 2,634 |  |  | 106 |  |  | 2,540 |  |  | 21,203 |  |  | 36,152 |
Substandard |  | 15,186 |  |  | 6,545 |  |  | 788 |  |  | 591 |  |  | 320 |  |  | 2,424 |  |  | 11,895 |  |  | 37,749 |
Substandard non-accrual |  | 65 |  |  | 141 |  |  | 464 |  |  | — |  |  | 42 |  |  | 852 |  |  | 2,288 |  |  | 3,852 |
Total C&I and other commercial |  | 376,534 |  |  | 206,282 |  |  | 215,489 |  |  | 144,671 |  |  | 76,789 |  |  | 144,014 |  |  | 740,736 |  |  | 1,904,515 |
Gross charge-offs |  | $ | — |  |  | $ | 14,980 |  |  | $ | 148 |  |  | $ | 22 |  |  | $ | — |  |  | $ | 303 |  |  | $ | — |  |  | $ | 15,453 |
CRE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 291,503 |  |  | 354,591 |  |  | 755,266 |  |  | 645,994 |  |  | 356,867 |  |  | 314,340 |  |  | 25,457 |  |  | 2,744,018 |
Watch |  | 115,078 |  |  | 132,900 |  |  | 60,611 |  |  | 62,408 |  |  | 28,320 |  |  | 38,733 |  |  | 895 |  |  | 438,945 |
Special Mention |  | 39,252 |  |  | 643 |  |  | 8,020 |  |  | 1,395 |  |  | 4,165 |  |  | 1,517 |  |  | 49 |  |  | 55,041 |
Substandard |  | 6,983 |  |  | 355 |  |  | 4,628 |  |  | 50 |  |  | 95 |  |  | 4,346 |  |  | 50 |  |  | 16,507 |
Substandard non-accrual |  | 15,000 |  |  | 39 |  |  | — |  |  | — |  |  | 14 |  |  | — |  |  | — |  |  | 15,053 |
Total CRE |  | 467,816 |  |  | 488,528 |  |  | 828,525 |  |  | 709,847 |  |  | 389,461 |  |  | 358,936 |  |  | 26,451 |  |  | 3,269,564 |
Gross charge-offs |  | — |  |  | — |  |  | — |  |  | 2,999 |  |  | — |  |  | 315 |  |  | — |  |  | 3,314 |
Real estate construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 159,825 |  |  | 134,450 |  |  | 12,205 |  |  | 24,781 |  |  | 2,213 |  |  | 1,124 |  |  | 11,310 |  |  | 345,908 |
Watch |  | 20,170 |  |  | 6,455 |  |  | — |  |  | 208 |  |  | — |  |  | — |  |  | — |  |  | 26,833 |
Special Mention |  | — |  |  | — |  |  | — |  |  | 221 |  |  | — |  |  | — |  |  | — |  |  | 221 |
Substandard |  | 5,224 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,224 |
Substandard non-accrual |  | — |  |  | — |  |  | — |  |  | 23 |  |  | — |  |  | — |  |  | — |  |  | 23 |
Total real estate construction |  | 185,219 |  |  | 140,905 |  |  | 12,205 |  |  | 25,233 |  |  | 2,213 |  |  | 1,124 |  |  | 11,310 |  |  | 378,209 |
Retail real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 101,582 |  |  | 237,306 |  |  | 366,820 |  |  | 354,380 |  |  | 147,236 |  |  | 267,431 |  |  | 205,885 |  |  | 1,680,640 |
Watch |  | 1,255 |  |  | 550 |  |  | 2,733 |  |  | 3,377 |  |  | 872 |  |  | 124 |  |  | 497 |  |  | 9,408 |
Special Mention |  | 151 |  |  | — |  |  | 344 |  |  | — |  |  | — |  |  | 372 |  |  | 15 |  |  | 882 |
Substandard |  | — |  |  | 243 |  |  | 1,018 |  |  | 503 |  |  | — |  |  | 776 |  |  | 3 |  |  | 2,543 |
Substandard non-accrual |  | — |  |  | — |  |  | 344 |  |  | 91 |  |  | 152 |  |  | 1,526 |  |  | 871 |  |  | 2,984 |
Total retail real estate |  | 102,988 |  |  | 238,099 |  |  | 371,259 |  |  | 358,351 |  |  | 148,260 |  |  | 270,229 |  |  | 207,271 |  |  | 1,696,457 |
