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FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis

The following tables summarize financial assets and financial liabilities measured at estimated fair value on a recurring basis as of December 31, 2024 and 2023, segregated by the level of the valuation inputs within the fair value hierarchy utilized to estimate fair value (dollars in thousands):

			As of December 31, 2024
			Level 1 Inputs						Level 2 Inputs						Level 3 Inputs						Total Fair Value
Debt securities available for sale:
Obligations of U.S. government corporations and agencies			$	—					$	1,400					$	—					$	1,400
Obligations of states and political subdivisions			—						139,829						—						139,829
Asset-backed securities			—						336,557						—						336,557
Commercial mortgage-backed securities			—						92,174						—						92,174
Residential mortgage-backed securities			—						1,087,210						—						1,087,210
Corporate debt securities			—						153,051						—						153,051
Equity securities			5,567						10,295						—						15,862
Derivative assets			—						30,368						5						30,373
Derivative liabilities			—						58,099						—						58,099

			As of December 31, 2023
			Level 1 Inputs						Level 2 Inputs						Level 3 Inputs						Total Fair Value
Debt securities available for sale:
U.S. Treasury securities			$	—					$	15,946					$	—					$	15,946
Obligations of U.S. government corporations and agencies			—						5,832						—						5,832
Obligations of states and political subdivisions			—						172,845						—						172,845
Asset-backed securities			—						468,223						—						468,223
Commercial mortgage-backed securities			—						103,509						—						103,509
Residential mortgage-backed securities			—						1,111,312						—						1,111,312
Corporate debt securities			—						209,904						—						209,904
Equity securities			448						9,364						—						9,812
Derivative assets			—						29,993						15						30,008
Derivative liabilities			—						54,132						—						54,132

Activity for risk participation agreements, which are financial assets measured at estimated fair value on a recurring basis using Level 3, is summarized in the tables below (dollars in thousands):

									Years Ended December 31,
			Location						2024						2023
Beginning Balance									$	15					$	5
Gains (losses) recognized in earnings			Other expense						(26)						(60)
Purchases									16						70
Ending Balance									$	5					$	15

Schedule of Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis

The following tables summarize assets and liabilities measured at estimated fair value on a non-recurring basis, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (dollars in thousands):

			As of December 31, 2024
			Level 1 Inputs						Level 2 Inputs						Level 3 Inputs						Total Fair Value
Loans evaluated individually, net of related allowance			$	—					$	—					$	616					$	616
Bank property held for sale with impairment			—						—						2,841						2,841

			As of December 31, 2023
			Level 1 Inputs						Level 2 Inputs						Level 3 Inputs						Total Fair Value
Loans evaluated individually, net of related allowance			$	—					$	—					$	1,000					$	1,000
Bank property held for sale with impairment			—						—						4,286						4,286

Schedule of Quantitative Information About Level 3 Fair Value Measurements

The following table presents additional quantitative information about assets measured at estimated fair value on a non-recurring basis using Level 3 inputs (dollars in thousands):

As of December 31, 2024

Fair Value

Valuation Techniques

Unobservable Input

Range (Weighted Average)

Loans evaluated individually, net of related allowance

$

616

Appraisal of collateral

Appraisal adjustments

-25.0% to -100.0% (-74.9)%

Bank property held for sale with impairment

2,841

Appraisal of collateral or real estate listing price

Appraisal adjustments

-9.0% to -76.7% (-51.8)%

As of December 31, 2023

Fair Value

Valuation Techniques

Unobservable Input

Range (Weighted Average)

Loans evaluated individually, net of related allowance

$

1,000

Appraisal of collateral

Appraisal adjustments

-41.2% to -100.0% (-47.2)%

Bank property held for sale with impairment

4,286

Appraisal of collateral or real estate listing price

Appraisal adjustments

-6.2% to -64.9% (-38.4)%

Schedule of Estimated Fair Values of Financial Instruments

Fair values of financial instruments that are not carried at fair value on Busey’s Consolidated Balance Sheets were estimated as follows, segregated by the level of the valuation inputs within the fair value hierarchy used to measure fair value (dollars in thousands):

			As of December 31, 2024												As of December 31, 2023
			Carrying Amount						Fair Value						Carrying Amount						Fair Value
Financial assets
Level 1 inputs:
Cash and cash equivalents			$	697,659					$	697,659					$	719,581					$	719,581
Level 2 inputs:
Debt securities held to maturity			826,630						675,053						872,628						730,397
Loans held for sale			3,657						3,726						2,379						2,401
Restricted bank stock			49,930						49,930						6,000						6,000
Accrued interest receivable			45,141						45,141						45,288						45,288
Level 3 inputs:
Portfolio loans, net			7,613,683						7,426,158						7,559,294						7,276,905
Mortgage servicing rights			1,304						5,627						3,289						18,079
Other servicing rights			1,482						1,591						1,597						2,062
Financial liabilities
Level 2 inputs:
Time deposits			$	1,490,635					$	1,481,591					$	1,819,274					$	1,804,905
Securities sold under agreements to repurchase			155,610						155,610						187,396						187,396
Short-term borrowings			—						—						12,000						12,034
Long-term debt			—						—						18,000						18,020
Junior subordinated debt owed to unconsolidated trusts			74,815						67,314						71,993						57,153
Accrued interest payable			21,129						21,129						28,418						28,418
Level 3 inputs:
Subordinated notes, net of unamortized issuance costs			227,723						219,043						222,882						200,000

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- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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