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STOCK-BASED COMPENSATION (Tables)
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Changes in the Company's Stock Option Awards
Busey has outstanding stock options assumed from acquisitions. A summary of the status of, and changes in, the Company's stock option awards for the six months ended June 30, 2024, follows:
OptionsSharesWeighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Life
Outstanding at December 31, 202321,266$23.53 2.88 years
Exercised—— 
Forfeited(3,300)23.53 
Expired—— 
Outstanding at June 30, 202417,96623.53 2.38 years
Exercisable at June 30, 202417,96623.53 2.38 years
Schedule of Changes in the Company's RSU, PSU, and DSU Awards
A summary of changes in Busey’s RSU awards for the six months ended June 30, 2024, is as follows:
RSU AwardsSharesWeighted-
Average
Grant Date
Fair Value
Nonvested at December 31, 20231,041,444$22.05 
Granted 202,04323.35 
Dividend equivalents earned 23,06423.54 
Vested (7,681)23.23 
Forfeited (12,893)23.14 
Nonvested at June 30, 20241,245,97722.27 
A summary of changes in Busey’s PSU awards for the six months ended June 30, 2024, is as follows:
PSU Awards
Shares1
Weighted-
Average
Grant Date
Fair Value
Nonvested at December 31, 2023341,700 $22.67 
Granted189,208 22.32 
Dividend equivalents earned2
4,264 22.95 
Vested2
(4,264)22.95 
Forfeited(5,526)22.54 
Nonvested at June 30, 2024525,382 22.54 
___________________________________________
1.Shares for PSU awards represent target shares at the grant date.
2.PSUs granted in 2021 vested on December 31, 2023, with performance determination and settlement activity in the first quarter of 2024. Final performance was determined to be at 50% of target.
A summary of changes in Busey’s DSU awards for the six months ended June 30, 2024, is as follows:
DSU AwardsSharesWeighted-
Average
Grant Date
Fair Value
Nonvested at December 31, 202343,026 $20.41 
Granted 35,847 23.35 
Dividend equivalents earned 4,192 23.53 
Vested (45,817)20.67 
Forfeited (1,025)20.44 
Nonvested at June 30, 202436,223 23.35 
 
Vested and outstanding at June 30, 2024181,590 22.79 
Schedule of Stock-Based Compensation Expense
Busey recognized compensation expense related to non-vested RSU, PSU, and DSU awards, as well as the ESPP, as summarized in the table below (dollars in thousands):
Three Months Ended June 30,Six Months Ended June 30,
Location2024202320242023
Stock-based compensation expense
RSU awardsSalaries, wages, and employee benefits$1,061 $1,231 $1,955 $2,251 
PSU awards1
Salaries, wages, and employee benefits(149)1,184 1,061 1,544 
DSU awardsOther expense189 211 404 407 
ESPPSalaries, wages, and employee benefits33 30 117 123 
Total stock-based compensation expense$1,134 $2,656 $3,537 $4,325 
___________________________________________
1.Expense for PSU awards with a market-based 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 nonvested RSU, PSU, and DSU awards is summarized in the table below (dollars in thousands):
As of
June 30,
2024		December 31,
2023
Unamortized stock-based compensation
RSU awards$9,341 $6,842 
PSU awards1
4,664 3,607 
DSU awards603 190 
Total unamortized stock-based compensation$14,608 $10,639 
 
Weighted average period over which expense is to be recognized
2.6 years
2.4 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.