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STOCK-BASED COMPENSATION (Tables) | 9 Months Ended
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Sep. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Schedule of Changes in the Company's Stock Option Awards | Busey has outstanding stock options assumed from a 2017 acquisition. A summary of the status of, and changes in, Busey's stock option awards for the nine months ended September 30, 2025, follows:
Options |  | Shares |  | Weighted- Average Exercise Price |  | Weighted- Average Remaining Contractual Term |  | Intrinsic Value ($000's)
Outstanding at December 31, 2024 |  | 15,106 |  | $ | 23.53 |  |  | 1.87 years |  | $ | 1 |
Outstanding at September 30, 2025 |  | 15,106 |  | 23.53 |  |  | 1.13 years |  | — |
Exercisable at September 30, 2025 |  | 15,106 |  | 23.53 |  |  | 1.13 years |  | — |
Schedule of Share-Based Payment Arrangement, Stock Appreciation Right, Activity | A summary of SSAR activity during 2025 is presented below:
SSARs |  | Shares |  | Weighted- Average Exercise Price |  | Weighted- Average Remaining Contractual Term |  | Intrinsic Value ($000's)
Outstanding at December 31, 2024 |  | — |  |  | $ | — |  |  | — |  |  | $ | — |
Replacement of CrossFirst SSARs |  | 424,390 |  |  | 15.78 |  |  |  |  |
Exercised 1 |  | (119,842) |  |  | 13.31 |  |  |  |  |
Forfeited |  | (4,005) |  |  | 16.00 |  |  |  |  |
Expired |  | (30,145) |  |  | 23.23 |  |  |  |  |
Outstanding at September 30, 2025 |  | 270,398 |  |  | 16.04 |  |  | 5.23 years |  | 1,922 |
Exercisable at September 30, 2025 |  | 249,747 |  |  | 15.62 |  |  | 5.17 years |  | 1,881 |
___________________________________________ 1. The aggregate intrinsic value of SSARs exercised during 2025 was $1.1 million.
Schedule of Share-Based Payment Award, Stock Appreciation Rights, Valuation Assumptions | The following table provides the range of assumptions used in the Monte Carlo simulations to value CrossFirst awards that were replaced at acquisition, the weighted average grant date fair value, and information related to SSARs exercised for the indicated periods, as well as the remaining compensation cost to be recognized and the period over which the amount will be recognized as of the dates indicated:
(dollars in thousands, except per share amounts) |  | Nine Months Ended September 30, 2025
Assumptions |  |
Expected volatility 1 |  | 29.10% – 36.70%
Expected dividends 2 |  | 4.17%
Simulation term 3, 4, 5 |  | 4.20 years – 5.69 years
Risk-free rate 6 |  | 3.97% – 4.03%
Weighted average grant date fair value per share |  | $ | 8.94 |
___________________________________________ 1.Expected volatility was calculated using a historical volatility of Busey’s stock price over a period commensurate with the simulation term of the SSARs. 2.The dividend yield was calculated using Busey’s annual dividend and closing stock price on the date of acquisition. 3.The simulation term was commensurate with the midpoint of the longest expected term across all SSARs and was impacted by expected exercise behavior and termination rate. 4.As a component of determining the simulation term, exercise was assumed to occur at the earlier of the midpoint of i) the greater of the weighted average time to vest or the time the options are in the money, and the time the SSARs expire, ii) 90 days following the occurrence of a termination, or iii) the end of the contractual term. 5.As a component of determining the simulation term, termination rate was assumed to be between 25% and 50% in the first year following the acquisition and 5% for every year thereafter. 6.The risk-free rate for the simulation term of the SSARs was based on the continuously compounded semi-annual zero-coupon U.S. Treasury rates.