Gross charge-offs |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 168 |  |  | — |  |  | 168 |
Retail other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 4,996 |  |  | 55,665 |  |  | 57,944 |  |  | 12,207 |  |  | 2,304 |  |  | 589 |  |  | 314,461 |  |  | 448,166 |
Substandard non-accrual |  | — |  |  | 94 |  |  | 67 |  |  | 4 |  |  | — |  |  | 11 |  |  | — |  |  | 176 |
Total retail other |  | 4,996 |  |  | 55,759 |  |  | 58,011 |  |  | 12,211 |  |  | 2,304 |  |  | 600 |  |  | 314,461 |  |  | 448,342 |
Gross charge-offs |  | 9 |  |  | 31 |  |  | 106 |  |  | 78 |  |  | 4 |  |  | 403 |  |  | — |  |  | 631 |
Total portfolio loans |  | $ | 1,137,553 |  |  | $ | 1,129,573 |  |  | $ | 1,485,489 |  |  | $ | 1,250,313 |  |  | $ | 619,027 |  |  | $ | 774,903 |  |  | $ | 1,300,229 |  |  | $ | 7,697,087 |
Total gross charge-offs |  | $ | 9 |  |  | $ | 15,011 |  |  | $ | 254 |  |  | $ | 3,099 |  |  | $ | 4 |  |  | $ | 1,189 |  |  | $ | — |  |  | $ | 19,566 |
|  | As of and For The Year Ended December 31, 2023
|  | Term Loans Amortized Cost Basis by Origination Year |  | Revolving Loans |  | Total
Risk Grade Ratings |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior |  |
C&I and other commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 306,578 |  |  | $ | 220,847 |  |  | $ | 159,130 |  |  | $ | 71,025 |  |  | $ | 35,927 |  |  | $ | 143,078 |  |  | $ | 526,170 |  |  | $ | 1,462,755 |
Watch |  | 78,603 |  |  | 65,703 |  |  | 21,421 |  |  | 23,919 |  |  | 7,035 |  |  | 21,293 |  |  | 78,442 |  |  | 296,416 |
Special Mention |  | 792 |  |  | 8,224 |  |  | 2,917 |  |  | 1,076 |  |  | 686 |  |  | 3,274 |  |  | 29,519 |  |  | 46,488 |
Substandard |  | 8,715 |  |  | 765 |  |  | 942 |  |  | 426 |  |  | 3,734 |  |  | 1,859 |  |  | 11,292 |  |  | 27,733 |
Substandard non-accrual |  | 166 |  |  | — |  |  | 117 |  |  | 84 |  |  | 128 |  |  | 407 |  |  | 1,700 |  |  | 2,602 |
Total C&I and other commercial |  | 394,854 |  |  | 295,539 |  |  | 184,527 |  |  | 96,530 |  |  | 47,510 |  |  | 169,911 |  |  | 647,123 |  |  | 1,835,994 |
Gross charge-offs |  | $ | 284 |  |  | $ | — |  |  | $ | 420 |  |  | $ | — |  |  | $ | 316 |  |  | $ | 1,409 |  |  | $ | — |  |  | $ | 2,429 |
CRE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 395,644 |  |  | 824,506 |  |  | 720,052 |  |  | 399,195 |  |  | 271,078 |  |  | 199,662 |  |  | 16,893 |  |  | 2,827,030 |
Watch |  | 166,795 |  |  | 47,070 |  |  | 92,848 |  |  | 34,010 |  |  | 68,196 |  |  | 19,396 |  |  | 3,112 |  |  | 431,427 |
Special Mention |  | 14,313 |  |  | 10,507 |  |  | 12,446 |  |  | 4,968 |  |  | 3,297 |  |  | 3,014 |  |  | — |  |  | 48,545 |
Substandard |  | 1,796 |  |  | 188 |  |  | 18,862 |  |  | 2,938 |  |  | 1,802 |  |  | 3,856 |  |  | 50 |  |  | 29,492 |
Substandard non-accrual |  | 47 |  |  | 79 |  |  | 85 |  |  | 23 |  |  | — |  |  | 609 |  |  | — |  |  | 843 |
