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MERGERS AND ACQUISITIONS (Tables)
 6 Months Ended
Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Estimated Acquisition-Date Fair Values of the Assets Acquired and Liabilities Assumed
Acquisition-date fair values of the assets acquired and liabilities assumed, as well as the fair value of consideration transferred, were estimated as follows:
As of
March 1, 2025April 1, 2024
(dollars in thousands)
CrossFirst
(provisional)
M&M
(final)
Assets acquired
Cash and cash equivalents$385,808 $33,577 
Securities725,622 8,086 
Portfolio loans, net of ACL6,023,063 417,230 
Premises and equipment64,249 2,045 
Right of use assets29,374 253 
Other intangible assets81,783 6,346 
Other assets190,411 10,208 
Total assets acquired7,500,310 477,745 
Liabilities assumed
Deposits6,571,699 392,838 
Short-term borrowings11,148 35,932 
Long-term debt62,557 1,450 
Subordinated notes, net of unamortized issuance costs— 3,911 
Junior subordinated debt owed to unconsolidated trusts2,238 2,594 
Lease liabilities29,374 253 
Other liabilities62,338 7,089 
Total liabilities assumed6,739,354 444,067 
Net assets acquired$760,956 $33,678 
Consideration paid
Cash $4 $15,200 
Common stock795,227 34,375 
Preferred stock7,750 — 
Replacement awards1
5,999 — 
Total consideration paid$808,980 $49,575 
Goodwill$48,024 $15,897 
___________________________________________
1.Represents the fair value of replacement equity awards issued to CrossFirst associates attributable to pre-combination service.
Schedule of Reconciliation Between the Purchase Price and the Fair Value The following table provides a reconciliation between the purchase price and the fair value of these loans:
As of
March 1, 2025April 1, 2024
(dollars in thousands)
CrossFirst
M&M
PCD Financial Assets
Gross contractual receivable for PCD financial assets1
$1,428,978 $29,290 
ACL recorded for estimated uncollectible contractual cash flows specific to PCD financial assets(100,783)(1,243)
Interest premium (discount) specific to PCD financial assets(3,063)(1,773)
Fair value of PCD financial assets
$1,325,132 $26,274 
___________________________________________
1.In connection with the CrossFirst acquisition, Busey also acquired $110.7 million of previously charged-off principal in addition to the PCD assets listed above.
Busey incurred acquisition related expenses as follows:
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)2025202420252024
Pre-tax acquisition expenses
M&M$— $2,065 $108 $2,350 
CrossFirst1
16,600 147 88,090 147 
Pre-tax acquisition expenses1
$16,600 $2,212 $88,198 $2,497 
___________________________________________
1.In addition to the acquisition costs presented in the table above, during the three months ended June 30, 2025, Busey recorded a $4.0 million adjustment to the initial provision for unfunded commitments for CrossFirst acquisition-date balances based on revised estimates resulting from implementation of a new CECL model.
Of the total acquisition related expenses, the following legal, professional, and consulting costs were incurred to consummate the mergers:
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)2025202420252024
Pre-tax costs to consummate the merger
M&M$— $19 $— $150 
CrossFirst86 — 7,230 — 
Pre-tax costs to consummate the merger$86 $19 $7,230 $150 
Schedule of Business Acquisition, Pro Forma Information Only the merger related expenses that have been recognized are included in net income in the table below:
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)2025202420252024
Revenue (net interest income plus noninterest income)$191,726 $180,688 $371,320 $377,900 
Net income47,297 45,381 68,702 65,239