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FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 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 June 30, 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						$	—					$	115,557					$	—					$	115,557
Obligations of states and political subdivisions						—						242,153						—						242,153
Asset-backed securities						—						373,621						—						373,621
Commercial mortgage-backed securities						—						138,026						—						138,026
Residential mortgage-backed securities						—						1,289,129						—						1,289,129
Corporate debt securities						—						59,302						—						59,302
Equity securities						177						15,994						—						16,171
Derivative assets						—						34,843						34						34,877
Derivative liabilities						—						48,633						79						48,712

						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 table below:

												Three Months Ended June 30,												Six Months Ended June 30,
(dollars in thousands)						Location						2025						2024						2025						2024
Beginning Balance												$	(39)					$	9					$	5					$	15
Gains (losses) recognized in earnings						Other expense						2						(1)						(7)						(10)
Purchases												(26)						—						(26)						3
Sales												18						—						24						—
Assumed in acquisition												—						—						(41)						—
Ending Balance												$	(45)					$	8					$	(45)					$	8

___________________________________________

1.Amounts reported for the six months ended June 30, 2025 include the following correction for first quarter activity, which Busey deems to be immaterial: in March 2025, CrossFirst Bank amended one risk participation agreement sold, resulting in $6.0 thousand in new sales which was previously reported as a reduction to the losses recognized in earnings.

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 June 30, 2025
(dollars in thousands)						Level 1 Inputs						Level 2 Inputs						Level 3 Inputs						Total Fair Value
Loans evaluated individually, net of related allowance						$	—					$	—					$	32,734					$	32,734
OREO and other repossessed assets with subsequent impairment						—						—						3,431						3,431
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 June 30, 2025

(dollars in thousands)

Fair Value

Valuation Techniques

Unobservable Input

Range (Weighted Average)

Loans evaluated individually, net of related allowance

$

32,734

Appraisal of collateral

Appraisal adjustments

-1.6% to -100.0% (-33.7)%

OREO and other repossessed assets with subsequent impairment

3,431

Appraisal of collateral

Appraisal adjustments

-7.4% to -24.1% (-7.7)%

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 June 30, 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						$	752,352					$	752,352					$	697,659					$	697,659
Level 2 inputs:
Debt securities held to maturity						802,965						670,532						826,630						675,053
Loans held for sale						10,497						10,594						3,657						3,726
Restricted bank stock						77,112						77,112						49,930						49,930
Accrued interest receivable						79,169						79,169						45,141						45,141
Level 3 inputs:
Portfolio loans, net						13,625,285						13,687,223						7,613,683						7,426,158
Mortgage servicing rights						1,314						5,455						1,304						5,627
Other servicing rights						2,472						2,701						1,482						1,591
Financial liabilities
Level 2 inputs:
Time deposits						$	2,632,456					$	2,623,126					$	1,490,635					$	1,481,591
Securities sold under agreements to repurchase						158,030						158,030						155,610						155,610
Long-term debt						86,557						86,425						—						—
Junior subordinated debt owed to unconsolidated trusts						77,187						71,089						74,815						67,314
Accrued interest payable						29,896						29,896						21,129						21,129
Level 3 inputs:
Subordinated notes, net of unamortized issuance costs						103,169						96,480						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.

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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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