Total CRE |  | 578,595 |  |  | 882,350 |  |  | 844,293 |  |  | 441,134 |  |  | 344,373 |  |  | 226,537 |  |  | 20,055 |  |  | 3,337,337 |
Gross charge-offs |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 953 |  |  | — |  |  | 953 |
Real estate construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 204,952 |  |  | 128,462 |  |  | 85,086 |  |  | 2,616 |  |  | 1,323 |  |  | 2,934 |  |  | 22,638 |  |  | 448,011 |
Watch |  | 2,859 |  |  | 4,406 |  |  | 507 |  |  | 322 |  |  | 41 |  |  | — |  |  | — |  |  | 8,135 |
Substandard |  | 5,327 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,327 |
Substandard non-accrual |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 244 |  |  | — |  |  | 244 |
Total real estate construction |  | 213,138 |  |  | 132,868 |  |  | 85,593 |  |  | 2,938 |  |  | 1,364 |  |  | 3,178 |  |  | 22,638 |  |  | 461,717 |
Retail real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 243,400 |  |  | 376,922 |  |  | 411,723 |  |  | 156,762 |  |  | 70,099 |  |  | 256,571 |  |  | 187,420 |  |  | 1,702,897 |
Watch |  | 1,096 |  |  | 4,137 |  |  | 2,442 |  |  | 954 |  |  | 536 |  |  | 234 |  |  | 1,745 |  |  | 11,144 |
Special Mention |  | 286 |  |  | 358 |  |  | — |  |  | — |  |  | — |  |  | 380 |  |  | — |  |  | 1,024 |
Substandard |  | 69 |  |  | 72 |  |  | 292 |  |  | 49 |  |  | 80 |  |  | 997 |  |  | 236 |  |  | 1,795 |
Substandard non-accrual |  | — |  |  | 528 |  |  | 121 |  |  | 267 |  |  | 100 |  |  | 1,960 |  |  | 619 |  |  | 3,595 |
Total retail real estate |  | 244,851 |  |  | 382,017 |  |  | 414,578 |  |  | 158,032 |  |  | 70,815 |  |  | 260,142 |  |  | 190,020 |  |  | 1,720,455 |
Gross charge-offs |  | — |  |  | 5 |  |  | — |  |  | 29 |  |  | 72 |  |  | 301 |  |  | — |  |  | 407 |
Retail other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 88,885 |  |  | 92,931 |  |  | 23,019 |  |  | 6,701 |  |  | 4,597 |  |  | 854 |  |  | 78,387 |  |  | 295,374 |
Substandard non-accrual |  | — |  |  | 93 |  |  | 62 |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | 157 |
Total retail other |  | 88,885 |  |  | 93,024 |  |  | 23,081 |  |  | 6,701 |  |  | 4,597 |  |  | 856 |  |  | 78,387 |  |  | 295,531 |
Gross charge-offs |  | 5 |  |  | 71 |  |  | 172 |  |  | 5 |  |  | 3 |  |  | 373 |  |  | — |  |  | 629 |
Total portfolio loans |  | $ | 1,520,323 |  |  | $ | 1,785,798 |  |  | $ | 1,552,072 |  |  | $ | 705,335 |  |  | $ | 468,659 |  |  | $ | 660,624 |  |  | $ | 958,223 |  |  | $ | 7,651,034 |
Total gross charge-offs |  | $ | 289 |  |  | $ | 76 |  |  | $ | 592 |  |  | $ | 34 |  |  | $ | 391 |  |  | $ | 3,036 |  |  | $ | — |  |  | $ | 4,418 |
Schedule of Past Due and Non-accrual Loans and Non-Accrual Status | An analysis of the amortized cost basis of portfolio loans that are past due and still accruing, or on non-accrual status, is as follows (dollars in thousands):
| As of December 31, 2024
| Loans past due, still accruing |  | Non-accrual Loans
| 30-59 Days |  | 60-89 Days |  | 90+Days |
Commercial loans |  |  |  |  |  |  |
