v3.26.1
BUSINESS COMBINATIONS (Tables)
 6 Months Ended
Jun. 30, 2026
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
(dollars in thousands)(final)
Assets acquired
Cash and cash equivalents$385,808 
Securities725,622 
Portfolio loans, net of ACL6,023,063 
Premises and equipment69,673 
Other intangible assets1
81,783 
Other assets213,352 
Total assets acquired7,499,301 
 
Liabilities assumed
Deposits6,571,699 
Short-term borrowings11,148 
Long-term borrowings68,922 
Junior subordinated debt owed to unconsolidated trusts2,238 
Other liabilities84,907 
Total liabilities assumed6,738,914 
 
Net assets acquired$760,387 
 
Consideration paid
Cash $4 
Common stock795,227 
Preferred stock7,750 
Replacement awards2
5,999 
Total consideration paid$808,980 
 
Goodwill$48,593 
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1.Other intangible assets are being amortized over a period of ten years.
2.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 financial assets:
As of
(dollars in thousands)March 1, 2025
PCD Financial Assets
Gross contractual receivable for PCD financial assets
$1,539,718 
ACL recorded for estimated uncollectible contractual cash flows specific to PCD financial assets(100,783)
Interest premium (discount) specific to PCD financial assets(3,063)
Loans previously charged-off prior to acquisition(110,740)
Fair value of PCD financial assets
$1,325,132 
Busey incurred acquisition-related expenses as follows:
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)2026202520262025
Pre-tax acquisition expenses
CrossFirst1
$1,196 $16,600 $6,440 $88,090 
M&M2
— — — 108 
Pre-tax acquisition expenses
$1,196 $16,600 $6,440 $88,198 
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1.During the six months ended June 30, 2026, Busey recorded acquisition expenses comprising salaries and employee benefits for multi-year retention agreements, replacement stock-based compensation awards, and relocation related to the CrossFirst acquisition; data processing; and professional fees.
During the six months ended June 30, 2025, Busey recorded an initial provision to establish an ACL on non-PCD loans and unfunded commitments and multiple components of noninterest expense including salaries and employee benefits (including equity compensation); data processing; and legal, professional, and consulting costs. In addition to the acquisition costs presented in the table above, during the three months ended June 30, 2025, Busey recorded a $4.0 million adjustment to the initial provision for unfunded commitments for CrossFirst acquisition-date balances based on revised estimates resulting from implementation of a new CECL model.
2.During the six months ended June 30, 2025, Busey recorded final acquisition expenses, comprising data processing and consulting expenses, related to the acquisition of M&M, which was completed on April 1, 2024.
Of the total acquisition-related expenses, the following legal, professional, and consulting costs were incurred to consummate the merger:
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)2026202520262025
Pre-tax costs to consummate the merger$— $86 $119 $7,230 
Schedule of Business Acquisition, Pro Forma Information Only the acquisition-related expenses that have been recognized are included in net income in the table below:
(dollars in thousands)Three Months Ended June 30, 2025Six Months Ended June 30, 2025
Revenue (net interest income plus noninterest income)$194,806 $365,963 
Net income48,032 68,274