v3.26.1
FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Jun. 30, 2026
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, 2026
(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$— $105,771 $— $105,771 
Obligations of states and political subdivisions— 268,977 — 268,977 
Asset-backed securities— 227,006 — 227,006 
Commercial mortgage-backed securities— 149,122 — 149,122 
Residential mortgage-backed securities— 1,472,582 — 1,472,582 
Corporate debt securities— 41,709 — 41,709 
Equity securities174 16,223 — 16,397 
Derivative assets— 25,015 12 25,027 
Derivative liabilities— 44,494 29 44,523 
As of December 31, 2025
(dollars in thousands)Level 1
Inputs		Level 2
Inputs		Level 3
Inputs		Total
Fair Value
Debt securities available for sale:
Obligations of U.S. government corporations and agencies$— $112,046 $— $112,046 
Obligations of states and political subdivisions— 263,873 — 263,873 
Asset-backed securities— 265,580 — 265,580 
Commercial mortgage-backed securities— 132,942 — 132,942 
Residential mortgage-backed securities— 1,344,416 — 1,344,416 
Corporate debt securities— 43,691 — 43,691 
Equity securities155 14,761 — 14,916 
Derivative assets— 30,902 30 30,932 
Derivative liabilities— 42,155 65 42,220 
Activity for Busey's risk participation agreements, which are measured at estimated fair value on a recurring basis using Level 3 inputs, is summarized in the table below:
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)Location2026202520262025
Beginning Balance$(26)$(39)$(35)$5 
Gains recognized in earningsOther noninterest expense9 5 18 7 
Losses recognized in earnings1
Other noninterest income— (3)— (14)
Purchases— (26)— (26)
Sales— 18 — 24 
Assumed in business combinations2
— — — (41)
Ending Balance$(17)$(45)$(17)$(45)
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1.CrossFirst Bank, which First Busey operated as a separate banking subsidiary from the time of its acquisition on March 1, 2025, until it was merged with and into Busey Bank on June 20, 2025, recorded gains and losses on its risk participation agreements as other noninterest income. Throughout 2025, Busey accounted for the CrossFirst portfolio of risk participation agreements consistent with this methodology. Beginning in 2026, gains and losses recognized on Busey’s full portfolio of risk participation agreements, is recorded as other noninterest expense.
2.Represents risk participation agreements assumed in the CrossFirst acquisition.
Schedule of Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis
The following tables summarize financial assets and financial liabilities measured at estimated fair value on a non-recurring basis:
As of June 30, 2026
(dollars in thousands)Level 1
Inputs		Level 2
Inputs		Level 3
Inputs		Total
Fair Value
Loans evaluated individually, net of related allowance$— $— $26,057 $26,057 
OREO and other repossessed assets with subsequent impairment— — 2,623 2,623 
Bank property held for sale with impairment— — 1,661 1,661 
As of December 31, 2025
(dollars in thousands)Level 1
Inputs		Level 2
Inputs		Level 3
Inputs		Total
Fair Value
Loans evaluated individually, net of related allowance$— $— $19,604 $19,604 
OREO and other repossessed assets with subsequent impairment— — 4,409 4,409 
Bank property held for sale with impairment— — 1,855 1,855 
Schedule of Quantitative Information About Level 3 Fair Value Measurements
The following tables present additional quantitative information about assets measured at estimated fair value on a non-recurring basis using Level 3 inputs:
As of June 30, 2026
(dollars in thousands)Fair ValueValuation
Techniques		Unobservable
Input		Range
(Weighted Average)
Loans evaluated individually, net of related allowance$26,057 Appraisal of collateralAppraisal adjustments
-1.6% to -100.0%
(-34.5)%
OREO and other repossessed assets with subsequent impairment2,623 Appraisal of collateralAppraisal adjustments
-6.3% to -24.1%
(-6.9)%
Bank property held for sale with impairment1,661 Appraisal of collateral or real estate listing priceAppraisal adjustments
-9.0% to -46.1%
(-36.1)%
As of December 31, 2025
(dollars in thousands)Fair ValueValuation
Techniques		Unobservable
Input		Range
(Weighted Average)
Loans evaluated individually, net of related allowance$19,604 Appraisal of collateralAppraisal adjustments
-1.6% to -100.0%
(-44.6)%
OREO and other repossessed assets with subsequent impairment4,409 Appraisal of collateralAppraisal adjustments
-2.8% to -24.1%
(-4.5)%
Bank property held for sale with impairment1,855 Appraisal of collateral or real estate listing priceAppraisal adjustments
-9.0% to -58.0%
(-39.4)%
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, 2026As of December 31, 2025
(dollars in thousands)Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Financial assets
Level 1 inputs:
Cash and cash equivalents$665,373 $665,373 $280,227 $280,227 
Level 2 inputs:
Interest-bearing time deposits in other banks14,450 12,491 13,825 11,880 
Debt securities held to maturity703,988 579,303 746,385 625,957 
Loans held for sale8,660 8,729 5,752 5,886 
Restricted bank stock83,171 83,171 77,006 77,006 
Accrued interest receivable72,758 72,758 71,788 71,788 
Level 3 inputs:
Portfolio loans, net13,030,950 12,866,338 13,393,776 13,472,907 
Mortgage servicing rights1,500 5,818 1,459 5,176 
Other servicing rights1,985 2,222 2,086 2,193 
 
Financial liabilities
Level 2 inputs:
Time deposits$2,382,306 $2,373,388 $2,429,890 $2,425,290 
Securities sold under agreements to repurchase144,061 144,061 166,929 166,929 
Short-term borrowings28,333 28,092 — — 
Long-term borrowings95,325 94,562 113,806 113,853 
Junior subordinated debt owed to unconsolidated trusts62,473 58,363 77,328 71,407 
Accrued interest payable19,018 19,018 25,372 25,372 
Level 3 inputs:
Subordinated notes, net of unamortized issuance costs99,603 98,250 99,395 94,500