C&I and other commercial | $ | 95 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,852 |
CRE | 42 |  |  | 2,759 |  |  | — |  |  | 15,053 |
Real estate construction | 41 |  |  | — |  |  | — |  |  | 23 |
Past due and non-accrual commercial loans | 178 |  |  | 2,759 |  |  | — |  |  | 18,928 |
Retail loans |  |  |  |  |  |  |
Retail real estate | 3,280 |  |  | 683 |  |  | 1,115 |  |  | 2,984 |
Retail other | 1,094 |  |  | 130 |  |  | 34 |  |  | 176 |
Past due and non-accrual retail loans | 4,374 |  |  | 813 |  |  | 1,149 |  |  | 3,160 |
Total past due and non-accrual loans | $ | 4,552 |  |  | $ | 3,572 |  |  | $ | 1,149 |  |  | $ | 22,088 |
| As of December 31, 2023
| Loans past due, still accruing |  | Non-accrual Loans
| 30-59 Days |  | 60-89 Days |  | 90+Days |
Commercial loans |  |  |  |  |  |  |
C&I and other commercial | $ | — |  |  | $ | 214 |  |  | $ | — |  |  | $ | 2,602 |
CRE | 752 |  |  | — |  |  | — |  |  | 843 |
Real estate construction | 24 |  |  | — |  |  | — |  |  | 244 |
Past due and non-accrual commercial loans | 776 |  |  | 214 |  |  | — |  |  | 3,689 |
Retail loans |  |  |  |  |  |  |
Retail real estate | 2,781 |  |  | 927 |  |  | 366 |  |  | 3,595 |
Retail other | 886 |  |  | 195 |  |  | 9 |  |  | 157 |
Past due and non-accrual retail loans | 3,667 |  |  | 1,122 |  |  | 375 |  |  | 3,752 |
Total past due and non-accrual loans | $ | 4,443 |  |  | $ | 1,336 |  |  | $ | 375 |  |  | $ | 7,441 |
Schedule of Loan Modifications for Borrowers Experiencing Financial Difficulty | The following tables present the amortized cost basis of loans that were modified—specifically in the form of (1) principal forgiveness, (2) an interest rate reduction, (3) an other-than-insignificant payment deferral, and/or (4) a term extension—for borrowers experiencing financial difficulty during the periods indicated, disaggregated by lending activity and the type of modification (dollars in thousands):
|  |  |  |  |  |  |  |  | Year Ended December 31, 2024
|  |  |  |  |  |  |  |  | Payment Deferral |  | % of Total Class of Financing Receivable 1 |  | Term Extension |  | % of Total Class of Financing Receivable |  |  |  |  |  |  |  |
Modified Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
C&I and other commercial |  |  |  |  |  |  |  |  | $ | 325 |  |  | — | % |  | $ | 26,175 |  |  | 1.4 | % |  |  |  |  |  |  |  |
CRE |  |  |  |  |  |  |  |  | — |  |  | — | % |  | 18,147 |  |  | 0.6 | % |  |  |  |  |  |  |  |
Real estate construction |  |  |  |  |  |  |  |  | — |  |  | — | % |  | 5,224 |  |  | 1.4 | % |  |  |  |  |  |  |  |
Total of loans modified during the period 2 |  |  |  |  |  |  |  |  | $ | 325 |  |  | — | % |  | $ | 49,546 |  |  | 0.6 | % |  |  |  |  |  |  |  |
___________________________________________ 1. Modified loans represent an insignificant portion of C&I and other commercial loans, rounding to zero percent. 2. Modifications include one loan on non-accrual status, and the remaining loans were classified as substandard.