Schedule of Changes in the Company's RSU, PSU, and DSU Awards | A summary of changes in Busey’s RSU awards for the nine months ended September 30, 2025, is as follows:
RSU Awards |  | Shares |  | Weighted- Average Grant Date Fair Value
Nonvested at December 31, 2024 |  | 1,066,772 |  | $ | 21.80 |
Conversion of Busey ROATCE PSUs to RSUs |  | 157,094 |  |  | 23.99 |
Replacement of CrossFirst RSUs and PSUs |  | 341,048 |  |  | 23.99 |
Granted |  | 366,487 |  | 22.22 |
Dividend equivalents earned |  | 48,060 |  | 22.30 |
Vested |  | (451,041) |  | 20.03 |
Forfeited |  | (133,212) |  | 22.38 |
Nonvested at September 30, 2025 |  | 1,395,208 |  | 23.23 |
A summary of changes in Busey’s PSU awards for the nine months ended September 30, 2025, is as follows:
PSU Awards |  | Shares 1 |  | Weighted- Average Grant Date Fair Value
Nonvested at December 31, 2024 |  | 372,042 |  |  | $ | 21.15 |
Modifications based on CrossFirst acquisition 2 |  | (181,828) |  |  | 20.43 |
Granted |  | 407,723 |  |  | 20.99 |
Dividend equivalents earned |  | 125 |  |  | 20.83 |
Vested |  | (6,131) |  |  | 20.87 |
Forfeited |  | (45,878) |  |  | 20.95 |
Nonvested at September 30, 2025 |  | 546,053 |  |  | 21.29 |
___________________________________________ 1.Shares for PSU awards represent target shares at the grant date. 2.Modifications include PSUs that were converted to RSUs as well as balance adjustments related to the 2023 TSR PSUs and the 2024 TSR PSUs. A summary of changes in Busey’s DSU awards for the nine months ended September 30, 2025, is as follows:
DSU Awards |  | Shares |  | Weighted- Average Grant Date Fair Value
Nonvested at December 31, 2024 |  | 36,893 |  |  | $ | 23.40 |
Granted |  | 39,846 |  |  | 22.16 |
Dividend equivalents earned |  | 6,447 |  |  | 22.73 |
Vested |  | (42,424) |  |  | 23.33 |
Nonvested at September 30, 2025 |  | 40,762 |  |  | 22.15 |
Vested and outstanding at September 30, 2025 |  | 144,461 |  |  | 23.01 |
Schedule of Stock-Based Compensation Expense | Busey recognized compensation expense related to non-vested equity awards as summarized in the table below:
|  |  |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(dollars in thousands) |  | Location |  | 2025 |  | 2024 |  | 2025 |  | 2024
Stock-based compensation expense |  |  |  |  |  |  |  |  |  |
SSARs |  | Salaries, wages, and employee benefits |  | $ | 14 |  |  | $ | — |  |  | $ | 121 |  |  | $ | — |
RSU awards |  | Salaries, wages, and employee benefits |  | 2,600 |  |  | 1,057 |  |  | 8,296 |  |  | 3,012 |
PSU awards 1 |  | Salaries, wages, and employee benefits |  | 1,381 |  |  | 976 |  |  | 3,826 |  |  | 2,037 |
DSU awards |  | Other expense |  | 223 |  |  | 211 |  |  | 620 |  |  | 615 |
ESPP |  | Salaries, wages, and employee benefits |  | 80 |  |  | 47 |  |  | 262 |  |  | 164 |
Total stock-based compensation expense |  |  |  | $ | 4,298 |  |  | $ | 2,291 |  |  | $ | 13,125 |  |  | $ | 5,828 |
___________________________________________ 1.Expense for PSU awards with a relative total stockholder return performance goal represents amounts based on target shares at the grant date. Expense for PSU awards with return on average tangible common equity and compounded annual revenue growth rate performance goals represents amounts based on target shares at the grant date, adjusted for performance expectations as of the date indicated.
Schedule of Unamortized Stock-Based Compensation Expense | Unamortized compensation expense related to non-vested equity awards is summarized in the table below:
|  | As of
(dollars in thousands) |  | September 30, 2025 |  | December 31, 2024
Unamortized stock-based compensation |  |  |  |
SSARs |  | $ | 114 |  |  | $ | — |
RSU awards |  | 11,402 |  |  | 7,093 |
PSU awards 1 |  | 7,146 |  |  | 3,043 |
DSU awards |  | 428 |  |  | 181 |
Total unamortized stock-based compensation |  | $ | 19,090 |  |  | $ | 10,317 |
Weighted average period over which expense is to be recognized on awards issued under Busey's 2020 Equity Plan |  | 1.9 years |  | 2.5 years
Weighted average period over which expense is to be recognized on CrossFirst replacement awards |  | 1.3 years |  | — |
___________________________________________ 1.Unamortized expense for PSU awards with a market-based total stockholder return performance goal represents amounts based on target shares at grant date. Unamortized expense for PSU awards with return on average tangible common equity and compounded annual revenue growth rate performance goals represents amounts based on target shares at grant date, adjusted for performance expectations as of the date indicated.

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