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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Financial Instruments Owned and Pledged as Collateral
The principal balance of loans Busey has pledged as collateral to the FHLB and Federal Reserve Bank for liquidity as set forth in the table below (dollars in thousands):
As of December 31,
20242023
Pledged loans
FHLB$4,813,600 $4,865,481 
Federal Reserve Bank765,824 722,914 
Total pledged loans$5,579,424 $5,588,395 
To secure its obligations under derivative contracts, Busey pledged cash and held collateral as follows (dollars in thousands):
As of December 31,
20242023
Cash pledged to secure obligations under derivative contracts$21,900 $34,210 
Collateral held to secure obligations under derivative contracts20,260 19,280 
Schedule of the Interest-Rate Swaps Designated as Cash Flow Hedges
A summary of the interest-rate swaps designated as cash flow hedges is presented below (dollars in thousands):
As of December 31,
Location20242023
Debt Swap
Notional amount$— $50,000 
Weighted average rate: pay-fixed— 1.79 %
Weighted average variable 3-month Fallback Rate (SOFR) receive rates— 5.61 %
Weighted average maturity— 
0.71 years
 
Prime Loan Swap
Notional amount$300,000 $300,000 
Weighted average rate: receive-fixed4.81 %4.81 %
Weighted average variable Prime pay rates7.62 %8.50 %
Weighted average maturity
4.10 years
5.10 years
 
SOFR Loan Swaps
Notional amount$200,000 $— 
Weighted average rate: receive-fixed3.78 %— 
Weighted average maturity4.76 years— 
 
Gross aggregate fair value of the swaps
Gross aggregate fair value of swap assetsOther assets$— $1,293 
Gross aggregate fair value of swap liabilitiesOther liabilities$27,770 $25,411 
 
Balances carried in AOCI
Unrealized gains (losses) on cash flow hedges, net of taxAOCI$(19,805)$(16,694)
Schedule of Reclassification of Unrealized Gains and Losses from OCI
Busey expects to reclassify unrealized gains and losses from OCI to interest income and interest expense as shown in the following table, during the next 12 months (dollars in thousands). Amounts actually recognized could differ from these expectations due to changes in interest rates, hedge de-designations, and the addition of other hedges subsequent to December 31, 2024.
As of
December 31, 2024
Unrealized losses expected to be reclassified from OCI to interest income$(725)
Schedule of Interest Income (Expense) Recorded on Swap Transactions
Interest income (expense) recorded on swap transactions was as follows for the periods presented (dollars in thousands):
Years Ended December 31,
202420232022
Interest on swap transactions
Increase (decrease) in interest income on swap transactions$(10,669)$(10,326)$(553)
(Increase) decrease in interest expense on swap transactions1,378 1,757 (30)
Net increase (decrease) in net interest income on swap transactions$(9,291)$(8,569)$(583)
Schedule of Net Gains (Losses) Relating to these Derivative Instruments
The following table reflects the net gains (losses) recorded in AOCI and the Consolidated Statements of Comprehensive Income relating to cash flow derivative instruments for the periods presented (dollars in thousands):
Years Ended December 31,
202420232022
Unrealized gains (losses) on cash flow hedges
Net gain (loss) recognized in OCI, net of tax$(10,790)$(1,835)$(20,717)
(Gain) loss reclassified from OCI to interest income, net of tax8,818 7,382 395 
(Gain) loss reclassified from OCI to interest expense, net of tax(1,139)(1,256)22 
Net change in unrealized gains (losses) on cash flow hedges, net of tax$(3,111)$4,291 $(20,300)
Changes in fair value of these derivative assets and liabilities were recorded in noninterest expense on the Consolidated Statements of Income and are summarized as follows (dollars in thousands):
Years Ended December 31,
Location202420232022
Interest rate swaps
Receive-fixed, pay-floatingNoninterest expense$1,726 $(11,525)$19,308 
Receive-floating, pay-fixedNoninterest expense(1,726)11,525 (19,308)
Net change in fair value of interest rate swaps$— $— $— 
Net gains (losses) relating to these derivative instruments are summarized as follows (dollars in thousands):
Years Ended December 31,
Location202420232022
Net gains (losses) on mortgage banking derivatives
Gains (losses) on interest rate lock commitmentsMortgage revenue$585 $— $15 
Gains (losses) on forward sales commitmentsMortgage revenue(147)2 (38)
Net gains (losses) on mortgage banking derivatives$438 $2 $(23)
Schedule of Fair Values of Derivative Assets and Liabilities Recorded in Consolidated Balance Sheet
Amounts and fair values of derivative assets and liabilities related to customer interest rate swaps recorded on the Consolidated Balance Sheets are summarized as follows (dollars in thousands):
As of December 31, 2024As of December 31, 2023
LocationNotional
Amount		Fair
Value		Notional
Amount		Fair
Value
Derivative assets not designated as hedging instruments
Interest rate swaps: receive-fixed, pay-floatingOther assets$156,539 $1,465 $177,883 $2,375 
Interest rate swaps: receive-floating, pay-fixedOther assets562,697 28,854 485,253 26,289 
Derivative assets not designated as hedging instruments$719,236 $30,319 $663,136 $28,664 
Derivative liabilities not designated as hedging instruments
Interest rate swaps: receive-fixed, pay-floatingOther liabilities$562,697 $28,854 $485,253 $26,289 
Interest rate swaps: receive-floating, pay-fixedOther liabilities156,539 1,465 177,883 2,375 
Derivative liabilities not designated as hedging instruments$719,236 $30,319 $663,136 $28,664 
Amounts and fair values of mortgage banking derivatives included on the Consolidated Balance Sheets are summarized as follows (dollars in thousands):
As of December 31, 2024As of December 31, 2023
LocationNotional
Amount		Fair
Value		Notional
Amount		Fair
Value
Mortgage banking derivative assets
Interest rate lock commitmentsOther assets$2,430 $28 $3,477 $25 
Forward sales commitmentsOther assets3,457 21 1,761 11 
Mortgage banking derivative assets$5,887 $49 $5,238 $36 
 
Mortgage banking derivative liabilities
Interest rate lock commitmentsOther liabilities$436 $4 $1,615 $10 
Forward sales commitmentsOther liabilities1,955 6 5,216 47 
Mortgage banking derivative liabilities$2,391 $10 $6,831 $57 
Schedule of Notional Amount and Fair Value of Risk Participation Agreement The risk participation agreements mature between August 2026 and January 2029, and are summarized as follows (dollars in thousands):
As of December 31,
20242023
Risk participation agreements purchased
Number of risk participation agreements5 3 
Notional amount$40,092 $34,251 
Fair value5 15 
 
Risk participation agreements sold
Number of risk participation agreements— 1 
Notional amount$— $20,001 
Fair value— —