|  |  |  |  | Year Ended December 31, 2023
|  |  |  |  | Interest Rate Reduction 1 |  | % of Total Class of Financing Receivable 2 |  |  |  |  |  | Term Extension 3 |  | % of Total Class of Financing Receivable 2 |  |  |  |  |  |  |  |
Modified Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
C&I and other commercial |  |  |  |  | $ | — |  |  | — | % |  |  |  |  |  | $ | 16,586 |  |  | 0.9 | % |  |  |  |  |  |  |  |
CRE |  |  |  |  | 872 |  |  | — | % |  |  |  |  |  | 923 |  |  | — | % |  |  |  |  |  |  |  |
Real estate construction |  |  |  |  | — |  |  | — | % |  |  |  |  |  | 5,327 |  |  | 1.2 | % |  |  |  |  |  |  |  |
Total of loans modified during the period 4 |  |  |  |  | $ | 872 |  |  | — | % |  |  |  |  |  | $ | 22,836 |  |  | 0.3 | % |  |  |  |  |  |  |  |
___________________________________________ 1. For one loan, the default rate was removed once forbearance was entered. 2. Modified loans represent an insignificant portion of CRE loans, rounding to zero percent. 3. Modifications to extend loan terms also included, in some cases, interest rate increases during the extension period. 4. Modifications include one loan on non-accrual status, and the remaining loans were classified as substandard. The following table summarizes the effects of loan modifications made during the periods indicated for borrowers experiencing financial difficulty:
|  |  |  |  | Years Ended December 31,
|  |  |  |  | 2024 |  |  |  | 2023
|  |  |  |  | Weighted Average Term Extension |  |  |  | Weighted Average Interest Rate Reduction |  | Weighted Average Term Extension
Loan Modifications |  |  |  |  |  |  |  |  |  |  |
C&I and other commercial |  |  |  |  | 15.6 months |  |  |  | — | % |  | 18.1 months
CRE |  |  |  |  | 3.8 months |  |  |  | 2.50 | % |  | 21.0 months
Real estate construction |  |  |  |  | 6.0 months |  |  |  | — | % |  | 12.0 months
Weighted average modifications |  |  |  |  | 10.3 months |  |  |  | 2.50 | % |  | 16.8 months
Performance of Modified Loans Busey closely monitors the performance of the loans that are modified for borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table depicts the payment performance of loans modified during the last twelve months (dollars in thousands):
| As of December 31, 2024
| Current |  | 30-89 Days |  | 90+ Days |  | Non-accrual
Modified Loans |  |  |  |  |  |  |
C&I and other commercial | $ | 26,500 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
CRE | 3,147 |  |  | — |  |  | — |  |  | 15,000 |
Real estate construction | 5,224 |  |  | — |  |  | — |  |  | — |
Amortized cost of modified loans | $ | 34,871 |  |  | $ | — |  |  | $ | — |  |  | $ | 15,000 |
The following table provides the amortized cost basis of loans that had a payment default during the periods indicated, after having been modified during the 12 months before default for borrowers experiencing financial difficulty (dollars in thousands). A default occurs when a loan is 90 days or more past due or transferred to non-accrual status.
|  |  |  |  |  |  | Years Ended December 31,
|  |  |  |  |  |  | 2024 |  |  |  |  |  |  |  | 2023
|  |  |  |  |  |  | Term Extension |  |  |  |  |  |  |  |  |  |  |  | Term Extension |  |  |  |
Loans with Subsequent Defaults |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
C&I and other commercial |  |  |  |  |  |  | $ | — |  |  |  |  |  |  |  |  |  |  |  |  | $ | 88 |  |  |  |  |
CRE |  |  |  |  |  |  | 15,000 |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  |  |  |
Amortized cost of modified loans with subsequent defaults |  |  |  |  |  |  | $ | 15,000 |  |  |  |  |  |  |  |  |  |  |  |  | $ | 88 |  |  |  |  |
