v3.26.1
BORROWINGS
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
BORROWINGS
NOTE 7. BORROWINGS
Securities Sold Under Agreements to Repurchase
Securities sold under agreements to repurchase, which are classified as secured borrowings, generally mature daily. Securities sold under agreements to repurchase are reflected at the amount of cash received in connection with the transaction. The underlying securities are held by Busey’s safekeeping agent. Busey may be required to provide additional collateral based on fluctuations in the fair value of the underlying securities. Securities sold under agreements to repurchase are presented in the table below:
As of
(dollars in thousands)June 30,
2026		December 31,
2025
Securities sold under agreements to repurchase$144,061 $166,929 
Weighted average rate for securities sold under agreements to repurchase2.39 %2.22 %
Revolving Line of Credit
Pursuant to Busey’s Credit Agreement, as amended effective April 30, 2026, Busey has access to a $50.0 million revolving line of credit bearing an interest rate equal to the one-month Term SOFR rate plus 1.65%. The termination date for the revolving line of credit is April 30, 2027. As of June 30, 2026, there was no balance outstanding on the revolving line of credit. The revolving line of credit incurs an insignificant non-usage fee based on any undrawn amounts.
Short-term Borrowings
Busey’s short-term borrowings include, as applicable, loans maturing within one year of the loan origination date, the current portion of long-term debt that is due within 12 months, and federal funds purchased. Federal funds purchased are short-term borrowings that generally mature between one day and 90 days. Busey did not have any federal funds borrowings outstanding at June 30, 2026. Balances of short-term borrowings are presented in the table below:
As of
(dollars in thousands)June 30,
2026		December 31,
2025
Short-term borrowings
FHLB advances maturing in less than one year from date of origination, and the current portion of long-term FHLB advances due within 12 months$28,333 $— 
Total short-term borrowings$28,333 $— 
Funds borrowed from the FHLB, listed above, consisted of three notes with a weighted average interest rate of 3.17% and a weighted average maturity period of 11 months as of June 30, 2026.
Long-term Borrowings
Busey’s long-term borrowings consist of borrowings maturing more than one year from the loan origination date, excluding the current portion that is due within 12 months, and finance lease liabilities. Balances of long-term borrowings are presented in the table below:
As of
(dollars in thousands)June 30,
2026		December 31,
2025
Long-term borrowings
FHLB borrowings
$86,030 $102,792 
Secured borrowings
3,161 4,791 
Finance lease liabilities
6,134 6,223 
Total long-term borrowings$95,325 $113,806 
Funds borrowed from the FHLB, listed above, consisted of 14 notes with a weighted average interest rate of 2.27% and a weighted average maturity period of 1.61 years as of June 30, 2026. Maturity dates for the long-term FHLB borrowings range from August 2027 through December 2030. In comparison, as of December 31, 2025, funds borrowed from the FHLB, listed above, consisted of 15 notes with a weighted average interest rate of 2.43% and a weighted average maturity period of 1.96 years.
SBA loans assumed in the CrossFirst acquisition that did not qualify for sale accounting treatment are presented as secured borrowings. Secured borrowings consisted of six notes with a weighted average maturity period of 15.20 years as of June 30, 2026. Maturity dates for the secured borrowings range from September 2030 through September 2045. In comparison, as of December 31, 2025, secured borrowings consisted of seven notes with a weighted average maturity period of 17.01 years.
Subordinated Notes
On June 2, 2022, First Busey issued $100.0 million aggregate principal amount of 5.000% fixed-to-floating rate subordinated notes maturing June 15, 2032, which qualify as Tier 2 capital for regulatory purposes. The price to the public for the subordinated notes was 100% of the principal amount of the subordinated notes. Interest on the subordinated notes accrues at a rate equal to (1) 5.000% per annum from the original issue date to, but excluding, June 15, 2027, payable semiannually in arrears, and (2) a floating rate per annum equal to a benchmark rate, which is the Three-Month Term SOFR (as defined in the subordinated notes), plus a spread of 252 bps from and including June 15, 2027, payable quarterly in arrears. The subordinated notes have an optional redemption, in whole or in part, on any interest payment date on or after June 15, 2027.
Unamortized debt issuance costs related to Busey’s subordinated notes are presented in the table below:
As of
(dollars in thousands)June 30,
2026		December 31,
2025
Unamortized debt issuance costs$397 $605 
Junior Subordinated Debt Owed to Unconsolidated Trusts
On June 17, 2026, First Busey completed the previously announced redemption of trust preferred securities issued by First Busey Statutory Trust II and the related junior subordinated notes.