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FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2025

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 March 31, 2025
(dollars in thousands)						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						$	—					$	217					$	—					$	217
Obligations of states and political subdivisions						—						243,864						—						243,864
Asset-backed securities						—						342,676						—						342,676
Commercial mortgage-backed securities						—						80,824						—						80,824
Residential mortgage-backed securities						—						1,495,516						—						1,495,516
Corporate debt securities						—						110,777						—						110,777
Equity securities						824						10,004						—						10,828
Derivative assets						—						35,034						28						35,062
Derivative liabilities						—						54,567						67						54,634

						As of December 31, 2024
(dollars in thousands)						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

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:

																		Three Months Ended March 31,
(dollars in thousands)						Location																		2025						2024
Beginning Balance																								$	5					$	15
Gains (losses) recognized in earnings						Other expense																		(3)						(9)
Purchases																								—						3
Assumed in acquisition																								(41)						—
Ending Balance																								$	(39)					$	9

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

The following tables summarize financial assets and financial liabilities measured at estimated fair value on a non-recurring basis:

						As of March 31, 2025
(dollars in thousands)						Level 1 Inputs						Level 2 Inputs						Level 3 Inputs						Total Fair Value
Loans evaluated individually, net of related allowance						$	—					$	—					$	21,440					$	21,440
Bank property held for sale with impairment						—						—						2,653						2,653

						As of December 31, 2024
(dollars in thousands)						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

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:

As of March 31, 2025

(dollars in thousands)

Fair Value

Valuation Techniques

Unobservable Input

Range (Weighted Average)

Loans evaluated individually, net of related allowance

$

21,440

Appraisal of collateral

Appraisal adjustments

-1.6% to -100.0% (-47.9)%

Bank property held for sale with impairment

2,653

Appraisal of collateral or real estate listing price

Appraisal adjustments

-9.0% to -86.8% (-55.0)%

As of December 31, 2024

(dollars in thousands)

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)%

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 (Unaudited) were estimated as follows:

						As of March 31, 2025												As of December 31, 2024
(dollars in thousands)						Carrying Amount						Fair Value						Carrying Amount						Fair Value
Financial assets
Level 1 inputs:
Cash and cash equivalents						$	1,200,292					$	1,200,292					$	697,659					$	697,659
Level 2 inputs:
Debt securities held to maturity						815,402						678,470						826,630						675,053
Loans held for sale						7,270						7,305						3,657						3,726
Restricted bank stock						53,518						53,518						49,930						49,930
Accrued interest receivable						79,673						79,673						45,141						45,141
Level 3 inputs:
Portfolio loans, net						13,673,147						13,610,565						7,613,683						7,426,158
Mortgage servicing rights						1,203						5,311						1,304						5,627
Other servicing rights						2,733						2,883						1,482						1,591
Financial liabilities
Level 2 inputs:
Time deposits						$	3,091,076					$	3,083,309					$	1,490,635					$	1,481,591
Securities sold under agreements to repurchase						137,340						137,340						155,610						155,610
Short-term borrowings						11,209						11,130						—						—
Long-term debt						78,542						75,092						—						—
Junior subordinated debt owed to unconsolidated trusts						77,117						70,492						74,815						67,314
Accrued interest payable						41,699						41,699						21,129						21,129
Level 3 inputs:
Subordinated notes, net of unamortized issuance costs						227,967						220,355						227,723						219,043

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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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
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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).

+ References

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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).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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