Schedule of Loans Evaluated Individually, Segregated by Loan Category and Class | Average recorded investment is calculated using the most recent four quarters (dollars in thousands):
| As of December 31, 2024
| Unpaid Principal Balance |  | Recorded Investment |  |  |  | Average Recorded Investment
|  | With No Allowance |  | With Allowance |  | Total |  | Related Allowance |
Loans evaluated individually |  |  |  |  |  |  |  |  |  |  |
Commercial loans: |  |  |  |  |  |  |  |  |  |  |
C&I and other commercial | $ | 7,127 |  |  | $ | 1,224 |  |  | $ | 2,456 |  |  | $ | 3,680 |  |  | $ | 1,840 |  |  | $ | 5,014 |
CRE | 17,999 |  |  | 15,000 |  |  | — |  |  | 15,000 |  |  | — |  |  | 3,882 |
Commercial loans evaluated individually | 25,126 |  |  | 16,224 |  |  | 2,456 |  |  | 18,680 |  |  | 1,840 |  |  | 8,896 |
Retail loans: |  |  |  |  |  |  |  |  |  |  |
Retail real estate | 1,152 |  |  | 1,128 |  |  | — |  |  | 1,128 |  |  | — |  |  | 276 |
Retail loans evaluated individually | 1,152 |  |  | 1,128 |  |  | — |  |  | 1,128 |  |  | — |  |  | 276 |
Total loans evaluated individually | $ | 26,278 |  |  | $ | 17,352 |  |  | $ | 2,456 |  |  | $ | 19,808 |  |  | $ | 1,840 |  |  | $ | 9,172 |
| As of December 31, 2023
| Unpaid Principal Balance |  | Recorded Investment |  |  |  | Average Recorded Investment |  |  |  |
|  | With No Allowance |  | With Allowance |  | Total |  | Related Allowance |  |  |
Loans evaluated individually |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
C&I and other commercial | $ | 7,283 |  |  | $ | 585 |  |  | $ | 1,785 |  |  | $ | 2,370 |  |  | $ | 785 |  |  | $ | 5,244 |  |  |  |  |
CRE | 2,600 |  |  | 610 |  |  | 85 |  |  | 695 |  |  | 85 |  |  | 3,865 |  |  |  |  |
Real estate construction | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 49 |  |  |  |  |
Commercial loans evaluated individually | 9,883 |  |  | 1,195 |  |  | 1,870 |  |  | 3,065 |  |  | 870 |  |  | 9,158 |  |  |  |  |
Retail loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retail real estate | 213 |  |  | 61 |  |  | 25 |  |  | 86 |  |  | 25 |  |  | 790 |  |  |  |  |
Retail loans evaluated individually | 213 |  |  | 61 |  |  | 25 |  |  | 86 |  |  | 25 |  |  | 790 |  |  |  |  |
Total loans evaluated individually | $ | 10,096 |  |  | $ | 1,256 |  |  | $ | 1,895 |  |  | $ | 3,151 |  |  | $ | 895 |  |  | $ | 9,948 |  |  |  |  |
The following tables present the ACL and amortized cost of portfolio loans by loan category and lending activity (dollars in thousands):
| As of December 31, 2024
| Portfolio Loans |  | ACL Attributed to Portfolio Loans
| Collectively Evaluated for Impairment |  | Individually Evaluated for Impairment |  | Total |  | Collectively Evaluated for Impairment |  | Individually Evaluated for Impairment |  | Total
Portfolio loans and related ACL |  |  |  |  |  |  |  |  |  |  |
Commercial loans: |  |  |  |  |  |  |  |  |  |  |
C&I and other commercial | $ | 1,900,835 |  |  | $ | 3,680 |  |  | $ | 1,904,515 |  |  | $ | 19,749 |  |  | $ | 1,840 |  |  | $ | 21,589 |
CRE | 3,254,564 |  |  | 15,000 |  |  | 3,269,564 |  |  | 32,301 |  |  | — |  |  | 32,301 |
Real estate construction | 378,209 |  |  | — |  |  | 378,209 |  |  | 3,345 |  |  | — |  |  | 3,345 |
Commercial loans and related ACL | 5,533,608 |  |  | 18,680 |  |  | 5,552,288 |  |  | 55,395 |  |  | 1,840 |  |  | 57,235 |
Retail loans: |  |  |  |  |  |  |  |  |  |  |
Retail real estate | 1,695,329 |  |  | 1,128 |  |  | 1,696,457 |  |  | 23,711 |  |  | — |  |  | 23,711 |
Retail other | 448,342 |  |  | — |  |  | 448,342 |  |  | 2,458 |  |  | — |  |  | 2,458 |
