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MERGERS AND ACQUISITIONS (Tables) | 9 Months Ended
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Sep. 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, 2025 |  | April 1, 2024
(dollars in thousands) |  | CrossFirst (provisional) |  | M&M (final)
Assets acquired |  |  |  |
Cash and cash equivalents |  | $ | 385,808 |  |  | $ | 33,577 |
Securities |  | 725,622 |  |  | 8,086 |
Portfolio loans, net of ACL |  | 6,023,063 |  |  | 417,230 |
Premises and equipment |  | 69,673 |  |  | 2,045 |
Other intangible assets |  | 81,783 |  |  | 6,346 |
Other assets |  | 212,832 |  |  | 10,461 |
Total assets acquired |  | 7,498,781 |  |  | 477,745 |
Liabilities assumed |  |  |  |
Deposits |  | 6,571,699 |  |  | 392,838 |
Short-term borrowings |  | 11,148 |  |  | 35,932 |
Long-term borrowings |  | 68,922 |  |  | 1,450 |
Subordinated notes, net of unamortized issuance costs |  | — |  |  | 3,911 |
Junior subordinated debt owed to unconsolidated trusts |  | 2,238 |  |  | 2,594 |
Other liabilities |  | 85,347 |  |  | 7,342 |
Total liabilities assumed |  | 6,739,354 |  |  | 444,067 |
Net assets acquired |  | $ | 759,427 |  |  | $ | 33,678 |
Consideration paid |  |  |  |
Cash |  | $ | 4 |  |  | $ | 15,200 |
Common stock |  | 795,227 |  |  | 34,375 |
Preferred stock |  | 7,750 |  |  | — |
Replacement awards 1 |  | 5,999 |  |  | — |
Total consideration paid |  | $ | 808,980 |  |  | $ | 49,575 |
Goodwill |  | $ | 49,553 |  |  | $ | 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, 2025 |  | April 1, 2024
(dollars in thousands) |  | CrossFirst |  | M&M
PCD Financial Assets |  |  |  |
Gross contractual receivable for PCD financial assets |  | $ | 1,539,718 |  |  | $ | 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) |
Loans previously charged-off by CrossFirst |  | (110,740) |  |  | — |
Fair value of PCD financial assets |  | $ | 1,325,132 |  |  | $ | 26,274 |
Busey incurred acquisition related expenses as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(dollars in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Pre-tax acquisition expenses |  |  |  |  |  |  |  |
M&M |  | $ | — |  |  | $ | 597 |  |  | $ | 108 |  |  | $ | 2,947 |
CrossFirst 1 |  | 7,251 |  |  | 1,338 |  |  | 95,341 |  |  | 1,485 |
Pre-tax acquisition expenses 1 |  | $ | 7,251 |  |  | $ | 1,935 |  |  | $ | 95,449 |  |  | $ | 4,432 |
___________________________________________ 1.In addition to the acquisition costs presented in the table above, during the nine months ended September 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 September 30, |  | Nine Months Ended September 30,
(dollars in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Pre-tax costs to consummate the merger |  |  |  |  |  |  |  |
M&M |  | $ | — |  |  | $ | (3) |  |  | $ | — |  |  | $ | 147 |
CrossFirst |  | 301 |  |  | 1,180 |  |  | 7,531 |  |  | 1,316 |
Pre-tax costs to consummate the merger |  | $ | 301 |  |  | $ | 1,177 |  |  | $ | 7,531 |  |  | $ | 1,463 |
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 September 30, |  | Nine Months Ended September 30,
(dollars in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Revenue (net interest income plus noninterest income) |  | $ | 191,142 |  |  | $ | 186,276 |  |  | $ | 562,462 |  |  | $ | 564,177 |
Net income |  | 55,120 |  |  | 54,853 |  |  | 123,822 |  |  | 120,093 |

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