Retail loans and related ACL | 2,143,671 |  |  | 1,128 |  |  | 2,144,799 |  |  | 26,169 |  |  | — |  |  | 26,169 |
Portfolio loans and related ACL | $ | 7,677,279 |  |  | $ | 19,808 |  |  | $ | 7,697,087 |  |  | $ | 81,564 |  |  | $ | 1,840 |  |  | $ | 83,404 |
| As of December 31, 2023
| Portfolio Loans |  | ACL Attributed to Portfolio Loans
| Collectively Evaluated for Impairment |  | Individually Evaluated for Impairment |  | Total |  | Collectively Evaluated for Impairment |  | Individually Evaluated for Impairment |  | Total
Portfolio loans and related ACL |  |  |  |  |  |  |  |  |  |  |
Commercial loans: |  |  |  |  |  |  |  |  |  |  |
C&I and other commercial | $ | 1,833,624 |  |  | $ | 2,370 |  |  | $ | 1,835,994 |  |  | $ | 20,471 |  |  | $ | 785 |  |  | $ | 21,256 |
CRE | 3,336,642 |  |  | 695 |  |  | 3,337,337 |  |  | 35,380 |  |  | 85 |  |  | 35,465 |
Real estate construction | 461,717 |  |  | — |  |  | 461,717 |  |  | 5,163 |  |  | — |  |  | 5,163 |
Commercial loans and related ACL | 5,631,983 |  |  | 3,065 |  |  | 5,635,048 |  |  | 61,014 |  |  | 870 |  |  | 61,884 |
Retail loans: |  |  |  |  |  |  |  |  |  |  |
Retail real estate | 1,720,369 |  |  | 86 |  |  | 1,720,455 |  |  | 26,273 |  |  | 25 |  |  | 26,298 |
Retail other | 295,531 |  |  | — |  |  | 295,531 |  |  | 3,558 |  |  | — |  |  | 3,558 |
Retail loans and related ACL | 2,015,900 |  |  | 86 |  |  | 2,015,986 |  |  | 29,831 |  |  | 25 |  |  | 29,856 |
Portfolio loans and related ACL | $ | 7,647,883 |  |  | $ | 3,151 |  |  | $ | 7,651,034 |  |  | $ | 90,845 |  |  | $ | 895 |  |  | $ | 91,740 |
Schedule of Activity on the Allowance for Loan Losses | The following table summarizes activity in the ACL attributable to each lending activity. Allocation of a portion of the ACL to one lending activity does not preclude its availability to absorb losses in other lending activities (dollars in thousands):
| C&I and Other Commercial |  | CRE |  | Real Estate Construction |  | Retail Real Estate |  | Retail Other |  | Total
ACL Balance, December 31, 2021 | $ | 23,855 |  |  | $ | 38,249 |  |  | $ | 5,102 |  |  | $ | 17,589 |  |  | $ | 3,092 |  |  | $ | 87,887 |
Provision for credit losses | 497 |  |  | 892 |  |  | 1,142 |  |  | 219 |  |  | 1,873 |  |  | 4,623 |
Charged-off | (1,069) |  |  | (1,375) |  |  | (23) |  |  | (251) |  |  | (461) |  |  | (3,179) |
Recoveries | 577 |  |  | 533 |  |  | 236 |  |  | 636 |  |  | 295 |  |  | 2,277 |
ACL balance, December 31, 2022 | 23,860 |  |  | 38,299 |  |  | 6,457 |  |  | 18,193 |  |  | 4,799 |  |  | 91,608 |
Provision for credit losses | (727) |  |  | (2,455) |  |  | (1,465) |  |  | 7,922 |  |  | (876) |  |  | 2,399 |
Charged-off | (2,429) |  |  | (953) |  |  | — |  |  | (407) |  |  | (629) |  |  | (4,418) |
Recoveries | 552 |  |  | 574 |  |  | 171 |  |  | 590 |  |  | 264 |  |  | 2,151 |
ACL balance, December 31, 2023 | 21,256 |  |  | 35,465 |  |  | 5,163 |  |  | 26,298 |  |  | 3,558 |  |  | 91,740 |
Day 1 PCD 1 | 824 |  |  | 322 |  |  | — |  |  | 96 |  |  | 1 |  |  | 1,243 |
Provision for credit losses | 14,455 |  |  | (318) |  |  | (1,885) |  |  | (3,031) |  |  | (631) |  |  | 8,590 |
Charged-off | (15,453) |  |  | (3,314) |  |  | — |  |  | (168) |  |  | (631) |  |  | (19,566) |
Recoveries | 507 |  |  | 146 |  |  | 67 |  |  | 516 |  |  | 161 |  |  | 1,397 |
ACL balance, December 31, 2024 | $ | 21,589 |  |  | $ | 32,301 |  |  | $ | 3,345 |  |  | $ | 23,711 |  |  | $ | 2,458 |  |  | $ | 83,404 |
__________________________________________ 1. The Day 1 PCD is attributable to the M&M acquisition, finalized April 1, 2024.

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